Tamarack Valley Energy Ltd (TSX:TVE)

Q4 2025 Tamarack Valley Energy Ltd Earnings Call Transcript

Feb 25, 2026 / 02:30PM GMT

Release Date Price: C$9.53 (-1.85%)

Transcript

Key Points

Positve

Tamarack Valley Energy Ltd (TNEYF) achieved a record-setting year in 2025, with significant operational and financial improvements.
The company completed its transformation into a Clearwater and Charlie Lake oil producer, focusing on highly profitable conventional oil plays.
Tamarack Valley Energy Ltd (TNEYF) delivered free cash flow of approximately $390 million in 2025.
The company repurchased approximately 36 million shares, returning $262 million to shareholders through buybacks and dividends.
Operational efficiencies led to a 17% reduction in net operating expenses year over year.

Negative

WTI prices averaged 14% lower in 2025, impacting revenue potential.
Despite strong performance, the company faces challenges in maintaining production growth amidst divestitures.
The company is in the early stages of water flood projects, which may present operational risks and uncertainties.
Tamarack Valley Energy Ltd (TNEYF) has a significant portion of its Clearwater acreage not yet under water flood, indicating potential future capital requirements.
The company’s future success is partially dependent on the success of exploratory wells in new areas, which carry inherent risks.

Operator

Good morning. Welcome everyone to the Tamarack Valley Energy Limited conference call and webcast on Wednesday, February 25, 2026, discussing the recent Q4 2025 results press release. I would like to introduce today's speakers, Steve Beitels, President, Kevin Johnston, CFO, and Ben Studley, Vice President, engineering. If you would like to ask a question, please press star, then the number one on your telephone keypad to join the queue. If you would like to withdraw your question, please press 2.

Thank you, Mr. Viitels. You may begin your conference.

Steve Buytels

Tamarack Valley Energy Ltd - President, Chief Financial Officer

Thank you, Joanne. Good morning and welcome everybody to the call to discuss the fourth quarter and full year operating and financial results for 2025, as well as our year-end reserve report.

My name's Steve Beitels. I'm the President of Tamarack Valley, and today I'm joined by Kevin Johnson, Chief Financial Officer, and Ben Studley, our VP engineering.

This morning, we announced our Q4 and full year 2025

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