Tourmaline Oil Corp

TOU

Equity

ISIN CA89156V1067 / Valor 12044743

Toronto Stock Exchange (2024-12-24)

CAD 63.59+1.65%

Tourmaline Oil Corp
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About company

Tourmaline Oil Corp is a Canadian senior crude oil and natural gas exploration and production company with a long-term business strategy focused on growth through exploration, development, production, and acquisitions in the Western Canadian Sedimentary Basin. Since its establishment in 2008, Tourmaline has built an extensive undeveloped land position and a large drilling inventory in three core growth areas. The company also has control over key natural gas processing and transportation infrastructure. The company's management team has experience from previous successful ventures in the industry, contributing to Tourmaline's strategic approach to long-term growth in the energy sector.

Summarized from source with an LLMView SourceSector: Energy

Revenue Growth

Tourmaline Oil Corp reported a significant increase in marketing revenue for the third quarter of 2024, reaching $36.0 million, a 218% rise compared to the same period in 2023. This growth is attributed to increased third-party volume availability and strategic natural gas sales under the company's agreement with Cheniere Energy.

Operating Expenses

For the third quarter of 2024, Tourmaline Oil Corp's operating expenses rose to $249.5 million, marking a 17% increase from the third quarter of 2023. This rise in expenses is primarily due to higher production levels and inflationary pressures, with costs per barrel of oil equivalent (boe) increasing from $4.60/boe to $4.87/boe.

Transportation Costs

Tourmaline Oil Corp's transportation expenses for the third quarter of 2024 were $270.3 million, up 14% from the same quarter in 2023. The increase reflects higher production volumes and more sales outside Alberta, although per-boe transportation costs saw a slight decrease for the nine months ended September 30, 2024, compared to the previous year.

General and Administrative Expenses

In the third quarter of 2024, Tourmaline Oil Corp's general and administrative expenses increased to $37.3 million, an 11% rise from the third quarter of 2023. This increase is due to additional staffing, office space, and costs associated with acquisitions, as well as higher fees for third-party services and industry marketing initiatives.

Share-Based Payments

Tourmaline Oil Corp recorded $15.7 million in share-based payments for the third quarter of 2024, up from $12.0 million in the same period of 2023. The increase is attributed to options with a higher average fair value being expensed in 2024, reflecting the company's ongoing investment in employee compensation and retention strategies.

Summarized from source with an LLMView Source

Key figures

7.11%1Y

57.1%3Y

321%5Y

Performance

26.8%1Y

33.2%3Y

38.1%5Y

Volatility