Canada’s Topaz Energy sees record Q4 results
Canadian royalty and energy infrastructure company Topaz Energy said March 1 it generated record cash flow and free cash flow (FCF) in Q4 2021, which were, respectively, 34% and 35 higher sequentially and 153% higher year-on-year.
Cash flow in the quarter was C$68mn (US$53.6mn), while FCF was C$67mn. For the year, cash flow rose to C$191mn from C$89mn while FCF increased to C$188mn from C$88mn.
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EBITDA in 2021 increased 117% from 2020, to C$194mn from C$89mn, prompting the board to increase its quarterly dividend by 8%, to C$0.26/share. The higher dividend will be paid on March 31 to shareholders of record on March 15.
Spun out in 2019 by Tourmaline Oil, Canada’s largest natural gas producer, primarily to monetise upstream and midstream assets, Topaz has been growing its liquids exposure. In 2021, royalty production averaged 14,103 barrels of oil equivalent (boe)/day, a 39% increase from 2020, led by a 157% increase in liquids production, to 1,892 b/d. Royalty natural gas production for the year rose 30%, to 73.27mn ft3/day from 56.4mn ft3/day.