Major Estimate Revision • May 14
Consensus revenue estimates increase by 47% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from CA$1.18b to CA$1.74b. EPS estimate unchanged from CA$0.60 at last update. Oil and Gas industry in Canada expected to see average net income growth of 32% next year. Consensus price target up from CA$12.13 to CA$12.38. Share price rose 4.0% to CA$11.97 over the past week. Canlı Haberler • May 09
Athabasca Oil Lifts Cash Flow Outlook As Production Rises and Leismer Expansion Advances Athabasca Oil reported strong 2026 first quarter results, with average production up 7% year over year.
The Leismer expansion project remains on schedule, supporting Athabasca’s goal of reaching 40,000 barrels per day by late 2027.
The company raised its 2026 Adjusted Funds Flow forecast and plans to return 100% of free cash flow to shareholders through share buybacks.
For you as an investor, the key takeaway is the combination of higher current production, a clear growth project at Leismer, and an updated 2026 cash flow outlook that reflects stronger oil prices. Management’s decision to allocate all free cash flow to buybacks points to a defined capital return framework, with an emphasis on reducing the share count rather than paying dividends.
The production target of 40,000 barrels per day by late 2027 is tied directly to the Leismer expansion, so project execution and timing will be important to monitor. You may also want to track how the updated Adjusted Funds Flow forecast compares to prior guidance and how actively the company executes the buyback program over the rest of 2026. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: CA$0.10 (vs CA$0.14 in 1Q 2025) First quarter 2026 results: EPS: CA$0.10 (down from CA$0.14 in 1Q 2025). Revenue: CA$355.6m (up 1.9% from 1Q 2025). Net income: CA$46.3m (down 36% from 1Q 2025). Profit margin: 13% (down from 21% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 59% per year, which means it is well ahead of earnings. Price Target Changed • Apr 25
Price target increased by 7.8% to CA$12.13 Up from CA$11.25, the current price target is an average from 8 analysts. New target price is 8.1% above last closing price of CA$11.22. Stock is up 132% over the past year. The company is forecast to post earnings per share of CA$0.70 for next year compared to CA$0.49 last year. Major Estimate Revision • Apr 09
Consensus EPS estimates increase by 169% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS increased from CA$0.26 to CA$0.70. Revenues were reaffirmed at CA$1.18b. Net income forecast to grow 36% next year vs 7.0% growth forecast for Oil and Gas industry in Canada. Consensus price target up from CA$10.44 to CA$11.25. Share price fell 5.5% to CA$10.21 over the past week. Recent Insider Transactions Derivative • Apr 08
President exercised options to buy CA$1.3m worth of stock. On the 6th of April, Robert Broen exercised 253.80k options to receive shares at no cost, then sold around 125.59k of them at CA$10.55 each and kept the remainder. Since December 2025, Robert's direct individual holding has increased from 4.40m shares to 4.42m. Company insiders have collectively bought CA$5.6m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Mar 30
Price target increased by 8.3% to CA$9.75 Up from CA$9.00, the current price target is an average from 8 analysts. New target price is 10% below last closing price of CA$10.89. Stock is up 95% over the past year. The company is forecast to post earnings per share of CA$0.26 for next year compared to CA$0.49 last year. Buy Or Sell Opportunity • Mar 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to CA$9.43. The fair value is estimated to be CA$7.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 6.4%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to decline by 13% in the next 2 years. Duyuru • Mar 17
Athabasca Oil Corporation to Report Q1, 2026 Results on May 06, 2026 Athabasca Oil Corporation announced that they will report Q1, 2026 results After-Market on May 06, 2026 Price Target Changed • Mar 06
Price target increased by 7.3% to CA$9.00 Up from CA$8.39, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of CA$8.75. Stock is up 82% over the past year. The company is forecast to post earnings per share of CA$0.26 for next year compared to CA$0.49 last year. Reported Earnings • Mar 05
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CA$0.49 (down from CA$0.85 in FY 2024). Revenue: CA$1.31b (down 3.4% from FY 2024). Net income: CA$245.1m (down 48% from FY 2024). Profit margin: 19% (down from 35% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.8%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Duyuru • Feb 24
Athabasca Oil Corporation, Annual General Meeting, May 07, 2026 Athabasca Oil Corporation, Annual General Meeting, May 07, 2026. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$7.95, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Oil and Gas industry in Canada. Total returns to shareholders of 171% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$8.87 per share. Recent Insider Transactions • Jan 13
Independent Chairman of the Board recently bought CA$491k worth of stock On the 9th of January, Ronald Eckhardt bought around 75k shares on-market at roughly CA$6.55 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ronald's only on-market trade for the last 12 months. Duyuru • Dec 12
Athabasca Oil Corporation Provides Production Guidance for 2026 Athabasca Oil Corporation provided production guidance for 2026. Annual Thermal Oil production guidance is 32,000 – 34,000 bbl/d, inclusive of a ~2,250 bbl/d impact of planned turnarounds. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of 4,500 – 5,000 boe/d for 2026 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 10% NGLs. Duyuru • Nov 03
Athabasca Oil Corporation to Report Q4, 2025 Results on Mar 04, 2026 Athabasca Oil Corporation announced that they will report Q4, 2025 results After-Market on Mar 04, 2026 New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 29% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Duyuru • Oct 30
Athabasca Oil Corporation Provides Consolidated Production Guidance for the Year 2025 Athabasca Oil Corporation provided consolidated production guidance for the year 2025. For the year, the company anticipates production at the upper end of its original guidance of 37,500 boe/d to 39,500 boe/d. Thermal Oil production is expected to average approx. 35,500 bbl/d and DEC is expected to average approx.3,500 boe/d with an exit target of 5,500 boe/d to 6,000 boe/d. Duyuru • Jul 26
Athabasca Oil Corporation to Report Q3, 2025 Results on Oct 29, 2025 Athabasca Oil Corporation announced that they will report Q3, 2025 results After-Market on Oct 29, 2025 Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: CA$0.11 (vs CA$0.17 in 2Q 2024) Second quarter 2025 results: EPS: CA$0.11 (down from CA$0.17 in 2Q 2024). Revenue: CA$348.1m (down 5.8% from 2Q 2024). Net income: CA$56.9m (down 41% from 2Q 2024). Profit margin: 16% (down from 26% in 2Q 2024). Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Duyuru • Jul 25
Athabasca Oil Corporation Provides Production Guidance for the Year 2025 Athabasca Oil Corporation provided production guidance for the year 2025. For the year, the company anticipates production at the upper end of guidance of 37,500 boe/d - 39,500 boe/d with an exit rate of ~41,000 boe/d. Major Estimate Revision • Jul 09
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS estimate fell from CA$0.48 to CA$0.42. Revenue forecast reaffirmed at CA$1.42b. Net income forecast to shrink 60% next year vs 1.6% decline forecast for Oil and Gas industry in Canada. Consensus price target broadly unchanged at CA$6.28. Share price was steady at CA$5.70 over the past week. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: CA$0.14 (vs CA$0.068 in 1Q 2024) First quarter 2025 results: EPS: CA$0.14 (up from CA$0.068 in 1Q 2024). Revenue: CA$349.1m (up 17% from 1Q 2024). Net income: CA$72.0m (up 87% from 1Q 2024). Profit margin: 21% (up from 13% in 1Q 2024). Revenue is forecast to stay flat during the next 2 years compared to a 3.2% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Duyuru • May 09
Athabasca Oil Corporation to Report Q2, 2025 Results on Jul 24, 2025 Athabasca Oil Corporation announced that they will report Q2, 2025 results After-Market on Jul 24, 2025 Duyuru • May 08
Athabasca Oil Corporation Provides Production Guidance for the Year 2025 Athabasca Oil Corporation provided production guidance for the year 2025. For the year, the company expects annual production guidance is 37,500 boe/d – 39,500 boe/d. Current production is ~40,000 boe/d and with current capital plans the Company is expecting to be at the upper end of guidance and anticipates exiting the year at ~41,000 boe/d. Recent Insider Transactions Derivative • Apr 11
President exercised options to buy CA$869k worth of stock. On the 4th of April, Robert Broen exercised 380.73k options to receive shares at no cost, then sold around 188.40k of them at CA$5.46 each and kept the remainder. Since June 2024, Robert's direct individual holding has decreased from 4.30m shares to 4.21m. Company insiders have collectively sold CA$4.8m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Apr 09
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS increased from CA$0.547 to CA$0.62. Revenues were reaffirmed at CA$1.54b. Net income forecast to shrink 47% next year vs 16% growth forecast for Oil and Gas industry in Canada . Consensus price target down from CA$6.47 to CA$6.31. Share price fell 12% to CA$4.85 over the past week. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CA$4.52, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Oil and Gas industry in Canada. Total returns to shareholders of 111% over the past three years. Reported Earnings • Mar 06
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CA$0.85 (up from CA$0.088 loss in FY 2023). Revenue: CA$1.36b (up 14% from FY 2023). Net income: CA$467.7m (up CA$519.0m from FY 2023). Profit margin: 35% (up from net loss in FY 2023). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 63%. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Duyuru • Feb 25
Athabasca Oil Corporation, Annual General Meeting, May 08, 2025 Athabasca Oil Corporation, Annual General Meeting, May 08, 2025. New Risk • Dec 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (18% net profit margin). Duyuru • Dec 06
Athabasca Oil Corporation Provides Production Guidance for the Year 2025 Athabasca Oil Corporation provided production guidance for the year 2025. For the year, the company expects annual thermal oil production to be between 33,500 bbl/d to 35,500 bbl/d. Duyuru • Nov 02
Athabasca Oil Corporation to Report Q4, 2024 Results on Mar 05, 2025 Athabasca Oil Corporation announced that they will report Q4, 2024 results After-Market on Mar 05, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: CA$0.13 (vs CA$0.14 loss in 3Q 2023) Third quarter 2024 results: EPS: CA$0.13 (up from CA$0.14 loss in 3Q 2023). Revenue: CA$352.0m (up 1.1% from 3Q 2023). Net income: CA$68.7m (up CA$147.9m from 3Q 2023). Profit margin: 20% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is expected to decline by 48% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 60% per year, which means it is well ahead of earnings. Major Estimate Revision • Sep 18
Consensus revenue estimates increase by 16%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CA$1.35b to CA$1.57b. EPS estimate fell from CA$0.655 to CA$0.62. Net income forecast to grow 243% next year vs 34% growth forecast for Oil and Gas industry in Canada. Consensus price target broadly unchanged at CA$6.56. Share price rose 7.0% to CA$5.32 over the past week. Recent Insider Transactions • Aug 29
Vice President of Thermal Oil recently sold CA$1.2m worth of stock On the 23rd of August, Karla Ingoldsby sold around 224k shares on-market at roughly CA$5.50 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$3.1m. Insiders have been net sellers, collectively disposing of CA$7.3m more than they bought in the last 12 months. Major Estimate Revision • Aug 01
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$1.21b to CA$1.35b. EPS estimate increased from CA$0.583 to CA$0.655 per share. Net income forecast to grow 318% next year vs 35% growth forecast for Oil and Gas industry in Canada. Consensus price target up from CA$6.38 to CA$6.63. Share price rose 5.8% to CA$5.66 over the past week. Duyuru • Jul 26
Athabasca Oil Corporation to Report Q3, 2024 Results on Oct 30, 2024 Athabasca Oil Corporation announced that they will report Q3, 2024 results After-Market on Oct 30, 2024 Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: CA$0.17 (vs CA$0.096 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.17 (up from CA$0.096 in 2Q 2023). Revenue: CA$369.2m (up 37% from 2Q 2023). Net income: CA$96.1m (up 68% from 2Q 2023). Profit margin: 26% (up from 21% in 2Q 2023). Revenue is expected to decline by 2.9% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 90% per year, which means it is well ahead of earnings. Duyuru • Jul 25
Athabasca Oil Corporation Provides Production Guidance for the Full Year 2024 Athabasca Oil Corporation provided production guidance for the full year 2024. For the year, the company expects production in the range of 33,000 boe/d – 34,000 boe/d against previous guidance of 32,000 boe/d – 33,000 boe/d. Recent Insider Transactions • Jun 23
Chief Financial Officer recently sold CA$3.1m worth of stock On the 21st of June, Matthew Taylor sold around 625k shares on-market at roughly CA$4.95 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Matthew's only on-market trade for the last 12 months. Duyuru • May 15
Athabasca Oil Corporation to Report Q2, 2024 Results on Jul 24, 2024 Athabasca Oil Corporation announced that they will report Q2, 2024 results After-Market on Jul 24, 2024 Reported Earnings • May 09
First quarter 2024 earnings released: EPS: CA$0.07 (vs CA$0.097 loss in 1Q 2023) First quarter 2024 results: EPS: CA$0.07 (up from CA$0.097 loss in 1Q 2023). Revenue: CA$301.9m (up 8.4% from 1Q 2023). Net income: CA$38.6m (up CA$95.2m from 1Q 2023). Profit margin: 13% (up from net loss in 1Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions Derivative • Apr 15
President exercised options to buy CA$4.6m worth of stock. On the 11th of April, Robert Broen exercised 1.65m options to receive shares at no cost, then sold around 794.36k of them at CA$5.14 each and kept the remainder. Since June 2023, Robert's direct individual holding has increased from 4.02m shares to 4.04m. Company insiders have collectively bought CA$11m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Mar 08
Price target increased by 11% to CA$5.86 Up from CA$5.29, the current price target is an average from 7 analysts. New target price is 13% above last closing price of CA$5.19. Stock is up 69% over the past year. The company is forecast to post earnings per share of CA$0.47 next year compared to a net loss per share of CA$0.088 last year. Duyuru • Mar 05
Athabasca Oil Corporation to Report Q1, 2024 Results on May 08, 2024 Athabasca Oil Corporation announced that they will report Q1, 2024 results After-Market on May 08, 2024 Reported Earnings • Mar 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CA$0.09 loss per share (down from CA$1.01 profit in FY 2022). Revenue: CA$1.18b (down 13% from FY 2022). Net loss: CA$51.2m (down 109% from profit in FY 2022). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 29%. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 108% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 24
Athabasca Oil Corporation, Annual General Meeting, May 09, 2024 Athabasca Oil Corporation, Annual General Meeting, May 09, 2024. Duyuru • Feb 07
Athabasca Oil Corporation Provides Production Guidance for the Full Year 2024 Athabasca Oil Corporation provided production guidance for the full year 2024. For the year, the company expects production in the range of 35,000 boe/d – 36,000 boe/d. Duyuru • Dec 20
Athabasca Oil Corporation Provides Executive Update for Duvernay Energy Corporation Athabasca Oil Corporation announced it has entered into transaction agreements to create Duvernay Energy Corporation with Cenovus Energy Inc. Duvernay Energy will be a standalone self-funded entity that will drive strong, high netback cash flow and production growth and is expected to unlock significant value. In conjunction with the Transaction, Mr. Robert Broen, President and CEO of Athabasca Oil Corporation, will also assume the role of Chairman, President and CEO of Duvernay Energy. The Board of Duvernay Energy will consist of Mr. Rob Broen, Mr. Matt Taylor, Chief Financial Officer of Athabasca, Mr. Cam Danyluk, General Counsel and Vice President Corporate Development Athabasca, and Mr. Jeff Lawson, Senior Vice-President Corporate Development, Cenovus. Duyuru • Dec 15
Athabasca Oil Corporation to Report Fiscal Year 2023 Results on Feb 29, 2024 Athabasca Oil Corporation announced that they will report fiscal year 2023 results After-Market on Feb 29, 2024 Duyuru • Dec 07
Athabasca Oil Corporation Provides Production Guidance for the Full Year 2024 Athabasca Oil Corporation provided production guidance for the full year 2024. The company plans to grow production to approximately 37,500 boe/d by year-end 2024, representing approximately 14% growth from year-end 2023. Annual production guidance is 35,000 – 36,000 boe/d (approximately 98% Liquids). Growth will be weighted to the second half of the year with the Leismer expansion project expected to be completed mid-year and Duvernay production additions into the Fall. The portfolio of long reserve life assets underpins a low corporate decline rate of approximately 5% annually and the Company estimates sustaining capital at approximately $150 million annually. Duyuru • Nov 02
Athabasca Oil Corporation Provides Production Guidance for the Year 2023 Athabasca Oil Corporation provided production guidance for the year 2023. For the year, the company expected production of average ~34,500 boe/d with the ~3,000 boe/d non-core disposition being partially offset by recent growth at Leismer. Reported Earnings • Nov 02
Third quarter 2023 earnings released: CA$0.14 loss per share (vs CA$0.27 profit in 3Q 2022) Third quarter 2023 results: CA$0.14 loss per share (down from CA$0.27 profit in 3Q 2022). Revenue: CA$352.2m (down 1.7% from 3Q 2022). Net loss: CA$79.2m (down 151% from profit in 3Q 2022). Revenue is expected to decline by 46% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has increased by 237% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 20
Price target increased by 8.0% to CA$4.68 Up from CA$4.33, the current price target is an average from 7 analysts. New target price is 21% above last closing price of CA$3.86. Stock is up 70% over the past year. The company posted earnings per share of CA$1.01 last year. Price Target Changed • Aug 17
Price target increased by 11% to CA$4.33 Up from CA$3.92, the current price target is an average from 6 analysts. New target price is 19% above last closing price of CA$3.64. Stock is up 43% over the past year. The company posted earnings per share of CA$1.01 last year. Duyuru • Aug 02
An unknown private company entered into a definitive agreement to acquire Non-Core Light Oil Assets from Athabasca Oil Corporation (TSX:ATH) for CAD 160 million. An unknown private company entered into a definitive agreement to acquire Non-Core Light Oil Assets from Athabasca Oil Corporation (TSX:ATH) for CAD 160 million on March 1, 2023. Athabasca has agreed to sell its 70% operated working interest in Placid targeting the Montney, its 30% non-operated working interest in Saxon and Simonette. The effective date of the Transaction will be March 1, 2023. The Transaction is subject to the satisfaction of customary conditions, including receipt of regulatory approvals under the Competition Act (Canada). Closing is expected late in the third quarter of 2023. Duyuru • Jul 27
Athabasca Oil Corporation Reaffirms Production Guidance for the Year 2023 Athabasca Oil Corporation reaffirmed production guidance for the year 2023. Overall production is expected to grow annually by 5 – 7% through the Company’s current capital initiatives. 2023 guidance remains unchanged at 34,500 – 36,000 boe/d (93% Liquids). Duyuru • May 19
Athabasca Oil Corporation Shuts in Two of its Facilities at Kaybob Within its Light Oil Operations Athabasca Oil Corporation advised that due to the ongoing Alberta wildfires, the Company has shut in two of its facilities at Kaybob within its Light Oil operations. The facilities have been shutin as a precautionary measure due to changing wildfire conditions and the Company is not aware of damage to its well sites or associated infrastructure. The Company estimates ~2,300 boe/d of temporary production downtime. The situation is dynamic and production will be restored when the area is safe and the Company is permitted to do so. Athabasca would like to extend its sincere gratitude to its field staff, industry partners, emergency responders, and firefighters for their dedication and hard work in safeguarding communities during this challenging time. Recent Insider Transactions • May 15
Independent Chairman of the Board recently bought CA$193k worth of stock On the 12th of May, Ronald Eckhardt bought around 70k shares on-market at roughly CA$2.75 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ronald's only on-market trade for the last 12 months. Duyuru • May 12
Athabasca Oil Corporation Elects Marnie Smith as Director Athabasca Oil Corporation at the Annual General Meeting of Shareholders held May 11, 2023, elected Marnie Smith as director. Reported Earnings • May 12
First quarter 2023 earnings released: CA$0.10 loss per share (vs CA$0.23 loss in 1Q 2022) First quarter 2023 results: CA$0.10 loss per share (improved from CA$0.23 loss in 1Q 2022). Revenue: CA$254.8m (down 27% from 1Q 2022). Net loss: CA$56.6m (loss narrowed 53% from 1Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has increased by 178% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 11
Athabasca Oil Corporation Reaffirms Production Guidance for the Year 2023 Athabasca Oil Corporation reaffirmed production guidance for the year 2023. Overall production is expected to grow by 5% – 7% through expansion plans at Leismer and modest investment in the Light Oil assets. 2023 Guidance remains unchanged at 34,500 boe/d – 36,000 boe/d (93% Liquids). Recent Insider Transactions Derivative • Apr 17
President exercised options to buy CA$3.9m worth of stock. On the 11th of April, Robert Broen exercised 2.21m options to receive shares at no cost, then sold around 1.07m of them at CA$3.34 each and kept the remainder. Since June 2022, Robert's direct individual holding has decreased from 2.87m shares to 2.86m. Company insiders have collectively bought CA$11m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Mar 26
Independent Director recently bought CA$131k worth of stock On the 23rd of March, Marty Proctor bought around 45k shares on-market at roughly CA$2.90 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$182k more in shares than they have sold in the last 12 months. Price Target Changed • Mar 06
Price target increased by 9.1% to CA$3.60 Up from CA$3.30, the current price target is an average from 5 analysts. New target price is 9.4% above last closing price of CA$3.29. Stock is up 38% over the past year. The company posted earnings per share of CA$1.01 last year. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: CA$1.01 (vs CA$0.86 in FY 2021) Full year 2022 results: EPS: CA$1.01 (up from CA$0.86 in FY 2021). Revenue: CA$1.22b (up 25% from FY 2021). Net income: CA$572.3m (up 25% from FY 2021). Profit margin: 47% (in line with FY 2021). Revenue is expected to fall by 69% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 02
Price target increased by 7.7% to CA$3.50 Up from CA$3.25, the current price target is an average from 5 analysts. New target price is 11% above last closing price of CA$3.15. Stock is up 58% over the past year. The company posted earnings per share of CA$0.86 last year.