CALGARY, AB, Nov. 3, 2021 /CNW/ - Tourmaline Oil Corp.
(TSX: TOU) ("Tourmaline" or the "Company") is pleased to
release financial and operating results for the third quarter
of 2021.
HIGHLIGHTS
- Record quarterly cash flow(1) of $761.3 million and free cash flow(2)
of $369.5 million in the third
quarter.
- Current production is ranging between 485,000 – 490,000 boepd;
the Company expects to achieve 500,000 boepd by early December, a
month earlier than previously anticipated.
- The Company now expects exit 2021 net debt(3) of
approximately $815 million (at
current strip pricing(4)), after giving effect to the
special dividend of $0.75/share
($247.2 million) paid on October 7, 2021. Long term, the Company intends
to keep net debt in the $1.0 -
$1.2 billion range.
- The Gundy and Aitken facility
expansions will be completed and on production in December 2021, approximately one month earlier
than expected.
- The Company's original methane emission reduction target of 25%
below 2018 levels by 2023 has already been achieved three years
ahead of schedule.
PRODUCTION UPDATE
- Current production is ranging between 485,000 – 490,000 boepd;
the Company expects to achieve the exit production target of
500,000 boepd by early December - ahead of schedule.
- Q3 2021 average production was 456,489 boepd. Force majeure
events impacting Pembina's Redwater fractionation facilities and
Pembina's Northern NGL pipeline system reduced Q3 average volumes
by a total of 2,825 boepd. Pembina's Redwater fractionation facilities and Northern
NGL pipeline system have both resumed operations. Because the
Pembina Northern NGL pipeline system continued to be offline for
the first 11 days of October, expected Q4 average volumes were
reduced by 625 boepd; however, Q4 guidance remains in the 485,000
to 495,000 boepd range.
- The Company expects 2022 average production of 500,000-510,000
boepd (2.31 bcf/day of natural gas, 115,000 bpd of oil, condensate,
NGLs).
FINANCIAL RESULTS
- Third quarter 2021 cash flow was $761.3
million ($2.32 per fully
diluted share) compared to $279.9
million in Q3 2020 ($1.03 per
fully diluted share).
- Nine-month 2021 cash flow is $1.96
billion; full-year 2021 cash flow of $3.1 billion is now expected.
- The Company delivered free cash flow of $369.5 million in Q3 2021 on EP capital spending
of $379.7 million.
- Third quarter 2021 earnings were $361.1
million ($1.10 per fully
diluted share), compared to $4.8
million ($0.02 per fully
diluted share) in Q3 2020.
- The average Q3 2021 operating netback of $18.35/boe featured continued strong cash cost
(operating, transportation, general and administrative, and
interest) control ($8.72/boe),
coupled with higher prices across the entire product price
complex.
CAPITAL PROGRAM AND FINANCIAL OUTLOOK
- Third quarter 2021 EP capital spending was $379.7 million, compared to guidance of
$420.0 million.
- Full-year 2021 EP capital spending of $1.375 billion and 2022 EP capital spending of
$1.125 billion remain unchanged from
the previously disclosed forecast.
- The Company expects exit 2021 net debt of approximately
$815.0 million on current strip
pricing. Long term, the Company intends to keep net debt in the
$1.0 - $1.2
billion range.
- As previously disclosed, Tourmaline paid a special dividend of
$0.75/share on October 7, 2021, and also increased the annual
base dividend to $0.72/share. The
Company plans further special dividends over the next several
quarters, contingent upon commodity prices and free cash flow
allocation decisions. Given current strong pricing and the rate of
FCF accumulation, Tourmaline expects to pay the next special
dividend during Q1 2022.
- Tourmaline is expecting full-year 2022 cash flow of
$4.0 billion yielding free cash flow
of $2.8 billion on unchanged EP
capital spending of $1.125
billion.
MARKETING UPDATE
- Average realized natural gas price in Q3 2021 was $3.88/mcf as the Company benefited from rising
commodity prices, select hedging, and the Company's broad natural
gas market diversification portfolio throughout North America.
- Tourmaline has 591 mmcfpd of fixed price hedges for 2022 at a
weighted average price of CAD $3.17/mcf (approximately 25% of 2022 gas
volumes), an average of 149 mmcfpd in basis hedges to AECO of USD
$(0.07)/mcf, and an average 621
mmcfpd exposed to export markets including Dawn, Iroquois, US Gulf Coast, Empress/McNeill,
Chicago, Ventura, Sumas, Malin,
and PG&E.
- The 2022 hedged volumes include approximately 145 mmcfpd of
lower-priced hedges acquired in the Modern and Black Swan
transactions; 58% of which expire during 2022.
- Tourmaline has recently acquired additional transportation
service for Winter 21/22 and now has a total of 130 mmcfpd exposed
to the US Midwest market.
- In November 2022, Tourmaline will
have 150 mmcfpd exposed to the Gulf Coast market, which will become
JKM index exposure in January 2023.
Furthermore, the Company will add an incremental 100 mmcf/d of
exposure to the GTN Malin/PG&E markets in November 2022 and 50 mmcfpd in November 2023.
- NGL price realizations in Q3 2021 were up 115% over Q3 2020.
Tourmaline is Canada's largest NGL
producer with anticipated average production levels of
approximately 72,000 bpd in 2022.
EP UPDATE
- Tourmaline is pleased to report that the accelerated deep cut
facility projects at both Gundy
and Aiken are expected to be completed ahead of the revised,
accelerated schedule and on budget. New gas and liquids production
is anticipated from both facilities during the first half of
December.
- Tourmaline is currently operating 13 drilling rigs as planned,
87 net wells were drilled in the third quarter, 77 net wells were
stimulated and brought on production. The Company expects to
stimulate and bring on production approximately 79 new net wells
during the fourth quarter.
ENVIRONMENTAL PERFORMANCE IMPROVEMENT
- Tourmaline is pleased to report that it has already achieved
the methane emission reduction target of 25% from 2018 levels by
2023 as reflected in the Company's current five-year Environmental
Performance Improvement Plan. 2020 actuals of 405,487 tonnes (CO2
equivalent) are 26% lower than 2018 actuals of 547,396 tonnes (CO2
equivalent), despite production growth of 17% during that
period.
- The Company will continue further reducing methane, CO2 and
other atmospheric emissions throughout the EP portfolio and will
revise the five-year Environmental Performance Improvement Plan as
appropriate as these targets are achieved.
- The Company's Emission Testing Centre ("ETC") at the
Tourmaline/Perpetual Wolf Creek gas plant, the first of its kind in
the World, is now fully operational. The ETC, a collaboration with
NGIF (Natural Gas Innovation Fund) and Industry, is critical in
evolving new technology and methodologies to continue materially
reducing methane and other emissions in the entire EP business.
Producing the lowest emission natural gas will allow Canada to grow both domestic production and
international exports.
_________________________
|
(1) "Cash flow" is
defined as cash provided by operations before changes in non-cash
operating working capital. See "Non-GAAP Financial Measures"
in this news release and in the Company's Q3 2021 Management's
Discussion and Analysis.
|
(2) "Free cash
flow" or "FCF" is defined as cash flow less total net capital
expenditures. Total net capital expenditures is defined as
total capital spending before acquisitions and non-core
dispositions. Free cash flow is prior to dividend
payments. See "Non-GAAP Financial Measures" in this news
release and the Company's Q3 2021 Management's Discussion and
Analysis.
|
(3) "Net debt" is
defined as bank debt and senior unsecured notes plus working
capital deficit (adjusted for the fair value of financial
instruments, short-term lease liabilities, short-term
decommissioning obligations and unrealized foreign exchange in
working capital deficit). See "Non-GAAP Financial Measures" in this
news release and in the Company's Q3 2021 Management's Discussion
and Analysis.
|
(4) Based on oil and gas
commodity strip pricing at October 15, 2021.
|
CORPORATE SUMMARY – THIRD QUARTER 2021
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
2020
|
Change
|
|
2021
|
2020
|
Change
|
OPERATIONS
|
|
|
|
|
|
|
|
Production
|
|
|
|
|
|
|
|
Natural gas
(mcf/d)
|
2,146,477
|
1,413,983
|
52%
|
|
1,994,091
|
1,437,867
|
39%
|
Crude oil, condensate
and NGL (bbl/d)
|
98,743
|
62,538
|
58%
|
|
93,951
|
62,315
|
51%
|
Oil equivalent
(boe/d)
|
456,489
|
298,202
|
53%
|
|
426,300
|
301,960
|
41%
|
Product
prices(1)
|
|
|
|
|
|
|
|
Natural gas
($/mcf)
|
$
|
3.88
|
$
|
2.60
|
49%
|
|
$
|
3.67
|
$
|
2.48
|
48%
|
Crude oil, condensate
and NGL ($/bbl)
|
$
|
49.21
|
$
|
31.31
|
57%
|
|
$
|
44.52
|
$
|
29.73
|
50%
|
Operating expenses
($/boe)
|
$
|
3.76
|
$
|
3.26
|
15%
|
|
$
|
3.70
|
$
|
3.10
|
19%
|
Transportation costs
($/boe)
|
$
|
4.17
|
$
|
4.56
|
(9)%
|
|
$
|
4.17
|
$
|
4.50
|
(7)%
|
Operating
netback(3) ($/boe)
|
$
|
18.35
|
$
|
10.76
|
71%
|
|
$
|
17.22
|
$
|
9.92
|
74%
|
Cash general and
administrative
expenses ($/boe)(2)
|
$
|
0.51
|
$
|
0.55
|
(7)%
|
|
$
|
0.56
|
$
|
0.59
|
(5)%
|
FINANCIAL
($000, except share and per share)
|
|
|
|
|
|
|
|
Total revenue from
commodity sales and realized gains
|
1,213,376
|
518,061
|
134%
|
|
3,139,918
|
1,486,529
|
111%
|
Royalties
|
109,423
|
8,596
|
1,173%
|
|
219,746
|
36,900
|
496%
|
Cash
flow(3)
|
761,333
|
279,923
|
172%
|
|
1,960,890
|
788,818
|
149%
|
Cash flow per share
(diluted)(3)
|
$
|
2.32
|
$
|
1.03
|
125%
|
|
$
|
6.33
|
$
|
2.91
|
118%
|
Net earnings
(loss)
|
361,057
|
4,826
|
7,381%
|
|
1,029,743
|
(10,880)
|
9,565%
|
Net earnings (loss)
per share (diluted)
|
$
|
1.10
|
$
|
0.02
|
5,400%
|
|
$
|
3.32
|
$
|
(0.04)
|
8,400%
|
Capital expenditures
(net of dispositions)
|
56,108
|
354,695
|
(84)%
|
|
1,142,910
|
812,341
|
41%
|
Weighted average
shares outstanding (diluted)
|
|
|
|
|
309,744,281
|
270,832,477
|
14%
|
Net
debt(3)
|
|
|
|
|
(1,465,090)
|
(1,788,068)
|
(18)%
|
(1)
|
Product prices
include realized gains and losses on risk management and financial
instrument contracts.
|
(2)
|
Excluding interest
and financing charges.
|
(3)
|
See "Non-GAAP
Financial Measures" in this news release and in the Company's Q3
2021 Management's Discussion and Analysis.
|
Conference Call Tomorrow at 9:00 a.m. MT
(11:00 a.m. ET)
Tourmaline will host a conference call tomorrow, November 4, 2021 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 416-764-8650, a few minutes prior to the
conference call.
Conference ID is 15212375.
Reader Advisories
CURRENCY
All amounts in this news release are stated in Canadian dollars
unless otherwise specified.
FORWARD-LOOKING INFORMATION
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 Q4 2021
and 2022; expected cash flow and FCF in 2021 and 2022; expected
full-year 2021 and 2022 EP capital spending levels; the number of
expected wells to be brought on production through the balance of
2021; 2021 exit net debt levels and anticipated long-term net debt
level ranges; the anticipated timing for the Gundy and Aitken facility expansions and the
benefits to be derived therefrom; methane emission reduction
targets; anticipated production exposure to certain markets and the
timing for such exposure; NGL production levels in 2022;
expectations for further special dividends and the timing for such
dividends; further reductions in methane, CO2 and other atmospheric
emissions and the expectations for revisions to the five-year
Environmental Performance Improvement Plan; the future declaration
and payment of dividends (regular or special) and the timing and
amount thereof including any future increase; cash flow and free
cash flow levels; production levels supported by certain of the
Company's reserves and drilling inventory; capital spending over
various periods; cost reduction initiatives; improvements in
capital efficiency; projected operating and drilling costs; the
timing for facility expansions and facility start-up dates;
sustainability and environmental improvement initiatives;
anticipated future commodity prices including the expectation for
future increases above current levels; the ability to generate, and
the amount of, anticipated cash flow and free cash flow over
various periods; 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 rates; applicable royalty rates and tax laws;
interest rates; future well production rates and reserve volumes;
operating costs, the timing of receipt of regulatory approvals; the
performance of existing 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; 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 will be 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; and changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations.
In addition, 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. 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 this COVID-19 pandemic. Unexpected developments
in financial markets, regulatory environments, or consumer
behaviour may also have adverse impacts on the Company's results,
business, financial condition or liquidity, for a substantial
period of time. The Company's business, financial condition,
results of operations, cash flows, reputation, access to capital,
cost of borrowing, access to liquidity, and/or business plans may,
in particular, and without limitation, be adversely impacted as a
result of the pandemic and/or decline in commodity prices as a
result of: the shut-down of facilities or the delay or
suspension of work on major capital projects due to workforce
disruption or labour shortages caused by workers becoming infected
with COVID-19, or government or health authority mandated
restrictions on travel by workers or closure of facilities or
worksites; suppliers and third-party vendors experiencing
similar workforce disruption or being ordered to cease
operations; reduced cash flows resulting in less funds from
operations being available to fund capital expenditure
budgets; reduced commodity prices resulting in a reduction in
the volumes and value of reserves; crude oil storage
constraints resulting in the curtailment or shutting in of
production; counterparties being unable to fulfill their
contractual obligations on a timely basis or at all; the
inability to deliver products to customers or otherwise get
products to market caused by border restrictions, road or port
closures or pipeline shut-ins, including as a result of pipeline
companies suffering workforce disruptions or otherwise being unable
to continue to operate; and the ability to obtain additional
capital including, but not limited to, debt and equity financing
being adversely impacted as a result of unpredictable financial
markets, commodity prices and/or a change in market fundamentals.
The COVID-19 pandemic has also created additional operational risks
for the Company, including the need to provide enhanced safety
measures for its employees and customers; comply with rapidly
changing regulatory guidance; address the risk of, attempted
fraudulent activity and cybersecurity threat behaviour; and protect
the integrity and functionality of the Company's systems, networks,
and data as a larger number of employees work remotely. The Company
is also exposed to human capital risks due to issues related to
health and safety matters, and other environmental stressors as a
result of measures implemented in response to the COVID-19
pandemic, as well as the potential for a significant proportion of
the Company's employees, including key executives, to be unable to
work effectively, because of illness, quarantines,
sheltering-in-place arrangements, government actions or other
restrictions in connection with the pandemic. The extent to which
the COVID-19 pandemic continues to impact the Company's results,
business, financial condition or liquidity will depend on future
developments in Canada, the U.S.
and globally, including the development and widespread availability
of efficient and accurate testing options, and effective treatment
options or vaccines. Despite the approval of certain vaccines by
the regulatory bodies in Canada
and the U.S., the ongoing evolution of the development and
distribution of an effective vaccine also continues to raise
uncertainty.
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.
BOE EQUIVALENCY
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.
FINANCIAL OUTLOOKS
Also included in this news release are estimates of Tourmaline's
2021 exit net debt as well as 2021 – 2022 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 production of 442,500
boepd for 2021 and 500,000 boepd for 2022. Commodity price
assumptions for natural gas (NYMEX (US) - $3.79/mcf and $4.47/mcf for 2021 and 2022, respectively; AECO -
$3.75/mcf and $4.17/mcf for 2021 and 2022, respectively), and
crude oil (WTI (US) - $68.77/bbl and
$75.69/bbl for 2021 and 2022,
respectively) and an exchange rate assumption of $0.80 (CAD/US) for 2021, $0.81 for 2022. To the extent such estimates
constitute financial outlooks, they were approved by management and
the Board of Directors of Tourmaline on November 3, 2021 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.
Non-GAAP Financial Measures
This news release includes references to "free cash flow", "cash
flow", and "net debt" which are financial measures commonly used in
the oil and gas industry and do not have a standardized meaning
prescribed by International Financial Reporting Standards ("GAAP").
Accordingly, the Company's use of these terms may not be comparable
to similarly defined measures presented by other companies.
Management uses the term "free cash flow", "cash flow", and "net
debt" for its own performance measures 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 a
portion of its future growth expenditures, to pay dividends or to
repay debt. Investors are cautioned that these non-GAAP measures
should not be construed as an alternative to net income or cash
from operating activities determined in accordance with GAAP as an
indication of the Company's performance. Free cash flow is
calculated as cash flow less total net capital expenditures and is
prior to dividend payments. Net capital expenditures is defined as
the sum of E&P capital program and other corporate
expenditures, net of non-core dispositions. See "Non-GAAP
Financial Measures" in the most recent Management's Discussion and
Analysis for the definition and description of these terms.
OIL AND GAS METRICS
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.
SUPPLEMENTAL INFORMATION REGARDING PRODUCT TYPES
This news release includes references to Q3 2021 average daily
production, current average daily production, Q4 2021 expected
average daily production, and total 2022 expected 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)
|
Q3 2021 Average Daily
Production
|
39,063
|
|
1,246,517
|
|
899,960
|
|
59,680
|
|
456,489
|
Current Average Daily
Production
|
42,750
|
|
1,278,000
|
|
1,008,000
|
|
63,750
|
|
487,500
|
Q4 2021 Expected
Average Daily Production
|
43,000
|
|
1,285,000
|
|
1,013,000
|
|
64,000
|
|
490,000
|
2022 Average Daily
Production
|
42,600
|
|
1,224,000
|
|
1,085,000
|
|
72,600
|
|
500,000
|
|
|
|
|
|
|
|
|
|
|
(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.
|
GENERAL
See also "Forward-Looking Statements", and "Non-GAAP Financial
Measures" in the most recently filed Management's Discussion and
Analysis.
CERTAIN DEFINITIONS:
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
|
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
|
MANAGEMENT'S DISCUSSION AND ANALYSIS AND CONSOLIDATED
FINANCIAL STATEMENTS
To view Tourmaline's Management's Discussion and Analysis and
Interim Condensed Consolidated Financial Statements for the periods
ended September 30, 2021 and 2020,
please refer to SEDAR (www.sedar.com) or Tourmaline's website
at www.tourmalineoil.com.
ABOUT TOURMALINE OIL CORP.
Tourmaline is an investment grade Canadian senior crude oil and
natural gas exploration and production company focused on providing
strong and predictable long-term growth and a steady return to
shareholders through an aggressive exploration, development,
production and acquisition program in the Western Canadian
Sedimentary Basin by building its extensive asset base in its three
core exploration and production areas and exploiting and developing
these areas to increase reserves, production and cash flows at an
attractive return on invested capital.
SOURCE Tourmaline Oil Corp.