RE:Last year special div announced on July 27Page 8 of the May 2023 Corporate Presentation shows TOU is expecting to generate $5.88 of free cash flow per share this year. So far there have been two special dividends for a total of $3.50. They need $1.03 to cover the four regular quarterly dividends. That only leaves $1.35 max to cover the next two special dividends this year. Perhaps $0.75 for the upcoming special dividend and maybe $0.50 for the special dividend after that.
I would love to have another $1.50 special dividend in July but I do not think that is realistic. The only way they can continue paying out $1.50 special dividends is if they have a big bag of cash left over from 2021 and 2022 that they can transfer over to the special dividend fund.
https://tourmaline.cdn.prismic.io/tourmaline/304dba70-80ed-4f83-a078-d56d42d80ee6_Tourmaline+Oil+Corp+Overview+May.pdf