HIGHLIGHTS

  • Second quarter 2021 cash flow (1) of $1.89 per diluted share, record free cash flow (2) of $343.9 million , and average production of 410,339 boepd, exceeding the high end of expectations despite challenging operating conditions in June's heat wave.
  • The updated five-year plan, at current strip pricing (3) , delivers $1.8 billion of FCF in 2022 and $7.0 billion over the full five-year duration of the plan.  The 2022 free cash flow equates to over $5.50 per basic share, a FCF yield of 16% (4) and reduces the 2022 total payout ratio (5)  to 48%.
  • Received a credit rating upgrade from BBB to BBB (high), in July 2021 , by DBRS Morningstar.
  • The Company now expects to achieve year-end 2021 net debt (6) of approximately $1 billion (less than 0.4 times debt to cash flow, and less than one times annual FCF).  As at July 15, 2021 , Tourmaline's Topaz equity ownership was valued at $939.7 million (7) , which essentially offsets the estimated year-end net debt.
  • With incremental volumes on the GTN Malin/PG&E system and the Company's recently announced Gulf Coast LNG pathway in 2023, Tourmaline will have 905 mmcfpd exposed to export markets on firm, long-term transport agreements at exit 2023.  Tourmaline's largest export market, PG&E California, is currently trading at $5.50 /mmbtu (US).