Tourmaline Oil Corp (FRA:08T)

Q2 2026 Tourmaline Oil Corp Earnings Call Transcript

Jul 30, 2026 / 03:00 PM GMT

Release Date Price: €40.03 (+1.06%)

Transcript

Key Points

Positve

Tourmaline Oil Corp (TRMLF) generated $192 million in free cash flow in Q2 2026, with cash flow of $786 million.
Well performance improved significantly, with Northeast BC Montney wells up 28% and Alberta Deep Basin up 14% over prior 5-year averages.
The company entered a long-term agreement to increase propane and butane exports through the Ridley Island Energy Export facility, enhancing LPG margins by 55%.
Net debt was reduced to $1.5 billion, below the long-term target of $1.75 billion, and operating costs decreased 10% year-over-year to $4.59 per BOE.
A 1-year pause between Phase 1 and Phase 2 of the BC infrastructure buildout is expected to boost free cash flow and shareholder returns in 2027-2028.

Negative

Q2 2026 production of 594,000 BOEs per day was slightly below the guidance range of 595,000-605,000 BOEs per day due to storage injections and price-related shut-ins.
Low natural gas prices in Q2 2026 led to deferred activity, with 67 wells ready to frac and 21 wells to turn in line awaiting better pricing.
The company faces uncertainty in global natural gas supply-demand dynamics, which could impact the timing of Phase 2 of the BC buildout.
Liquids production mix may temporarily decline due to slower activity, though it is expected to recover in the fall.
The data center opportunity remains in early stages with no firm announcements, and such projects are complex and capital-intensive, posing execution risks.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TOU.TO - Tourmaline Oil Corp
Q2 2026 Tourmaline Oil Corp Earnings Call
Jul 30, 2026 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning ladies and gentlemen, and welcome to the Tourmaline Q2 2026 results conference call at this time, all lines are in listen-only mode following the presentation, we will conduct a question-and-answer session, if at any time during this call you require immediate assistance, please press 0 for the operator, this call is being recorded on July 30th, 2026.

I would now like to turn the conference over to Scott Kirk.

Please go.

Thank you, John, and welcome everyone to our discussion of Tourmaline's financial and operating results as of June 30th, 2026, and for the 3 and 6 months into June 30 and 26 and 025.

My name is Scott Kirker and I'm the Chief Legal Officer here at Tourmaline Oil.

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