Tenaz Energy (TNZ) Q2 2026 earnings summary

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.