Canada’s Tourmaline Gains in Q4 on Acquisitions
Mar 11, 2021 7:19:pm
Summary
by: Dale Lunan
Canada’s Tourmaline Gains in Q4 on Acquisitions
Tourmaline Oil, now billing itself Canada’s largest natural gas and NGL producer, reported Q4 2020 net earnings of C$629.2mn (US$500.6mn) on March 10, up from C$61.3mn in the comparable 2019 period.
It attributed the increase to a gain on acquisitions and divestitures of C$500mn in the quarter – a period which saw it acquire Modern Resources and Jupiter Resources for C$570mn in cash and shares and the assumption of C$244mn of debt.
Net earnings for the full year increased to C$618.3mn from C$319.7mn.
US Shale Producer Ovintiv Reports Q4 Net Loss
Feb 17, 2021 11:25:pm
Summary
by: Dale Lunan
US Shale Producer Ovintiv Reports Q4 Net Loss
US shale producer Ovintiv (formerly Canada’s Encana) said February 17 it had a pre-tax net loss in Q4 2020 of $642mn, compared to a Q4 2019 pre-tax net loss of $68mn. Net loss after tax was $614mn.
For full-year 2020, the company reported a pre-tax net loss of $5.7bn, largely reflecting non-cash impairments on lower reserve valuations totaling $5.58bn, taken throughout the year. In Q1 2020, the impairment was $277mn, in Q2 $3.25bn, in Q3 $1.34bn and in Q4 $717mn.
Operating earnings (Ebitda) in Q4 declined to $183mn from $210mn and for the full year fell to $91mn from $860mn.