CALGARY – Tourmaline Oil Corp. is reporting positive net income in the first quarter thanks to higher oil and gas prices and a 33 per cent increase in production from acquisitions as well as an active drilling program.

The Calgary-based company says it had net income of $248 million or 83 cents per share in the three months ended March 31, compared with a loss of $35.8 million or 13 cents a share in the same period of last year.

Analysts had expected net income of $207 million or 70 cents per share, according to financial data firm Refinitiv.

Tourmaline says first-quarter production averaged 411,600 barrels of oil equivalent per day (nearly 92,000 barrels per day of oil and liquids), noting stronger-than-expected well performance boosted its March output to 417,800 boe/d.

Production was 308,300 boe/d in the first quarter of 2020.

Its full-year production guidance calls for an average of between 390,000 and 410,000 boe/d with a capital budget of $1.075 billion.

Tourmaline closed deals to buy two private producers, Modern Resources Inc. and Jupiter Resources Inc., in the fourth quarter of 2020, adding 76,000 boe/d of output for a total of about $526 million in cash and shares.

This report by The Canadian Press was first published May 5, 2021.

Companies in this story: (TSX:TOU)