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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.
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Q2 2025 earnings summary30 Jul, 2025

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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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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