Tourmaline Oil, $37.01, symbol TOU on Toronto (Shares outstanding: 216.3 million; Market cap: $8.2 billion; www.tourmalineoil.com), has identified over 9,500 oil and natural gas drilling locations in Western Canada, and it has the funds for exploration. That should let it keep raising its production.
In the three months ended March 31, 2015, Tourmaline’s daily output averaged a record 143,725 barrels of oil equivalent (87% gas and 13% oil), up 40.1% from 102,563 a year earlier. Cash flow per share fell 21.1%, to $1.01 from $1.29, as sharply lower oil and gas prices offset the higher production.
The company just raised $195.4 million by selling 4.9 million shares at $39.50 each. This will let it spend $1.35 billion on exploration and development this year, up 11.3% from its previous estimate of $1.2 billion. It will now operate 18 drilling rigs, up from 16.
Tourmaline expects to end 2015 with daily production averaging 200,000 barrels a day (not including the results of the recent spending…
Privacy Policy and Terms of Use
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
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Legal Notices and Disclaimers
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