Tourmaline Oil Boosts Dividend 11%, Declares Special C$1.25 Dividend as It Boosts Shareholder Returns
05:25 PM EST, 01/17/2022 (MT Newswires) -- Tourmaline Oil (TOU.TO) on Monday said it is boosting its dividend by 11% and paying a special dividend of C$1.25 per share as the Western Canadian natural-gas producer follows through on plans to boost returns to shareholders.
The company said it is raising its quarterly dividend to C$0.20 per share from C$0.18, beginning in the current quarter. The special dividend will be paid Feb.1 to shareholders of record on Jan.25.
It expects to declare additional special dividends in 2022 and is continuing its normal course issuer bid as it sees net debt this year running below its target of around C$1.1 billion.
Tourmaline said its fourth-quarter production average about 485,000 barrels of oil equivalent per day, within guidance, and it finished the year with output of 500,000 boepd. It expects to maintain that production level through 2022 with planned capital spending of C$1.3 billion.
The company's shares closed up C$0.74 to C$46.05 on the Toronto Stock Exchange.