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Saturn Oil & Gas boosts performance through acquisitions and financial discipline

Canadian producer Saturn Oil & Gas exceeded its production forecast in the third quarter of 2025, driven by a targeted investment strategy, debt reduction and a disciplined shareholder return policy.

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Saturn Oil & Gas Inc., a Canadian light oil producer active in Saskatchewan and Alberta, reported an average production of 41,142 barrels of oil equivalent per day (boe/d) in the third quarter of 2025, exceeding the midpoint of its guidance by 10%. This result reflects stronger-than-expected operational performance and the integration of new assets in southeast Saskatchewan. Despite a lower oil and gas price environment, the company delivered solid financial flows, confirming the resilience of its investment model.

Financial results above expectations

Saturn generated adjusted funds flow of CAD103mn ($75.6mn), or CAD0.54 per share, and free funds flow of CAD16mn ($11.8mn). Petroleum and natural gas sales amounted to CAD235.3mn ($172.5mn), down slightly from 2024 due to weaker pricing. Net operating costs reached CAD19.24 per boe, 3% below guidance, supported by operational efficiencies and the removal of the carbon tax in Saskatchewan. Net debt was reduced to CAD783mn ($574.6mn), including USD553mn in senior notes.

Selective investment and capital returns

The company invested CAD87mn ($63.8mn) during the period, focusing on high-return projects and new acquisition opportunities. This included a strategic asset purchase in the Pembina region of Alberta, adding approximately 1,300 boe/d of production and over 80 potential drilling locations. In parallel, Saturn continued its share buyback programme, acquiring 3.3mn shares for CAD8.5mn ($6.2mn), aimed at improving per-share metrics and reinforcing investor confidence.

Investment outlook and growth

For the fourth quarter of 2025, Saturn expects capital expenditures between CAD60mn and CAD70mn ($44.0mn–$51.4mn), targeting conventional resource development and multi-lateral drilling. Average production is forecast to range between 42,000 and 43,000 boe/d, with a year-end exit rate projected between 43,000 and 44,000 boe/d. The company maintains financial flexibility with CAD34mn ($24.9mn) in cash and an undrawn credit facility of CAD150mn ($110.1mn), supporting potential future investments.

“Our results demonstrate the strength of our capital allocation strategy and the value of our recent acquisitions,” said John Jeffrey, Chief Executive Officer of Saturn Oil & Gas.

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