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Tourmaline Oil reports Q4 earnings of $629 million and 12 per cent production rise


It says the increase in net earnings reflects a gain on acquisition and divestitures of $500 million in the fourth quarter of 2020 and a five per cent increase in operating netbacks.
Tourmaline says it produced an average of about 336,000 barrels of oil equivalent per day in the fourth quarter, up 12 per cent from just under 300,000 boe/d in the year-earlier period, but current production is above 405,000 boe/d.
It says its fourth quarter average price for natural gas rose 15 per cent to $3.19 per thousand cubic feet compared with the same period of 2019.
Its realized price for oil, condensate and natural gas liquids fell by 12 per cent to $33.85 per barrel. ....

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Oil patch acquisition environment still 'positive': Tourmaline CEO

Oil patch acquisition environment still 'positive': Tourmaline CEO
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Tourmaline Oil CEO says oilpatch acquisition environment still 'positive'

CALGARY The CEO of Tourmaline Oil Corp. says there are still plenty of potential acquisition targets in Western Canada but that may change if recently higher global oil prices continue to strengthen. On a conference call to discuss fourth-quarter results, Mike Rose says the company is looking at several possible deals as it celebrates […] ....

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