Overview

• North America oil and gas producer's Q1 revenue rose yr/yr to record high

• Adjusted EBITDA for Q1 increased 16% yr/yr

• Net income fell 30% yr/yr due to unrealized loss on commodity contracts

Outlook

• Kolibri expects net debt to fall to $25 mln-$30 mln by end-2026

• Company forecasts annual capital expenditures to be significantly less than last year

• Production from three new wells expected to begin in Q3 2026

Result Drivers

• HIGHER PRODUCTION - Q1 production rose 15% yr/yr due to new wells drilled and completed in 2025

• OIL REVENUE GROWTH - Oil revenues increased 21% as oil production rose, with average oil prices flat yr/yr

• OPERATING EXPENSES - Operating expense per barrel rose due to a workover on a non-operated well, reassessment of prior year fees, and higher water hauling costs

Company press release: ID:nBw6dd6sMa

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 11 three months ago

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