05:28 PM EST, 03/04/2026 (MT Newswires) -- Tourmaline Oil ( TRMLF ) reported a fourth-quarter loss despite higher revenue and record production during the period.

The company posted a loss of C$655 million, or $1.69 per share, compared with net earnings of $407.4 million, or $1.09 per share, in the same period a year earlier, missing FactSet estimates of $0.70.

Revenue for the three months ended Dec. 31 rose 6% year over year to $1.71 billion from $1.62 billion in the prior-year period. It exceeded FactSet analysts estimates of $1.59 billion.

The natural gas and liquids producer reported a record Q4 average production of 659,204 boepd (barrels of oil equivalent per day), within the previous guidance range of 655,000 - 665,000 boepd. Q4 2025 average liquids production (oil, condensate, NGLs) was also a record at 152,673 bbls/d.

Tourmaline expects first quarter 2026 average production of 660,000 to 670,000 boepd, after taking into account the sale of the PRH assets which closed on February 2, 2026. It sold its PRH complex to a Canadian senior producer for cash proceeds of $765 million, prior to customary closing adjustments.

The company also declared a quarterly base dividend of $0.50 per share, payable on March 31, to shareholders of record at the close of business on March 16.

In its future guidance, the company has cut its 2026 capital expenditures by $350 million to $2.55 billion as it "remains focused on optimizing free cash flow".

Shares of the company closed $0.05 up to $66.14 on Toronto Stock Exchange on Wednesday.