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Topaz Energy Corp (TSE:TPZ)
TSX:TPZ
Earnings Data
Report Date
May 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.17Last Year’s EPS
0.14Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive operational and financial momentum: strong production growth (17% y/y), reserve additions (+10% proved+probable), robust operator-funded drilling and well activity, improved cash flow and a substantial net income increase (64% in Q4). Management provided constructive 2026 guidance with targeted production, processing revenue, and a manageable leverage target (1.2x net debt-to-EBITDA). Key risks noted include reliance on operator-funded activity, reserve-report scope limitations (excludes undeveloped locations), a relatively high payout ratio (~66–68%), and some short-term M&A and rig-activity uncertainty. Overall, the highlights materially outweigh the lowlights.Company Guidance
Royalty Production Growth
Full-year 2025 royalty production averaged 22,400 boe/d, up 17% year-over-year; Q4 2025 royalty production averaged 23,400 boe/d, up 15% from Q4 2024, driven by record oil and liquids production of 6,900 bbl/d. Liquids production rose ~11% and natural gas production rose ~19% year-over-year.
Reserves Increase and Strong Replacement
Year-end 2025 proved plus probable reserves were 55.7 million boe, up 10% from 2024. Operator-funded additions of 11.9 million boe replaced 2025 royalty production of 8.2 million boe at a 1.5x replacement rate; Clearwater replaced production by 3x and Clearwater reserve life index doubled over two years (from ~3 to ~6 years).
Operator Investment and Drilling Activity
Operators invested an estimated $2.8 billion on Topaz acreage in 2025, resulting in a record 694 gross wells drilled (25.3 net), up 10% vs. 2024 and representing a 17% share of total WCSB drilling activity. Total wells brought onstream increased 22% vs. 2024; Q4 saw 248 gross wells brought on production, a 7% increase over Q4 2024.
Infrastructure Revenue Growth
Infrastructure revenue (processing revenue and other income) increased 20% in 2025; Q4 infrastructure contribution was $24.2 million (28% of total revenue) while royalty revenue was $62.5 million (72% of total revenue). 2026 guidance forecasts $92–$94 million of processing revenue and other income.
Strong Cash Flow and Free Cash Flow
Q4 2025 cash flow was $80.6 million ($0.52/share), up 6% vs. Q4 2024. Free cash flow for Q4 was $79.7 million ($0.52/share), up 11% vs. Q4 2024.
Material Net Income Improvement and Hedging Gains
Q4 2025 net income was $32.7 million, up 64% vs. Q4 2024, driven by higher production, processing revenue, 4% lower cash expenses and a 47% higher realized hedging gain. For 2025 Topaz realized $19.8 million of hedging gains (including $15.1 million natural gas hedging gain equivalent to $0.44/Mcf).
Dividend Growth and Payout Sustainability
Topaz paid $207.7 million in dividends for 2025 at a 66% payout ratio, a 4% increase on a per-share basis vs. 2024. Q4 dividends were $52.4 million ($0.34/share), a 65% payout ratio and a trailing annualized yield of 5.1%. 2026 guidance expects a 68% payout ratio and net debt-to-EBITDA of ~1.2x, described as sustainable given fixed infrastructure revenue and hedges.
Positive Operator Reserve Revisions
Key operators on Topaz acreage (Headwater and Tamarack) reported substantial 2P reserve revisions (~+52% and +56%), with one operator replacing production by 534%, which supports future reserve upside for Topaz.
TSE:TPZ Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:TPZ Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | C$30.59 | C$30.53 | -0.20% |
Nov 03, 2025 | C$24.54 | C$24.30 | -1.01% |
Jul 28, 2025 | C$25.43 | C$25.70 | +1.07% |
May 05, 2025 | C$22.32 | C$22.71 | +1.72% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Topaz Energy Corp (TSE:TPZ) report earnings?
Topaz Energy Corp (TSE:TPZ) is schdueled to report earning on May 05, 2026, Before Open (Confirmed).
What is Topaz Energy Corp (TSE:TPZ) earnings time?
Topaz Energy Corp (TSE:TPZ) earnings time is at May 05, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:TPZ EPS forecast?
TSE:TPZ EPS forecast for the fiscal quarter 2026 (Q1) is 0.17.