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Yahoo
29-05-2025
- Business
- Yahoo
Lycos Energy Inc. Announces First Quarter Financial Results and Termination of Strategic Review Process
Calgary, Alberta--(Newsfile Corp. - May 29, 2025) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce its operating and financial results for the three months ended March 31, 2025. Selected financial and operating information is outlined below and should be read with Lycos' unaudited condensed interim consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2025. These filings are available on SEDAR+ at and the Company's website at Financial and Operating Highlights Three months ended March 31, % change($ in thousands, except per share)2025 2024Total petroleum and natural gas sales, net of blending(1)26,842 23,892 12%Adjusted funds flow from operations(1)12,512 9,591 30%Per share - basic $ 0.24$ 0.18 33%Per share - diluted $ 0.23$ 0.18 28%Net income (loss)2,373$ (1,414 )268%Per share - basic $ 0.04$ (0.03 )233%Per share - diluted $ 0.04$ (0.03 )233%Capital expenditures - exploration & development22,922 19,450 18%Capital expenditures - net acquisitions & dispositions22,922 19,450 18%Adjusted working capital (net debt)(1)(25,498 )(27,148 )(6)%Weighted average shares outstanding (thousands) Basic53,238 53,081 0%Diluted53,532 53,081 1%Average daily production: Crude oil (bbls/d)3,940 3,804 4%Natural gas (mcf/d)793 218 264%Total (boe/d)4,072 3,840 6%Realized prices: Crude oil ($/bbl)(2)75.37 68.81 10%Natural gas ($/mcf)1.23 2.07 (41)%Total ($/boe)73.17 68.27 7%Operating netback ($/boe)(1) Petroleum and natural gas revenues(2)73.17 68.27 7% Realized gain (loss) on financial derivatives(0.06 )1.00 (106)% Royalties(10.14 )(10.61 )(4)% Net operating expenses(1)(22.96 )(25.48 )(10)% Transportation expenses(1.57 )(1.69 )(7)%Operating netback, including financial derivatives ($/boe)(1)38.44 31.49 22%Adjusted funds flow from operations ($/boe)(1)34.14 27.45 24%(1) See Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures.(2) Realized prices are based on revenue, net of blending expense. Q1 2025 Financial and Operating Highlights Highlights for the three months ended March 31, 2025 include: Average production volumes increased to 4,072 boe/d (97% crude oil) in the first quarter of 2025 compared to 3,840 boe/d (99% crude oil) in the first quarter of 2024, representing a 6% increase. Realized adjusted funds flow from operations(1) of $12.5 million in the first quarter of 2025 compared to $9.6 million in the first quarter of 2024, representing a 30% increase. Operating netback(1) of $38.44 per boe in the first quarter of 2025, representing a 22% increase from $31.49 per boe in the comparable period of 2024. Executed a $22.9 million capital expenditure program, drilling and completing 8.0 wells (7.9 net wells), of which 7.0 wells (6.9 net wells) were on stream by the end of the quarter. This included a new upper Waseca pool discovery and two additional Middle Waseca delineation wells at Moose Lake, which achieved average IP30(2) of 262 bbl/d and an IP60(2) of 254 bbl/d for the three wells. Of the Q1 2025 capital expenditures, $1.4 million relates to the facility construction of a Moose Lake pad for future drills and $1.1 million was spent on an additional well on this pad, which was rig released and commenced production in Q2 2025. The Company invested $0.7 million on land and seismic in the quarter. Exit net debt(1) of $25.5 million, representing 0.5X annualized net debt to adjusted funds flow ratio(1). (1) See Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures.(2) See Disclosure of Oil & Gas Information, "Short-Term Results". Outlook Due to the current low and volatile commodity price environment and global economic uncertainty, Lycos has terminated its previously announced strategic review process and temporarily suspend its capital expenditures program until September 2025. The Company believes current market conditions are not conducive to a transaction beneficial to shareholders and remains focused on maintaining a conservative balance sheet, financial discipline and operational stability. Lycos will continue to monitor commodity prices and maintain optionality to accelerate the resumption of budgeted capital expenditures as the year and commodity price environment develop. Anticipated Q2 2025 production is approximately 4,000 boe/d (98% crude oil) and estimated total capital expenditures to date are $28 million. For the balance of 2025 we anticipate capital expenditures to be in the range of $7 million to $15 million under current pricing conditions. About Lycos Lycos is an oil-focused, exploration, development and production company based in Calgary, Alberta, operating high-quality, heavy-oil, development assets in the Lloydminster and Greater Lloydminster area. Additional Information For further information, please contact: Dave Burton President and Chief Executive OfficerT: (403) 616-3327E: dburton@ Lindsay GoosVice President, Finance and Chief Financial OfficerT: (403) 542-3183E: lgoos@ Reader Advisories Forward-Looking and Cautionary Statements Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "outlook", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions (including negatives and variations thereof). Lycos believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: Lycos' business strategy, objectives, strength and focus; the suspension of the Company's capital program and drilling plans until September 2025; the Company's outlook and operational results for the remainder of 2025; the Company's expectations regarding recently drilled wells, drilling plans, estimated future capital expenditures and growth forecasts; expectations that the new double-stack multi-lateral drilling technique will result in capital cost-savings; expectations regarding commodity prices and heavy oil differentials; the performance characteristics of the Company's oil and natural gas properties; the ability of the Company to achieve drilling success consistent with management's expectations; expectations in respect of the Company's wells, including anticipated benefits and results; and the source of funding for the Company's activities. The forward-looking statements and information are based on certain key expectations and assumptions made by Lycos, including, but not limited to: expectations and assumptions concerning the business plan of Lycos; the timing of and success of future drilling, development and completion activities; the geological characteristics of Lycos' properties; prevailing and future commodity prices, price volatility, price differentials and the actual prices received for the Company's products; the availability and performance of drilling rigs, facilities, pipelines and other oilfield services; the timing of past operations and activities in the planned areas of focus; the drilling, completion and tie-in of wells being completed as planned; the performance of new and existing wells; the application of existing drilling and fracturing techniques; prevailing weather and break-up conditions; general economic conditions; royalty regimes and exchange rates; the application of regulatory and licensing requirements; the continued availability of capital and skilled personnel; the ability to maintain or grow its credit facility; the accuracy of Lycos' geological interpretation of its drilling and land opportunities, including the ability of seismic activity to enhance such interpretation; and Lycos' ability to execute its plans and strategies. Although Lycos believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Lycos can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to: incorrect assessments of the value of benefits to be obtained from acquisitions and exploration and development programs; fluctuations in commodity prices (including pursuant to determinations by the Organization of Petroleum Exporting Countries and other countries (collectively referred to as OPEC+) regarding production levels) and the risk of an extended period of low oil and natural gas prices; changes in industry regulations and political landscape both domestically and abroad; the impact of tariffs and other restrictive trade measures imposed or threatened by the U.S. administration, the Canadian administration and foreign governments, including retaliatory or countermeasures, on global economic markets, market volatility and the demand and/or market price for the Company's products; wars (including Russia's military actions in Ukraine and the Israel-Hamas conflict in Gaza); hostilities; civil insurrections; foreign exchange or interest rates; increased operating and capital costs due to inflationary pressures (actual and anticipated); volatility in the stock market and financial system; impacts of pandemics; the retention of key management and employees; and risks with respect to unplanned third-party pipeline outages, including in respect of safety, asset integrity and shutting in production. Ongoing military actions between Russia and Ukraine have the potential to threaten the supply of oil and gas from the region. The long-term impacts of the actions between these nations remains uncertain. Please refer to the Company's annual information form for the year ended December 31, 2024, and the MD&A for additional risk factors relating to Lycos, which can be accessed either on the Company's website at or under the Company's SEDAR+ profile at Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Lycos undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Disclosure of Oil and Gas Information Unit Cost Calculation. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil. Product Types. Throughout this press release, "crude oil" or "oil" refers to heavy crude oil product types as defined by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Short Term Results. References in this press release to production test rates, initial test production rates, initial production rates (including IP30 and IP60) and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will continue to production, nor is it indicative of future production capability, decline and ultimate reserves. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Lycos. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that the test results should be considered to be preliminary. Non-IFRS Measures, Non-IFRS Financial Ratios and Capital Management Measures This press release includes various specified financial measures, including non-IFRS financial measures, non-IFRS financial ratios and capital management measures as further described herein. These measures do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable with the calculation of similar measures by other companies. "Adjusted working capital (net debt) (capital management measure)" is calculated as current assets less current liabilities, excluding the current portion of decommissioning liabilities and financial derivative receivable and liabilities. Adjusted working capital (Net Debt) is a capital management measure which management uses to assess the Company's liquidity. See the MD&A for a detailed calculation and reconciliation of adjusted working capital (net debt) to the most directly comparable measure presented in accordance with IFRS. "Adjusted funds flow from operations (capital management measure)" is funds flow is calculated by taking cash flow from operating activities and adding back changes in non-cash working capital. Adjusted funds flow is further calculated by adding back decommissioning costs incurred and transaction costs. Management considers adjusted funds flow from operations to be a key measure to assess the performance of the Company's oil and gas properties and the Company's ability to fund future capital investment. Adjusted funds flow from operations is an indicator of operating performance as it varies in response to production levels and management of costs. Changes in non-cash working capital, decommissioning costs incurred and transaction costs vary from period to period and management believes that excluding the impact of these provides a useful measure of Lycos' ability to generate the funds necessary to manage the capital needs of the Company. See the MD&A for a detailed calculation and reconciliation of adjusted funds flow from operations to the most directly comparable measure presented in accordance with IFRS. "Capital expenditures (non-IFRS financial measure)" includes exploration and development capital, facilities, land and seismic and acquisitions and dispositions. Management considers capital expenditures to be a key measure to assess the Company's capital investment in exploration and production activity, as well as property acquisitions and dispositions. The directly comparable IFRS measure to capital expenditures is net cash used in investing activities. "Net debt to adjusted funds flow from operations ratio (non-IFRS financial ratio)" is calculated as net debt divided by adjusted funds flow from operations for the applicable period. Lycos utilizes net debt to adjusted funds flow from operations to measure the Company's overall debt position and to measure the strength of the Company's balance sheet. Lycos monitors this ratio and uses this as a key measure in making decisions regarding financing, capital expenditures and shareholder returns. "Net operating expenses (non-IFRS financial measure)" is operating expenses, less processing income primarily generated by third party volumes at processing facilities where the Company has an ownership interest. The Company's principal business is not that of a midstream entity whose activities are dedicated to earning processing and other infrastructure payments. Where the Company has excess capacity at its facilities, it will look to process third party volumes as a means to reduce the cost of operating/owning the facility. "Operating netback (non-IFRS financial measure)" is petroleum and natural gas revenues, less royalties, less net operating costs and transportation expenses, excluding the effects of financial derivatives. These metrics can also be calculated on a per boe basis, which results in them being considered a non-IFRS financial ratio. Management considers operating netback an important measure to evaluate Lycos' operational performance, as it demonstrates field level profitability relative to current commodity prices. See the MD&A for a detailed calculation and reconciliation of operating netback per boe to the most directly comparable measure presented in accordance with IFRS. "Operating netback, including financial derivatives" is calculated as petroleum and natural gas revenues, less royalties, less net operating costs and transportation expenses. "Total petroleum and natural gas sales, net of blending (non-IFRS financial measure)" is total petroleum and natural gas sales, net of blending expense to compare realized pricing to benchmark pricing. This is calculated by deducting the Company's blending expense from petroleum and natural gas sales. Blending expense is recorded within blending and transportation expense in the condensed interim consolidated financial statements. See the MD&A for a detailed calculation and reconciliation of total petroleum and natural gas sales, net of blending, to the most directly comparable measure presented in accordance with IFRS. Please refer to the MD&A on pages 14 to 16 for additional information relating to specified financial measures, including non-IFRS financial measures, non-IFRS financial ratios and capital management measures. The MD&A can be accessed either on the Company's website or under the Company's SEDAR+ profile on Abbreviations bbl barrels of oil bbl/d barrels of oil per day boe barrels of oil equivalent boe/d barrels of oil equivalent per day Mbbl thousand barrels of oil Mboe thousand barrels of oil equivalent Mcf thousand cubic feet MMbbl million barrels of oil MMboe million barrels of oil equivalent MMcf million cubic feet Q1 first financial quarter (January 1 - March 31) Q2 second financial quarter (April 1 - June 30) All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
15-05-2025
- Business
- Associated Press
NEUPATH HEALTH REPORTS FIRST QUARTER 2025 RESULTS
TORONTO--(BUSINESS WIRE)--May 15, 2025-- NeuPath Health Inc. (TSXV:NPTH), ('NeuPath' or the 'Company'), owner and operator of a network of clinics delivering category-leading chronic pain treatment, today announced its financial and operating results for the three months March 31, 2025 and the grant of stock options ('Options') and restricted share units ('RSUs'). All figures are in Canadian dollars, unless otherwise noted. 'Strong organic growth in Alberta and Ontario, combined with careful attention to our operations and our clinic footprint, continues to deliver improved operating results,' said Joe Walewicz, NeuPath's Chief Executive Officer. 'We expect continued growth and improved results in 2025, as we continue to evaluate multiple inorganic growth opportunities to better serve patients, with more services, in more communities.' Financial and Operational Highlights Q1 2025 Financial Results Gross margin % was 18.8% for the three months ended March 31, 2025 compared to 18.5% for the three months ended March 31, 2024. The increase in gross margin was primarily driven by higher revenues from fluoroscopy and positive adjustments to physician reimbursement rates compared to the comparative quarter (see Non-IFRS Financial Measures - Gross Margin and Gross Margin %). Adjusted EBITDA was $1.3 million for the three months ended March 31, 2025 compared to $0.9 million for the three months March 31, 2024. For more information see Note 5, Long-Term Debt in the Company's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2025, and Note 6, Long-Term Debt in the Company's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2024. Issuance of Stock Options and Restricted Share Units The Company has approved the grant of 375,000 Options to an officer of the Company, to be issued on May 21, 2025, at an exercise price equal to the closing price on the last trading day immediately preceding the grant date, and with an expiry date of May 21, 2032. The terms of the Options granted are in accordance with the Company's Amended and Restated Stock Option Plan. The Options are subject to time-based vesting and will vest annually in equal instalments on each anniversary date from the date of grant for 4 years. In addition, the Company approved the grant of 375,000 RSUs to the same officer of the Company, to be issued on May 21, 2025. The RSUs are subject to time-based vesting and will fully vest on May 21, 2029. One quarter of the RSUs granted will vest annually on each anniversary date from the date of grant for 4 years. The terms of the RSUs granted are in accordance with the Company's Amended and Restated Restricted Share Unit Plan. Non-IFRS Financial and Other Measures The Company discloses non-IFRS measures (such as EBITDA, Adjusted EBITDA, and gross margin) and non-IFRS ratios (such as gross margin %) that do not have standardized meanings prescribed by International Financial Reporting Standards ('IFRS'). The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company's financial performance. Non-IFRS financial measures and other measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other reporting issuers and therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these non-IFRS measures and other measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. The following table provides a reconciliation of net and comprehensive loss to EBITDA and Adjusted EBITDA: The following table provides a reconciliation of total revenue to gross margin: For further details on the results, please refer to NeuPath's Management, Discussion and Analysis and Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2025, which are available on the Company's website ( ) and under the Company's profile on SEDAR+ ( ). About NeuPath NeuPath operates a network of healthcare clinics and related businesses focused on improved access to care and outcomes for patients by leveraging best-in-class treatments and delivering patient-centered multidisciplinary care. We operate a network of medical clinics in Ontario and Alberta that provide comprehensive assessments and rehabilitation services to patients with chronic pain, musculoskeletal/back injuries, sports related injuries and concussions. In addition, NeuPath provides workplace health services and independent medical assessments to employers and disability insurers through a national network of healthcare providers, as well as contract research services to pharmaceutical and biotechnology companies. NeuPath is focused on enabling each individual to live their best life. For additional information, please visit Forward-Looking Statements This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the Company's expectation of continued operational improvements in 2025 and the execution of the Company's growth opportunities are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations included in this news release include, among other things, adverse market conditions, risks associated with obtaining and maintaining the necessary governmental permits and licenses related to the business of the Company, increasing competition in the market and other risks generally inherent in the chronic pain, sports medicine, concussion and workplace health services markets. A comprehensive discussion of these and other risks and uncertainties can be found in the Company's Annual Information Form dated March 26, 2025 filed on SEDAR + under the Company's profile Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent source version on CONTACT: For more information, please contact:Jeff Zygouras Chief Financial Officer [email protected] (905) 858-1368 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: HEALTH HOSPITALS PHYSICAL THERAPY OTHER HEALTH MANAGED CARE PHARMACEUTICAL BIOTECHNOLOGY SOURCE: NeuPath Health Inc. Copyright Business Wire 2025. PUB: 05/15/2025 07:30 AM/DISC: 05/15/2025 07:29 AM
