Q4 2025 Tourmaline Oil Corp Earnings Call Transcript
Key Points
- Tourmaline Oil Corp (TRMLF) achieved record production in Q4 2025 and continued this trend into January 2026.
- The company added 829 million BOEs of 2P reserves in 2025, including a record single-year organic addition of 457 million BOEs.
- Tourmaline Oil Corp (TRMLF) realized a 9% reduction in corporate operating costs in Q4 2025 compared to the first half of the year.
- The sale of the Peace River High asset for CAD765 million significantly reduced net debt from CAD2.3 billion in Q3 2025 to CAD1.5 billion by year-end.
- The company has entered into a long-term natural gas storage agreement with AltaGas, enhancing operational flexibility and financial performance.
- The termination of discretionary deep-cut gas plant deliveries will reduce ethane production by approximately 20,000 barrels per day.
- Weak local gas pricing in the Western Canadian Sedimentary Basin and low pricing at PG&E and Malin sales hubs are expected to limit free cash flow.
- The combination of asset sales and redirection of gas volumes will reduce total corporate production by approximately 50,000 BOEs per day.
- Tourmaline Oil Corp (TRMLF) has deferred certain gas-focused expenditures due to low commodity prices, potentially impacting future production.
- The company faces challenges with ethane recovery economics, leading to the decision to terminate certain contracts and reduce costs.
Good morning, ladies and gentlemen, welcome to the Tourmaline Q4 2025 results conference call. (Operator Instructions) This call is being recorded on March 5, 2026.
I would now like to turn the conference over to Scott Kirker. Please go ahead.
Thank you, operator. Welcome everyone to our discussion of Tourmaline's financial operating results for the quarters and years end December 31, 2025 and December 31, 2024. My name is Scott Kirker and I'm the Chief Legal Officer here at Tourmaline. Before we get started, I refer you to the advisories on forward-looking statements contained in the news release, as well as the advisories contained in the Tourmaline annual information form and our MD&A available on SEDAR and on our website. I also draw your attention to the material factors and assumptions in those advisories. I'm here with Mike Rose, Tourmaline's President and Chief Executive Officer, Brian Robinson, our Chief Financial Officer, and Jamie Heard, Tourmaline's Vice
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