Tourmaline Oil Corp (Alberta) T.TOU

Alternate Symbol(s): TRMLF

Energy Oil & Gas E&P

Tourmaline Oil Corp. is a natural gas producer, which is focused on producing natural gas in North America. The Company is focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin. It operates in three basins, which include the Alberta Deep Basin, NEBC Montney Gas/Condensate and Peace River Triassic Oil. It has ownership interests in 22 natural gas plants in the Alberta Deep Basin. It owns and operates seven natural gas processing facilities with an aggregate capacity of approximately 1.0 Bcf/d with related gas gathering systems and NGL handling infrastructure in the NEBC complex. The Company owns and operates two oil batteries in the Peace River Triassic Oil basin. The Company’s operations are focused on northeast British Columbia and include a large contiguous land base with a Montney resource. Its Montney area assets include Septimus / West Septimus, Groundbirch, Monias and Tower.

TSX:TOU - Post by User

Tourmaline Oil Corp (Alberta)

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Post by PetroLoonie1on Nov 06, 2019 5:49pm

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Post# 30318004

Q3 Results

https://www.tourmalineoil.com/wp-content/uploads/2019/11/Tourmaline-Q3-2019-Press-Release-FINAL.pdf

HIGHLIGHTS

Record average Q3 oil, condensate and NGL production of 55,833 bpd, up 23% from the same quarter in 2018 and 7% from Q2 2019. Average September total liquids production of 60,138 bpd is on track with the full-year average.
Q3 average production of 289,578 boepd, including impact of Q3 natural gas storage injections and natural gas price-related deferrals, up 3% from Q2 average production and 14% from Q3 2018.
Generated Q3 free cash flow(1) of $14.1 million even with weak AECO natural gas prices, including E&P capital spending of $201.1 million.
Q4 2019 free cash flow is expected to be approximately $50 million based on strip pricing.
The Company has bought back a total of 863,000 common shares under its NCIB for $10.4 million at an average of $12.10/share.
Tourmaline acquired an incremental working interest in the Peace River High oil/gas complex for $175 million including 5,600 boepd, 50% oil and $40 - $45 million of incremental annual cash flow(2).
Tourmaline continues to reduce operating costs averaging $3.11/boe in Q3, down 10% from Q2 2019.
Tourmaline has also entered into a significant long-haul transportation agreement that will increase exposure to the North West U.S., growing current deliveries of 300 mmcfpd up to 450 mmcfpd by 2023, approximately 67% of which is sold at PG&E Citygate.
2019 estimated EP capital spending has been further reduced by $90.0 million.

Read more at https://stockhouse.com/news/press-releases/2019/11/06/tourmaline-s-free-cash-flow-generation-continues-and-capital-efficiencies#U30w2pcWMfwAWOId.99

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