Overview

* Tourmaline Q3 liquids production rises 4% over Q2, reaching 147,165 bpd

* Company declares special dividend of C$0.25/share, payable Nov 25, 2025

* Tourmaline enters long-term gas storage agreement with AltaGas in Alberta

Outlook

* Tourmaline expects Q4 average production between 655,000 - 665,000 boepd and expects 2025 exit volume of 680,000 - 700,000 boepd

* Tourmaline maintains 2026 average production guidance of 690,000 - 710,000 boepd

Result Drivers

* LIQUIDS GROWTH - Q3 2025 liquids production increased 4% over Q2, reaching 147,165 bpd

* COST REDUCTION - Q3 operating costs decreased by 7% due to early NEBC Build Out components

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS C$0.49

Q3 Cash C$1.85

Flow Per

Share

Q3 Net C$2.30

Debt bln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for Tourmaline Oil Corp ( TRMLF ) is C$74.00, about 18% above its November 4 closing price of C$60.66

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)