Journey Energy (OTC) ( (JRNGF) ) has released its Q1 earnings. Here is a breakdown of the information Journey Energy (OTC) presented to its investors.
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Journey Energy Inc., a Canadian exploration and production company, focuses on oil-weighted operations in Alberta, Canada, and is actively developing its Duvernay light oil resource play alongside power generation projects.
In the first quarter of 2025, Journey Energy Inc. reported a net income of $7.7 million and an Adjusted Funds Flow of $19.6 million, highlighting a solid financial performance despite a slight decline in sales volumes compared to the previous year. The company also reduced its net debt to $53.2 million and secured a new $55 million credit facility to support ongoing projects.
Key financial metrics for the quarter included sales volumes of 10,997 boe/d, with crude oil and NGLs making up 59% of the total. The company achieved a 9% increase in average realized prices, contributing to a 21% rise in operating netback. Journey also made significant progress in its Duvernay joint venture, with several wells drilled and completed, and increased capital expenditures to $55 million for 2025.
Looking ahead, Journey Energy remains focused on navigating market volatility with a strategic capital program aimed at sustaining growth and enhancing shareholder value. The company plans to adjust its capital spending as necessary to align with market conditions while continuing to advance its core projects.