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Tourmaline Oil Corp. Q3-2020 Earnings, Price Target

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Tourmaline Oil Corp. is the 2nd largest Canadian natural gas producer in Canada next to Canadian Natural Resources Ltd.(CNQ-TSX). Production is 90% natural gas with the balance being oil and natural gas liquids from a total reserve base of 2.6B bbls. Production and reserves are located in deeper basins of western Alberta and the Montney area in northwestern Alberta. Carbon reduction initiatives include conversion of all diesel powered equipment to natural gas. Tourmaline commenced paying dividends in Q2-2018 at $0.32 per share annually and have been increased 4 times to $0.56 per share effective Q4-2020. Topaz Energy, is currently priced at $13.85 providing a 5.8% dividend yield based on an $0.80 per share dividend.

Acquisitions

The acquisition of Jupiter Energy and Modern Energy in Q4-2020 will increase 2021 forecast production to 400,000 boe per day an increase of 25% from prior 2021 guidance of 320,000 boe per day. The royalty payments will be 2% on natural gas revenues in 2021 and 3% in 2022 and thereafter, 2.5% on crude oil and condensate. The two acquisitions add 900 sections of land, 445M boe of (p+p) reserves with an estimated reserve life of 17 years. Financing of the Jupiter and Modern acquisitions includes sale of a royalty interest for $130M to Topaz Energy Corp.(TPZ). Tourmaline owns 63.5% of Topaz Energy.

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