iPolitics By iPolitics. Published on Mar 12, 2021 11:38am (Gina Dittmer via Public Domain Pictures)
The Lead
The Canadian oilpatch acquisition market received a ringing endorsement on Thursday. Mike Rose, the CEO of Tourmaline Oil Corp., said there are still many potential acquisition targets in Western Canada but that may change if recently higher global oil prices continue to strengthen.
Earlier this week, Tourmaline reported increased earnings and production over the last three months of 2020. Rose said the fourth-quarter boon has allowed the Calgary-based energy company to consider several possible acquisition deals.
“I mean, if oil prices continue to run and solidify then perhaps that pipeline of opportunities slows down but right now we’re always busy evaluating and we only transact on very small proportion of the things we look at,” Rose said during a conference call to discuss fourth-quarter results.
CALGARY - Tourmaline Oil Corp. is reporting higher fourth-quarter earnings and production along with a 14 per cent increase in its dividend following a .
Tourmaline Oil reports Q4 earnings of $629 million and 12 per cent production rise - Medicine Hat NewsMedicine Hat News medicinehatnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medicinehatnews.com Daily Mail and Mail on Sunday newspapers.
It says the increase in net earnings reflects a gain on acquisition and divestitures of $500 million in the fourth quarter of 2020 and a five per cent increase in operating netbacks.
Tourmaline says it produced an average of about 336,000 barrels of oil equivalent per day in the fourth quarter, up 12 per cent from just under 300,000 boe/d in the year-earlier period, but current production is above 405,000 boe/d.
It says its fourth quarter average price for natural gas rose 15 per cent to $3.19 per thousand cubic feet compared with the same period of 2019.
Its realized price for oil, condensate and natural gas liquids fell by 12 per cent to $33.85 per barrel.