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Pine Cliff Energy Ltd. Announces Second Quarter 2025 Results

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Pine Cliff Energy (OTCQX:PIFYF) reported its Q2 2025 financial results, showing significant headwinds in performance. The company generated $4.9 million ($0.01 per share) in adjusted funds flow for Q2 2025, down from $10.8 million ($0.03 per share) in Q2 2024.

Production averaged 21,236 Boe/d in Q2 2025, declining from 23,688 Boe/d in Q2 2024, primarily due to natural production declines and temporary shut-ins caused by weak AECO gas prices. The company reported a net loss of $7.1 million ($0.02 per share) for Q2 2025.

Pine Cliff maintained its 2025 capital budget at $23.5 million and has hedged approximately 54% of its natural gas production at $2.82/Mcf and 43% of crude oil production at US$64.15/Bbl through H2 2025. The company reduced its net debt by $3.4 million to $58.9 million as of June 30, 2025.

Pine Cliff Energy (OTCQX:PIFYF) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando significative difficolt脿 nelle performance. La societ脿 ha generato un flusso di fondi rettificato di 4,9 milioni di dollari (0,01 dollari per azione) nel Q2 2025, in calo rispetto ai 10,8 milioni di dollari (0,03 dollari per azione) del Q2 2024.

La produzione media 猫 stata di 21.236 Boe/giorno nel Q2 2025, in diminuzione rispetto ai 23.688 Boe/giorno del Q2 2024, principalmente a causa di cali naturali della produzione e di chiusure temporanee dovute ai bassi prezzi del gas AECO. La societ脿 ha riportato una perdita netta di 7,1 milioni di dollari (0,02 dollari per azione) nel Q2 2025.

Pine Cliff ha mantenuto il budget di capitale per il 2025 a 23,5 milioni di dollari e ha coperto circa il 54% della produzione di gas naturale a 2,82 dollari/Mcf e il 43% della produzione di petrolio greggio a 64,15 dollari USA/barile per la seconda met脿 del 2025. La societ脿 ha ridotto il debito netto di 3,4 milioni, portandolo a 58,9 milioni di dollari al 30 giugno 2025.

Pine Cliff Energy (OTCQX:PIFYF) report贸 sus resultados financieros del segundo trimestre de 2025, mostrando importantes dificultades en su desempe帽o. La empresa gener贸 un flujo de fondos ajustado de 4,9 millones de d贸lares (0,01 d贸lares por acci贸n) en el Q2 2025, frente a los 10,8 millones de d贸lares (0,03 d贸lares por acci贸n) del Q2 2024.

La producci贸n promedio fue de 21.236 Boe/d铆a en el Q2 2025, disminuyendo desde 23.688 Boe/d铆a en el Q2 2024, principalmente debido a declives naturales en la producci贸n y cierres temporales causados por los bajos precios del gas AECO. La empresa report贸 una p茅rdida neta de 7,1 millones de d贸lares (0,02 d贸lares por acci贸n) en el Q2 2025.

Pine Cliff mantuvo su presupuesto de capital para 2025 en 23,5 millones de d贸lares y ha cubierto aproximadamente el 54% de su producci贸n de gas natural a 2,82 d贸lares/Mcf y el 43% de la producci贸n de petr贸leo crudo a 64,15 d贸lares estadounidenses por barril para la segunda mitad de 2025. La empresa redujo su deuda neta en 3,4 millones, quedando en 58,9 millones de d贸lares al 30 de junio de 2025.

Pine Cliff Energy (OTCQX:PIFYF)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 靹标臣鞐� 韥� 鞐拲鞚� 鞛堨棃鞚岇潉 氤挫榾鞀惦媹雼�. 須岇偓電� 2025雲� 2攵勱赴鞐� 臁办爼霅� 鞛愱笀 頋愲 490毵� 雼煬(欤茧嫻 0.01雼煬)毳� 旮半頄堨溂氅�, 鞚措姅 2024雲� 2攵勱赴鞚� 1,080毵� 雼煬(欤茧嫻 0.03雼煬)鞐愳劀 臧愳唽頃� 靾橃箻鞛呺媹雼�.

靸濎偘霟夓潃 2025雲� 2攵勱赴 韽夑窢 21,236 Boe/鞚�搿�, 2024雲� 2攵勱赴鞚� 23,688 Boe/鞚检棎靹� 臧愳唽頄堨溂氅�, 鞚措姅 欤茧 鞛愳棸鞝侅澑 靸濎偘 臧愳唽鞕 AECO 臧鞀� 臧瓴� 鞎届劯搿� 鞚疙暅 鞚检嫓鞝� 靸濎偘 欷戨嫧 霑岆鞛呺媹雼�. 須岇偓電� 2025雲� 2攵勱赴鞐� 靾滌啇鞁� 710毵� 雼煬(欤茧嫻 0.02雼煬)毳� 氤搓碃頄堨姷雼堧嫟.

Pine Cliff電� 2025雲� 鞛愲掣 鞓堨偘鞚� 2,350毵� 雼煬搿� 鞙犾頄堨溂氅�, 2025雲� 頃橂皹旮瓣箤歆 觳滌棸臧鞀� 靸濎偘霟夓潣 鞎� 54%毳� 2.82雼煬/Mcf, 鞗愳湢 靸濎偘霟夓潣 43%毳� 氚半煷雼� 64.15雼煬搿� 項れ頄堨姷雼堧嫟. 霕愴暅 2025雲� 6鞗� 30鞚� 旮办 靾滊秬毂勲ゼ 340毵� 雼煬 欷勳棳 5,890毵� 雼煬搿� 臧愳唽鞁滌及鞀惦媹雼�.

Pine Cliff Energy (OTCQX:PIFYF) a publi茅 ses r茅sultats financiers pour le deuxi猫me trimestre 2025, montrant des vents contraires importants dans sa performance. La soci茅t茅 a g茅n茅r茅 un flux de tr茅sorerie ajust茅 de 4,9 millions de dollars (0,01 dollar par action) au T2 2025, en baisse par rapport 脿 10,8 millions de dollars (0,03 dollar par action) au T2 2024.

La production moyenne s鈥檈st 茅tablie 脿 21 236 Boe/jour au T2 2025, en baisse par rapport 脿 23 688 Boe/jour au T2 2024, principalement en raison de d茅clins naturels de production et d鈥檃rr锚ts temporaires caus茅s par la faiblesse des prix du gaz AECO. La soci茅t茅 a enregistr茅 une perte nette de 7,1 millions de dollars (0,02 dollar par action) au T2 2025.

Pine Cliff a maintenu son budget d鈥檌nvestissement 2025 脿 23,5 millions de dollars et a couvert environ 54 % de sa production de gaz naturel 脿 2,82 $/Mcf et 43 % de sa production de p茅trole brut 脿 64,15 $US/baril pour le second semestre 2025. La soci茅t茅 a r茅duit sa dette nette de 3,4 millions, la ramenant 脿 58,9 millions de dollars au 30 juin 2025.

Pine Cliff Energy (OTCQX:PIFYF) hat seine Finanzergebnisse f眉r das zweite Quartal 2025 ver枚ffentlicht und dabei erhebliche Gegenwinde in der Performance verzeichnet. Das Unternehmen erwirtschaftete im Q2 2025 einen bereinigten Mittelzufluss von 4,9 Millionen US-Dollar (0,01 US-Dollar je Aktie), gegen眉ber 10,8 Millionen US-Dollar (0,03 US-Dollar je Aktie) im Q2 2024.

Die Produktion lag im Q2 2025 durchschnittlich bei 21.236 Boe/Tag, was einem R眉ckgang gegen眉ber 23.688 Boe/Tag im Q2 2024 entspricht, haupts盲chlich bedingt durch nat眉rliche Produktionsr眉ckg盲nge und vor眉bergehende Stilllegungen aufgrund schwacher AECO-Gaspreise. Das Unternehmen meldete im Q2 2025 einen Nettoverlust von 7,1 Millionen US-Dollar (0,02 US-Dollar je Aktie).

Pine Cliff hielt sein Kapitalbudget f眉r 2025 bei 23,5 Millionen US-Dollar58,9 Millionen US-Dollar.

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  • Adjusted funds flow decreased 54.6% to $4.9M in Q2 2025 vs $10.8M in Q2 2024
  • Net loss increased to $7.1M in Q2 2025 from $4.1M in Q2 2024
  • Production declined 10.4% to 21,236 Boe/d from 23,688 Boe/d year-over-year
  • Operating netback decreased to $5.01/Boe from $7.14/Boe year-over-year
  • Dividend reduced to $0.004 per share from $0.02 per share year-over-year

Calgary, Alberta--(Newsfile Corp. - August 6, 2025) - Pine Cliff Energy Ltd. (TSX: PNE) (OTCQX: PIFYF) ("Pine Cliff" or the "Company") announces its second quarter 2025 financial and operating results and guidance update.

Second Quarter 2025 Results

  • Generated $4.9 million ($0.01 per basic and fully diluted share) and $16.4 million ($0.05 per basic and fully diluted share) of adjusted funds flow1 for the three and six months ended June 30, 2025, compared to $10.8 million ($0.03 per basic and fully diluted share) and $21.3 million ($0.06 per basic and fully diluted share) for the same periods in 2024;

  • Production averaged 21,2362 Boe/d and 21,2593 Boe/d for the three and six months ended June 30, 2025, compared to 23,6884 Boe/d and 23,7765 Boe/d for the same periods in 2024;

  • Paid dividends of $1.3 million ($0.004 per basic and fully diluted share) and $6.7 million ($0.02 per basic and fully diluted share) during the three and six months ended June 30, 2025, compared to $5.4 million ($0.02 per basic and fully diluted share) and $14.9 million ($0.04 per basic and fully diluted share) during the same periods in 2024;

  • Capital expenditures totaled $2.3 million and $3.6 million for the three and six months ended June 30, 2025, compared to $1.0 million and $1.6 million for the same periods in 2024;

  • Reduced net debt1 by $3.4 million or 5% to $58.9 million on June 30, 2025 down from $62.3 million on December 31, 2024; and

  • Generated a net loss of $7.1 million ($0.02 per share basic and fully diluted) and $9.9 million ($0.03 per share basic and fully diluted) for the three and six months ended June 30, 2025, compared to net loss of $4.1 and $9.0 million for the same periods in 2024.

Pine Cliff will host a webcast at 9:00 AM MDT (11:00 PM EDT) on Thursday August 7th, 2025. Participants can access the live webcast via or through the links provided on the Company's website. A recorded archive will be available on the Company's website following the live webcast.

Capex and Hedge Update

Production in the second quarter was consistent with the first quarter and down from the same quarter last year primarily due to natural production declines and temporary shut-ins due to weak AECO gas prices in June 2025. Capital expenditures of $2.3 million in the second quarter were limited to facilities and maintenance spendings, bringing total capital expenditures to $3.6 million in the first half of 2025. The 2025 capital budget of $23.5 million is unchanged, which includes $12.5 million of development spending.

Pine Cliff continues to use physical hedging as part of its ongoing marketing strategy to help protect cash flow, resulting in an average realized natural gas price of C$2.48/Mcf in the second quarter, representing a 48% premium to the AECO Daily 5A average price of C$1.68/Mcf. In recent months, Pine Cliff has increased its hedge position to approximately 54% of gross natural gas production6 at an average price of $2.82/Mcf through the second half of 2025. Approximately 43% of gross crude oil production7 has been hedged at US$64.15/Bbl for the same period.

Financial and Operating Results



Three months ended 
June 30,

Six months ended
June 30,

($000s, unless otherwise indicated)
2025

2024

2025

2024
Commodity sales (before royalty expense)
41,850

48,323

91,328

99,622
Cash provided by operating activities
7,715

5,692

19,203

15,219
Adjusted funds flow1
4,876

10,780

16,382

21,278
Per share - Basic and diluted ($/share)1
0.01

0.03

0.05

0.06
Net loss
(7,136)
(4,095)
(9,873)
(8,953)
Per share - Basic and diluted ($/share)
(0.02)
(0.01)
(0.03)
(0.03)
Capital expenditures
2,310

1,037

3,553

1,596
Dividends
1,344

5,357

6,717

14,856
Per share - Basic and diluted ($/share)
0.00

0.02

0.02

0.04
Net debt1
(58,890)
(68,647)
(58,890)
(68,647)
Production (Boe/d)
21,236

23,688

21,259

23,776
Percent Natural Gas (%)
80%

79%

80%

79%
Weighted-average common shares outstanding (000s)

 

 

 
Basic and diluted
358,556

357,114

358,368

354,923
Combined sales price ($/Boe)
21.66

22.42

23.73

23.02
Operating netback ($/Boe)1
5.01

7.14

6.68

7.22
Corporate netback ($/Boe)1
2.52

5.01

4.25

4.92
Operating netback ($ per Mcfe)1
0.84

1.19

1.11

1.20
Corporate netback ($ per Mcfe)1
0.42

0.84

0.71

0.82

 

1 This is a non-GAAP measure, see "NON-GAAP Measures" for additional information.

About Pine Cliff

Pine Cliff is a natural gas and oil company with a long-term view of creating shareholder value. Pine Cliff's current focus is on acquiring, developing, and operating long life assets that generate significant free funds flow that allows for capital to be returned to shareholders in the form of a dividend. Further information relating to Pine Cliff may be found on as well as on Pine Cliff's website at .

For further information, please contact:

Philip B. Hodge - President and CEO
Kristopher B. Zack - CFO and Corporate Secretary
Telephone: (403) 269-2289
Fax: (403) 265-7488
Email: [email protected]

Reader Advisories

Notes to Press Release

  1. See Non-GAAP Measures.
  2. Comprised of 102,528 Mcf/d natural gas, 2,849 Bbl/d NGLs and 1,299 Bbl/d light and medium oil.
  3. Comprised of 101,727 Mcf/d natural gas, 2,917 Bbl/d NGLs and 1,387 Bbl/d light and medium oil.
  4. Comprised of 112,521 Mcf/d natural gas, 3,334 Bbl/d NGLs and 1,599 Bbl/d light and medium oil.
  5. Comprised of 113,076 Mcf/d natural gas, 3,343 Bbl/d NGLs and 1,587 Bbl/d light and medium oil.
  6. Based on Q2 2025 sales volumes of 102,528 Mcf/d natural gas.
  7. Based on Q2 2025 sales volumes of 1,299 Bbl/d of light and medium oil.

Cautionary Statements

Certain statements contained in this news release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, statements relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this news release includes, but is not limited to: future capital expenditures, including the amount and nature thereof; future acquisition opportunities including Pine Cliff's ability to execute on those opportunities; future drilling opportunities and Pine Cliff's ability to generate reserves and production from the undrilled locations; oil and natural gas prices and demand; expansion and other development trends of the oil and natural gas industry; business strategy and guidance; expansion and growth of our business and operations; maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; risks; Pine Cliff's ability to generate adjusted funds flow; Pine Cliff's ability to generate free funds flow; Pine Cliff's ability to pay a dividend; and other such matters.

All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash provided by operating activities to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control. The foregoing factors are not exhaustive.

Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur including the reduction in municipal taxes and surface land rentals, or if any of them do, what benefits will be derived there from. Except as required by law, Pine Cliff disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Natural gas liquids and oil volumes are recorded in barrels of oil ("Bbl") and are converted to a thousand cubic feet equivalent ("Mcfe") using a ratio of one (1) Bbl to six (6) thousand cubic feet. Natural gas volumes recorded in thousand cubic feet ("Mcf") are converted to barrels of oil equivalent ("Boe") using the ratio of six (6) thousand cubic feet to one (1) Bbl. This conversion ratio is based on energy equivalence primarily at the burner tip and does not represent a value equivalency at the wellhead. The terms Boe or Mcfe may be misleading, particularly if used in isolation.

Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of oil, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

NON-GAAP Measures

This press release uses the terms "adjusted funds flow", "free funds flow", "operating netbacks", "corporate netbacks" and "positive net cash/net debt" which are not recognized under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. These measures should not be considered as an alternative to, or more meaningful than, IFRS measures including net income (loss), cash provided by operating activities, or total liabilities. The Company uses these measures to evaluate its performance, leverage and liquidity. Adjusted funds flow is a non-Generally Accepted Accounting Principles ("non-GAAP") measure that represents the total of funds provided by operating activities, before adjusting for changes in non-cash working capital, and decommissioning obligations settled. Positive net cash/net debt is a non-GAAP measure calculated as the sum of accounts receivables, cash, and prepaid expenses and deposits, less accounts payables and accrued liabilities, and debt. Operating netback is a non-GAAP measure calculated as the Company's total revenue, less royalties, net operating expenses and transportation expenses, divided by the Boe production of the Company. Corporate netback is a non-GAAP measure calculated as the Company's operating netback, less G&A and interest expense, divided by the Boe production of the Company. Please refer to the Annual Report for additional details regarding non-GAAP measures and their calculation.

The TSX does not accept responsibility for the accuracy of this release.

To view the source version of this press release, please visit

FAQ

What were Pine Cliff Energy's (PIFYF) Q2 2025 earnings results?

Pine Cliff reported a net loss of $7.1 million ($0.02 per share) in Q2 2025, with adjusted funds flow of $4.9 million ($0.01 per share), down from $10.8 million in Q2 2024.

How much did Pine Cliff Energy's (PIFYF) production decline in Q2 2025?

Production averaged 21,236 Boe/d in Q2 2025, representing a 10.4% decline from 23,688 Boe/d in Q2 2024, due to natural production declines and temporary shut-ins.

What is Pine Cliff Energy's (PIFYF) hedging position for H2 2025?

Pine Cliff has hedged 54% of natural gas production at $2.82/Mcf and 43% of crude oil production at US$64.15/Bbl through the second half of 2025.

How much did Pine Cliff Energy (PIFYF) reduce its net debt in H1 2025?

Pine Cliff reduced its net debt by $3.4 million (5%) to $58.9 million as of June 30, 2025, down from $62.3 million at the end of 2024.

What is Pine Cliff Energy's (PIFYF) capital budget for 2025?

Pine Cliff maintained its 2025 capital budget at $23.5 million, which includes $12.5 million allocated for development spending.
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