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Topaz Energy (TPZ) investor relations material
Topaz Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 delivered strong performance with 19% royalty production growth to 22,300 boe/d, driven by acquisitions and operator-funded development, and significant increases in infrastructure processing revenue.
Market capitalization reached $3.9 billion and enterprise value $4.4 billion as of July 2025, with 153.8 million shares outstanding and 26% insider ownership.
Revenue streams are diversified across royalties, infrastructure, and undeveloped land, underpinned by operator-funded capital and strategic partnerships.
Dividend growth of 70% since inception, with a current yield of 5.3–5.5% and a 2025 payout ratio of 66–69%.
Record 21% share of total WCSB drilling activity, up from 15% in Q2 last year, with diversified drilling across key plays.
Financial highlights
Q2 2025 total revenue was $81.2 million: 46% from crude/heavy oil royalties, 26% from natural gas/NGL royalties, 28% from infrastructure.
Cash flow for Q2 2025 was $75.6 million ($0.49/share), free cash flow was $74 million, with a 91% margin.
Net income for Q2 2025 was $28.2 million ($0.18/share), a 50% increase year-over-year.
Q2 2025 payout ratio was 69%; trailing annualized dividend yield was 5.5%.
Net debt at quarter-end was $485.2 million, with 1.5x net debt to annualized EBITDA.
Outlook and guidance
2025 guidance reconfirmed: average annual royalty production of 21,000–23,000 boe/d and processing revenue/other income of $88–$92 million.
Expected year-end 2025 net debt of $430–$435 million and net debt/EBITDA of 1.2x.
Dividend sustainability maintained even at $0 AECO and $55 WTI, supported by high-margin infrastructure and hedging.
30%+ of H2 2025 natural gas production hedged at $2.88/Mcf; opportunistic hedging strategy continues.
Five-year outlook targets 3–5% annual growth, with upside from new exploration plays and 50–107% CFPS growth depending on commodity prices and acquisitions.
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