Canada's Tourmaline Oil Q3 earnings jump
Tourmaline Oil's third-quarter net earnings rose 237% year over year to C$641.5 million, while production fell 6%. The company raised its quarterly base dividend by 5%, repurchased 1.3 million shares in Q4 and forecast 2027 free cash flow of C$1.8 billion at current strip pricing.
1. Earnings and production
Tourmaline Oil reported third-quarter net earnings of C$641.5 million, up 237% from a year earlier. Production fell 6% year over year and was slightly below guidance as the company deferred output and injected gas into storage to capture higher expected prices in Q4 and Q1 2027.
2. Outlook and returns
The company expects Q4 2026 average production of 635,000–645,000 barrels of oil equivalent per day and 2026 exit production of at least 670,000 boepd, including storage withdrawals. Tourmaline forecast 2027 free cash flow of C$1.8 billion at current strip pricing, 71% above its July estimate; operating costs fell 7% year over year, and realized natural gas prices were significantly above the AECO 5A benchmark.
