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Tamarack Valley Energy (TVE) investor relations material
Tamarack Valley Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 production of 70,260 BOE/d, with a peak of 74,300 BOE/d in April, up 19% year-over-year per share, driven by heavy oil growth and waterflood success.
Increased 2025 production guidance by 3% to 67,000–69,000 BOE/d and reduced capital spending guidance by 7%.
Closed a $51.5M Clearwater acquisition, adding 1,100 BOE/d and expanding land holdings by 17%.
Returned $137M to shareholders in H1 2025 via buybacks and dividends.
Appointed Steve Buytels as President & CFO, supporting leadership continuity.
Financial highlights
Q2 adjusted funds flow was $197M ($0.39/share); free funds flow was $133M ($0.26/share).
Net debt reduced to $711M, down 19% year-over-year; net debt to EBITDA at 0.7x.
Q2 oil and gas sales were $408.3M, down 12% year-over-year; net income was $86.2M, down 9%.
Capital expenditures in Q2 were $63M, down 27% year-over-year.
Q2 average sale price per BOE was $63.85, down 19% year-over-year.
Outlook and guidance
2025 production guidance raised to 67,000–69,000 BOE/d; capital investment guidance lowered to $400M–$420M.
Production expense guidance lowered by 5%, transportation by 3%, and interest expense by 6%.
Q3 production expected at lower end of range due to planned turnarounds; Q4 to rebound.
Targeting $500M net debt by 2027; continued focus on capital efficiency and margin improvement.
Anticipates improved field egress with CSV Albright gas facility start-up.
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