Tourmaline Oil (TOU) in McElvaine Value Fund 2021 Q4

Capitalizing on Low-Cost Production and Strategic Dividends

Jul 09, 2025

Summary

One of Canada's largest natural gas producers with significant infrastructure assets.
Low-cost production due to scale and infrastructure, enhancing profitability.
Risks include market volatility and commodity price fluctuations.
Strong performance driven by strategic special dividends and asset management.
Future outlook remains positive with near-zero net debt and substantial unbooked reserves.

In the McElvaine Value Fund 2021 Q4 letter, Tourmaline Oil (TOU, Financial) was highlighted as a significant contributor to the fund's performance. The fund manager emphasized Tourmaline's position as one of Canada's largest natural gas producers, benefiting from its scale and infrastructure to maintain low production costs. This strategic advantage has allowed the company to capitalize on market opportunities and return capital to shareholders through special dividends.

"Tourmaline’s net debt level is close to zero after considering its ownership of Topaz Energy. Tourmaline due to its scale and infrastructure is considered one of the lowest cost producers of Canadian natural gas." — McElvaine Value Fund, 2021 Q4 Fund Letter

Read full letter at gurufocus McElvaine Value Fund 2021 Q4 page.

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