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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

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