Tourmaline Oil Beats Our Production Estimates
No-moat Tourmaline Oil reported first-quarter results that were above our expectations. Production averaged 268.5 thousand barrels of oil equivalent per day, an increase of 15% from the year-ago period and 2% sequentially. Despite the increased production, Tourmaline remains wary of lower AECO gas prices. Accordingly, the company said it expects second- and third-quarter production between 265 and 275 mboe/d, which is in line with our expectations. Tourmaline still expects annual 2018 production...Tourmaline Oil is engaged in the acquisition, exploration, development and production of petroleum and natural gas properties in the Western Canadian Sedimentary Basin.
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