Q2 Results: NCIB DiscussionNew and not in previous quarterly Results Press Releases is whole section in Q2 Results PR discussing NCIB share buybacks. Notes:
1) Previous NCIB = no shares bought.
2) New NCIB in place for up to 5% of shares.
3) "Tourmaline believes that at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to enhance Tourmaline's per share metrics and thereby increase the underlying value of its common shares to its shareholders. Tourmaline will use the NCIB as another tool to enhance total long- term shareholder returns and it will be used in conjunction with management's disciplined free cash flow capital allocation strategy."
Also note: "Exit Q2 2023 net debt was $791.1 million, well below the Company’s long-term net debt target of $1.0 – 1.2 billion. Tourmaline is in a surplus position when including the value of its 45.1 million shares of Topaz Energy Corp (valued at $931.4 million using the closing price of the Topaz common shares on June 30, 2023, of $20.63/share)."
So I believe TOU will start buying back shares, hopefully in addition to Base and Special Dividends.