Advantage Energy Q1 Earnings Call Highlights

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Sat, May 2, 2026 astatine 3:07 PM CDT 7 min read

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Key Points

Advantage generated beardown first-quarter currency travel with CAD 121 million of adjusted funds travel portion spending CAD 136 million successful capex (nearly fractional the full-year budget); accumulation averaged 81,375 BOE/d and the caller 75 cardinal cubic feet per day Progress state works reached mechanical completion, supporting a targeted ramp to ~90,000 BOE/d by Q3 2026 and higher superior ratio thereafter.
The institution is pivoting toward liquids arsenic prices diverge, with liquids making 44% of income revenue (realized ~CAD 84/bbl); Advantage is shifting astir CAD 25 million from Glacier state to higher-return Wembley and Charlie Lake lipid wells—Charlie Lake is forecast to nutrient implicit CAD 120 million of escaped currency travel this twelvemonth with abbreviated (~six‑ to eight‑month) payouts.
Balance-sheet and hazard absorption priorities see maintaining indebtedness adjacent CAD 556 million present portion targeting nett indebtedness of CAD 400–500 million successful H2 2026 (with opportunistic buybacks), positive important hedging (e.g., ~41% of 2026 state and 42% of 2026 liquids) that cuts AECO vulnerability to ~18%—and the Glacier CCS signifier 2 task is astir implicit to further amended emissions and economics.
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Advantage Energy (TSE:AAV) reported a highly progressive archetypal 4th for fiscal 2026, highlighted by beardown adjusted funds flow, a dense front-end superior program, and advancement toward a near-term measurement alteration successful superior ratio arsenic caller infrastructure comes online.

First-quarter results and enactment levels

President and CEO Mike Belenkie said the twelvemonth “is disconnected to a large start,” arsenic Advantage generated adjusted funds travel of CAD 121 million, oregon CAD 0.73 per share. The institution spent CAD 136 million successful superior during the quarter, which Belenkie noted was “almost 50% of our full-year superior fund conscionable successful the 1 quarter.”

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To partially offset spending, Advantage sold “an unutilized infrastructure asset” for CAD 12 million and received “assets successful benignant worthy an further CAD 7 million,” helping support indebtedness “relatively flat” astatine CAD 556 million, according to Belenkie.

Production averaged 81,375 BOEs per day, up 2% from the 4th fourth of 2025. Belenkie said the institution drilled 12 gross wells successful Glacier and Valhalla, and that 13 gross wells were precocious brought connected production.

Liquids publication increases amid anemic state prices

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Belenkie said liquids continued to play a increasing role, generating 44% of full income revenue successful the 4th astatine an mean realized terms of CAD 84 per barrel. He added that “even successful a 4th with anemic state prices and an intensive spending profile, the concern continued to make beardown currency flows.”

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