Tenaz Energy (TSX: TNZ) and Valeura Energy (TSX: VLE) have successfully joined the TSX30 list through acquisition-driven international expansion strategies, achieving three-year returns of 1,463% and 471%, respectively. Both companies currently have considerable production, healthy cash flow, and room for further growth. Although their past gains will be difficult to replicate, they still have the potential to serve as components of a diversified investment portfolio.
For those unfamiliar with the index, the TSX30 ranks the 30 best-performing stocks on the Toronto Stock Exchange based on dividend-adjusted returns over the past three years. This year, two energy stocks made the list, and even more notably, oil and gas stocks did not appear on the 2025 TSX30 list.
Headquartered in Calgary, Tenaz Energy is an energy producer with operations in both Canada and the Netherlands. After acquiring offshore assets in the Netherlands, the company’s growth accelerated markedly, as this acquisition made it one of the largest operators in the Dutch North Sea. In the second quarter of 2026, the company’s average daily production was 17,125 barrels of oil equivalent, up 6% from the previous quarter. The company expects full-year average daily production to be between 19,500 and 22,500 barrels. This growth partly explains the market’s attention to Tenaz Energy’s stock. As of the time of writing, the stock had risen 236% over the past 12 months.
Valeura Energy has adopted a similar acquisition-driven strategy, but has focused its expansion on offshore oilfields in the Gulf of Thailand. The company operates four producing oilfields and regularly drills new wells to offset natural decline and use existing offshore infrastructure to extract more oil. In other words, rather than relying on the same wells until they are depleted, Valeura can drill into other areas of each field, thereby maintaining higher production as older wells decline. In terms of production, in the most recent quarter, Valeura’s average daily production was 22,300 barrels. Higher production helped the company generate US$154.1 million in adjusted operating cash flow and US$105 million in free cash flow in the most recent quarter. As of the end of the second quarter, Valeura held US$316.5 million in cash and had no debt. This gives Valeura room to fund existing projects and consider further acquisitions in Southeast Asia.
The strengths of Tenaz and Valeura lie not only in their TSX30 rankings. Both companies have built larger international operations through acquisitions, and each still has clear growth opportunities. These three-year returns are unlikely to be repeated, but both companies still have room to grow beyond the gains that earned them a place on the list. For investors building larger, more diversified portfolios, they remain options worth considering.
