Financial and Operating Highlights
Three months ended
September 30,
Percent Change
Nine months ended
September 30,
Percent Change
2025
2024
2025
2024
Financial (thousands of dollars except share data)
Sales, net of blending expense (1) (4)
146,511
151,740
(3)
448,507
436,163
3
Adjusted funds flow from operations (2)
80,394
84,185
(5)
246,971
248,654
(1)
Per share - basic (3)
0.34
0.35
(3)
1.04
1.05
(1)
- diluted (3)
0.33
0.35
(6)
1.03
1.04
(1)
Cash flows provided by operating activities
85,861
95,272
(10)
224,469
240,721
(7)
Per share - basic
0.36
0.40
(10)
0.94
1.02
(8)
- diluted
0.36
0.40
(10)
0.94
1.01
(7)
Net income
35,869
47,634
(25)
123,896
139,121
(11)
Per share - basic
0.15
0.20
(25)
0.52
0.59
(12)
- diluted
0.15
0.20
(25)
0.52
0.58
(10)
Capital expenditures (1)
68,671
58,196
18
182,222
174,180
5
Adjusted working capital (2)
36,444
64,411
(43)
Shareholders' equity
752,377
684,486
10
Dividends declared
26,264
23,767
11
78,574
71,261
10
Per share
0.11
0.10
10
0.33
0.30
10
Weighted average shares (thousands)
Basic
237,828
237,484
-
237,788
236,285
1
Diluted
240,026
239,735
-
239,700
238,427
1
Shares outstanding, end of period (thousands)
Basic
238,763
237,665
-
Diluted (5)
238,763
241,115
(1)
Operating (6:1 boe conversion)
Average daily production
Heavy crude oil (bbls/d)
20,948
19,718
6
20,241
18,689
8
Natural gas (mmcf/d)
8.4
3.4
147
11.2
6.8
65
Natural gas liquids (bbl/d)
169
64
164
165
72
129
Barrels of oil equivalent (9) (boe/d)
22,523
20,342
11
22,276
19,890
12
Average daily sales (6) (boe/d)
22,699
20,329
12
22,283
19,850
12
Netbacks ($/boe) (7)
Operating
Sales, net of blending expense (4)
70.16
81.13
(14)
73.74
80.19
(8)
Royalties
(12.74)
(15.74)
(19)
(13.33)
(14.88)
(10)
Transportation
(5.68)
(5.90)
(4)
(5.58)
(5.60)
-
Production expenses
(7.01)
(7.46)
(6)
(7.45)
(7.25)
3
