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Tenaz Energy (TNZ) investor relations material
Tenaz Energy Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 2026 production averaged 17,125 boe/d, up 6% from Q1 2026 and more than double Q2 2025, driven by organic growth and acquisitions.
Preliminary July 2026 production estimate is 23,000 boe/d, with 90% from European natural gas.
Four (1.9 net) wells brought on production in Q2 2026; significant drilling and maintenance activity in the Netherlands.
Net income of $89 million in Q2 2026, reversing a net loss of $111 million in Q1 2026, aided by a $94 million unrealized gain on derivatives.
Year-to-date share price up 100%; since Q3 2021 recapitalization, shares have returned 2,852%.
Financial highlights
Petroleum and natural gas sales reached $160 million in Q2 2026, up from $133 million in Q1 2026.
Funds flow from operations (FFO) was $74.2 million ($2.26 per basic share), up 15% from Q1 2026.
Operating netback was $69.05/boe, a 20% increase from Q1 2026 and 47% higher than Q2 2025.
Capital investment was $58.2 million, resulting in free cash flow of $16 million for Q2 2026.
Net debt at quarter-end was $378 million, down $11 million from Q1 2026.
Outlook and guidance
Expect strong production growth in H2 2026, supported by new wells and completion of turnaround activities.
Extensive long-term development and exploration inventory to support multi-year drilling campaigns.
2026 capital program fully funded within FFO at current commodity strip; hedging program provides downside protection.
- Major acquisitions and drilling programs fueled record growth and strong shareholder returns.TNZ
AGM 2026 - All motions passed, with major growth from NOBV acquisition and strong 2025 strategic plans.TNZ
AGM 2025 - Production surged and capital spending increased, but a non-cash hedge loss drove a net loss.TNZ
Q1 2026 - Largest Dutch gas producer with high-margin growth, strong assets, and disciplined risk management.TNZ
Corporate presentation - High-margin European gas and Canadian oil assets drive growth, supported by recent acquisitions.TNZ
Corporate presentation - Record net income and reserves growth in 2025, supported by major acquisitions and development.TNZ
Q4 2025 - Acquisition adds high-growth North Sea gas assets, boosting scale, cash flow, and TTF exposure.TNZ
M&A Announcement - 2025 targets 10% production growth, major drilling, and strengthened leadership.TNZ
Guidance - Major votes passed, production doubled, new gas plant acquired, and COO transition announced.TNZ
AGM 2024
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