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Tourmaline Oil Reports Higher Profit, Lower Revenue for First Quarter; June Dividend Anticipated

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-- Tourmaline Oil (TOU.TO) after trade Wednesday said its first-quarter profit rose while revenue from commodity sales and realized gains fell year-over-year.

The Western Canadian natural-gas producer earned $657.6 million, or $1.69 per share, in the period, up from $212.7 million, or $0.56, a year ago. FactSet expected $0.85 per share.

Revenue from commodity sales and realized gains fell to $1.69 billion from $1.89 billion a year prior. FactSet projected $1.60 billion.

Average production for the quarter was 666,089 barrels of oil equivalent per day, within the guidance range of 660,000 to 670,000 boepd.

For full-year 2026, the company expects average production of 620,000 to 640,000 boepd, "which includes the impact of the previously disclosed Peace River High asset sale, the expiry of discretionary Alberta Deep Basin ethane extraction contracts, and the $175 million 2026 EP capital budget reduction."

The company added that higher condensate, propane, and international LNG prices are expected to lift full-year free cash flow to about $0.9 billion in both 2026 and 2027.

Tourmaline's board intends to declare a quarterly base dividend of $0.50 per share in early June, which will be payable on June 30 to shareholders of record at the close of business on June 15, according to the statement.

The company's shares closed down $1.10 to $66.85 on the Toronto Stock Exchange.

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