Tourmaline Reports Third-Quarter Results; Slightly Raising Fair Value Estimate
Tourmaline Oil reported third-quarter results that missed our expectations, with production of 169.4 thousand barrels of oil equivalent per day compared with our expectations of 193 mboe/d. Even though production increased 13% year over year, production was negatively affected by weather-related delays, third-party plant turnarounds, a fire at a Pembina facility, and continued firm service transportation cutbacks. Despite the disappointing production number, the company remains on target to achi...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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