Tamarack Valley Energy Ltd. (TVE) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Welcome everyone to the Tamarack Valley Energy Limited conference call and webcast on Thursday, July 31, 2025, discussing the recent Q2 2025 results press release. I would like to introduce today's speakers, Mr. Brian Schmidt, Founder and CAO, and Mr. Steve Pytals, President and CFO. 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 star, fall by the two. Thank you. Mr. Schmidt, you may begin your conference. Thank you, and good morning. Welcome, everyone, to our call to discuss the second quarter operating and financial results. My name is Brian Schmidt, and I'm the founder and CEO of Tamarack Valley, and today I'm joined by Steve Bightells, who has just been appointed president in addition to being our CFO. This morning, Tamarac announced its Q2 results, positive updates to 2025 guidance, and a strategic clearwater tuck-in. Some key highlights of the quarter include. First, a new corporate production record. In our second quarter, we averaged 70,260 BOEs per day, surpassing all other prior quarters. Tamarac achieved its highest monthly result in April, where we averaged just over 74,300 BOE per day. Secondly, the compounding impact of our buybacks and organic growth. This has resulted in the Q2 debt-adjusted production per share being up 24% on a year-on-year basis. Point three, demonstrated water flood success. We continue to see strong production response from patterns which are well ahead of their primary baseline volumes. Fourthly, operational and efficiency gains and cost improvements. These are driving improved outlook for 2025 as we revised our production guidance up by 3% and our capital spending down by 7%, which is f...