TOURMALINE DELIVERS STRONG FREE CASH FLOW IN THE THIRD QUARTER, UPDATES FIVE YEAR EP PLAN WITH SIGNIFICANTLY INCREASED FREE CASH FLOW

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HIGHLIGHTS

Third quarter cash flow⁽¹⁾⁽²⁾of $878.5 million ($2.55 per diluted share⁽³⁾).
Generated Q3 free cash flow⁽⁴⁾ (“FCF“) of $332.3 million ($0.96 per diluted share) enabling the Company to declare a special dividend of $1.00 per common share paid on November 1, 2023 to holders of record on October 24, 2023. Tourmaline has distributed total dividends of $6.52 per share (inclusive of this November 1, 2023 special dividend) since December 1, 2022, an implied 9% trailing yield⁽⁵⁾.
Full-year 2023 free cash flow forecast of $1.9 billion⁽⁶⁾ (2022 free cash flow – $3.2 billion).
September 30, 2023 net debt⁽⁷⁾ of $879.8 million or 0.3 times Q3 2023 annualized cash flow of $3.5 billion.
Tourmaline Q3 2023 net earnings of $274.7 million ($0.80 per diluted share).
In October 2023, the Company entered into an agreement to acquire all of the shares of Bonavista Energy Corporation (“Bonavista”) for $1.45 billion, consisting of $725 million in Tourmaline common shares and $725 million of cash, less Bonavista’s net debt⁽⁸⁾ at closing. The closing of the transaction is expected to occur in the second half of November 2023, subject to customary regulatory and stock exchange approvals.

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