Petrus Resources Ltd. (PRQ) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, and thank you for standing by. Welcome to Petra's Resources third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to hand the conference over to Ken Gray, Petra's CEO. You may begin. Good morning, and thanks for joining the Petra's Resources Q3 earnings call. I'm Ken Gray, CEO of Petra's, and I'm joined by our executive team of Matthew Wong, CFO, Matt Scandrup, COO, and Lindsay Hatcher, VP, Commercial and Corporate Development. The results of the drilling we did in the first half of the year are reflected in our Q3 results, with production up 7% and cash flow up 17% from last year. These are exceptional results, especially when you consider the quarter saw some of the worst commodity pricing we have ever seen. So how did we do this? By managing our business to handle the volatility we see in oil and gas prices, and by continuing to improve our operating and capital efficiencies so that we can generate strong results even when prices are low. We manage the volatility in oil and gas prices through hedging and optimizing our product mix to generate the most revenue. Headline prices for oil and natural gas were down this quarter, with the WTI oil price at only $65 US per barrel for the quarter, down 14% from a year ago, and the ACO spot natural gas price dropping to an all-time low of 25 cents per MCF in September, and down 8% overall for the quarter. But our realized oil price was only down 10%. and our realiz...