Announcement • Jun 30
Tourmaline Oil Corp. to Report Q2, 2026 Results on Jul 29, 2026 Tourmaline Oil Corp. announced that they will report Q2, 2026 results After-Market on Jul 29, 2026 Upcoming Dividend • Jun 08
Upcoming dividend of CA$0.50 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 30 June 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.1%. Lower than top quartile of Canadian dividend payers (5.4%). In line with average of industry peers (3.4%). Announcement • Jun 04
Tourmaline Oil Corp. Declares Quarterly Cash Dividend, Payable on June 30, 2026 Tourmaline Oil Corp. announced that its Board of Directors has declared a quarterly cash dividend on its common shares of $0.50 per share. The dividend will be payable on June 30, 2026 to shareholders of record at the close of business on June 15, 2026. This quarterly cash dividend is designated as an "eligible dividend" for Canadian income tax purposes. Major Estimate Revision • May 14
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CA$6.60b to CA$6.95b. EPS estimate increased from CA$4.71 to CA$5.39 per share. Net income forecast to grow 158% next year vs 32% growth forecast for Oil and Gas industry in Canada. Consensus price target broadly unchanged at CA$71.10. Share price rose 2.3% to CA$66.35 over the past week. Declared Dividend • May 11
Dividend of CA$0.50 announced Shareholders will receive a dividend of CA$0.50. Ex-date: 15th June 2026 Payment date: 30th July 2026 Dividend yield will be 4.0%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio) nor is it covered by cash flows (201% cash payout ratio). The dividend has increased by an average of 26% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 21% to bring the payout ratio under control. EPS is expected to grow by 49% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 07
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: CA$1.70 (up from CA$0.57 in 1Q 2025). Revenue: CA$1.36b (up 4.1% from 1Q 2025). Net income: CA$657.6m (up 209% from 1Q 2025). Profit margin: 48% (up from 16% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) also surpassed analyst estimates by 80%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Live News • May 07
Tourmaline Oil Surpasses Earnings Estimates With Record Production and Higher Free Cash Flow Outlook Tourmaline Oil reported record Q1 2026 production at the midpoint of guidance despite capital deferrals.
Earnings came in at $1.23 per share, ahead of the Zacks Consensus Estimate of $0.62, with revenue also above expectations by 3.8%.
The company raised its free cash flow outlook for 2026 and 2027 to about $0.9b annually, supported by higher NGL realizations tied to strong global liquids pricing and optimized ethane extraction, and plans to continue its quarterly base dividend.
For you as an investor, the key takeaway is that operations are running efficiently enough for Tourmaline to reach record production while deferring some capital spending. At the same time, stronger NGL realizations are contributing to a higher free cash flow outlook, which supports ongoing dividend payments and provides management with more flexibility for balance sheet priorities or potential future capital allocation decisions.
The earnings and revenue beats against consensus estimates illustrate how commodity mix and marketing choices, particularly around liquids and ethane extraction, can affect results even when production remains at guided levels. If you follow the stock, it is worth tracking how sustainable management believes the free cash flow profile is under current liquids pricing, as well as any updates to dividend policy or capital plans that might follow from this revised outlook. Recent Insider Transactions • Apr 12
Key Executive recently bought CA$1.2m worth of stock On the 8th of April, Michael Rose bought around 20k shares on-market at roughly CA$59.96 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of CA$24m worth in shares. Recent Insider Transactions Derivative • Apr 07
Vice President of Marketing exercised options and sold CA$1.1m worth of stock On the 31st of March, Sherra Aspin exercised 20k options at a strike price of around CA$12.60 and sold these shares for an average price of CA$69.16 per share. This trade did not impact their existing holding. Since June 2025, Sherra's direct individual holding has increased from 63.89k shares to 83.37k. Company insiders have collectively bought CA$5.0m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Apr 04
Tourmaline Oil Corp. to Report Q1, 2026 Results on May 06, 2026 Tourmaline Oil Corp. announced that they will report Q1, 2026 results After-Market on May 06, 2026 Announcement • Mar 24
Tourmaline Oil Corp., Annual General Meeting, Jun 03, 2026 Tourmaline Oil Corp., Annual General Meeting, Jun 03, 2026. Recent Insider Transactions Derivative • Mar 17
Vice President of Exploration exercised options and sold CA$819k worth of stock On the 13th of March, Colin Frostad exercised 17k options at a strike price of around CA$17.57 and sold these shares for an average price of CA$66.71 per share. This trade did not impact their existing holding. Since December 2025, Colin has owned 56.91k shares directly. Company insiders have collectively bought CA$6.5m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Mar 15
Vice President of Exploration exercised options and sold CA$819k worth of stock On the 13th of March, Colin Frostad exercised 17k options at a strike price of around CA$17.57 and sold these shares for an average price of CA$66.71 per share. This trade did not impact their existing holding. Since December 2025, Colin has owned 56.91k shares directly. Company insiders have collectively bought CA$6.5m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Mar 13
Tourmaline Oil Corp. announced that it expects to receive CAD 250 million in funding Tourmaline Oil Corp. announced a private placement to issue senior unsecured notes for aggregate principal amount of CAD 250 million on March 12, 2026. The notes will be issued at par and will bear interest at a fixed rate of 3.934% per annum, payable semi-annually on the 16th day of March and September of each year, commencing on September 16, 2026. The notes will mature on March 16, 2031. The notes, offered on a best-efforts basis and are expected to be issued on or about March 16, 2026, subject to customary closing conditions. Major Estimate Revision • Mar 11
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CA$7.42b to CA$6.82b. EPS estimate also fell from CA$4.63 per share to CA$4.17 per share. Net income forecast to grow 509% next year vs 5.5% decline forecast for Oil and Gas industry in Canada. Consensus price target broadly unchanged at CA$70.34. Share price fell 5.0% to CA$62.77 over the past week. Declared Dividend • Mar 08
Dividend of CA$0.50 announced Shareholders will receive a dividend of CA$0.50. Ex-date: 16th March 2026 Payment date: 31st March 2026 Dividend yield will be 4.7%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is not covered by earnings (291% earnings payout ratio) nor is it covered by cash flows (348% cash payout ratio). The dividend has increased by an average of 34% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 223% to bring the payout ratio under control. EPS is expected to grow by 70% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Mar 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (348% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.4% net profit margin). Significant insider selling over the past 3 months (CA$10m sold). New Risk • Jan 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$10m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (318% cash payout ratio). Significant insider selling over the past 3 months (CA$10m sold). Recent Insider Transactions • Jan 18
Insider recently sold CA$10m worth of stock On the 13th of January, William Kirker sold around 170k shares on-market at roughly CA$59.74 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$8.7m more than they sold in the last 12 months. Announcement • Jan 14
Canadian Natural Resources Reportedly Set to Acquire Tourmaline’s Natural Gas Business Canadian Natural Resources Limited (TSX:CNQ) is poised to purchase a $1-billion-plus portfolio of Alberta natural gas properties from Tourmaline Oil Corp. (TSX:TOU). Canadian Natural filed the paperwork for federal Competition Bureau approval of a transaction with Tourmaline on Dec. 30, according to a recent notification published by the bureau. However, the regulator and the Calgary-based companies did not disclose details of the potential deal. Canadian Natural is in talks to acquire a natural gas business in Alberta’s Peace River region that Tourmaline put up for sale in November, according to two sources familiar with the negotiations. The Globe is not naming the sources because they are not authorized to speak publicly about the talks. Last year, analysts estimated the portfolio could fetch up to $1.4-billion. Canadian Natural also owns gas wells and energy infrastructure in the area. Tourmaline’s Peace River operations include 2,428 horizontal wells, 34 gas plants and 15,500 kilometres of pipelines. Canadian Natural is seeking preliminary regulatory feedback on a potential acquisition of the Tourmaline assets prior to announcing a purchase, the sources said. Tourmaline said it would not comment on the sale process of its Peace River assets before its first-quarter report, which is slated for March 4. Canadian Natural also declined to comment on the regulatory filing. The application to the federal competition watchdog suggests that the scale of Canadian Natural’s potential acquisition requires regulatory approval, a relatively common development when companies in mature sectors such as energy buy businesses from peers. Tourmaline’s sale of its Peace River assets is expected to lower its operational expenses this year by roughly 7%, ATB Financial said in its 2026 oil and gas outlook. Upcoming Dividend • Dec 10
Upcoming dividend of CA$0.50 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 31 December 2025. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 5.6%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (4.3%). Announcement • Dec 02
Tourmaline Oil Corp. Declares Quarterly Dividend, Payable on December 31, 2025 Tourmaline Oil Corp. announced that its Board of Directors has declared a quarterly cash dividend on its common shares of CAD 0.50 per common share. The dividend will be payable on December 31, 2025 to shareholders of record at the close of business on December 15, 2025. This quarterly cash dividend is designated as an "eligible dividend" for Canadian income tax purposes. Declared Dividend • Nov 26
Dividend of CA$0.50 announced Shareholders will receive a dividend of CA$0.50. Ex-date: 15th December 2025 Payment date: 31st December 2025 Dividend yield will be 5.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (343% cash payout ratio). The dividend has increased by an average of 35% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Nov 09
Dividend of CA$0.25 announced Shareholders will receive a dividend of CA$0.25. Ex-date: 14th November 2025 Payment date: 25th November 2025 Dividend yield will be 5.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (343% cash payout ratio). The dividend has increased by an average of 35% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: CA$0.49 (vs CA$1.01 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.49 (down from CA$1.01 in 3Q 2024). Revenue: CA$1.39b (up 59% from 3Q 2024). Net income: CA$190.4m (down 46% from 3Q 2024). Profit margin: 14% (down from 41% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 08
Upcoming dividend of CA$0.50 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 29 September 2025. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 6.1%. Within top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (4.5%). Announcement • Sep 04
Tourmaline Oil Corp. Declares Quarterly Cash Dividend on Common Shares, Payable on September 29, 2025 Tourmaline Oil Corp. declared a quarterly cash dividend on its common shares of CAD 0.50 per common share. The dividend will be payable on September 29, 2025 to shareholders of record at the close of business on September 15, 2025. Recent Insider Transactions • Aug 28
Independent Director recently bought CA$991k worth of stock On the 27th of August, Christopher Lee bought around 17k shares on-market at roughly CA$58.30 per share. This transaction increased Christopher's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth CA$6.9m. Insiders have collectively bought CA$10m more in shares than they have sold in the last 12 months. Declared Dividend • Aug 21
Dividend of CA$0.50 announced Shareholders will receive a dividend of CA$0.50. Ex-date: 15th September 2025 Payment date: 29th September 2025 Dividend yield will be 5.9%, which is higher than the industry average of 5.4%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but not covered by cash flows (253% cash payout ratio). The dividend has increased by an average of 41% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Aug 10
Chairman of the Board recently bought CA$6.9m worth of stock On the 8th of August, Michael Rose bought around 119k shares on-market at roughly CA$57.79 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of CA$13m worth in shares. Declared Dividend • Aug 03
Dividend of CA$0.35 announced Shareholders will receive a dividend of CA$0.35. Ex-date: 8th August 2025 Payment date: 20th August 2025 Dividend yield will be 5.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but not covered by cash flows (275% cash payout ratio). The dividend has increased by an average of 43% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: CA$1.36 (up from CA$0.73 in 2Q 2024). Revenue: CA$1.82b (up 80% from 2Q 2024). Net income: CA$514.6m (up 100% from 2Q 2024). Profit margin: 28% (up from 25% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 55%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 10
Upcoming dividend of CA$0.50 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 6.0%. Lower than top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (4.8%). Announcement • Jun 05
Tourmaline Oil Corp. Declares Quarterly Dividend, Payable on June 30, 2025 Tourmaline Oil Corp. announced that its Board of Directors has declared a quarterly cash dividend on its common shares of CAD 0.50 per share. The dividend will be payable on June 30, 2025 to shareholders of record at the close of business on June 16, 2025. Declared Dividend • May 27
Dividend of CA$0.50 announced Shareholders will receive a dividend of CA$0.50. Ex-date: 16th June 2025 Payment date: 30th June 2025 Dividend yield will be 5.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (221% cash payout ratio). The dividend has increased by an average of 43% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 105% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 16
Insider recently sold CA$3.6m worth of stock On the 14th of May, William Kirker sold around 56k shares on-market at roughly CA$64.94 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$3.1m more than they bought in the last 12 months. Announcement • May 15
Tourmaline Oil Corp. (TSX:TOU) agreed to acquire Groundbirch asset of Strathcona Resources Ltd. (TSX:SCR) for approximately $290 million. Tourmaline Oil Corp. (TSX:TOU) agreed to acquire Groundbirch asset of Strathcona Resources Ltd. (TSX:SCR) for approximately $290 million on May 14, 2025. The consideration consists of common equity of Tourmaline Oil Corp. having a value of $291.5 million to be issued for assets of Groundbirch asset of Strathcona Resources Ltd. As part of consideration, $291.5 million is paid towards assets of Groundbirch asset of Strathcona Resources Ltd. The share consideration is not subject to any lock-up periods beyond a four-month statutory hold period. The expected completion of the transaction is Q2, 2025 and the deal is subjected to receipt of regulatory approvals and the
satisfaction of other customary closing conditions. Scotiabank acted as lead financial advisor and RBC Capital Markets and ATB Capital Markets acted as financial advisors on the Groundbirch Sale. Blake, Cassels & Graydon LLP acted as legal advisor to Strathcona in respect of each of the transactions. In related transactions Strathcona Resources Ltd. divested, Kakwa asset and Grande Prairie asset. Major Estimate Revision • May 14
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CA$7.50b to CA$7.37b. EPS estimate also fell from CA$6.01 per share to CA$5.30 per share. Net income forecast to grow 65% next year vs 5.6% growth forecast for Oil and Gas industry in Canada. Consensus price target broadly unchanged at CA$76.34. Share price rose 6.0% to CA$65.26 over the past week. Declared Dividend • May 11
Dividend of CA$0.35 announced Shareholders will receive a dividend of CA$0.35. Ex-date: 15th May 2025 Payment date: 26th May 2025 Dividend yield will be 5.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (221% cash payout ratio). The dividend has increased by an average of 43% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 114% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: CA$0.57 (down from CA$0.70 in 1Q 2024). Revenue: CA$1.44b (up 6.9% from 1Q 2024). Net income: CA$212.7m (down 13% from 1Q 2024). Profit margin: 15% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 61%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CA$57.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Canada. Total returns to shareholders of 21% over the past three years. Announcement • Mar 25
Tourmaline Oil Corp., Annual General Meeting, Jun 04, 2025 Tourmaline Oil Corp., Annual General Meeting, Jun 04, 2025. Declared Dividend • Mar 09
Dividend of CA$0.35 announced Shareholders will receive a dividend of CA$0.35. Ex-date: 13th March 2025 Payment date: 25th March 2025 Dividend yield will be 4.5%, which is lower than the industry average of 5.4%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (306% cash payout ratio). The dividend has increased by an average of 43% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 06
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CA$3.54 (down from CA$5.09 in FY 2023). Revenue: CA$4.84b (down 10% from FY 2023). Net income: CA$1.26b (down 27% from FY 2023). Profit margin: 26% (down from 32% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Dec 05
Dividend of CA$0.35 announced Shareholders will receive a dividend of CA$0.35. Ex-date: 16th December 2024 Payment date: 31st December 2024 Dividend yield will be 5.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not covered by cash flows (154% cash payout ratio). The dividend has increased by an average of 43% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 03
Tourmaline Oil Corp. Declares Quarterly Dividend, Payable on December 31, 2024 Tourmaline Oil Corp. announced that its Board of Directors has declared a quarterly cash dividend on its common shares of CAD 0.35 per common share. The dividend will be payable on December 31, 2024 to shareholders of record at the close of business on December 16, 2024. This quarterly cash dividend is designated as an "eligible dividend" for Canadian income tax purposes. Announcement • Nov 26
Tourmaline Oil Corp. has filed a Follow-on Equity Offering in the amount of CAD 241.86 million. Tourmaline Oil Corp. has filed a Follow-on Equity Offering in the amount of CAD 241.86 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 8,700,000
Price\Range: CAD 27.8
Transaction Features: Rule 144A Recent Insider Transactions • Oct 08
Insider recently sold CA$4.4m worth of stock On the 4th of October, William Kirker sold around 66k shares on-market at roughly CA$66.37 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$1.4m more than they sold in the last 12 months. Announcement • Oct 02
Tourmaline Oil Corp. (TSX:TOU) completed the acquisition of Crew Energy Inc. (TSX:CR) from Equinox Partners LP, a fund managed by Equinox Partners Investment Management LLC and others. Tourmaline Oil Corp. (TSX:TOU) enter into a non-binding letter of intent to acquire Crew Energy Inc. (TSX:CR) from Equinox Partners LP, a fund managed by Equinox Partners Investment Management LLC and others on July 15, 2024. Tourmaline Oil Corp. (TSX:TOU) entered into an agreement to acquire Crew Energy Inc. (TSX:CR) from Equinox Partners LP, a fund managed by Equinox Partners Investment Management LLC and others for CAD 1.1 billion on August 11, 2024. Tourmaline has agreed to acquire all of the issued and outstanding common shares of Crew in an all-stock transaction. The transaction is valued at approximately CAD 6.69 per Crew Share or CAD 1.3 billion enterprise value, including Crew's net debt, which is estimated to be CAD 240 million (including closing costs). Under the terms of the Agreement, holders of Crew Shares will receive 0.114802 of a Tourmaline Share in exchange for each one Crew Share held. If the agreement is terminated by the Crew, it shall pay to Tourmaline a termination fee of CAD 70 million.
The Board of Directors of each of Crew and Tourmaline have unanimously approved the acquisition. The transaction is subject approval of Crew shareholder. The completion of the transaction is subject to customary closing conditions including, without limitation, receipt of court approval, third party approval, shareholders of Crew representing not more than 7.5% shall have validly exercised, and not withdrawn, dissent rights, and customary regulatory and stock exchange approvals including under the Competition Act (Canada) as well as Tourmaline Shares to be issued to Crew Shareholders in exchange for their Crew Shares be approved for listing on the TSX. Government of Canada started review of the transaction August 19, 2024. Concurrently with the arrangement agreement, Tourmaline entered into voting agreements with all of the directors and executive officers of Crew and Equinox Partners, to vote in favor of the transaction. The transaction is expected to close in early October 2024 or on about October 1, 2024. It provides a significant high-quality addition to Tourmaline's South Montney asset base and is immediately accretive to the Company's key financial and reserve metrics, adding over CAD 200 million to Tourmaline's anticipated 2025 free cash flow. As of October 1, 2024, the transaction was approved by the target's shareholders. Crew and Tourmaline have also received the Key Regulatory Approvals. Subject to receipt of the final order from the Court, the Arrangement is expected to become effective later today.
TD Securities Inc. acted as financial advisor to Crew. TD Securities Inc. acted as fairness opinion provider to Crew. ATB Securities Inc. acted as financial advisor to Crew. ATB Securities Inc. acted as fairness opinion provider Crew. Peters & Co. Limited acted as exclusive financial advisor to Tourmaline. Scott R. Cochlan of Torys LLP acted as legal advisor to Crew Energy. Bill Maslechko of Burnet, Duckworth & Palmer LLP acted as legal advisor to Tourmaline Oil Corp. Odyssey Trust Company acted as transfer agent and depository to Crew. KPMG LLP acted as an auditor to Crew.
Tourmaline Oil Corp. (TSX:TOU) completed the acquisition of Crew Energy Inc. (TSX:CR) from Equinox Partners LP, a fund managed by Equinox Partners Investment Management LLC and others on October 1, 2024. Upcoming Dividend • Sep 06
Upcoming dividend of CA$0.33 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 27 September 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of Canadian dividend payers (6.0%). Higher than average of industry peers (4.7%). Announcement • Sep 04
Tourmaline Oil Corp. Declares Quarterly Dividend, Payable on September 27, 2024 Tourmaline Oil Corp. announced that its Board of Directors has declared a quarterly cash dividend on its common shares of CAD 0.35 per common share. The dividend will be payable on September 27, 2024 to shareholders of record at the close of business on September 13, 2024. Announcement • Aug 13
Tourmaline Oil Corp. (TSX:TOU) entered into an agreement to acquire Crew Energy Inc. (TSX:CR) from Equinox Partners LP, a fund managed by Equinox Partners Investment Management LLC and others for CAD 1.1 billion. Tourmaline Oil Corp. (TSX:TOU) entered into an agreement to acquire Crew Energy Inc. (TSX:CR) from Equinox Partners LP, a fund managed by Equinox Partners Investment Management LLC and others for CAD 1.1 billion on August 12, 2024. Tourmaline has agreed to acquire all of the issued and outstanding common shares of Crew in an all-stock transaction. The transaction is valued at approximately CAD 6.69 per Crew Share or CAD 1.3 billion, including Crew's net debt, which is estimated to be CAD 240 million (including closing costs). Under the terms of the Agreement, holders of Crew Shares will receive 0.114802 of a Tourmaline Share in exchange for each one Crew Share held.
The Board of Directors of each of Crew and Tourmaline have unanimously approved the acquisition. The transaction is subject approval of Crew shareholder. The completion of the transaction is subject to customary closing conditions including, without limitation, receipt of court approval and customary regulatory and stock exchange approvals including under the Competition Act (Canada). The transaction is expected to close in early October 2024 or on about October 1, 2024. It provides a significant high-quality addition to Tourmaline's South Montney asset base and is immediately accretive to the Company's key financial and reserve metrics, adding over CAD 200 million to Tourmaline's anticipated 2025 free cash flow.
TD Securities Inc. acted as financial advisor to Crew. TD Securities Inc. acted as fairness opinion provider to Crew. ATB Securities Inc. acted as financial advisor to Crew. ATB Securities Inc. acted as fairness opinion provider Crew. Peters & Co. Limited acted as exclusive financial advisor to Tourmaline. Declared Dividend • Aug 11
Dividend of CA$0.33 announced Shareholders will receive a dividend of CA$0.33. Ex-date: 13th September 2024 Payment date: 27th September 2024 Dividend yield will be 6.4%, which is higher than the industry average of 5.4%. Sustainability & Growth Dividend is covered by earnings (27% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 51% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Aug 04
Dividend of CA$0.50 announced Shareholders will receive a dividend of CA$0.50. Ex-date: 9th August 2024 Payment date: 21st August 2024 Dividend yield will be 6.4%, which is higher than the industry average of 5.4%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but not covered by cash flows (163% cash payout ratio). The dividend has increased by an average of 59% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 
