Athabasca Oil (ATH) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 production of 32,110 boe/d (97% liquids), with a turnaround impact of ~7,200 boe/d and an exit rate of ~45,000 boe/d.

• Achieved key milestones in Leismer expansion and advanced Corner Phase 1, supporting a fully funded growth strategy and balance sheet strength.

• Maintains a pristine balance sheet with $62MM net cash and $826MM liquidity.

• Focused on per-share growth, with >20% CAGR in cash flow per share and >15% CAGR in liquids production through 2026.

• Significant shareholder returns, including ~$70MM buybacks YTD and a 24% share count reduction since Q1 2023.

Financial highlights

• Q2 2026 revenue: $342.6M; operating income: $140.4M; net income: $66.2M ($0.14/share basic).

• Q2 2026 adjusted funds flow was $123MM, or $0.25/share FFO.

• Thermal Oil netback was ~$49/bbl; Duvernay netback was ~$70/boe.

• Capital expenditures in Q2: $77MM for Thermal Oil, $7MM for Duvernay Energy; total Q2 capex: $84.1M.

• 2026 guidance: consolidated production 37,000–39,000 boe/d, adj. funds flow $550–$575MM, capital $420MM.

Outlook and guidance

• 2026 exit production targeted at ~45,000 boe/d, with growth to >75,000 boe/d by 2030.

• Leismer expected to reach 31,000 bbl/d by end-2026 and 40,000 bbl/d by end-2027.

• Corner Phase 1 aims for first steam in early 2029, full capacity by year-end 2029.

• Duvernay Energy 2026 production expected at ~6,000 boe/d, with ~35% annual growth and 2030 target >15,000 boe/d (75%+ liquids).

• Fully funded growth plans, with major expansions at Leismer and Corner underway.