CALGARY – Tourmaline Oil Corp. (TSX:TOU) (“Tourmaline” or the “Company”) is pleased to release financial and operating results for the full year and fourth quarter of 2019 as well as 2019 reserves results. The Company delivered strong returns to shareholders, annual growth and demonstrated continued financial resilience in this very challenging energy cycle.
HIGHLIGHTS
2019 RESERVES
PRODUCTION UPDATE
FINANCIAL HIGHLIGHTS
MARKETING HIGHLIGHTS
2019/2020 CAPITAL PROGRAMS
EP HIGHLIGHTS
ENVIRONMENTAL IMPROVEMENT INITIATIVES
As outlined in the Company’s Sustainability Report, published in February 2020, Tourmaline has made major strides in reducing emissions and continually improving overall environmental performance.
Major Environmental Performance Achievements
Environmental Performance Targets
The environmental performance improvements achieved thus far, and the myriad of future-planned initiatives, require significant capital investment. The vast majority of these initiatives, however, ultimately reduce Tourmaline’s capital and operating cost structure. Shareholders receive a double win – a cleaner environment via Tourmaline’s net-cleanest hydrocarbon molecule and enhanced returns via the Company’s improved efficiencies.
Our strong results and intense focus on sustainability is why the world needs Canadian natural gas now and in the future.
DIVIDEND
The Company is pleased to announce that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.12 per common share. The dividend will be payable March 31, 2020 to shareholders of record at the close of business on March 16, 2020. This quarterly cash dividend is designated as an “eligible dividend” for Canadian income tax purposes.
____________________________________ |
|
(1) |
“Cash flow” is defined as cash provided by operations before changes in non-cash operating working capital. See “Non-GAAP Financial Measures” in this news release and in the Company’s 2019 Management’s Discussion and Analysis. |
(2) |
“Free cash flow” is defined as cash flow less total net capital expenditures. Total net capital expenditures is defined as total capital spending before acquisitions, net of non-core dispositions. Free cash flow is prior to dividend payments. See “Non-GAAP Financial Measures” in this news release and the Company’s 2019 Management’s Discussion and Analysis. |
(3) |
Reserves have been evaluated by independent reserve evaluators as at December 31, 2018 as follows: Polar Star 2P reserves of 80.7 mmboe by Sproule and Chinook 2P reserves of 35.6 mmboe by McDaniel for a combined 2P reserves total of 116.3 mmboe. Reserves are working interest gross reserves before deduction of royalties payable to others and without including any royalty interests. |
(4) |
See “Supplemental Information Regarding Product Types” in this news release. |
(5) |
The recycle ratio is calculated by dividing the cash flow per boe by the appropriate F&D or FD&A costs related to the reserve additions for that year. |
(6) |
Based on oil and gas commodity strip pricing at December 11, 2019. |
(7) |
See “Non-GAAP Financial Measures in this new release and in the Company’s 2019 Management’s Discussion and Analysis. |
CORPORATE SUMMARY – DECEMBER 31, 2019
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||
2019 |
2018 |
Change |
2019 |
2018 |
Change |
|||||
OPERATIONS |
||||||||||
Production |
||||||||||
Natural gas (mcf/d) |
1,439,746 |
1,347,778 |
7% |
1,413,160 |
1,305,025 |
8% |
||||
Crude oil, condensate and NGL |
||||||||||
(bbl/d) |
59,886 |
51,938 |
15% |
55,338 |
47,540 |
16% |
||||
Oil equivalent (boe/d) |
299,844 |
276,568 |
8% |
290,865 |
265,044 |
10% |
||||
Product prices(1) |
||||||||||
Natural gas ($/mcf) |
$ |
2.77 |
$ |
3.13 |
(12)% |
$ |
2.59 |
$ |
2.73 |
(5)% |
Crude oil, condensate and NGL |
||||||||||
($/bbl) |
$ |
38.59 |
$ |
43.40 |
(11)% |
$ |
39.29 |
$ |
46.47 |
(15)% |
Operating expenses ($/boe) |
$ |
3.06 |
$ |
3.35 |
(9)% |
$ |
3.28 |
$ |
3.33 |
(2)% |
Transportation costs ($/boe) |
$ |
4.13 |
$ |
3.63 |
14% |
$ |
3.86 |
$ |
3.52 |
10% |
Operating netback(3) ($/boe) |
$ |
13.00 |
$ |
15.82 |
(18)% |
$ |
12.12 |
$ |
14.12 |
(14)% |
Cash general and |
$ |
0.52 |
$ |
0.42 |
24% |
$ |
0.49 |
$ |
0.49 |
-% |
FINANCIAL |
||||||||||
($000, except share and per share) |
||||||||||
Total revenue from commodity sales |
579,588 |
595,487 |
(3)% |
2,127,337 |
2,106,209 |
1% |
||||
Royalties |
22,559 |
15,380 |
47% |
83,030 |
77,369 |
7% |
||||
Cash flow(4) |
335,856 |
391,532 |
(14)% |
1,205,540 |
1,303,462 |
(8)% |
||||
Cash flow per share (diluted)(4) |
$ |
1.24 |
$ |
1.44 |
(14)% |
$ |
4.43 |
$ |
4.80 |
(8)% |
Net earnings |
61,340 |
190,895 |
(68)% |
319,740 |
401,418 |
(20)% |
||||
Net earnings per share (diluted) |
$ |
0.23 |
$ |
0.70 |
(67)% |
$ |
1.18 |
$ |
1.48 |
(20)% |
Capital expenditures (net of |
320,389 |
395,194 |
(19)% |
1,287,259 |
1,214,437 |
6% |
||||
Weighted average shares outstanding |
271,878,824 |
271,702,910 |
-% |
|||||||
Net debt(4) |
(1,755,684) |
(1,720,009) |
2% |
|||||||
PROVED + |
||||||||||
PROBABLE RESERVES(3) |
||||||||||
Natural gas (bcf) |
12,294.6 |
11,712.7 |
5% |
|||||||
Crude oil (mbbls) |
96,984 |
82,046 |
18% |
|||||||
Natural gas liquids (mbbls) |
455,851 |
423,198 |
8% |
|||||||
Mboe |
2,601,928 |
2,457,358 |
6% |
(1) |
Product prices include realized gains and losses on risk management activities and financial instrument contracts. |
(2) |
Excluding interest and financing charges. |
(3) |
Reserves are “Company gross reserves”, which are defined as the working interest share of reserves prior to the deduction of interest owned by others (burdens). Royalty interest reserves are not included in Company gross reserves. |
(4) |
See “Non-GAAP Financial Measures” in this news release and in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2019. |
2019 RESERVE SUMMARY
The following tables summarize the Company’s gross reserves defined as the working interest share of reserves prior to the deduction of interest owned by others (burdens). Royalty interest reserves are not included in Company gross reserves. Company net reserves are defined as the working net carried and royalty interest reserves after deduction of all applicable burdens.
Tourmaline’s Reserves and Net Present Values of Future Net Revenue disclosed in this news release include the full impact of the sale of certain assets to Topaz Energy Corp. (“Topaz”) notwithstanding Tourmaline’s 74% ownership interest in Topaz. The Net Present Values of Future Net Revenue on a Total Proved Plus Probable basis (discounted at a rate of 10%) would increase by approximately 7% had the Topaz transaction not occurred. On a Proved Producing and Total Proved basis, the Net Present Values of Future Net Revenue (discounted at a rate of 10%) would increase by approximately 9% and 8%, respectively. Refer to the General Development of the Business section in the Company’s recently filed Annual Information Form for further details.
Reserves and Future Net Revenue Data (Forecast Prices and Costs)
Summary of Oil and Gas Reserves and |
||||||||||||||||||||
Net Present Values of Future Net Revenue |
||||||||||||||||||||
as of December 31, 2019 |
||||||||||||||||||||
Forecast Prices and Costs(1) |
||||||||||||||||||||
Light & Medium Crude |
Conventional Natural |
Shale Natural Gas(2) |
Natural Gas Liquids |
Total Oil Equivalent |
||||||||||||||||
Company |
Company |
Company |
Company |
Company |
Company |
Company |
Company |
Company |
Company |
|||||||||||
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
|||||||||||
Reserves Category |
(Mbbls) |
(Mbbls) |
(MMcf) |
(MMcf) |
(MMcf) |
(MMcf) |
(Mbbls) |
(Mbbls) |
(Mboe) |
(Mboe) |
||||||||||
Proved Producing |
13,948 |
11,422 |
1,676,894 |
1,505,877 |
910,873 |
844,148 |
82,118 |
68,535 |
527,361 |
471,628 |
||||||||||
Proved Developed Non-Producing |
1,935 |
1,504 |
95,010 |
85,260 |
208,272 |
196,007 |
12,432 |
10,958 |
64,914 |
59,340 |
||||||||||
Proved Undeveloped |
32,189 |
26,203 |
1,929,133 |
1,751,774 |
1,408,310 |
1,308,908 |
113,735 |
102,419 |
702,164 |
638,736 |
||||||||||
Total Proved |
48,072 |
39,130 |
3,701,036 |
3,342,911 |
2,527,455 |
2,349,063 |
208,285 |
181,912 |
1,294,439 |
1,169,704 |
||||||||||
Total Probable |
48,912 |
39,478 |
2,412,245 |
2,173,075 |
3,653,824 |
3,279,086 |
247,566 |
210,547 |
1,307,490 |
1,158,719 |
||||||||||
Total Proved Plus Probable |
96,984 |
78,608 |
6,113,281 |
5,515,987 |
6,181,279 |
5,628,148 |
455,851 |
392,458 |
2,601,928 |
2,328,422 |
Net Present Values of Future Net Revenue ($000s) |
||||||||||||||||||||||||||
Before Income Taxes Discounted at |
After Income Taxes Discounted at(3) |
Unit Value |
||||||||||||||||||||||||
Reserves Category |
0 |
5 |
10 |
15 |
20 |
0 |
5 |
10 |
15 |
20 |
($/Boe) |
($/Mcfe) |
||||||||||||||
Proved Producing |
6,776,073 |
5,475,633 |
4,579,234 |
3,953,261 |
3,496,236 |
6,513,916 |
5,329,729 |
4,494,030 |
3,901,446 |
3,463,622 |
9.71 |
1.62 |
||||||||||||||
Proved Developed Non-Producing |
951,690 |
723,446 |
581,989 |
487,603 |
420,666 |
703,333 |
555,992 |
464,566 |
402,764 |
357,903 |
9.81 |
1.63 |
||||||||||||||
Proved Undeveloped |
8,114,346 |
5,258,108 |
3,623,511 |
2,611,296 |
1,943,173 |
5,988,919 |
3,824,651 |
2,584,398 |
1,819,464 |
1,317,883 |
5.67 |
0.95 |
||||||||||||||
Total Proved |
15,842,109 |
11,457,187 |
8,784,733 |
7,052,160 |
5,860,075 |
13,206,167 |
9,710,371 |
7,542,994 |
6,123,674 |
5,139,408 |
7.51 |
1.25 |
||||||||||||||
Total Probable |
20,521,808 |
10,555,460 |
6,308,597 |
4,165,195 |
2,945,016 |
15,169,537 |
7,746,820 |
4,579,558 |
2,987,161 |
2,086,554 |
5.44 |
0.91 |
||||||||||||||
Total Proved Plus Probable |
||||||||||||||||||||||||||
36,363,916 |
22,012,647 |
15,093,330 |
11,217,355 |
8,805,091 |
28,375,704 |
17,457,191 |
12,122,552 |
9,110,834 |
7,225,961 |
6.48 |
1.08 |
Notes: |
|
(1) |
Numbers may not add due to rounding. |
(2) |
Shale Natural Gas is required to be presented separately from Conventional Natural Gas as its own product type pursuant to National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). While the Tourmaline Montney reserves do not strictly fit the definition of “shale gas” as defined in NI 51-101 because the natural gas is not “primarily adsorbed” as stated within the definition, the Montney reserves have been included as shale gas for purposes of this disclosure. |
(3) |
The after-tax net present value of the Company’s oil and gas properties reflects the tax burden on the properties on a stand-alone basis. It does not consider the Company’s tax situation, or tax planning. It does not provide an estimate of the value at the Company level which may be significantly different. The Company’s financial statements and management’s discussion and analysis should be consulted for information at the Company level. |
Total Future Net Revenue ($000s) |
||||||||||||||||
(Undiscounted) |
||||||||||||||||
as of December 31, 2019 |
||||||||||||||||
Forecast Prices and Costs(1) |
||||||||||||||||
Reserves Category |
Revenue |
Royalties |
Operating |
Capital |
Abandonment |
Future Net |
Income |
Future Net |
||||||||
Proved Producing |
12,077,042 |
1,248,887 |
3,611,456 |
50 |
440,576 |
6,776,073 |
262,157 |
6,513,916 |
||||||||
Proved Developed Non- |
1,573,143 |
164,268 |
368,213 |
66,242 |
22,730 |
951,690 |
248,357 |
703,333 |
||||||||
Proved |
17,308,773 |
1,640,354 |
3,550,448 |
3,805,349 |
198,275 |
8,114,346 |
2,125,427 |
5,988,919 |
||||||||
Total |
30,958,957 |
3,053,509 |
7,530,117 |
3,871,642 |
661,581 |
15,842,109 |
2,635,941 |
13,206,167 |
||||||||
Total |
37,823,111 |
4,827,222 |
8,615,423 |
3,532,409 |
326,248 |
20,521,808 |
5,352,271 |
15,169,537 |
||||||||
Total Proved Plus |
68,782,068 |
7,880,731 |
16,145,540 |
7,404,051 |
987,829 |
36,363,916 |
7,988,212 |
28,375,704 |
Notes: |
|
(1) |
Numbers may not add due to rounding. |
(2) |
Abandonment and Reclamation Costs includes all active and inactive assets, with or without associated reserves, inclusive of all wells (existing and undrilled), facilities and pipelines. |
(3) |
The after-tax net present value of the Company’s oil and gas properties reflects the tax burden on the properties on a stand-alone basis. It does not consider the Company’s tax situation, or tax planning. It does not provide an estimate of the value at the Company level, which may be significantly different. The Company’s financial statements and management’s discussion and analysis should be consulted for information at the Company level. |
Summary of Pricing and Inflation Rate Assumptions |
||||||||||||||||||
Crude Oil and Natural Gas Liquids Pricing |
||||||||||||||||||
NYMEX WTI Near |
Alberta Natural Gas Liquids |
|||||||||||||||||
Year |
Inflation(2) |
CAD/USD |
Constant |
Then |
MSW, Light |
Spec |
Edmonton |
Edmonton |
Edmonton |
|||||||||
2020 |
0.0 |
0.7600 |
61.00 |
61.00 |
72.64 |
6.42 |
26.36 |
42.09 |
76.83 |
|||||||||
2021 |
1.7 |
0.7700 |
62.70 |
63.75 |
76.06 |
7.41 |
29.80 |
47.03 |
79.82 |
|||||||||
2022 |
2.0 |
0.7850 |
63.82 |
66.18 |
78.35 |
8.33 |
32.94 |
50.66 |
82.30 |
|||||||||
2023 |
2.0 |
0.7850 |
64.20 |
67.91 |
80.71 |
8.65 |
34.00 |
52.21 |
84.72 |
|||||||||
2024 |
2.0 |
0.7850 |
64.40 |
69.48 |
82.64 |
8.98 |
34.89 |
53.48 |
86.71 |
|||||||||
2025 |
2.0 |
0.7850 |
64.58 |
71.07 |
84.60 |
9.24 |
35.78 |
54.77 |
88.73 |
|||||||||
2026 |
2.0 |
0.7850 |
64.75 |
72.68 |
86.57 |
9.46 |
36.69 |
56.07 |
90.77 |
|||||||||
2027 |
2.0 |
0.7850 |
64.84 |
74.24 |
88.49 |
9.67 |
37.57 |
57.32 |
92.76 |
|||||||||
2028 |
2.0 |
0.7850 |
64.84 |
75.73 |
90.31 |
9.89 |
38.41 |
58.50 |
94.65 |
|||||||||
2029 |
2.0 |
0.7850 |
64.85 |
77.24 |
92.17 |
10.12 |
39.26 |
59.71 |
96.57 |
|||||||||
2030 |
2.0 |
0.7850 |
64.85 |
78.79 |
94.01 |
10.35 |
40.11 |
60.90 |
98.53 |
|||||||||
2031 |
2.0 |
0.7850 |
64.85 |
80.36 |
95.89 |
10.56 |
40.91 |
62.12 |
100.50 |
|||||||||
2032 |
2.0 |
0.7850 |
64.84 |
81.97 |
97.81 |
10.77 |
41.73 |
63.36 |
102.51 |
|||||||||
2033 |
2.0 |
0.7850 |
64.84 |
83.61 |
99.76 |
10.98 |
42.56 |
64.63 |
104.56 |
|||||||||
2034 |
2.0 |
0.7850 |
64.85 |
85.28 |
101.76 |
11.20 |
43.42 |
65.92 |
106.65 |
|||||||||
2035 |
2.0 |
0.7850 |
64.85 |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
Natural Gas and Sulphur Pricing |
||||||||||||||||||||||
Alberta Plant Gate |
British Columbia |
|||||||||||||||||||||
NYMEX Henry Hub |
Spot |
|||||||||||||||||||||
Year |
Constant |
Then Current |
Midwest |
AECO/NIT |
Dawn Price |
Constant |
Then Current |
ARP $Cdn/ |
Sumas Spot |
Westcoast |
Spot Plant |
|||||||||||
2020 |
2.62 |
2.62 |
2.53 |
2.04 |
2.58 |
1.82 |
1.82 |
1.83 |
2.16 |
1.66 |
1.41 |
|||||||||||
2021 |
2.82 |
2.87 |
2.78 |
2.32 |
2.82 |
2.07 |
2.10 |
2.11 |
2.44 |
1.99 |
1.74 |
|||||||||||
2022 |
2.95 |
3.06 |
2.96 |
2.62 |
3.01 |
2.30 |
2.39 |
2.40 |
2.72 |
2.31 |
2.07 |
|||||||||||
2023 |
2.99 |
3.17 |
3.07 |
2.71 |
3.12 |
2.35 |
2.48 |
2.50 |
2.83 |
2.46 |
2.21 |
|||||||||||
2024 |
3.01 |
3.24 |
3.15 |
2.81 |
3.20 |
2.39 |
2.58 |
2.59 |
2.90 |
2.56 |
2.31 |
|||||||||||
2025 |
3.02 |
3.32 |
3.23 |
2.89 |
3.27 |
2.41 |
2.66 |
2.67 |
2.98 |
2.66 |
2.42 |
|||||||||||
2026 |
3.02 |
3.39 |
3.30 |
2.96 |
3.34 |
2.42 |
2.72 |
2.74 |
3.05 |
2.73 |
2.48 |
|||||||||||
2027 |
3.02 |
3.46 |
3.36 |
3.03 |
3.41 |
2.43 |
2.78 |
2.80 |
3.12 |
2.80 |
2.54 |
|||||||||||
2028 |
3.02 |
3.52 |
3.43 |
3.10 |
3.48 |
2.44 |
2.85 |
2.87 |
3.18 |
2.87 |
2.61 |
|||||||||||
2029 |
3.02 |
3.60 |
3.50 |
3.17 |
3.55 |
2.45 |
2.92 |
2.94 |
3.26 |
2.93 |
2.68 |
|||||||||||
2030 |
3.02 |
3.67 |
3.58 |
3.24 |
3.62 |
2.46 |
2.99 |
3.00 |
3.33 |
3.00 |
2.74 |
|||||||||||
2031 |
3.02 |
3.74 |
3.65 |
3.30 |
3.69 |
2.46 |
3.05 |
3.07 |
3.39 |
3.06 |
2.80 |
|||||||||||
2032 |
3.02 |
3.81 |
3.72 |
3.37 |
3.77 |
2.46 |
3.11 |
3.13 |
3.46 |
3.12 |
2.85 |
|||||||||||
2033 |
3.02 |
3.89 |
3.80 |
3.43 |
3.84 |
2.46 |
3.17 |
3.19 |
3.54 |
3.19 |
2.91 |
|||||||||||
2034 |
3.02 |
3.97 |
3.87 |
3.50 |
3.92 |
2.46 |
3.23 |
3.25 |
3.61 |
3.25 |
2.97 |
|||||||||||
2035 |
3.02 |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
2.46 |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
Notes: |
|
(1) |
Crude oil and natural gas benchmark reference pricing, inflation and exchange rates utilized by GLJ in the GLJ Reserve Report and Deloitte in the Deloitte Reserve Report, were an average of forecast prices and costs published by Sproule Associates Ltd. as at December 31, 2019 and GLJ and McDaniel & Associates Consultants Ltd. as at January 1, 2020 (each of which is available on their respective websites at www.sproule.com, www.gljpc.com, and www.mcdan.com). GLJ assigns a value to the Company’s existing physical diversification contracts for natural gas for consuming markets at Dawn, Chicago, Ventura, Malin and PG&E based on forecasted differentials to NYMEX Henry Hub as per the aforementioned consultant average price forecast, contracted volumes and transportation costs. No incremental value is assigned to potential future contracts which were not in place as of December 31, 2019. |
(2) |
Inflation rates used for forecasting prices and costs. |
(3) |
Exchange rates used to generate the benchmark reference prices in this table. |
RESERVES PERFORMANCE RATIOS
The following tables highlight Tourmaline’s reserves, F&D and FD&A costs as well as the associated recycle ratios.
Reserves, Capital Expenditures and Cash Flow(1)
As at December 31, |
2019 |
2018 |
2017 |
Reserves (Mboe) |
|||
Proved Producing |
527,361 |
473,269 |
436,208 |
Total Proved |
1,294,439 |
1,206,381 |
1,055,702 |
Proved Plus Probable |
2,601,928 |
2,457,358 |
2,216,206 |
Capital Expenditures ($ millions) |
|||
Exploration and Development(2) |
1,069 |
1,261 |
1,364 |
Net Acquisitions (Dispositions) |
219 |
(47) |
58 |
Total Capital Expenditures |
1,287 |
1,214 |
1,422 |
Cash Flow ($/boe) |
|||
Cash Flow |
11.36 |
13.47 |
13.63 |
Cash Flow – Three Year Average |
12.75 |
12.80 |
13.11 |
Notes: |
|
(1) |
Cash flow is defined as cash provided by operations before changes in non-cash operating working capital. See “Non-GAAP Financial Measures” below and in the Company’s most recently filed Management’s Discussion and Analysis for further discussion. |
(2) |
Includes capitalized G&A of $33 million, $30 million and $27 million for 2019, 2018 and 2017 respectively. |
Finding and Development Costs
Finding and Development Costs, Excluding FDC |
2019 |
2018 |
2017 |
3-Year Avg. |
Total Proved |
||||
Reserve Additions (MMboe) |
160.7 |
241.0 |
272.8 |
|
F&D Costs ($/boe) |
6.65 |
5.24 |
5.00 |
5.48 |
F&D Recycle Ratio(1) |
1.7 |
2.6 |
2.7 |
2.3 |
Total Proved Plus Probable |
||||
Reserve Additions (MMboe) |
180.4 |
326.6 |
537.5 |
|
F&D Costs ($/boe) |
5.92 |
3.86 |
2.54 |
3.54 |
F&D Recycle Ratio(1) |
1.9 |
3.5 |
5.4 |
3.6 |
Finding and Development Costs, Including FDC |
2019 |
2018 |
2017 |
3-Year Avg. |
Total Proved |
||||
Change in FDC ($ millions) |
(275.2) |
441.7 |
481.1 |
|
Reserve Additions (MMboe) |
160.7 |
241.0 |
272.8 |
|
F&D Costs ($/boe) |
4.94 |
7.07 |
6.76 |
6.44 |
F&D Recycle Ratio(1) |
2.3 |
1.9 |
2.0 |
2.0 |
Total Proved Plus Probable |
||||
Change in FDC ($ millions) |
(589.4) |
486.3 |
612.1 |
|
Reserve Additions (MMboe) |
180.4 |
326.6 |
537.5 |
|
F&D Costs ($/boe) |
2.66 |
5.35 |
3.68 |
4.02 |
F&D Recycle Ratio(1) |
4.3 |
2.5 |
3.7 |
3.2 |
Finding, Development and Acquisition Costs
Finding, Development and Acquisition Costs, |
2019 |
2018 |
2017 |
3-Year Avg. |
Total Proved |
||||
Reserve Additions (MMboe) |
194.2 |
247.4 |
285.2 |
|
FD&A Costs ($/boe) |
6.63 |
4.91 |
4.98 |
5.40 |
FD&A Recycle Ratio(1) |
1.7 |
2.7 |
2.7 |
2.4 |
Total Proved Plus Probable |
||||
Reserve Additions (MMboe) |
250.7 |
337.9 |
557.8 |
|
FD&A Costs ($/boe) |
5.13 |
3.59 |
2.55 |
3.42 |
FD&A Recycle Ratio(1) |
2.2 |
3.7 |
5.3 |
3.7 |
Finding, Development and Acquisition Costs, |
2019 |
2018 |
2017 |
3-Year Avg. |
Total Proved |
||||
Change in FDC ($ millions) |
(93.4) |
465.3 |
515.7 |
|
Reserve Additions (MMboe) |
194.2 |
247.4 |
285.2 |
|
FD&A Costs ($/boe) |
6.15 |
6.79 |
6.79 |
6.62 |
FD&A Recycle Ratio(1) |
1.8 |
2.0 |
2.0 |
1.9 |
Total Proved Plus Probable |
||||
Change in FDC ($ millions) |
(218.0) |
526.8 |
678.3 |
|
Reserve Additions (MMboe) |
250.7 |
337.9 |
557.8 |
|
FD&A Costs ($/boe) |
4.26 |
5.15 |
3.76 |
4.28 |
FD&A Recycle Ratio(1) |
2.7 |
2.6 |
3.6 |
3.0 |
Note: |
|
(1) |
The recycle ratio is calculated by dividing the cash flow per boe by the appropriate F&D or FD&A costs related to the reserve additions for that year. |
Conference Call Tomorrow at 9:00 a.m. MT (11:00 a.m. ET)
Tourmaline will host a conference call tomorrow, March 4, 2020 starting at 9:00 a.m. MT (11:00 a.m. ET). To participate, please dial 1-888-231-8191 (toll-free in North America), or international dial-in 647-427-7450, a few minutes prior to the conference call.
Conference ID is 3587405.