Kolibri Global Energy Delivers Record First-Quarter Revenue on Strong Production Growth
Kolibri Global Energy Inc. reported its strongest quarterly net revenue in company history during the first quarter of 2026, supported by higher production volumes, improved commodity pricing, and continued contributions from wells drilled during the previous year. The company posted net revenue of $19.6 million, reflecting a significant increase compared to the same period in 2025 as operational momentum across its producing assets continued to strengthen.
The company said first-quarter revenue, net of royalties, rose from $16.4 million in the first quarter of 2025 to $19.6 million in the first quarter of 2026. The increase was primarily attributed to a 15% rise in production volumes along with a modest improvement in realized commodity prices. Average prices during the quarter were approximately 2% higher than those recorded during the same period a year earlier, helping to boost overall financial performance despite continued volatility in energy markets.
Production growth remained one of the company’s most notable achievements during the quarter. Kolibri’s average production reached 4,685 barrels of oil equivalent per day (BOEPD) in the first quarter of 2026, compared with 4,077 BOEPD during the first quarter of 2025. The increase reflected the successful development activities carried out during 2025, including the drilling and completion of new wells that added meaningful production volumes to the company’s asset base.
Management indicated that the production gains demonstrated the effectiveness of the company’s development strategy and operational execution. The newly drilled wells contributed incremental oil and gas output throughout the quarter, strengthening overall field performance and enabling Kolibri to capitalize on favorable market conditions.
While revenue and production both achieved substantial growth, net income for the quarter declined compared with the prior-year period. Kolibri reported first-quarter 2026 net income of $4.0 million, equal to $0.11 per basic share, compared with net income of $5.8 million, or $0.16 per basic share, during the first quarter of 2025.
The company explained that the decline in earnings was largely linked to unrealized mark-to-market losses associated with commodity contracts. During the quarter, oil prices experienced a significant increase, which negatively impacted the valuation of existing hedge positions and resulted in a $2.9 million unrealized loss on commodity contracts. Although these losses affected reported net income, they were non-cash in nature and reflected accounting adjustments tied to market pricing movements rather than operational weakness.
Kolibri’s operational cash flow metrics remained strong despite the impact of hedge-related accounting adjustments. Adjusted EBITDA for the first quarter of 2026 reached $14.8 million, up from $12.8 million in the comparable quarter of 2025. The 16% increase was primarily driven by stronger revenue performance resulting from higher production volumes and improved pricing.
The company noted that higher operating expenses partially offset the gains in Adjusted EBITDA. As production levels increased, associated operating costs also rose, reflecting the expanded scale of field activities and infrastructure usage. Even so, the overall increase in cash flow highlighted the company’s ability to translate production growth into stronger financial performance.
Production and operating expenses averaged $8.00 per barrel of oil equivalent during the first quarter of 2026, compared with $7.07 per BOE during the same quarter in 2025. Several factors contributed to the increase in operating costs.
According to the company, a significant portion of the higher expenses stemmed from workover activities conducted on a non-operated well. In addition, Kolibri’s gas purchaser reassessed gathering and processing fees related to prior-year operations, which added incremental costs during the quarter. Combined, these items totaled approximately $0.2 million and increased operating expenses by roughly $0.48 per BOE.
The company also experienced higher water hauling costs during the first quarter compared with the prior-year period. Water management remains an important operational consideration in many producing basins, and fluctuations in hauling requirements can influence quarterly expense levels depending on production profiles and infrastructure conditions.
Despite the rise in operating costs, Kolibri maintained strong margins during the quarter. Average netback from operations reached $38.41 per BOE during the first quarter of 2026, representing an increase of 2% compared with $37.55 per BOE during the first quarter of 2025.
Netback including commodity contracts also improved slightly, averaging $37.72 per BOE during the quarter compared with $37.55 per BOE in the prior-year period. The company said the improvement was largely attributable to stronger realized commodity prices, which helped offset the effects of higher operating expenses.
The strong netback performance underscored the profitability of Kolibri’s operations and reflected the company’s ability to maintain healthy margins even amid rising costs and fluctuating commodity prices. Strong netbacks are particularly important for upstream producers because they provide a key measure of the profitability generated from each barrel produced after accounting for royalties, operating costs, and transportation expenses.
Kolibri also reported a solid liquidity position at the end of the quarter. As of March 31, 2026, the company had approximately $16.5 million in available borrowing capacity under its credit facility. The available liquidity provides operational flexibility and supports ongoing development plans as the company continues expanding production capacity.
In May 2026, shortly after the close of the quarter, the company completed a redetermination of its credit facility borrowing base. Following the review, borrowing capacity was increased from $65 million to $75 million. The higher borrowing limit reflects lender confidence in the company’s asset quality, reserve base, and financial performance.
The increase in borrowing capacity also strengthens Kolibri’s ability to fund future drilling and development activities while maintaining balance sheet flexibility. Access to additional capital can be particularly valuable for exploration and production companies seeking to accelerate growth opportunities during periods of favorable commodity pricing.
The first-quarter results highlight a period of operational and financial progress for Kolibri Global Energy as the company continues building on development activities initiated in 2025. Strong production growth, record quarterly revenue, and improved cash flow metrics demonstrated the benefits of the company’s recent drilling program and operational strategy.
Although unrealized hedge losses reduced reported net income, the underlying operational performance remained robust. Higher production volumes and improved pricing conditions helped drive stronger revenues and cash generation, positioning the company for continued growth moving forward.
With increased credit capacity, solid operating margins, and ongoing production momentum, Kolibri appears positioned to continue advancing its development plans while navigating evolving market conditions in the energy sector.
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