Ridgewood Energy Q Fund, LLC reported a total revenue of $2.0 million for the fiscal year ending December 31, 2025, a decrease of 33.7% from $3.1 million in 2024. The decline in revenue was primarily driven by a reduction in oil and gas sales, which fell to $1.8 million from $2.9 million the previous year. This drop was attributed to decreased sales volume and lower average oil prices, which fell from $75 per barrel in 2024 to $65 per barrel in 2025. The Fund's net income also decreased significantly, totaling $481,000 compared to $1.3 million in the prior year.
Operationally, the Fund maintained seven producing wells throughout 2025, but production was impacted by two wells being shut-in due to pressure build-up. Total oil sales decreased to 25,000 barrels from 36,000 barrels in 2024, while gas sales also declined to 37,000 mcf from 51,000 mcf. The average gas price increased to $3.85 per mcf from $3.19, but this was not sufficient to offset the overall revenue decline. The Fund's total expenses decreased to $1.7 million from $1.9 million, primarily due to lower depletion and amortization costs.
Strategically, the Fund's capital has been fully invested, and it will not pursue new projects, focusing instead on its existing interests, particularly the Beta Project. The Fund has budgeted $3.5 million for capital commitments related to its oil and gas properties, including $2.0 million for asset retirement obligations. The Fund expects to fund these commitments through cash flows from operations and existing cash reserves.
Looking ahead, the Fund's management anticipates that cash flow from operations will be sufficient to cover its commitments and ongoing operations, despite the volatility in oil and gas prices. The Fund's future performance will largely depend on the production levels from the Beta Project and the prevailing market conditions for oil and gas. The management remains cautious about the potential impacts of geopolitical events and market fluctuations on commodity prices, which could affect revenue and profitability in the coming periods.
About RIDGEWOOD ENERGY Q FUND LLC
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