CALGARY, AB, March 5, 2025 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to release financial and operating results for the full-year and fourth quarter of 2024.

HIGHLIGHTS

Full-year 2024 cash flow(1) ("CF") was $3.2 billion ($8.93 per diluted share(2)).  Fourth quarter 2024 CF was $850.3 million ($2.27 per diluted share).2025 forecast free cash flow(3) ("FCF") of $1.4 billion ($3.62 per diluted share(4)) based on current strip pricing(5), up from previous guidance of $1.1 billion(6).  At current strip pricing, the Company forecasts it will generate 2025 CF of $4.3 billion ($11.53 per diluted share).Full-year 2024 net earnings were $1.3 billion ($3.51 per diluted share).The Company announces a quarterly base dividend increase of 43% to $0.50 per share effective Q1 2025 and a special dividend of $0.35/share. Tourmaline believes that with continued improvements in realized pricing, the Company is well positioned to increase returns to shareholders in 2025 relative to 2024, in addition to pursuing a growth capital budget.First quarter 2025 production range of 630,000-635,000 boepd is currently anticipated.Proved developed producing ("PDP") reserves(7) increased 29% in 2024 after accounting for production.Proved plus probable ("2P") reserves increased 14% to 5.5 billion boe in 2024 after accounting for production.Exit 2024 net debt(8) was $1.7 billion (0.4 times 2025 forecast cash flow).  The Company intends to deleverage throughout 2025 and remains committed to a long-term net debt target of $1.5 billion (which is approximately 0.30 to 0.35 times 2025 forecast net debt to cash flow).