Canada's Saturn Oil & Gas Q2 revenue rises on higher output, prices

Saturn Oil & Gas

29/07/2026 22:13

Overview
Canada light oil producer's Q2 revenue hit record, driven by higher production and prices
Q2 production exceeded guidance for eighth straight quarter
Company repurchased 1.3 mln shares in Q2

Outlook
Saturn Oil & Gas expects Q3 capital spending of $165-$175 mln
Company sees Q3 production averaging 42,000-43,000 boe/d
Saturn Oil & Gas targets 2026 exit production of 48,000-50,000 boe/d

Result Drivers
ACCELERATED CAPITAL SPENDING - Co advanced C$20 mln of capital from Q3 into Q2 to bring production on sooner and capture higher oil prices
STRATEGIC ACQUISITIONS - C$45 mln in tuck-in acquisitions expanded scale, drilling inventory and asset value
OPERATIONAL OUTPERFORMANCE - Production exceeded guidance for eighth straight qtr, partly offset by weather-related downtime in June

Company press release: ID:nNFC3XmNw7

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Petroleum and Natural Gas Sales
 
C$358.71 mln
 
Q2 Net Income
 
C$108.12 mln
 
Q2 Adjusted EBITDA
 
C$142.06 mln
 
Q2 Capex
 
C$40.08 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "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 Saturn Oil & Gas Inc is C$8.25, about 57.7% above its July 28 closing price of C$5.23
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 27 three months ago

Reuters Recommended Reads
July 28 - Canada's Cardinal Energy Q2 adjusted funds flow jumps 150% on higher output
July 28 - Canada's Tamarack Valley Q2 revenue rises on higher oil prices
July 29 - Canada's Surge Energy Q2 revenue rises 48%, net income more than doubles on the back of oil, NGL price surge

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(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.)