Tenaz Energy (TNZ) Q3 2025 earnings summary

Executive summary

• Q3 2025 production averaged 11,832 boe/d, up 48% from Q2 2025, driven by a full quarter of Netherlands (TEN) asset contribution and record Canadian output.

• Net income reached $24.8 million ($0.87/share) in Q3 2025, reversing a $2.5 million loss in Q3 2024, mainly due to TEN acquisition.

• Funds flow from operations (FFO) was $40.2 million ($1.42/share), up from $17.2 million ($0.61/share) in Q2 2025.

• Net debt reduced to $55.0 million at Q3 2025 from $100.2 million at Q2 2025, primarily due to free cash flow and lower contingent earn-out estimates.

• GEMS Acquisition closed in October 2025, adding North Sea assets and increasing production guidance.

Financial highlights

• Petroleum and natural gas sales were $95.6 million in Q3 2025, up from $14.8 million in Q3 2024.

• FFO for Q3 2025 was $40.2 million, up from $3.4 million in Q3 2024; YTD FFO was $58.4 million.

• Capital expenditures in Q3 2025 totaled $13.1 million; YTD capital expenditures were $33.3 million.

• Free cash flow in Q3 2025 was $27.1 million.

• Net debt at Q3 2025 was $55.0 million, down from $100.2 million at Q2 2025.

Outlook and guidance

• 2025 production guidance raised to 9,500–10,000 boe/d, reflecting TEN and GEMS contributions.

• D&D CAPEX guidance revised to $100–$110 million for 2025.

• Q4 2025 expected to be the most active period, with three offshore rigs and one onshore rig operating by early 2026.

• Current production rate exceeds 16,000 boe/d, nearly five times higher than a year ago.