Canada NewsWire
CALGARY, AB, July 27, 2022
CALGARY, AB, July 27, 2022 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to release financial and operating results for the second quarter ("Q2") of 2022, declare a special dividend and announce strategically timed growth projects.
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(1) | This news release contains certain specified financial measures consisting of non-GAAP financial measures, non-GAAP financial ratios, capital management measures and supplementary financial measures. See "Non-GAAP and Other Financial Measures" in this news release for information regarding the following non-GAAP financial measures, non-GAAP financial ratios, capital management measures and supplementary financial measures used in this news release: "cash flow", "capital expenditures", "free cash flow", "operating netback", "operating netback per boe", "cash flow per boe", "cash flow per diluted share", "free cash flow per diluted share", "adjusted working capital", "net debt", operating expenses ($/boe), and transportation costs ($/boe). Since these specified financial measures do not have standardized meanings under International Financial Reporting Standards ("GAAP"), securities regulations require that, among other things, they be identified, defined, qualified and, where required, reconciled with their nearest GAAP measure and compared to the prior period. See "Non-GAAP and Other Financial Measures" in this news release and in the Company's most recently filed Management's Discussion and Analysis (the "Q2 MD&A"), which information is incorporated by reference into this news release, for further information on the composition of and, where required, reconciliation of these measures. |
(2) | "Cash flow" is a non-GAAP financial measure defined as cash flow from operating activities adjusted for the change in non-cash working capital (deficit). See "Non-GAAP and Other Financial Measures" in this news release. |
(3) | "Cash flow per diluted share" is a non-GAAP financial ratio. Cash flow, a non-GAAP financial measure, is used as a component of the non-GAAP financial ratio. See "Non-GAAP and Other Financial Measures" in this news release and in the Q2 MD&A |
(4) | "Net debt" is a capital management measure. See "Non-GAAP and Other Financial Measures" in this news release and in the Q2 MD&A. |
(5) | "Free cash flow" is a non-GAAP financial measure defined as cash flow less capital expenditures, excluding acquisitions and dispositions. Free cash flow is prior to dividend payments. See "Non-GAAP and Other Financial Measures" in this news release. |
(6) | Calculated as the dividend per common share for the 12-month period divided by the closing share price of $68.56 on July 18, 2022. |
(7) | Based on oil and gas commodity strip pricing at July 18, 2022. |
(8) | Calculated as the total dividends per common share for the trailing 12-month period divided by the closing share price of $68.56 on July 18, 2022. |
(9) | Growth in 2P reserve value is before income taxes and discounted at 10% as disclosed in the Company's consolidated reserve reports as at December 31, 2020 and December 31, 2021. Values also include 2021 2P reserve additions of 1,089.7 mmboe, including acquisitions and including 2021 annual production of 161.0 million boe. |
(10) | Reserves have been evaluated as at December 31, 2021 by Sproule Associates Ltd., an independent reserve evaluator. Reserves are working interest gross reserves before deduction of royalties payable to others and without including any royalty interests. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||
OPERATIONS | |||||||
Production | |||||||
Natural gas (mcf/d) | 2,343,704 | 1,915,630 | 22 % | 2,352,275 | 1,916,633 | 23 % | |
Crude oil, condensate and NGL (bbl/d) | 112,320 | 91,067 | 23 % | 112,941 | 91,516 | 23 % | |
Oil equivalent (boe/d) | 502,937 | 410,339 | 23 % | 504,987 | 410,955 | 23 % | |
Product prices(1) | |||||||
Natural gas ($/mcf) | $ 6.31 | $ 3.25 | 94 % | $ 5.59 | $ 3.55 | 57 % | |
Crude oil, condensate and NGL ($/bbl) | $ 74.63 | $ 42.84 | 74 % | $ 70.58 | $ 41.95 | 68 % | |
Operating expenses ($/boe) | $ 4.24 | $ 3.70 | 15 % | $ 4.22 | $ 3.67 | 15 % | |
Transportation costs ($/boe) | $ 5.03 | $ 3.99 | 26 % | $ 4.96 | $ 4.17 | 19 % | |
Operating netback(3) ($/boe) | $ 29.70 | $ 15.47 | 92 % | $ 26.85 | $ 16.58 | 62 % | |
Cash general and | $ 0.57 | $ 0.56 | 2 % | $ 0.58 | $ 0.59 | (2) % | |
FINANCIAL | |||||||
Total revenue from commodity sales and realized gains | 2,108,834 | 921,278 | 129 % | 3,822,518 | 1,926,542 | 98 % | |
Royalties | 325,211 | 56,547 | 475 % | 528,945 | 110,323 | 379 % | |
Cash flow(3) | 1,353,926 | 570,232 | 137 % | 2,429,902 | 1,199,557 | 103 % | |
Cash flow per share (diluted)(3) | $ 3.95 | $ 1.89 | 109 % | $ 7.13 | $ 4.00 | 78 % | |
Net earnings (loss) | 822,944 | 420,849 | 96 % | 1,084,228 | 668,686 | 62 % | |
Net earnings (loss) per share (diluted) | $ 2.40 | $ 1.40 | 71 % | $ 3.18 | $ 2.23 | 43 % | |
Capital expenditures (net of dispositions) | 478,545 | 664,696 | (28) % | 957,918 | 1,086,802 | (12) % | |
Weighted average shares outstanding (diluted) | 340,985,975 | 299,967,134 | 14 % | ||||
Net debt(3) | (429,761) | (1,728,794) | (75) % |
(1) | Product prices include realized gains and losses on risk management activities and financial instrument contracts. |
(2) | See "Non-GAAP and Other Financial Measures" in this news release and in the Q2 MD&A. |
(3) | Excluding interest and financing charges. |
Tourmaline will host a conference call tomorrow, July 28, 2022 starting at 9:00 a.m. MT (11:00 a.m. ET). To participate, please dial 1-888-664-6383 (toll-free in North America), or international dial-in 1-416-764-8650, a few minutes prior to the conference call.
Conference ID is 32469174.
If you are unable to dial into the live conference call on July 28th, a replay will be available (usually by that afternoon) by dialing 1-888-390-0541 (international 1-416-764-8677), referencing Encore Replay Code 469174. The recording will expire on August 11, 2022.
All amounts in this news release are stated in Canadian dollars unless otherwise specified.
This news release contains forward-looking information and statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The use of any of the words "forecast", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "on track", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning Tourmaline's plans and other aspects of its anticipated future operations, management focus, objectives, strategies, financial, operating and production results and business opportunities, including the following: anticipated petroleum and natural gas production and production growth for various periods including estimated production levels for Q3 2022, Q4 2022 and full-year 2022; expected free cash flow and cash flow levels for full years 2022 to 2028; the future declaration and payment of base and special dividends and the timing and amounts thereof including any future increase; the level of free cash flow to be returned to shareholders through base dividend increases, special dividends and share buybacks; capital expenditures over various periods; the number of drilling rigs to be operated; cost reduction initiatives; improvements in capital efficiency; projected operating and drilling costs and drilling times; the timing for facility expansions and facility start-up dates; sustainability and environmental improvement initiatives; anticipated future commodity prices; the ability to generate, and the amount of, anticipated cash flow and free cash flow including in 2022 and over the long-range development plan; expectations that in 2023 Tourmaline will have exposure to JKM pricing; the closing of the Rising Star acquisition, the timing and terms thereof and the benefits to be derived therefrom; as well as Tourmaline's future drilling prospects and plans, business strategy, future development and growth opportunities, prospects and asset base. The forward-looking information is based on certain key expectations and assumptions made by Tourmaline, including expectations and assumptions concerning the following: prevailing and future commodity prices and currency exchange and interest rates; applicable royalty rates and tax laws; future well production rates and reserve volumes; operating costs, the timing of receipt of regulatory approvals; the performance of existing and future wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and the benefits to be derived therefrom; the state of the economy and the exploration and production business; the availability and cost of financing, labour and services; ability to maintain its investment grade credit rating; and ability to market crude oil, natural gas and NGL successfully. Without limitation of the foregoing, future dividend payments, if any, and the level thereof is uncertain, as the Company's dividend policy and the funds available for the payment of dividends from time to time is dependent upon, among other things, free cash flow, financial requirements for the Company's operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors beyond the Company's control. Further, the ability of Tourmaline to pay dividends is subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness, including its credit facility.
Statements relating to "reserves" are also deemed to be forward looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.
Although Tourmaline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the risks associated with the oil and natural gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, revenues, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; climate change risks; inflation; supply chain risks and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
In addition, wars (including the war in Ukraine), hostilities, civil insurrections, pandemics, epidemics or outbreaks of an infectious disease in Canada or worldwide, including COVID-19 or other illnesses could have an adverse impact on the Company's results, business, financial condition or liquidity. Ongoing military actions between Russia and Ukraine have the potential to threaten the supply of oil and gas from the region. The long-term impacts of the actions between these nations remains uncertain. If the pandemic is further prolonged, including through subsequent waves, or if additional variants of COVID-19 emerge which are more transmissible or cause more severe disease, or if other diseases emerge with similar effects, the adverse impact on the economy could worsen. It remains uncertain how the macroeconomic environment, and societal and business norms will be impacted following the COVID-19 pandemic. In addition, in 2022, industry has been impacted by significant cost inflation, rising interest rates, labour shortages and supply constraints, and the Company expects these pressures will continue through the balance of the year and into next year. The Company will continue to actively monitor inflationary pressures and supply chain constraints and their impact on the Company's business.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect Tourmaline, or its operations or financial results, are included in the Company's most recently filed Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Tourmaline's website (www.tourmalineoil.com).
The forward-looking information contained in this news release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.
In this news release, production and reserves information may be presented on a "barrel of oil equivalent" or "BOE" basis. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Also included in this news release are estimates of Tourmaline's 2022 and long-range cash flow and free cash flow, which are based on, among other things, the various assumptions as to production levels, capital expenditures, annual cash flows and other assumptions disclosed in this news release and including Tourmaline's estimated average daily production for 2022 - 2028 of 507,000 boepd, 545,000 boepd, 565,000 boepd, 585,000 boepd, 620,000 boepd, 670,000 boepd and 700,000 boepd, respectively, 2022 - 2028 commodity price assumptions for natural gas ($6.67 2022 NYMEX US, $5.49 2023 NYMEX US, $4.69 2024 NYMEX US, $4.44 2025 NYMEX US, $4.30 2026 NYMEX US, $4.20 2027 NYMEX US $4.24 2028 NYMEX US, $5.96 2022 AECO, $5.32 2023 AECO, $4.62 2024 AECO, $4.53 2025 AECO, $4.48 2026 AECO, $4.47 2027 AECO, $4.60 2028 AECO) crude oil ($98.00/bbl 2022 WTI US, $83.77/bbl 2023 WTI US, $77.32/bbl 2024 WTI US, $73.55/bbl 2025 WTI US, $70.82/bbl 2026 WTI US, $69.05/bbl 2027 WTI US, $67.85/bbl 2028 WTI US) and an exchange rate assumption of $0.77 (US/CAD) for years 2022 – 2027 and $0.78 for 2028. Further, in the case of years subsequent to 2022, readers are cautioned that such estimates are provided for illustration only and are based on budgets and forecasts that have not been finalized or approved by the Board of Directors and are subject to a variety of additional factors and contingencies including prior years' results. To the extent such estimates constitute financial outlooks, they were approved by management and the Board of Directors of Tourmaline on July 27, 2022 and are included to provide readers with an understanding of Tourmaline's anticipated cash flow and free cash flow based on the capital expenditure, production and other assumptions described herein and readers are cautioned that the information may not be appropriate for other purposes.
This news release contains the terms cash flow, capital expenditures, free cash flow, and operating netback which are considered "non-GAAP financial measures", operating netback per boe, cash flow per boe, cash flow per diluted share, and free cash flow per diluted share which are considered "non-GAAP financial ratios" and operating expenses ($/boe) and transportation costs ($/boe) which are considered "supplementary financial measures". These terms do not have a standardized meaning prescribed by GAAP. In addition, this news release contains the terms adjusted working capital and net debt, which are considered "capital management measures" and do not have standardized meanings prescribed by GAAP. Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income determined in accordance with GAAP and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance.
Management uses the term "cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company's efficiency and its ability to generate the cash necessary to fund its future growth expenditures, to repay debt or to pay dividends. The most directly comparable GAAP measure for cash flow is cash flow from operating activities. A summary of the reconciliation of cash flow from operating activities to cash flow, is set forth below:
Three Months Ended | Six Months Ended | |||
(000s) | 2022 | 2021 | 2022 | 2021 |
Cash flow from operating activities (per GAAP) | $1,351,481 | $ 494,673 | $ 2,465,130 | $ 1,244,802 |
Change in non-cash working capital (deficit) | 2,445 | 75,559 | (35,228) | (45,245) |
Cash flow | $1,353,926 | $ 570,232 | $ 2,429,902 | $ 1,199,557 |
Management uses the term "capital expenditures" as a measure of capital investment in exploration and production activity, as well as property acquisitions and divestitures, and such spending is compared to the Company's annual budgeted capital expenditures. The most directly comparable GAAP measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures, is set forth below:
Three Months Ended | Six Months Ended | |||
(000s) | 2022 | 2021 | 2022 | 2021 |
Cash flow used in investing activities (per GAAP) | $ 660,163 | $ 764,526 | $ 1,119,610 | $ 1,134,897 |
Change in non-cash working capital (deficit) | (181,618) | (99,830) | (161,692) | (48,095) |
Capital expenditures | $ 478,545 | $ 664,696 | $ 957,918 | $ 1,086,802 |
Management uses the term "free cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company's efficiency and its ability to generate the cash necessary to fund its future growth expenditures, to repay debt and provide shareholder returns. Free cash flow is defined as cash flow less capital expenditures, excluding acquisitions and dispositions. Free cash flow is prior to dividend payment. The most directly comparable GAAP measure for cash flow is cash flow from operating activities. See "Non-GAAP Financial Measures – Cash Flow" and " Non-GAAP Financial Measures – Capital Expenditures" above.
Management uses the term "operating netback" as a key performance indicator and one that is commonly presented by other oil and natural gas producers. Operating netback is defined as the sum of commodity sales from production, premium (loss) on risk management activities and realized gains (loss) on financial instruments less the sum of royalties, transportation costs and operating expenses. A summary of the reconciliation of operating netback from commodity sales from production, which is a GAAP measure, is set forth below:
Three Months Ended | Six Months Ended | |||
($/boe) | 2022 | 2021 | 2022 | 2021 |
Commodity sales from production | $2,605,781 | $ 1,025,310 | $ 4,500,952 | $ 2,021,345 |
(Loss) on risk management activities | (203,919) | (60,000) | (226,883) | (22,939) |
Realized (loss) on financial instruments | (293,028) | (44,032) | (451,551) | (71,864) |
Royalties | (325,211) | (56,547) | (528,945) | (110,323) |
Transportation costs | (230,118) | (148,958) | (453,286) | (310,057) |
Operating expenses | (194,018) | (138,238) | (385,936) | (273,078) |
Operating netback | $ 1,359,487 | $ 577,535 | $ 2,454,351 | $ 1,233,084 |
Management calculates "operating netback per-boe" as operating netback divided by total production for the period. Netback per-boe is a key performance indicator and measure of operational efficiency and one that is commonly presented by other oil and natural gas producers. A summary of the calculation of operating netback per boe, is set forth below:
Three Months Ended | Six Months Ended | |||
($/boe) | 2022 | 2021 | 2022 | 2021 |
Revenue, excluding processing income | $ 46.08 | $ 24.67 | $ 41.82 | $ 25.90 |
Royalties | (7.11) | (1.51) | (5.79) | (1.48) |
Transportation costs | (5.03) | (3.99) | (4.96) | (4.17) |
Operating expenses | (4.24) | (3.70) | (4.22) | (3.67) |
Operating netback | $ 29.70 | $ 15.47 | $ 26.85 | $ 16.58 |
Management uses cash flow per boe to highlight how much cash flow is generated by each boe produced. The ratio is calculated by dividing cash flow by total production for the period. See "Non-GAAP Financial Measures – Cash Flow".
Management uses cash flow per diluted share as a measurement of the Company's efficiency and its ability to generate the cash necessary to fund its future growth expenditures, to repay debt or to pay dividends on a per diluted share basis. Cash flow per diluted share is calculated using cash flow divided by the weighted average diluted shares outstanding.
Management uses free cash flow per diluted share as a measure of the Company's efficiency and its ability to generate the cash necessary to fund its future growth expenditures, to repay debt and provide shareholder returns on a per diluted share basis. Free cash flow per diluted share is calculated using free cash flow divided by the weighted average diluted shares outstanding.
Management uses the term "adjusted working capital" for its own performance measures and to provide shareholders and potential investors with a measurement of the Company's liquidity. A summary of the composition of adjusted working capital (deficit), is set forth below:
As at June 30, | As at December 31, | |
(000s) | 2022 | 2021 |
Working capital (deficit) | $ (533,416) | $ (361,034) |
Fair value of financial instruments – short-term liability, net of short-term asset | 532,777 | 240,970 |
Lease liabilities – short-term | 2,888 | 2,997 |
Decommissioning obligations – short-term | 30,000 | 20,103 |
Unrealized foreign exchange in working capital – liability | (2,749) | (6,441) |
Adjusted working capital (deficit) | $ 29,500 | $ (103,405) |
Management uses the term "net debt", as a key measure for evaluating its capital structure and to provide shareholders and potential investors with a measurement of the Company's total indebtedness. A summary of the composition of net debt, is set forth below:
As at | As at | |
(000s) | 2022 | 2021 |
Bank debt | $ (11,074) | $ (421,539) |
Senior unsecured notes | (448,187) | (448,035) |
Adjusted working capital (deficit) | 29,500 | (103,405) |
Net debt | $ (429,761) | $ (972,979) |
The following measures are supplementary financial measures: operating expenses ($/boe), and transportation costs ($/boe). These measures are calculated by dividing the numerator by total production for the period.
This news release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this document to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the Company's future performance and future performance may not compare to the Company's performance in previous periods and therefore such metrics should not be unduly relied upon.
Unbooked drilling locations are the internal estimates of Tourmaline based on Tourmaline's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources (including contingent and prospective). Unbooked locations have been identified by Tourmaline's management as an estimation of Tourmaline's multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that Tourmaline will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and natural gas reserves, resources or production. The drilling locations on which Tourmaline will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While a certain number of the unbooked drilling locations have been de-risked by Tourmaline drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away from existing wells where management of Tourmaline has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.
This news release includes references to Q2 2022 average daily production and estimated Q3, Q4 full year 2022 and full year 2023 average daily production. The following table is intended to provide supplemental information about the product type composition for each of the production figures that are provided in this news release:
Light and Medium Crude Oil(1) | Conventional Natural Gas | Shale Natural Gas | Natural Gas Liquids(1) | Oil Equivalent Total | |
Company Gross (Bbls) | Company Gross (Mcf) | Company Gross (Mcf) | Company Gross (Bbls) | Company Gross (Boe) | |
Q2 2022 Average Daily Production | 43,400 | 1,275,967 | 1,067,737 | 68,920 | 502,937 |
Q3 2022 Average Daily Production | 44,300 | 1,244,000 | 1,009,000 | 70,200 | 490,000 |
Q4 2022 Average Daily Production | 47,100 | 1,334,000 | 1,070,200 | 74,700 | 522,500 |
2022 Average Daily Production | 44,800 | 1,296,600 | 1,050,000 | 71,100 | 507,000 |
2023 Average Daily Production | 47,900 | 1,349,200 | 1,162,400 | 78,500 | 545,000 |
(1) | For the purposes of this disclosure, condensate has been combined with Light and Medium Crude Oil as the associated revenues and certain costs of condensate are similar to Light and Medium Crude Oil. Accordingly, NGLs in this disclosure exclude condensate. |
Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Such rates are based on field estimates and may be based on limited data available at this time.
Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.
See also "Forward-Looking Statements", and "Non-GAAP and Other Financial Measures" in the most recently filed Management's Discussion and Analysis.
1H | first half |
2H | second half |
bbl | barrel |
bbls/day | barrels per day |
bbl/mmcf | barrels per million cubic feet |
bcf | billion cubic feet |
bcfe | billion cubic feet equivalent |
bpd or bbl/d | barrels per day |
boe | barrel of oil equivalent |
boepd or boe/d | barrel of oil equivalent per day |
bopd or bbl/d | barrel of oil, condensate or liquids per day |
CCUS | carbon capture, usage and storage |
DUC | drilled but uncompleted wells |
EP | exploration and production |
gj | gigajoule |
gjs/d | gigajoules per day |
mbbls | thousand barrels |
mmbbls | million barrels |
mboe | thousand barrels of oil equivalent |
mboepd | thousand barrels of oil equivalent per day |
mcf | thousand cubic feet |
mcfpd or mcf/d | thousand cubic feet per day |
mcfe | thousand cubic feet equivalent |
mmboe | million barrels of oil equivalent |
mmbtu | million British thermal units |
mmbtu/d | million British thermal units per day |
mmcf | million cubic feet |
mmcfpd or mmcf/d | million cubic feet per day |
MPa | megapascal |
mstb | thousand stock tank barrels |
natural gas | conventional natural gas and shale gas |
NCIB | normal course issuer bid |
NGL or NGLs | natural gas liquids |
tcf | trillion cubic feet |
To view Tourmaline's Management's Discussion and Analysis and Interim Condensed Consolidated Financial Statements for the periods ended June 30, 2022 and 2021, please refer to SEDAR (www.sedar.com) or Tourmaline's website at www.tourmalineoil.com.
Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-emission and lowest-cost natural gas in North America. We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our three core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution and cost management, and industry-leading environmental performance, we are excited to provide shareholders an excellent return on capital, and an attractive source of income through our base dividend and surplus free cash flow distribution strategies.
SOURCE Tourmaline Oil Corp.
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