CALGARY, AB – 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 2020 as well as 2020 reserves.
HIGHLIGHTS
PRODUCTION UPDATE
FINANCIAL HIGHLIGHTS
2020/2021 BUDGET AND OUTLOOK
2020 RESERVES
MARKETING UPDATE
EP UPDATE
SUSTAINABILITY AND ENVIRONMENTAL PERFORMANCE IMPROVEMENT
SOCIAL
DIVIDEND
(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 2020 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 2020 Management’s Discussion and Analysis. |
(3) |
Based on oil and gas commodity strip pricing at March 1, 2021. |
(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, 2020. |
(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) |
2P reserve value per share is calculated as the before tax net present value of the reserves at December 31, 2020 discounted at 10% divided by total diluted shares outstanding at December 31, 2020. |
CORPORATE SUMMARY – DECEMBER 31, 2020
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||
2020 |
2019 |
Change |
2020 |
2019 |
Change |
|||||
OPERATIONS |
||||||||||
Production |
||||||||||
Natural gas (mcf/d) |
1,592,010 |
1,439,746 |
11% |
1,476,613 |
1,413,160 |
4% |
||||
Crude oil, condensate and NGL (bbl/d) |
70,990 |
59,886 |
19% |
64,496 |
55,338 |
17% |
||||
Oil equivalent (boe/d) |
336,325 |
299,844 |
12% |
310,598 |
290,865 |
7% |
||||
Product prices(1) |
||||||||||
Natural gas ($/mcf) |
$ |
3.19 |
$ |
2.77 |
15% |
$ |
2.68 |
$ |
2.59 |
3% |
Crude oil, condensate and NGL ($/bbl) |
$ |
33.85 |
$ |
38.59 |
(12)% |
$ |
30.87 |
$ |
39.29 |
(21)% |
Operating expenses ($/boe) |
$ |
3.25 |
$ |
3.06 |
6% |
$ |
3.14 |
$ |
3.28 |
(4)% |
Transportation costs ($/boe) |
$ |
4.42 |
$ |
4.13 |
7% |
$ |
4.48 |
$ |
3.86 |
16% |
Operating netback(3) ($/boe) |
$ |
13.65 |
$ |
13.00 |
5% |
$ |
10.93 |
$ |
12.12 |
(10)% |
Cash general and |
$ |
0.50 |
$ |
0.52 |
(4)% |
$ |
0.56 |
$ |
0.49 |
14% |
FINANCIAL |
||||||||||
Total revenue from commodity sales and realized gains |
688,374 |
579,588 |
19% |
2,174,903 |
2,127,337 |
2% |
||||
Royalties |
28,623 |
22,559 |
27% |
65,523 |
83,030 |
(21)% |
||||
Cash flow(4) |
396,869 |
335,856 |
18% |
1,185,687 |
1,205,540 |
(2)% |
||||
Cash flow per share (diluted)(4) |
$ |
1.44 |
$ |
1.24 |
16% |
$ |
4.36 |
$ |
4.43 |
(2)% |
Net earnings |
629,191 |
61,340 |
926% |
618,311 |
319,740 |
93% |
||||
Net earnings per share (diluted) |
$ |
2.28 |
$ |
0.23 |
891% |
$ |
2.27 |
$ |
1.18 |
92% |
Capital expenditures (net of dispositions) |
271,284 |
320,389 |
(15)% |
1,083,625 |
1,287,259 |
(16)% |
||||
Weighted average shares outstanding (diluted) |
272,079,590 |
271,878,824 |
-% |
|||||||
Net debt(4) |
(1,784,920) |
(1,755,684) |
2% |
|||||||
PROVED + |
||||||||||
Natural gas (bcf) |
15,459.2 |
12,294.6 |
26% |
|||||||
Crude oil (mbbls) |
102,843 |
96,984 |
6% |
|||||||
Natural gas liquids (mbbls) |
634,890 |
455,851 |
39% |
|||||||
Mboe |
3,314,264 |
2,601,928 |
27% |
(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, 2020. |
2020 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 51.7% 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 6.5% 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 8.5% and 7.6%, 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 Crude Oil, Natural Gas and Natural Gas Liquids Reserves and |
||||||||||||||||||||
Light & Medium Crude |
Conventional Natural |
Shale Natural Gas(2) |
Natural Gas Liquids |
Total Oil Equivalent |
||||||||||||||||
Reserves Category |
Company Gross |
Company Net |
Company Gross |
Company Net |
Company Gross |
Company Net |
Company Gross |
Company Net |
Company |
Company |
||||||||||
Proved Producing |
14,638 |
12,807 |
2,187,332 |
1,990,250 |
1,262,996 |
1,100,036 |
146,755 |
127,125 |
736,448 |
654,979 |
||||||||||
Proved Developed Non-Producing |
1,791 |
1,430 |
86,881 |
79,270 |
174,689 |
154,455 |
10,365 |
9,203 |
55,750 |
49,587 |
||||||||||
Proved Undeveloped |
35,721 |
30,124 |
2,327,817 |
2,139,471 |
1,921,668 |
1,700,155 |
154,889 |
140,095 |
898,857 |
810,156 |
||||||||||
Total Proved |
52,150 |
44,361 |
4,602,031 |
4,208,992 |
3,359,353 |
2,954,646 |
312,008 |
276,422 |
1,691,056 |
1,514,723 |
||||||||||
Total Probable |
50,693 |
42,936 |
3,181,653 |
2,914,958 |
4,316,151 |
3,689,427 |
322,881 |
280,309 |
1,623,208 |
1,423,976 |
||||||||||
Total Proved Plus Probable |
102,843 |
87,296 |
7,783,684 |
7,123,950 |
7,675,505 |
6,644,073 |
634,890 |
556,731 |
3,314,264 |
2,938,698 |
Net Present Values of Future Net Revenue ($000s) |
||||||||||||||||||||||||||||
Before Income Taxes Discounted at (2) |
After Income Taxes Discounted at (2) (3) |
Unit Value Before Income Tax Discounted at 10%/year |
||||||||||||||||||||||||||
Reserves Category |
0 |
5 |
8 |
10 |
15 |
20 |
0 |
5 |
8 |
10 |
15 |
20 |
($/Boe) |
($/Mcfe) |
||||||||||||||
Proved Producing |
8,659,201 |
7,102,128 |
6,390,964 |
5,993,613 |
5,203,745 |
4,621,172 |
8,659,201 |
7,102,128 |
6,390,964 |
5,993,613 |
5,203,745 |
4,621,172 |
9.15 |
1.53 |
||||||||||||||
Proved Developed Non-Producing |
763,691 |
592,722 |
523,565 |
486,385 |
414,782 |
363,460 |
606,060 |
512,097 |
468,528 |
443,379 |
390,975 |
349,840 |
9.81 |
1.63 |
||||||||||||||
Proved Undeveloped |
8,898,335 |
5,746,758 |
4,549,177 |
3,931,094 |
2,804,494 |
2,060,860 |
6,942,509 |
4,463,850 |
3,523,500 |
3,038,714 |
2,155,890 |
1,573,309 |
4.85 |
0.81 |
||||||||||||||
Total Proved |
18,321,228 |
13,441,608 |
11,463,706 |
10,411,091 |
8,423,021 |
7,045,492 |
16,207,770 |
12,078,075 |
10,382,992 |
9,475,706 |
7,750,610 |
6,544,320 |
6.87 |
1.15 |
||||||||||||||
Total Probable |
21,803,472 |
11,347,402 |
8,240,697 |
6,812,064 |
4,502,129 |
3,180,028 |
16,789,742 |
8,677,720 |
6,271,191 |
5,167,025 |
3,388,007 |
2,375,947 |
4.78 |
0.80 |
||||||||||||||
Total Proved Plus Probable |
40,124,699 |
24,789,010 |
19,704,403 |
17,223,156 |
12,925,150 |
10,225,520 |
32,997,511 |
20,755,796 |
16,654,183 |
14,642,731 |
11,138,617 |
8,920,267 |
5.86 |
0.98 |
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) |
|||||||||||||||
Reserves Category |
Revenue |
Royalties |
Operating |
Capital |
Abandonment |
Future Net |
Income |
Future Net |
|||||||
Proved Producing |
15,239,772 |
1,197,826 |
4,557,871 |
3,771 |
821,102 |
8,659,201 |
– |
8,659,201 |
|||||||
Proved Developed Non-Producing |
1,194,349 |
109,414 |
261,539 |
41,756 |
17,948 |
763,691 |
157,632 |
606,060 |
|||||||
Proved Undeveloped |
19,529,608 |
1,478,749 |
4,378,741 |
4,549,430 |
224,353 |
8,898,335 |
1,955,826 |
6,942,509 |
|||||||
Total Proved |
35,963,729 |
2,785,989 |
9,198,151 |
4,594,957 |
1,063,404 |
18,321,228 |
2,113,458 |
16,207,770 |
|||||||
Total Probable |
40,565,147 |
4,222,391 |
9,997,501 |
4,192,615 |
349,169 |
21,803,472 |
5,013,730 |
16,789,742 |
|||||||
Total Proved Plus Probable |
76,528,876 |
7,008,379 |
19,195,653 |
8,787,572 |
1,412,573 |
40,124,699 |
7,127,188 |
32,997,511 |
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 |
|||||||||
2021 |
0.0 |
0.7683 |
47.17 |
47.17 |
55.76 |
8.91 |
18.18 |
26.36 |
59.24 |
|||||||||
2022 |
1.3 |
0.7650 |
49.51 |
50.17 |
59.89 |
8.65 |
21.91 |
32.85 |
63.19 |
|||||||||
2023 |
2.0 |
0.7633 |
51.44 |
53.17 |
63.48 |
8.35 |
24.57 |
39.20 |
67.34 |
|||||||||
2024 |
2.0 |
0.7633 |
52.14 |
54.97 |
65.76 |
8.46 |
25.47 |
40.65 |
69.77 |
|||||||||
2025 |
2.0 |
0.7633 |
52.14 |
56.07 |
67.13 |
8.63 |
26.00 |
41.50 |
71.18 |
|||||||||
2026 |
2.0 |
0.7633 |
52.14 |
57.19 |
68.53 |
8.81 |
26.54 |
42.36 |
72.61 |
|||||||||
2027 |
2.0 |
0.7633 |
52.14 |
58.34 |
69.95 |
8.99 |
27.09 |
43.24 |
74.07 |
|||||||||
2028 |
2.0 |
0.7633 |
52.14 |
59.50 |
71.40 |
9.17 |
27.65 |
44.14 |
75.56 |
|||||||||
2029 |
2.0 |
0.7633 |
52.14 |
60.69 |
72.88 |
9.36 |
28.23 |
45.06 |
77.08 |
|||||||||
2030 |
2.0 |
0.7633 |
52.14 |
61.91 |
74.34 |
9.55 |
28.79 |
45.96 |
78.62 |
|||||||||
2031 |
2.0 |
0.7633 |
52.14 |
63.15 |
75.83 |
9.74 |
29.37 |
46.88 |
80.19 |
|||||||||
2032 |
2.0 |
0.7633 |
52.14 |
64.41 |
77.34 |
9.93 |
29.96 |
47.82 |
81.80 |
|||||||||
2033 |
2.0 |
0.7633 |
52.14 |
65.70 |
78.89 |
10.13 |
30.55 |
48.78 |
83.43 |
|||||||||
2034 |
2.0 |
0.7633 |
52.14 |
67.01 |
80.47 |
10.33 |
31.16 |
49.75 |
85.10 |
|||||||||
2035 |
2.0 |
0.7633 |
52.14 |
68.35 |
82.08 |
10.54 |
31.79 |
50.75 |
86.80 |
|||||||||
2036 |
2.0 |
0.7633 |
52.14 |
+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 |
|||||||||||
2021 |
2.83 |
2.83 |
2.69 |
2.78 |
2.73 |
2.55 |
2.55 |
2.56 |
2.76 |
2.71 |
2.48 |
|||||||||||
2022 |
2.83 |
2.87 |
2.73 |
2.70 |
2.80 |
2.44 |
2.47 |
2.49 |
2.75 |
2.62 |
2.38 |
|||||||||||
2023 |
2.81 |
2.90 |
2.76 |
2.61 |
2.83 |
2.31 |
2.38 |
2.40 |
2.77 |
2.53 |
2.30 |
|||||||||||
2024 |
2.81 |
2.96 |
2.82 |
2.65 |
2.89 |
2.30 |
2.42 |
2.43 |
2.82 |
2.56 |
2.33 |
|||||||||||
2025 |
2.81 |
3.02 |
2.88 |
2.70 |
2.94 |
2.30 |
2.47 |
2.48 |
2.88 |
2.61 |
2.38 |
|||||||||||
2026 |
2.80 |
3.08 |
2.94 |
2.76 |
3.00 |
2.30 |
2.52 |
2.53 |
2.94 |
2.67 |
2.43 |
|||||||||||
2027 |
2.81 |
3.14 |
3.00 |
2.81 |
3.06 |
2.30 |
2.57 |
2.59 |
3.00 |
2.72 |
2.48 |
|||||||||||
2028 |
2.80 |
3.20 |
3.06 |
2.86 |
3.12 |
2.30 |
2.62 |
2.64 |
3.06 |
2.77 |
2.53 |
|||||||||||
2029 |
2.80 |
3.26 |
3.12 |
2.92 |
3.18 |
2.30 |
2.68 |
2.70 |
3.12 |
2.83 |
2.59 |
|||||||||||
2030 |
2.80 |
3.33 |
3.18 |
2.98 |
3.25 |
2.30 |
2.74 |
2.75 |
3.18 |
2.88 |
2.64 |
|||||||||||
2031 |
2.80 |
3.39 |
3.25 |
3.04 |
3.32 |
2.30 |
2.79 |
2.81 |
3.24 |
2.94 |
2.69 |
|||||||||||
2032 |
2.80 |
3.46 |
3.32 |
3.10 |
3.38 |
2.30 |
2.85 |
2.86 |
3.31 |
3.00 |
2.74 |
|||||||||||
2033 |
2.80 |
3.53 |
3.38 |
3.16 |
3.45 |
2.30 |
2.90 |
2.92 |
3.38 |
3.06 |
2.80 |
|||||||||||
2034 |
2.80 |
3.60 |
3.45 |
3.23 |
3.52 |
2.31 |
2.96 |
2.98 |
3.45 |
3.12 |
2.85 |
|||||||||||
2035 |
2.80 |
3.67 |
3.52 |
3.29 |
3.59 |
2.30 |
3.02 |
3.04 |
3.52 |
3.18 |
2.91 |
|||||||||||
2036 |
2.80 |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
+2.0%/yr |
2.30 |
+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, 2020 and GLJ and McDaniel & Associates Consultants Ltd. as at January 1, 2021 (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, PG&E, Iroquois, and Kingsgate 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, 2020. |
(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, |
2020 |
2019 |
2018 |
Reserves (Mboe) |
|||
Proved Producing |
736,448 |
527,361 |
473,269 |
Total Proved |
1,691,056 |
1,294,439 |
1,206,381 |
Proved Plus Probable |
3,314,264 |
2,601,928 |
2,457,358 |
Capital Expenditures ($ millions) |
|||
Exploration and Development(2) |
912 |
1,069 |
1,261 |
Net Property Acquisitions (Dispositions) |
172 |
219 |
(47) |
Net Corporate Acquisitions (Dispositions)(3) |
794 |
– |
– |
Less: Topaz Property Acquisitions(4) |
(119) |
– |
– |
Total(5) |
1,759 |
1,287 |
1,214 |
Cash Flow ($/boe) |
|||
Cash Flow |
10.43 |
11.36 |
13.47 |
Cash Flow – Three Year Average |
11.67 |
12.75 |
12.80 |
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 $31 million, $33 million and $30 million for 2020, 2019 and 2018 respectively. |
(3) |
Includes purchase price (cash and/or common shares) plus net debt. |
(4) |
Includes property acquisitions incurred by Topaz from non-related parties. |
(5) |
Represents the capital expenditures used for purposes of F&D and FD&A calculations. |
Finding and Development Costs
Finding and Development Costs, Excluding FDC |
2020 |
2019 |
2018 |
3-Year Avg. |
Total Proved |
||||
Reserve Additions (MMboe) |
185.4 |
160.7 |
241.0 |
|
F&D Costs ($/boe) |
4.92 |
6.65 |
5.24 |
5.52 |
F&D Recycle Ratio(1) |
2.1 |
1.7 |
2.6 |
2.1 |
Total Proved Plus Probable |
||||
Reserve Additions (MMboe) |
210.5 |
180.4 |
326.6 |
|
F&D Costs ($/boe) |
4.33 |
5.92 |
3.86 |
4.52 |
F&D Recycle Ratio(1) |
2.4 |
1.9 |
3.5 |
2.6 |
Finding and Development Costs, Including FDC |
2020 |
2019 |
2018 |
3-Year Avg. |
Total Proved |
||||
Change in FDC ($ millions) |
(286.0) |
(275.2) |
441.7 |
|
Reserve Additions (MMboe) |
185.4 |
160.7 |
241.0 |
|
F&D Costs ($/boe) |
3.38 |
4.94 |
7.07 |
5.32 |
F&D Recycle Ratio(1) |
3.1 |
2.3 |
1.9 |
2.2 |
Total Proved Plus Probable |
||||
Change in FDC ($ millions) |
(566.3) |
(589.4) |
486.3 |
|
Reserve Additions (MMboe) |
210.5 |
180.4 |
326.6 |
|
F&D Costs ($/boe) |
1.64 |
2.66 |
5.35 |
3.59 |
F&D Recycle Ratio(1) |
6.4 |
4.3 |
2.5 |
3.3 |
Finding, Development and Acquisition Costs
Finding, Development and Acquisition Costs, Excluding FDC |
2020 |
2019 |
2018 |
3-Year Avg. |
Total Proved |
||||
Reserve Additions (MMboe) |
510.3 |
194.2 |
247.4 |
|
FD&A Costs ($/boe) |
3.45 |
6.63 |
4.91 |
4.48 |
FD&A Recycle Ratio(1) |
3.0 |
1.7 |
2.7 |
2.6 |
Total Proved Plus Probable |
||||
Reserve Additions (MMboe) |
826.0 |
250.7 |
337.9 |
|
FD&A Costs ($/boe) |
2.13 |
5.13 |
3.59 |
3.01 |
FD&A Recycle Ratio(1) |
4.9 |
2.2 |
3.7 |
3.9 |
Finding, Development and Acquisition Costs, Including FDC |
2020 |
2019 |
2018 |
3-Year Avg. |
Total Proved |
||||
Change in FDC ($ millions) |
723.3 |
(93.4) |
465.3 |
|
Reserve Additions (MMboe) |
510.3 |
194.2 |
247.4 |
|
FD&A Costs ($/boe) |
4.86 |
6.15 |
6.79 |
5.63 |
FD&A Recycle Ratio(1) |
2.1 |
1.8 |
2.0 |
2.1 |
Total Proved Plus Probable |
||||
Change in FDC ($ millions) |
1,383.5 |
(218.0) |
526.8 |
|
Reserve Additions (MMboe) |
826.0 |
250.7 |
337.9 |
|
FD&A Costs ($/boe) |
3.80 |
4.26 |
5.15 |
4.21 |
FD&A Recycle Ratio(1) |
2.7 |
2.7 |
2.6 |
2.8 |
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 11, 2021 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 1689407.
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