Athabasca Oil Sees Strong Q2 Results with Leismer Expansion Progressing
Athabasca Oil Corporation reported its second-quarter results, highlighting continued execution of its funded growth strategy. The company advanced the Leismer expansion and commenced the staged start-up of the next growth well pairs.
Corner development activities are progressing as planned, with project sanction expected following confirmation of details under the Government of Alberta's new fiscal framework to enable oil sands growth. Athabasca remains focused on executing fully funded growth while maintaining balance-sheet strength and prioritizing per-share value creation.
The company reported current corporate production of approximately 40,000 boe/d (July) with average quarterly production of 32,110 boe/d (97% Liquids). Cash flow from operating activities was $134 million, impacted by turnarounds and lower sales volumes in June related to third-party downtime.
Athabasca closed a new $500 million four-year covenant-based credit facility, while Duvernay Energy increased its reserve-based facility to $75 million. The company also announced an increase in the 2026 capital budget for Leismer by ~$30 million to ~$270 million to reflect the acceleration of drilling activity into this year.