Tourmaline Oil Reports Q2 Earnings with Strong Cash Flow and Infrastructure Project Update
Tourmaline Oil reported second-quarter cash flow of C$786 million and free cash flow of C$192 million, driven by production averaging 594,000 BOE per day. The company maintained its full-year guidance for production between 620,000–640,000 BOE/day and confirmed a capital budget of C$2.55 billion for 2026. The firm announced a one-year pause in the second phase of its northeastern British Columbia infrastructure project to allow full realization of benefits from Phase One before proceeding further. The first phase remains on schedule, with expected completion by year-end and projected annual cash flow exceeding C$400 million once fully operational. Tourmaline also expanded operations through an LPG export agreement with AltaGas and the acquisition of Aduro Resources for C$100 million. CFO Brian Robinson is set to retire in November, succeeded by Jamie Heard. The board plans a quarterly dividend of C$0.50 per share.
Topics: capital spending energy production executive changes oil