Topaz Energy Q4 Earnings Call Highlights

• Topaz Energy delivered beardown operational maturation successful 2025 — royalty accumulation +17%, infrastructure gross +20% and 2P reserves +10% — driven by grounds operator-funded drilling (694 gross wells, 25.3 net) and a 17% stock of WCSB activity.

• Q4 results showed royalty gross of CAD 62.5m, currency travel of CAD 80.6m (free currency travel CAD 79.7m) and nett income up 64% to CAD 32.7m, with a CAD 19.8m hedging summation for the year; Topaz paid CAD 0.34/share successful Q4 and guided 2026 to 23,500–23,900 Boe/d, a 68% payout ratio and targeted nett debt/EBITDA of 1.2x.

• Management expects an active M&A twelvemonth — the institution closed a sub‑CAD 8m Duvernay royalty acquisition successful December, is reviewing ~CAD 2bn of opportunities, and remains agnostic to royalty versus infrastructure deals.

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Topaz Energy (TSE:TPZ) outlined higher royalty production, infrastructure gross growth, and a larger reserve basal during its fourth-quarter and full-year 2025 results league call, with absorption besides pointing to continued drilling enactment connected its acreage and an progressive posture toward acquisitions successful 2026.

President and CEO Marty Staples said 2025 was “another twelvemonth of awesome growth,” highlighted by a 17% summation successful royalty production, 20% higher infrastructure revenue, and a 10% summation successful year-end reserves.

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Fourth-quarter royalty accumulation averaged 23.4 1000 barrels of lipid equivalent per time (Boe/d), up 15% twelvemonth implicit year, driven by grounds lipid and liquids accumulation of 6.9 1000 barrels per time successful the quarter. For the afloat year, royalty accumulation averaged 22.4 1000 Boe/d, up 17% compared with 2024, supported by 11% higher liquids accumulation and 19% higher earthy state production.

Staples emphasized operator-funded improvement crossed Topaz’s acreage. In 2025, the institution estimated that CAD 2.8 cardinal of operated superior was invested connected its lands, resulting successful 694 gross wells drilled (25.3 net), a 10% summation from 2024. He said this represented a grounds 17% stock of full Western Canadian Sedimentary Basin drilling enactment for the year. Topaz besides saw a 22% summation successful full wells brought connected watercourse successful 2025 versus 2024.

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During the 4th quarter, enactment remained strong, with 190 gross wells (6.8 net) drilled and 17 gross wells reactivated. A full of 248 gross wells were brought connected accumulation successful Q4 2025, up 7% from Q4 2024. Based connected relation drilling plans, absorption expects the existent 27 to 30 progressive drilling rigs connected Topaz’s royalty acreage to beryllium maintained done the archetypal 4th of 2026.