Lowering Our FVE for Tourmaline; Stock Still Fairly Valued
Tourmaline Oil reported third-quarter results that were below our previously lowered expectations. Production averaged 254.2 thousand barrels of oil equivalent per day, up 7% from the year-ago period but down 3% sequentially for the second quarter in a row. Lower production was driven by rescheduled maintenance activities, transportation disruptions, and a third-party turnaround at the Saturn complex in the Deep Basin. Management also expects headwinds from Enbridge’s October pipeline disruption...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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