Journey Energy (JOY) Q4 2025 earnings summary

Executive summary

• Net income for 2025 was $25.9 million, with adjusted funds flow of $71.0 million for the year.

• Sales volumes averaged 11,261 boe/d in 2025, with 61% from liquids; Q4 volumes were 11,226 boe/d, 63% liquids.

• Five non-core asset divestments generated $6.8 million, reducing end-of-life costs by $23 million.

• Duvernay JV development advanced, with 8 (2.4 net) wells drilled in 2025 and significant reserves growth.

• Net debt reduced by 16% to $50.6 million by year-end 2025.

Financial highlights

• Sales revenue for 2025 was $194.5 million, down 1% year-over-year.

• Adjusted funds flow per share was $1.06 basic and $1.05 diluted for 2025.

• Operating netback improved 25% year-over-year to $20.50/boe.

• Operating expenses per boe decreased 16% to $17.88 in 2025.

• Royalty expense per boe fell 16% to $7.63 in 2025.

Outlook and guidance

• 2026 guidance: average daily sales volumes of 10,800–11,200 boe/d (61% liquids), exit rate 11,000–12,000 boe/d.

• Capital spending for 2026 projected at $70–85 million, with $7.7 million for asset retirement.

• Majority of growth capital to be allocated to Duvernay JV; potential for up to 12 wells drilled in 2026.

• Power projects at Gilby and Mazeppa expected to add value, with Mazeppa grid connection costs revised upward.