Canada oil and gas producer Tamarack Valley's Q1 production rises 5%

Tamarack Valley Energy

06/05/2026 10:11

Overview

Canada oil and gas producer's Q1 production rose 5% yr/yr, led by Clearwater asset growth

Q1 oil and natural gas sales were flat yr/yr; net income declined sharply

Company repurchased 4.6 mln shares in Q1 under its buyback program

Outlook

Tamarack sees 2026 average production between 69,000 and 71,000 boe per day

Company expects 2026 capital investments of C$390–410 mln

Tamarack plans to revisit its H2 drilling program mid-year

Result Drivers

CLEARWATER GROWTH - Q1 production increase driven by successful drilling, waterflood expansion and a tuck-in acquisition in Clearwater

CAPITAL INVESTMENT FOCUS - Q1 capital was primarily allocated to drilling Clearwater heavy oil and Charlie Lake wells

COMMODITY PRICE RESPONSE - Co accelerated some drilling into Q2 to capitalize on higher near-term commodity prices

Company press release: ID:nCNWLQBJXa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Oil & Nat Gas Revenue
C$443.94 mln
Q1 Net Income
C$5.65 mln
Q1 Net Debt
C$622.74 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "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$12.00, about 6.1% below its May 5 closing price of C$12.78

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 17 three months ago

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.)