Birchcliff Energy Ltd

BIR

Equity

ISIN null / Valor 2180910

Toronto Stock Exchange (2026-08-04)

CAD 6.22-2.66%

Birchcliff Energy Ltd
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About company

Birchcliff Energy Ltd. is a Calgary-based, Toronto-listed oil and gas exploration and production company that develops and produces natural gas, natural gas liquids and light oil in Western Canada, with a concentration of operations in the Montney and other plays in northeastern British Columbia and northwestern Alberta. The company focuses on drilling and completing horizontal wells and operates processing and gathering infrastructure to handle production from its acreage, marketing gas and liquids into North American pipeline networks. As an upstream operator, Birchcliff generates revenue from commodity sales and aims to manage capital allocation through development drilling, facility optimization and commodity risk management.

Summarized from source with an LLMView SourceSector: Energy

Production

Average production was 83,028 boe/d in Q4 2025 and 80,086 boe/d for full-year 2025 (4% y/y growth), with liquids ~17–18% of volumes and 29 (29.0 net) wells brought on production in 2025.

Cash generation

Adjusted funds flow was $116.7 million in Q4 2025 ($0.43/share) and $422.8 million for 2025 ($1.55/share). Cash flow from operations was $93.5 million in Q4 and $407.7 million for the year.

Free funds flow & dividends

Free funds flow was $67.4 million in Q4 2025 ($0.25/share) and $116.9 million for 2025 ($0.43/share). Dividends paid in 2025 totaled $32.8 million (down from $107.8 million in 2024) as the company prioritizes balance sheet strength and a sustainable base dividend.

Profitability & earnings

Net income to common shareholders was $27.2 million in Q4 2025 ($0.10/share) and $64.9 million for 2025 ($0.24/share). Q4 and FY results were impacted by unrealized mark-to-market movements on financial instruments versus prior-year gains.

Prices and netbacks

Effective realized natural gas prices (after hedges/market mix) were $4.34/Mcf in Q4 2025 and $4.10/Mcf for 2025, reflecting a significant premium to AECO. Operating netback was $16.20/boe in Q4 and $14.66/boe for the year. Operating costs fell to $2.88/boe in 2025 (an 11% reduction y/y).

Capital spending and costs

F&D capital expenditures were $49.3 million in Q4 and $305.9 million for 2025. Birchcliff reduced average well costs ~11% y/y. PDP F&D cost was $10.15/boe for 2025 with a PDP F&D operating netback recycle ratio of 1.4x.

Reserves and value

At December 31, 2025 Birchcliff’s PDP reserves were 218.0 MMboe; Deloitte NPV10 before tax was ~$2.3 billion (PDP), $4.4 billion (proved) and $5.6 billion (proved + probable). Net asset value per share (NPV10 basis) was $6.72 (PDP), $13.83 (proved) and $18.13 (P+P).

Balance sheet and leverage

Total debt at Dec 31, 2025 was $459.9 million (14% lower y/y) and total debt to adjusted funds flow improved to ~1.1x. The company had ~$337.5 million of unused credit capacity on $850 million facilities (after adjustments).

Outlook / strategic focus

Birchcliff says 2026 priorities are profitable production growth using existing infrastructure, continued balance sheet strengthening and paying a sustainable base dividend; the Elmworth acreage remains largely unbooked and represents future upside.

Summarized from source with an LLMView Source

Key figures

-6.33%1Y

-22.4%3Y

41.4%5Y

Performance

33.5%1Y

36.4%3Y

40.7%5Y

Volatility