Canada's Kelt Exploration Q2 petroleum sales jump 91% yr/yr

Kelt Exploration

06/08/2026 12:33

Overview
Canada oil and gas producer's Q2 petroleum and natural gas sales nearly doubled yr/yr
Adjusted funds from operations for Q2 rose 76% yr/yr
Company achieved record quarterly production, driven by higher realized oil and NGL prices

Outlook
Kelt forecasts 2026 production to average 50,000-52,000 BOE/d, unchanged from prior guidance
Company raises 2026 adjusted funds from operations forecast to C$410 mln from C$400 mln
Kelt may boost 2026 capital expenditures if strong production and prices persist

Result Drivers
OPTIMIZED WELL COMPLETIONS - Co said new wells completed with higher proppant and water intensities delivered better-than-expected production rates
HIGHER OIL AND NGL PRICES - Co said realized oil and NGL prices rose sharply yr/yr, supporting increased sales
SULPHUR SALES - Co said robust returns from sulphur production and sales contributed to funds from operations amid global supply shortages

Company press release: ID:nNFCb2xcCx

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted FFO
 
C$108.73 mln
 
Q2 Capex
 
C$137.90 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Kelt Exploration Ltd is C$12.25, about 31.6% above its August 5 closing price of C$9.31
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads
Aug 6 - Canadian Natural raises production outlook, beats quarterly profit estimates on higher crude prices
Aug 6 - Canada's Strathcona Q2 operating earnings jump 94% sequentially on higher oil prices
Aug 5 - Suncor not ready to speed output growth, CEO says, despite government's pro-oil stance

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)