Athabasca Oil Announces 2025 Year-end Results and Reserves

Core Viewpoint - Athabasca Oil Corporation reported strong operational and financial performance for the year-end 2025, highlighting its focus on maximizing cash flow per share and returning capital to shareholders through share buybacks [1]. Year-end 2025 Consolidated Corporate Results - Average annual production reached 39,375 boe/d (98% Liquids), marking a 7% growth year-over-year [5]. - Adjusted Funds Flow was $504 million ($1.01 per share), with cash flow from operating activities at $520 million [5]. - Free Cash Flow from Athabasca (Thermal Oil) was $217 million, demonstrating the resilience of its asset base [5]. - Total capital expenditures were $323 million, including significant investments in Leismer and Duvernay [5]. - The company repurchased 39 million shares for $230 million, committing to return 100% of Free Cash Flow to shareholders in 2025 [5]. 2025 Year-end Consolidated Reserves - Athabasca holds 1.3 billion boe of Proved Plus Probable (2P) reserves, with a net present value (NPV10) of $5.8 billion ($12.13 per share) [5][30]. - The Thermal Oil division has a 2P NPV10 of $5.2 billion, supporting growth to over 60,000 bbl/d by 2030 [5][30]. - Duvernay Energy Corporation (DEC) saw a 9% increase in 2P reserves to 79 mmboe, with a NPV10 value of $592 million [5][31]. 2026 Guidance Maintained - The company plans capital expenditures of approximately $310 million, with average production expected between 37,000 – 39,000 boe/d [5]. - Consolidated Adjusted Funds Flow is forecasted between $425 – $450 million for 2026, with significant growth anticipated in subsequent years [5]. Operations Update - The Leismer expansion project is on track, with production expected to reach 40,000 bbl/d by late 2027 [9][20]. - The Corner asset is set for development with a modular design, aiming for self-funding while maintaining a strong balance sheet [23][24]. - DEC's production growth is projected to exceed 15,000 boe/d by 2030, supported by a robust drilling inventory [28][29]. Financial Resilience - Athabasca maintains a strong balance sheet with a $59 million net cash position, providing flexibility for capital allocation [6]. - The company has $2.1 billion in tax pools, including $1.6 billion of immediately deductible non-capital losses, sheltering cash taxes beyond 2030 [6].