Q3 2024 Tourmaline Oil Corp (Alberta) Earnings Call Transcript
Key Points
- Tourmaline Oil Corp (TRMLF) reported strong third-quarter cash flow of $742 million, or $2.09 per diluted share.
- The company declared a special dividend of $0.50 per common share, contributing to a total dividend distribution of $3.25 per share for the year.
- Tourmaline Oil Corp (TRMLF) completed the acquisition of Crew Energy, enhancing its asset base.
- The company's Q3 2024 average production increased by 11% over Q3 2023, reaching over 557,000 BOE per day.
- Tourmaline Oil Corp (TRMLF) achieved significant well productivity improvements in the Deep Basin, with a 20% increase in gas and 40% in condensate over the past four years.
- Tourmaline Oil Corp (TRMLF) faced unplanned third-party outages that reduced third-quarter production.
- The company is operating in a low natural gas pricing environment, which has impacted profitability.
- Tourmaline Oil Corp (TRMLF) anticipates potential production deferrals or shut-ins if natural gas prices remain low in 2025.
- The company's net debt at the end of Q3 2024 was $1.7 billion, with a long-term target of $1.5 billion.
- Tourmaline Oil Corp (TRMLF) has a significant portion of its capital budget allocated to facilities and exploration, which may not immediately contribute to production increases.
Good morning, ladies and gentlemen and welcome to the Tourmaline Q3 2024 results conference call at this time. All lines are in listen-only mode following the presentation, we'll conduct a question and answer session. If at any time during this call, you require immediate assistance. Please press star zero for an operator.
This call is being recorded on Thursday, November 7th 2024.
I would now like to turn the conference over to Scott Kirker. Please go ahead.
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Thank you operator and welcome everyone to our discussion of term financial and operating results as of September 30 2024 and for the three and nine months ended, September 30 2024 and 2023.
My name is Scott Kirker and I'm the Chief Legal Officer here at term oil.
Before we get started, I refer you to the advisories on forward-looking statements contained in the news release as well as the advisories contained in the terminally and annual
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