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托帕兹能源(TPH)第一季度业绩公布后，维持买入评级；目标价为32.00加元。

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-- 周三，在石油天然气加工和特许权使用费公司Topaz Energy (TPZ.TO)公布第一季度业绩后，Tudor, Pickering, Holt维持对该公司股票的“买入”评级，目标价为32.00加元。 “2026年第一季度财务数据显示，每股自由现金流为0.52加元，优于TPHe/Street的预期（0.48加元/0.51加元）。与我们的模型相比，高于预期的液体产量推动了更高的特许权使用费收入，现金税低于预期，但部分被扩大的对冲损失所抵消，而基础设施收入基本符合预期（2340万加元，TPHe预期为2390万加元）。资本支出为150万加元（不包括收购支出，TPHe/Street预期为150万加元/130万加元），加上产量/收入超出预期，使得自由现金流高于预期（7870万加元，TPHe/Street预期为7300万加元/7530万加元）。产量方面，2026年第一季度特许权使用费产量为2460万桶油当量/日，高于TPHe/Street的预期。” 2026财年产量为24.1/23.8百万桶油当量/日，超过了此前预期的上限，其中液体产量为7.0百万桶油当量/日，与市场预期一致，但高于TPHe的6.7百万桶油当量/日。钻井作业分布在138口井中（48口克利尔沃特油田，31口卑诗省东北部和阿尔伯塔省蒙特尼油田，23口深盆地，8口和平河油田，11口萨斯喀彻温省东南部，13口阿尔伯塔省中部，包括9口贝利河油田的重点油气井），其中55%的井位集中在重点油气区块。截至季度末，131口井已投产，86口井为未完工井。分析师杰弗里·兰布琼写道：“关于2026年的产量预期，特许权使用费产量区间维持在23.5-23.9百万桶油当量/日，但由于重点油气区块的开发活动以及主要运营商在克利尔沃特油田实施的注水开发，预计产量将达到上限。” （报道北美、亚洲和欧洲主要银行及研究机构的股票、商品和经济研究报告。研究机构可通过以下链接联系我们：https://www..com/contact-us）

Price: $31.65, Change: $-0.14, Percent Change: -0.44%

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Crude Dips on US-Iran Deal Hopes, Supply Recovery to Lag, Rystad Says

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