Tenaz Energy (TNZ) Corporate presentation summary

Strategic overview and growth model

• Pursues organic growth and acquisitions, focusing on international markets with a strong presence in European natural gas and Canadian oil projects.

• Largest natural gas producer in the Netherlands, with 90% of commodity exposure in European gas.

• Closed major acquisitions in 2025, including NAM Offshore B.V. and a non-operated interest in the GEMS project.

• 2026 production guidance is 21,000 boe/d, with 93% gas and 7% oil.

• Market capitalization stands at $2.0 billion, with net debt of $345 million as of year-end 2025.

Asset base and operational highlights

• Netherlands assets feature high-margin, low-decline gas fields with 2026E production of 18,600 boe/d and 2P reserves of 77.6 million boe.

• Canadian assets in Leduc-Woodbend focus on semi-conventional oil, with 42 booked locations and a 16.8-year 2P reserve life index.

• GEMS project in the Netherlands began production in March 2025, with platform capacity of 225 MMcf/d and nearly zero emissions due to wind power.

• Extensive infrastructure includes the Den Helder Gas Terminal and NGT processing facility, supporting high-capacity operations.

Financial performance and capital structure

• 2026 capital expenditures are guided at $250–$275 million, supporting multi-year organic growth in both core regions.

• Net debt-to-EBITDA ratio forecasted at 0.6x for 2026, with a net debt-to-enterprise value of 14%.

• Senior unsecured notes total $305 million, maturing in November 2029, with a 12% coupon.

• Share buyback program has retired 2.5 million shares since August 2022.