Limited resource potential jeopardizes the longevity of Tourmaline Oil's low-cost production.
No-moat Tourmaline Oil reported second-quarter results that were below our expectations. Production averaged 260.9 thousand barrels of oil equivalent per day, an increase of 11% from the year-ago period, but down 3% sequentially. Production was also below management’s guidance, which targeted a range of 265-275 mboe/d. Lower production was driven by a sales compressor failure at the company’s Musreau plant in the Deep Basin; unplanned outages on third-party systems; and a forest fire. According...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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