• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • BOE Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Tourmaline Oil reports Q4 earnings of $629 million and 12 per cent production rise

March 10, 20214:11 PM The Canadian Press0 Comments

CALGARY – Tourmaline Oil Corp. is reporting higher fourth-quarter earnings and production along with a 14% increase in its dividend following a year in which it completed four corporate acquisitions.

The Calgary-based company, the largest natural gas producer in Canada, says it had net income in the last three months of 2020 of $629 million or $2.28 per share, more than 10 times the $61.3 million or 23 cents it reported in the same period of 2019.

It says the increase in net earnings reflects a gain on acquisition and divestitures of $500 million in the fourth quarter of 2020 and a 5% increase in operating netbacks.

Tourmaline says it produced an average of about 336,000 barrels of oil equivalent per day in the fourth quarter, up 12% from just under 300,000 boe/d in the year-earlier period, but current production is above 405,000 boe/d.

It says its fourth-quarter average price for natural gas rose 15% to $3.19 per thousand cubic feet compared with the same period of 2019.

Its realized price for oil, condensate, and natural gas liquids fell by 12% to $33.85 per barrel.

“Given stronger than anticipated cash flow in future years, the company is increasing its dividend by 14% from 14 cents per share per quarter to 16 cents … commencing in the first quarter of 2021,” it said in a news release.

Tourmaline closed deals to buy two private producers, Modern Resources Inc. and Jupiter Resources Inc., in the fourth quarter, adding 76,000 barrels of oil equivalent per day of output for a total of about $526 million in cash and shares. 29dk2902l

Jupiter Resources Modern Resources Tourmaline

Follow BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Cardium update – Top wells, most active companies and areas of interest – BOE Intel
  • US natgas holds near 3-week low on forecasts for milder weather
  • Oil edges up on historic Swiss banks deal, central banks support
  • IPC CEO urges Canada to offer more funding to build carbon capture
  • Asset Sale – Prairie Provident Resources – Southern Alberta – Coutts Field

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    BOE Network
    © 2023 Stack Technologies Ltd.