Tourmaline reports $361 million third-quarter profit, record quarterly cash flow

CALGARY – Tourmaline Oil Corp. reported record cash flow and net earnings of $361.1 million in the third quarter of 2021.

The Calgary-based company says it earned $1.10 per diluted share in the quarter, compared with $4.8 million or two cents per diluted share in the third quarter of 2020.

The company reported revenues of $1.2 billion, up 134 per cent year-over-year.

The increase came as Tourmaline’s natural gas production rose 52 per cent from the same quarter in 2020, and oil production rose 58 per cent year-over-year.

The company says its current production is ranging between 485,000 to 490,000 barrels of oil equivalent per day.

Tourmaline says it achieved record quarterly cash flow of $761.3 million in the third quarter.

This report by The Canadian Press was first published Nov. 3, 2021.

Companies in this story: (TSX:TOU)