Tenaz Energy Corp. Surges with 20% Operating Netback Increase
Tenaz Energy Corp., an oil and gas company listed on the TSX under the ticker TNZ, has announced its financial results for the second quarter of 2026. The company reported a production average of 17,125 barrels of oil equivalent per day (boe/d) in Q2 2026, up 6% from Q1 2026 due to organic development activity.
Despite major turnarounds on several facilities in the Netherlands, Tenaz's production was more than double that of Q2 2025, reflecting both organic development and two major acquisitions completed in 2025. The company brought four wells on production that were drilled in Q1 2026 and participated in the drilling of two development wells.
Tenaz also conducted seasonal maintenance on several platforms and planned turnaround activity at the Den Helder plant. The company's operating netback for Q2 2026 was $69.05/boe, a 20% increase from Q1 2026 and a 47% increase from Q2 2025.
Tenaz ended Q2 2026 with a net debt position of $378.2 million, a decrease of $11.2 million over the previous quarter as a result of positive free cash flow generated in the quarter. The company has returned 2,852% since its recapitalization in Q3 2021, placing it in the top percentile of all TSX corporate issuers.