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Source Rock Royalties (SRR) investor relations material
Source Rock Royalties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary1 Dec, 2025
Executive summary
Royalty production averaged 225 boe/d (93% oil and NGLs) in Q3 2025, down 12% year-over-year.
Royalty revenue for Q3 2025 was $1.50 million, a 25% decrease from Q3 2024, reflecting weaker oil prices and reduced drilling activity.
Adjusted EBITDA for Q3 2025 was $1.33 million, down 21% year-over-year; funds from operations were $1.29 million, down 13%.
Despite lower revenue, cost reductions and lower taxes supported robust cash flow and a manageable payout ratio.
Financial highlights
Q3 2025 royalty revenue: $1,497,691 (down 25% year-over-year); adjusted EBITDA: $1,326,057 (down 21%).
Funds from operations in Q3 2025: $1,290,361 (down 13% year-over-year); payout ratio: 69%.
Year-to-date royalty revenue: $4,700,104 (down 19%); adjusted EBITDA: $4,085,592 (down 20%).
Year-to-date funds from operations: $3,750,730 (down 16%); payout ratio: 71%.
Ending cash balance: $4,702,596, up from $3,865,103 in 2024.
Outlook and guidance
Anticipates continued reduced drilling activity on royalty lands due to current oil prices, except for consistent drilling at Figure Lake Clearwater.
Plans to leverage cash balance for royalty and mineral acquisitions at lower valuations.
New oil sands Crown mineral rights leasing joint venture provides an additional growth path.
Focus remains on prudent capital deployment and long-term value creation despite market volatility.
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Next Source Rock Royalties earnings date
Q4 202517 Apr, 2026
Next Source Rock Royalties earnings date
Q4 202517 Apr, 2026
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