Post by
houbahop on Jan 22, 2024 3:33pm
From their last PR:
"Also included in this news release are estimates of Tourmaline's year-end 2024 net debt to cash flow target levels, which are based on, among other things, the various assumptions as to production levels, capital expenditures and other assumptions disclosed in this news release and including Tourmaline's estimated average 2024 production of 600,000 boepd, commodity price assumptions for natural gas ($3.62/mcf 2024 NYMEX US; $3.12/mcf 2024 AECO 5A; $17.83/mcf 2024 JKM US), crude oil ($80.11/bbl 2024 WTI US) and an exchange rate assumption of $0.73 (US/CAD) for 2024. o the extent such estimates constitute financial outlooks, they were approved by management and the Board of Directors of Tourmaline on January 15, 2024,..."
By January 15th, NYMEX 2024 US averaged $3.00/mcf; $2.50/mcf 2024 AECO; $11.50/mcf 2024 JKM US, crude oil $74/bbl 2024 WTI US and the exchange rate $0.745 US/CAN.
In other words, their 2024 financial guidance can be put in the garbage. Their commodity prices are 10% to 25% over current Futures strip market.
Their assumptions, especially the JKM prices are way far off. Until August, JKM trades under $10US/MMBtu.
I wonder why Mike Rose would sign this PR....