Tuktu Resources Ltd (TUK) Q1 2026 earnings summary

Executive summary

• Q1 2026 petroleum and natural gas sales fell 56% year-over-year to $1.44 million, reflecting lower production and realized prices.

• Net loss widened to $2.58 million from $0.73 million in Q1 2025, with negative adjusted funds flow from operations of $447 thousand.

• Production averaged 434 boe/d (34% oil, 66% gas), down 38% from Q1 2025, with oil output dropping 59%.

Financial highlights

• Cash flow used in operating activities was negative $293 thousand, compared to positive $1.07 million a year ago.

• Adjusted working capital declined to $285 thousand from $3.87 million in Q1 2025 and $853 thousand at year-end 2025.

• Capital expenditures totaled $25,641, focused on geological assessment of the Monarch property.

Segment performance

• Oil production averaged 146 bbls/d, down from 358 bbls/d in Q1 2025; natural gas averaged 1,728 mcf/d, down 17%.

• Realized crude oil price was $84.69/bbl (down 5%), and natural gas price was $2.11/mcf (down 5%).

• Operating netback per boe decreased 14% to $11.52, with lower royalties and operating costs partially offsetting price declines.