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Tourmaline Oil Corp. earns $700M in 4th quarter, revenues lower

Tourmaline Oil Corp. says it earned $700.2 million in the last quarter of 2023, up from a loss of $30.4 million a year earlier.

The Calgary-based company says revenues were $1.7 billion, down from $2.2 billion in the fourth quarter of 2022.

Diluted earnings per share were $2.00, up from a loss of nine cents per share a year earlier.

Tourmaline says its average production in the fourth quarter was 556,957 barrels of oil equivalent per day, up nine per cent from the fourth quarter of 2022.

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Due to continuing weak natural gas prices, the company says it has decided to reduce its forecast 2024 capital expenditures to $2.13 billion, down from $2.35 billion.

It says the budget reductions include a reduction in its rig count and a deferral of select exploration drilling and facility projects.

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