Ridgewood Energy Q Fund, LLC has reported its financial results for the third quarter and the first nine months of 2025, revealing a decline in both revenue and net income compared to the same periods in 2024. For the three months ended September 30, 2025, the Fund generated total revenue of $459,000, a decrease of 38.5% from $746,000 in the prior year. The nine-month revenue also fell to $1.644 million from $2.401 million, marking a 31.5% decline. The net income for the third quarter was $99,000, down from $319,000 in 2024, while the nine-month net income decreased to $457,000 from $1.073 million.
The decrease in revenue is attributed primarily to lower oil and gas sales volumes and declining prices. Oil and gas revenue for the third quarter was $399,000, down from $674,000 in the same quarter of 2024, reflecting a drop in production days and average oil prices. The Fund reported an average oil price of $65 per barrel for the third quarter of 2025, compared to $75 per barrel in the previous year. Additionally, the number of producing wells remained constant at seven, but two wells were shut-in during the quarter due to pressure build-up, impacting overall production.
In terms of operational metrics, the Fund's total assets increased slightly to $5.756 million as of September 30, 2025, from $5.698 million at the end of 2024. Current assets also rose to $2.353 million, up from $1.816 million, primarily due to an increase in cash and cash equivalents. The Fund's liabilities increased to $1.461 million from $1.361 million, largely due to higher asset retirement obligations. The total members' capital decreased to $4.295 million from $4.337 million, reflecting distributions to members and a reduction in retained earnings.
Looking ahead, the Fund anticipates continued challenges due to fluctuating oil prices and market conditions, which have been affected by geopolitical factors and OPEC production decisions. The Fund's management has indicated that it will focus on managing capital expenditures and operational costs while relying on cash flows from existing projects to meet its commitments. The Fund expects to spend approximately $1.6 million on additional development costs and $2.0 million for asset retirement obligations in the near term. The outlook remains cautious as the Fund navigates the uncertainties in the oil and gas market.
About RIDGEWOOD ENERGY Q FUND LLC
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