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State: 17.08.2024 | 11PM
Wed, 06.11.2024       Tourmaline Oil
CA89156V1067

CALGARY, AB, Nov. 6, 2024 /CNW/ - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to release financial and operating results for the third quarter of 2024 and declare a special dividend.

HIGHLIGHTS

Third quarter cash flow(1)(2) of $741.9 million ($2.09 per diluted share(3)), underpinned by Tourmaline's average realized natural gas price of $3.19/mcf.Q3 2024 net earnings of $355.2 million ($1.00 per diluted share).The Company is declaring a special dividend of $0.50 per common share to be paid on November 26, 2024 to holders of record on November 15, 2024. Tourmaline has distributed total dividends of $3.25 per share (inclusive of this November 2024 special dividend) since December 1, 2023, an implied 5% trailing yield(4).Closed the previously announced transaction with Topaz Energy Corp. ("Topaz") on November 1, 2024, whereby the Company received consideration of $278.2 million.Closed the corporate acquisition of Crew Energy Inc. ("Crew") on October 1, 2024, and anticipates 2024 exit volumes of over 30,000 boepd from the acquired assets.Deep Basin well productivity in 2024 has improved by 20% on raw gas (IP90) and 40% on condensate/C5+ (IP90) compared to 2020-2023. This excellent overall Deep Basin well performance can be attributed to multiple Tier 1 plays across several of Tourmaline's strike areas.
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