Tourmaline Oil Corp (Alberta) T.TOU

Help me understand?

[fishcarrier]

Sometimes you read things quickly and say to yourself, nice results. On the other hand don't believe everything you read. Please help me with this:

Q2 report says: Second quarter earnings were $822.9 million (2.40 per diluted share). NG price was $6.31

Q 3 report says: Third quarter earnings were  $2,097.9 million (6.11 per share) NG price was 5.37. 

Can anyone square these two? Now I know earnings aren't necessarily net income, but... The total earnings and the per share match. I think mmcf/d was down even - not sure.  How did Tourmaline do this?

[realcdn]

My guess is it's to do with the hedging. I think a lot of poor hedges are rolling off in recent quarters

[Aces8s]

This post has been removed in accordance with Community Policy

[GunnerG]

Many of the figures in Q2 have been restated due to the accounting for the JKM hedges.  See highlighted items below.  See Note 2 in the Q3 financial statements, not the NR, the FS. Also, per notes in the news releases:  (1) Product prices include realized gains and losses on risk management activities and financial instrument contracts Net earnings are also called net income.