Tourmaline Oil earns nearly half of record $2B of 2021 profit in fourth quarter

CALGARY – Tourmaline Oil Corp. says it earned nearly half of its $2 billion net profit last year in the final quarter of 2021.

The Calgary-based energy company says its net income surged 58 per cent to $996.2 million in the fourth quarter from $629.2 million a year earlier.

The result equalled $2.96 per share, up from $2.28 per share in the fourth quarter of 2020.

Revenues from commodity sales for the three months ended Dec. 31 more than doubled to $1.53 billion from $688.4 million in the prior year quarter.

For the full-year, its net profit soared to $2.03 billion or $6.40 per share on $4.7 billion of revenues, up from $618.3 million or $2.27 per share on $2.18 billion of revenues in 2020.

Tourmaline says its 2021 production increased 42 per cent to 441,115 barrels of oil equivalent per day and 485,078 boepd in the fourth quarter. It generated a record $2.93 billion of cash flow last year, including $968.2 million in the fourth quarter.

This report by The Canadian Press was first published March 3, 2022.

Companies in this story: (TSX:TOU)