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

BOE Report

Sign up
  • Home
  • StackDX 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 to acquire Crew Energy – see asset map, comparable transactions, deal metrics, and more – BOE Intel

August 13, 20247:00 AM Dan Rutherford

Tourmaline announced yesterday that it will acquire Crew Energy for total value of approximately $1.3 billion. Stated volumes in the press release were 29,000-30,000 BOE/d. The company updated its corporate presentation with a few new slides, highlighting ~341 net sections of Montney land will be acquired as well as 700 Tier 1 locations.

Tourmaline cited a few reasons for the acquisition. In the press release, Tourmaline said it “believes this is an opportune time for consolidating natural gas assets prior to imminent major growth in the North American LNG business and acceleration of natural gas-powered electrical generation requirements across the continent.” The company also mentioned in its new presentation that Crew fit with what Tourmaline looks for in terms of acquisition criteria: “geographic fit, material production and reserve growth potential, deep Tier 1 inventory, growing FCF accretion, strong liquids production, infrastructure synergies, a myriad of facility and field optimization opportunities, modest size acquisition corporately.”

The pro forma asset map is included below.

Figure 1 – Tourmaline corporate presentation slide

Source: Tourmaline Corporate Presentation

The acquisition price works out to around $44,068/BOE/d. In Figure 2 below, we show some comparables for Montney transactions over the last few years. It has been a couple of years since we last saw substantial M&A in the BC Montney, so we’ve broken down the table to show BC Montney transactions and AB Montney transactions separately.

Figure 2 – M&A comparables – BOE Intel (turn sideways to view full table on mobile)

Date Type Acquirer Target Value ($) Region/Play BOE/d % liquids $/BOE/d
2024-08-12 Corporate Tourmaline Oil Corp. Crew Energy 1,300,000,000 BC Montney 29,500 44,068
2023-11-06 Corporate Crescent Point Hammerhead Energy 2,550,000,000 Alberta Montney 56,000 48 45,536
2023-08-01 Corporate Strathcona Resources Pipestone Energy Corp. 920,000,000 Montney 33,143 41 27,759
2023-03-28 Asset Crescent Point Spartan Delta Corp. 1,700,000,000 Alberta/Montney 38,000 55 44,737
2022-06-28 Corporate Whitecap Resources XTO Energy Canada 1,700,000,000 Montney/Duvernay 32,000 30 53,125
2022-03-28 Corporate Vermilion Energy Leucrotta Exploration               477,000,000 Montney  13,000* 36,692
2021-11-10 Corporate Canadian Natural Resources Limited Storm Resources 960,000,000 Montney 28,267 19 33,962
2021-06-11 Corporate Tourmaline Oil Corp. Black Swan Energy 1,100,000,000 North Montney 50,000 22,000

*Press released acquisition volumes of 13,000 BOE/d were a forward looking number. Actual volumes at the time were likely significantly lower.

**BC Montney transactions highlighted in green

The press release did not contain an assumed liquids percentage for the Crew volumes, but Tourmaline’s presentation suggests 7,000 bbl/d of liquids production from the assets, while Crew’s 2024 Q2 reported volumes included 8,620 bbl/d of liquids production including 6,131 bbl/d of condensate. Crew’s liquids percentage reached 29% in the quarter (Figure 3), which was a multi-year high, as the company had been targeting the condensate rich part of its acreage recently.

Figure 3 – Crew Energy liquids % (2018 to Q2 2024) – BOE Intel

While Tourmaline is the largest, and arguably most successful natural gas company in Canada (and maybe beyond?), it has also grown a very significant liquids business in its own right, both organically and through strategic acquisitions. By Q2 2024, Tourmaline’s liquids weighting had grown to 25% (from 18% in 2018), while liquids volumes have tripled in that time frame on an absolute basis from 47,070 bbl/d to 138,906 bbl/d.

Figure 4 – Tourmaline Liquids Weighting (%) – 2018 to Q2 2024 – BOE Intel

Figure 5 – Tourmaline liquids production (2018 to Q2 2024) – BOE Intel

In Q2 2024, Tourmaline produced ~2.5 BCF/d of natural gas (Figure 6), as it continues to widen its lead as largest natural gas producer in Canada. The absolute level of natural gas production as well as the remarkable depth of future inventory certainly appears very strategic; in particular as LNG Canada is set to begin exporting natural gas possibly next year.

Figure 6 – Tourmaline natural gas production (2018 to Q2 2024) – BOE Intel

In conjunction with the acquisition, Tourmaline raised its base dividend by 6% ($0.33/sh. quarterly to $0.35/share) and revised its 2024 annual production guidance to 582,500 – 592,500 BOE/d from 575,000 – 585,000 BOE/d.

Black Swan Energy Canadian Natural Resources Crew Energy Hammerhead Energy Leucrotta Exploration LNG Pipestone Spartan Delta StackDX Intel Strathcona Resources Tourmaline Vermilion Energy Whitecap Resources XTO Energy

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • July 9th Alberta Crown Land Sale totals $25.3 MM – Montney and Clearwater prospects command premiums – StackDX Intel
  • Discount on Western Canada Select narrows to $10 a barrel
  • Vermilion Energy Inc. Announces Closing of the Saskatchewan Asset Sale
  • Brazilian oil could find new destinations in the face of Trump’s tariffs
  • Gibson Energy Confirms 2025 Second Quarter Earnings Release Date and Provides Conference Call & Webcast Details

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
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.