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Tamarack Valley Energy (TVE) investor relations material

Tamarack Valley Energy Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary29 Oct, 2025

Executive summary

  • Achieved average Q3 production of 66,126 BOE/D, despite planned maintenance outages impacting volumes.

  • Completed transition to a pure play Clearwater and Charlie Lake producer through strategic acquisition and divestiture, including a $51.5M Clearwater acquisition and $112M non-core asset sale.

  • Clearwater waterflood expansion drove an 11% year-over-year increase in Clearwater production to 47,751 BOE/D.

  • Increased annual base dividend by 5% to $0.16 per share, shifting to quarterly payments in 2026.

  • Returned $194 million to shareholders in the first nine months via dividends and buybacks, representing a 6% yield.

Financial highlights

  • Q3 adjusted funds flow was $201 million ($0.40/share), with nine-month adjusted funds flow at $623.8 million.

  • Q3 free funds flow was $96 million ($0.19/share); nine-month free funds flow reached $320 million, up 7% year-over-year despite lower WTI prices.

  • Q3 oil and gas sales were $394.1 million, down 10% year-over-year; Q3 net loss of $248.8 million due to an asset write-down, with adjusted net income of $69 million.

  • Net debt reduced to $631 million, down 19% since the start of the year and 22% year-over-year.

  • S&P upgraded corporate credit rating from B to B+ (senior notes from B+ to BB-).

Outlook and guidance

  • Full-year production guidance of 67,000–69,000 BOE/D remains on track, with 83–85% oil & NGL weighting.

  • Capital investment guidance reduced to $400–420 million, down 7% from original budget.

  • Net production expense guidance reduced by 5% for the full year; royalty expense guidance also lowered by 7%.

  • 2025 exit waterflood injection rates expected to exceed 35,000 barrels/day, 250% above 2024 exit rates.

  • 2026 corporate guidance and capital program to be announced in December.

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Frequently asked questions

Tamarack Valley Energy Ltd is an oil and gas exploration and production company focused on the Western Canadian Sedimentary Basin. It produces light oil and natural gas, with operations concentrated in Alberta and Saskatchewan. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.

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