05:12 PM EDT, 05/01/2024 (MT Newswires) -- Tourmaline Oil (TOU.TO) on Wednesday said its first-quarter profit fell 2.2%, even as it raised its dividend and declared a special dividend.

The Western Canadian natural-gas producer said it earned C$244.87 million, or C$0.69 per share, in the period, down from C$250.32, or C$0.73. in the year-prior quarter.

Revenue fell 2.7% to C$1.47 billion from C$1.52 billion.

The company declared a C$0.50 special dividend, paid May 26, to shareholders of record on May 9. it also raised its regular dividend by 7% to C$0.32 per quarter.

Tourmaline shares closed down C$1.49 to C$65.79 on the Toronto Stock Exchange.