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TENAZ ENERGY CORP. ANNOUNCES Q2 2025 RESULTS
CALGARY, ALBERTA--(Newsfile Corp. - August 6, 2025) - Tenaz Energy Corp. ("Tenaz", "We", "Our", "...
About this update from Tenaz Energy Corp
[{"type":"text","content":"TENAZ ENERGY CORP. ANNOUNCES Q2 2025 RESULTSCALGARY, ALBERTA--(Newsfile Corp. - August 6, 2025) - Tenaz Energy Corp. (\"Tenaz\", \"We\", \"Our\", \"Us\" or the \"Company\") (TSX: TNZ) is pleased to announce financial and operating results for the three and six months ended June 30, 2025.The unaudited interim condensed consolidated financial statements and related management's discussion and analysis (\"MD&A\") are available on SEDAR+ at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com. Select financial and operating information for the three and six months ended June 30, 2025 appear below and should be read in conjunction with the related financial statements and MD&A.HIGHLIGHTSCorporate UpdateOn May 1, 2025, we closed the acquisition of NAM Offshore B.V. (“NOBV”). The former NOBV staff is now with Tenaz Energy Netherlands B.V. (\"TEN\"). We believe that the experience and capability of our new team, combined with a deep portfolio of investment projects and underutilized infrastructure, sets Tenaz up for long-term success in the Netherlands.Second Quarter Operating and Financial ResultsProduction volumes averaged 7,998 boe/d(1) in Q2 2025, up 176% from Q1 2025, reflecting two months of production from TEN. Results from TEN have been in line with our expectations, with current quarter production affected by planned annual turnarounds. Production from our non-operated pre-TEN assets was also affected, as expected, by Q2 turnarounds. Canadian production increased due to drilling earlier in the year. Funds flow from operations(2) (\"FFO\") for the second quarter was $17.2 million ($0.61/share(3)) as compared to $1.0 million ($0.03/share) in Q1 2025. This increase was driven by two months of contribution from TEN, which contributed approximately $23.5 million to FFO, partially offset by $6.8 million of residual transaction costs associated with transition activities for the TEN acquisition.Net income for Q2 2025 was $188.6 million ($6.73/share), as compared to $1.3 million ($0.05/share) in Q2 2024. The increase in net income was the result of the recognition of a $192.2 million gain on acquisition.Tenaz ended Q2 2025 with a net debt position of $100.2 million. This balance largely pertains to the contingent earn-out consideration, of which $53.7 million has been recorded as a current liability and ...