Sign Up for FREE Daily Energy News
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • instagram
  • youtube2
WEC - Western Engineered Containment
Copper Tip Energy Services
Hazloc Heaters
WEC - Western Engineered Containment
Copper Tip Energy
Hazloc Heaters

Tourmaline Oil posts $248M Q1 profit on higher oil and gas prices, volume boost

English Français 简体中文
These translations are done via Google Translate

CALGARY — Tourmaline Oil Corp. is reporting positive net income in the first quarter thanks to higher oil and gas prices and a 33 per cent increase in production from acquisitions as well as an active drilling program.

The Calgary-based company says it had net income of $248 million or 83 cents per share in the three months ended March 31, compared with a loss of $35.8 million or 13 cents a share in the same period of last year.

Analysts had expected net income of $207 million or 70 cents per share, according to financial data firm Refinitiv.

Tourmaline says first-quarter production averaged 411,600 barrels of oil equivalent per day (nearly 92,000 barrels per day of oil and liquids), noting stronger-than-expected well performance boosted its March output to 417,800 boe/d.

Production was 308,300 boe/d in the first quarter of 2020.

Its full-year production guidance calls for an average of between 390,000 and 410,000 boe/d with a capital budget of $1.075 billion.

Tourmaline closed deals to buy two private producers, Modern Resources Inc. and Jupiter Resources Inc., in the fourth quarter of 2020, adding 76,000 boe/d of output for a total of about $526 million in cash and shares.

This report by The Canadian Press was first published May 5, 2021.

Companies in this story: (TSX:TOU)

The Canadian Press

Share This:

More News Articles

New SHOWCASE Directory Companies


Delta Remediation Inc.
The Coverall Shop
Axis Communciations
Muddy Boots
Vista Projects Limited
Payload Technologies Inc.
Smart-Project Management Inc. / Trusted Pipeline Advisor