The quarter still had Charlie Lake in it. The run-rate does not
Tamarack (TSX: TVE) reported second-quarter 2026 results on July 28. Charlie Lake closed June 15 for $803.8 million cash before adjustments. That is about 18,000 boe/d, 67 percent liquids, off the book. Corporate production averaged 69,229 boe/d in the quarter because Charlie Lake was still on for most of it. Clearwater alone was 53,598 boe/d, up 15 percent from a year earlier. After close the company calls itself a pure-play Clearwater producer at more than 54,000 boe/d, 92 percent liquids. Annual guidance was cut to 61,500 to 63,000 boe/d, with Clearwater at 53,500 to 55,000. The old 69,000 to 71,000 range included Charlie Lake. Do not write a volume miss off a sold asset.
Adjusted funds flow was $255.1 million, or $0.53 a diluted share. Free funds flow was $154.8 million, or $0.32. Operating cash was $313.3 million. Capex was $98.7 million: 18.0 net Clearwater oil wells and 18.0 net injectors and source wells. Net income was $205.7 million, or $0.43 a share. Heavy oil realized $106.81 a barrel against WCS at $108.04. Gas was $1.77 per Mcf. They bought back 6.6 million shares for $80.3 million, $12.24 a share. First-half returns including the dividend were $165.8 million. The third-quarter dividend is $0.05, up from $0.04, payable September 30 to holders of record September 15.
Waterflood barrels are a response estimate
Tamarack says waterflood oil uplift is now more than 8,500 barrels a day, 16 percent of second-quarter Clearwater. Injection was about 45,000 barrels a day, aimed at 50,000 in early August and 70,000 by year-end. Marten Hills under flood is back to about 88 percent of a five-year-old primary peak. Those are operator numbers. They are not a reserve booking. Exit 2026 talk is more than 38 percent of Clearwater oil under flood. Available funding at June 30 was $1.3 billion: $508.3 million cash and $875.0 million undrawn. Net cash was $132.6 million. Scott Shimek is now COO.
Neutral read
TVE is on the listed producer list. Banks were skipped. $803.8 million, 53,598 Clearwater boe/d, and $132.6 million net cash are the facts. Write the 69,229 corporate print as a stub quarter, not as the new run-rate. Watch whether 61,500 to 63,000 holds, whether 70,000 barrels a day of injection actually shows up, and whether $0.05 is covered if WCS comes in.