CALGARY, Alberta, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Cavvy Energy Ltd. ("Cavvy" or the "Company") (TSX:CVVY) is pleased to announce the release of its third quarter 2025 financial and operating results. The Company produced 23,956 boe/d and generated Net Operating Income1 ("NOI") of $30.6 million during the third quarter of 2025. Management's discussion and analysis ("MD&A") and unaudited interim condensed consolidated financial statements and notes for the quarter ended September 30, 2025 are available at www.cavvyenergy.com and on SEDAR+ at www.sedarplus.ca.
"Cavvy delivered another very strong quarter" stated Darcy Reding, President and CEO. "We generated over $30 million of net operating income, supported by 14% growth in third party processing volumes compared to Q2, while hedging gains helped to offset a very challenging summer AECO market. We are also very pleased to announce the execution of a structured forward pricing agreement for our 2026 sulphur sales which provides downside revenue protection while preserving meaningful upside participation in the market if the current strong spot sulphur price persists into 2026."
Q3 2025 HIGHLIGHTS
Generated NOI of $30.6 million ($0.11 per basic and fully diluted share) and Funds Flow from Operations1 of $12.9 million ($0.04 per basic and fully diluted share)
Increased third-party raw gas processing volumes to 136.1 MMcf/d, a 69.6 MMcf/d (105%) increase compared to Q3 2024. This resulted in an increase of $4.8 million (87%) in third-party processing and marketing revenue for the quarter compared to Q3 2024
Reduced Net Debt1 by $3.2 million from Q2 2025 to $163.7 million
Reduced operating expenses by $1.8 million (5%) to $36.7 million compared to Q3 2024
Produced 23,956 boe/d (80% natural gas), up 4% from Q3 2024
Produced 1,120 mt/d of sulphur during Q3 2025, 85% of which was sold under the below-market contract that expires December 31, 2025
Select Quarterly Figures
2025
2024
2023
($ 000s unless otherwise noted)
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Production
Natural gas (Mcf/d)
115,467
126,198
105,338
111,787
115,196
157,077
175,356
174,211
Condensate (bbl/d)
2,258
2,507
2,454
2,149
2,191
2,472
2,781
2,384
NGLs (bbl/d)
2,454
2,524
2,574
1,788
1,726
2,210
2,613
1,921
Sulphur (mt/d)
1,120
1,128
1,076
968
1,444
1,376
1,491
1,284
Total production (boe/d) (1)
23,956
26,064
22,584
22,568
23,116
30,861
34,620
33,340
Third-party volumes processed (Mcf/d) (2)
136,134
119,761
81,777
71,497
66,518
53,763
58,423
67,350
Financial
Natural gas price ($/Mcf)
Realized before Risk Management Contracts (3)
0.66
1.73
2.24
1.55
0.77
1.14
2.53
2.32
Realized after Risk Management Contracts (3)
3.25
3.23
3.58
3.36
3.43
2.71
3.21
3.12
Benchmark natural gas price (AECO)
0.62
1.72
2.14
1.46
0.68
1.17
2.48
2.29
Condensate price ($/bbl)
Realized before Risk Management Contracts (3)
82.65
84.60
95.15
94.87
92.13
99.96
91.18
97.15
Realized after Risk Management Contracts (3)
83.66
85.88
88.29
90.61
84.61
87.75
84.49
86.34
Benchmark condensate price (C5 at Edmonton)
86.58
87.71
