Rubellite Swings to Q1 Net Loss YoY
Rubellite Energy (RBY.TO) swung to a net loss in the first quarter, primarily driven by an unrealized loss on risk management contracts, the company said Monday.Rubellite booked a net loss of $23.1 million, or a loss of $0.25 per share, in the three months ended March 31, reversing a net income of $1.2 million, or $0.01 per share, recorded in the year-ago period.Analysts expected the company to post earnings of $0.03 per share, according to a consensus estimate compiled by FactSet.Oil and natural gas revenue slipped to $66.2 million from $66.6 million, while daily average sales production rose to 13,843 barrels of oil equivalent per day (boe/d) from 12,383 boe/d.Rubellite's heavy oil and total sales production exceeded the high end of its first-quarter guidance range due to strong growth from a successful drilling program, the company said.Rubellite also outlined its 2026 guidance including a sales production target of 13,300-13,800 boe/d and exploration and development spending of $125 million-$135 million.
