Tourmaline Oil (TSE:TOU) has released an update.
Tourmaline Oil Corp. achieved a record production year, bolstering its 2P reserves to 5 billion barrels of oil equivalent (BOE), and announced increases in its quarterly base dividend by 7% to $0.30/share along with a special dividend of $0.50/share. The company reported substantial 2023 full-year cash flow of $3.71 billion and generated $1.69 billion in free cash flow, with earnings reaching $1.74 billion. The financial success was partly driven by the strategic acquisition of Bonavista Energy Corporation, which added significant long-life production capacity.
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