Q3 2024 Topaz Energy Corp Earnings Call Transcript
Key Points
- Topaz Energy Corp (TPZEF) completed a strategic acquisition from Term Oil Corp, increasing its royalty acreage by 50% and aligning with future growth projects.
- The company saw a 9% and 11% growth in crude and heavy oil royalty production, respectively, in Q3 2024.
- Topaz Energy Corp (TPZEF) achieved a record 216 gross wells drilled on its undeveloped royalty lands, representing 17% of total wells drilled across the WCSB.
- The company's infrastructure assets realized 100% capacity utilization in Q3, generating an 89% operating margin.
- Topaz Energy Corp (TPZEF) distributed $47.8 million in quarterly dividends, representing a 5.2% dividend yield on an annualized basis.
- 60% of the 216 total new wells drilled in Q3 were not yet brought on production, indicating potential delays in realizing revenue from these wells.
- The company expects to end 2024 with net debt ranging between $64 million and $70 million, which includes debt attributed to recent acquisitions.
- Topaz Energy Corp (TPZEF) plans to maintain a leverage target of up to two times for acquisition growth, which could increase financial risk.
- The company anticipates a small amount of cash tax in 2025, with more significant cash taxes expected from 2026 onward.
- Topaz Energy Corp (TPZEF) is cautious about dividend increases in the near term, opting to absorb recent acquisition impacts before considering further hikes.
Good morning. My name is Operator Russell and I will be your conference operator today. At this time, I would like to welcome everyone to the TPAS Energy Corp third quarter, 2024 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star. Then the number one on your telephone keypad. If you would like to withdraw your question, please press the star followed by, followed by the number two. This call is being recorded. November 5 2024. I would now like to turn the call over to Mr Staples, President and CEO. Please go ahead.
Thank you Roselle and welcome everyone to our discussion of Topaz Energy Corp results as at and for the period ended, September 30th 2024. My name is Marty Staples and I'm the President and CEO of Topaz with me today is Sheri Stevenson CFO and VP Finance. Before we get started, I refer
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