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Tourmaline Oil (TOU) investor relations material
Tourmaline Oil Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 average production reached 634,750 BOEs/day, at the high end of guidance, despite storage injections and shut-ins, with liquids production up 4% to 147,165 bpd and a long-term target of 200,000 bpd by 2031.
Largest natural gas producer in Canada and fifth largest in North America, with 5.5 billion Boe 2P reserves and 24.8 Tcf of gas reserves as of December 2024.
Entered new long-term gas storage and LNG supply agreements, enhancing market flexibility and international exposure.
Declared a special dividend of $0.25/share and plans to maintain a strong base dividend.
Exploring the sale of the Peace River High complex to lower costs and reinvest in higher-return assets.
Financial highlights
Q3 2025 cash flow was $719.6 million ($1.85/diluted share), with net earnings of $190.4 million ($0.49/diluted share), and total revenue of $1.48 billion.
Q3 2025 capital expenditures were $774 million, with EP expenditures at $825.5 million; full-year EP capital budget remains at $2.60–2.85 billion.
Net debt at September 30, 2025 was $2.26 billion, approximately 0.6x net debt to 2026 forecast cash flow.
Closed a $71.7 million royalty transaction and $230 million secondary offering of Topaz shares.
Annualized base and special dividend of $3.00/share offers a 5% income yield.
Outlook and guidance
Q4 2025 production expected at 655,000–665,000 BOEs/day; 2025 exit guidance of 680,000–700,000 BOEs/day; 2026 average production guidance of 690,000–710,000 BOEs/day; multi-year plan targets 850,000 BOEs/day by 2031.
2026 capital program set at $2.9 billion; anticipated 2026 cash flow of $4.0 billion and free cash flow of $0.9 billion at current strip pricing.
For every $0.10/MCF US AECO basis tightening, 2026 cash flow and free cash flow increase by $50 million.
Up to $250 million in capital spending could be deferred in a low-price scenario with minor impact on 2026 production.
Free cash flow projected to grow 2.5x as margin expansion and maintenance capital are achieved.
How do new LNG deals diversify market risk?
Peace River High sale: strategic rationale?
2026 special dividend funding strategy?
Peace River sale proceeds allocation?
AECO basis tightening impact on 2026 cash flow?
Capitalize on data center gas demand opportunities?
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Next Tourmaline Oil earnings date
Q4 20254 Mar, 2026
Next Tourmaline Oil earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
Tourmaline Oil Corp. acquires, explores for, develops, and produces oil and natural gas properties in the Western Canadian Sedimentary Basin. The Company's primary assets include interests in producing properties consisting of working interests in fourteen producing properties located in Southern Alberta and Northeast British Columbia. The Company's assets also include non-producing properties located in various geological basins within Alberta, British Columbia, Saskatchewan and Newfoundland & Labrador.
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