Tourmaline Continues to Rely on Pipeline Expansion
No-moat Tourmaline Oil reported first-quarter operating cash flow of CAD 419 million, which represents a 7% increase sequentially and was ahead of our expectations. The increased operating cash flow was driven by better-than-expected realized natural gas prices. First-quarter realized prices averaged CAD 3.59/mcf, while the AECO benchmark price averaged CAD 2.64/mcf. Higher price realizations can be attributed to Tourmaline’s market access and hedging strategies, which offer much-needed relief i...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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