RY 139.14 0.5492% TD 75.13 0.4412% SHOP 105.68 3.7502% CNR 172.48 2.0773% ENB 50.14 0.8245% CP 111.43 2.145% BMO 127.18 1.9152% TRI 228.41 1.3714% CNQ 103.87 1.7336% BN 59.7 2.3838% ATD 75.25 0.3467% CSU 3750.01 3.0786% BNS 64.82 1.0759% CM 66.11 0.9159% SU 53.13 1.6648% TRP 51.39 -0.0972% NGT 56.61 1.7434% WCN 227.64 1.3355% MFC 33.42 1.7042% BCE 45.86 -0.2176%
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Tamarack Valley (TSX: TVE) eyes average production of 61,000 - 63,000 boe/d in FY24
Image source: Kanok Sulaiman| Shutterstock
Tamarack Valley Energy Ltd. (TSX: TVE) is a Canadian oil and gas company. The company’s operations are based in the Western Canadian Sedimentary Basin. Its portfolio comprises assets such as Viking Oil, Cardium Oil, and Penny Barons Oil.
In the year ending December 31, 2023, the company experienced a significant 39% increase in average production compared to the prior year. This boost can be attributed primarily to the acquisitions of three corporate Clearwater entities in 2022, along with the company's drilling and development initiatives. Driven by this, the company’s revenue in FY23 improved to CAD 1,422.6 mn against CAD 1,180 mn in pcp.
Furthermore, the company reported a higher gross margin (82.0%) and EBITDA margin (70.1%) in FY23, beating the industry median of 59.7% and 48.1%, respectively.
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