Financial and Operating Highlights
Three months ended
December 31,
Percent
Change
Year ended
December 31,
Percent
Change
2025
2024
2025
2024
Financial (thousands of dollars except per share and production data)
Total sales, net of blending expense (1) (4)
145,308
156,475
(7)
593,815
592,638
-
Adjusted funds flow from operations (2)
79,254
87,903
(10)
326,225
336,557
(3)
Per share - basic (3)
0.33
0.37
(11)
1.37
1.42
(4)
- diluted (3)
0.33
0.37
(11)
1.36
1.42
(4)
Cash flows provided by operating activities
72,668
76,016
(4)
297,137
316,737
(6)
Per share - basic
0.31
0.32
(3)
1.25
1.34
(7)
- diluted
0.30
0.32
(6)
1.24
1.34
(7)
Net income
29,311
48,907
(40)
153,207
188,028
(19)
Per share - basic
0.12
0.21
(43)
0.64
0.80
(20)
- diluted
0.12
0.21
(43)
0.64
0.80
(20)
Capital expenditures (1)
46,066
48,686
(5)
228,288
222,866
2
Adjusted working capital (2)
23,581
67,578
(65)
Shareholders' equity
748,155
699,459
7
Dividends declared
26,154
23,776
10
104,728
95,037
10
Per share
0.11
0.10
10
0.44
0.40
10
Weighted average shares (thousands)
Basic
238,142
237,512
-
237,877
236,386
1
Diluted
240,647
237,569
1
239,882
236,447
1
Shares outstanding, end of period (thousands)
Basic
237,763
237,757
-
Diluted (5)
237,763
237,934
-
Operating (6:1 boe conversion)
Average daily production
Heavy crude oil (bbls/d)
22,091
20,304
9
20,707
19,095
8
Natural gas (mmcf/d)
12.1
7.2
68
11.5
6.9
67
Natural gas liquids (bbls/d)
143
51
180
160
67
139
Barrels of oil equivalent (9) (boe/d)
24,259
21,559
13
22,776
20,310
12
Average daily sales (6) (boe/d)
24,166
21,543
12
22,758
20,275
12
Netbacks ($/boe) (3) (7)
Operating
Sales, net of blending expense (4)
65.35
78.95
(17)
71.50
79.86
(10)
Royalties
(10.29)
(13.81)
(25)
(12.52)
(14.60)
(14)
Transportation
(5.59)
(5.26)
6
(5.59)
(5.51)
1
Production
(7.21)
(7.64)
(6)
(7.39)
(7.35)
1
Operating netback (3)
42.26
52.24
(19)
46.00
52.40
(12)
Realized gains (losses) on financial derivatives
(1.12)
(0.35)
220
(0.78)
