Tourmaline Oil Misses Our Production Estimates
No-moat Tourmaline Oil reported fourth-quarter results that were below our expectations, despite record production of 263.3 thousand barrels of oil equivalent per day. Production increased 37% year over year and was up 11% sequentially. Increased production was driven by accelerated drilling as part of the company’s exploration and production program, coupled with production from property acquisitions. Current production continues to grow and is in the range of 270-275 mboe/d. The company reaffi...
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