Canada's Tamarack Valley Q2 revenue rises on higher oil prices

Tamarack Valley Energy

28/07/2026 10:10

Overview
Canada Clearwater oil producer's Q2 oil and gas revenue rose 48% yr/yr
Q2 net income more than doubled from a year earlier
Company raised quarterly dividend by 25% and repurchased 6.6 mln shares in Q2

Outlook
Tamarack Valley Energy raises 2026 capital investment guidance to $430-450 mln
Company expects 2026 annual average production of 61,500-63,000 boe/d

Result Drivers
CLEARWATER PRODUCTION GROWTH - Q2 Clearwater production rose 15% yr/yr, driven by primary development drilling and waterflood expansion
ELEVATED OIL PRICES - Higher realized prices for heavy and light oil contributed to increased revenue and cash flow
WATERFLOOD RESPONSE - Strong waterflood performance in Marten Hills and West Marten led to higher oil output and supported further capital allocation to waterflood projects

Company press release: ID:nCNW4G3CGa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Oil & Nat Gas Revenue
 
C$603.79 mln
 
Q2 Net Income
 
C$205.68 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Tamarack Valley Energy Ltd is C$15.00, about 16% above its July 27 closing price of C$12.93
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 40 three months ago

Reuters Recommended Reads
July 27 - Canada's Topaz Energy raises 2026 production outlook after royalty revenue jumps
July 27 - Canada's Gibson Energy Q2 net income rises on record Infrastructure segment EBITDA
July 27 - Baker Hughes flags lower spending by oil and gas producers in 2026

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)