Tourmaline Oil Corp. (TSX: TOU) announced on Wednesday its financial and operating results for Q3 2021. The results highlighted a quarterly revenue of $1.2 billion, up from $518.1 million for the same comparable period last year.
For Q3 2021, the firm produced a total of 456,489 boe/day of oil equivalent, up from last year’s 298,202 boe/day. The firm maintains that it will be able to hit its exit production target of 500,000 boe/day by early December.
On the other hand, operating netback for the quarter came in at $18.35/boe, up from last year’s $10.76/boe.
The firm was able to generate cash during the quarter amounting to $210.9 million, putting the balance of current assets at $807.3 million. Current liabilities ended at $1.4 billion.
The company also claimed the quarter as a “record” for generating cash flow amounting to $761.3 million. It was also able to deliver free cash flow amounting to $369.5 million.
Tourmaline Oil last traded at $45.37 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
