TOURMALINE DELIVERS STRONG CASH FLOW AND FREE CASH FLOW IN Q3 2022, ANNOUNCES INCREASED BASE DIVIDEND AND DECLARES SPECIAL DIVIDEND
HIGHLIGHTS
- Third quarter 2022 before tax cash flow(1)(2) (“CF”) was $1.056 billion and $1.051 billion after tax ($3.06 per diluted share(3)), a 38% increase over third quarter 2021 CF.
- Third quarter 2022 free cash flow(4) (“FCF”) was $568.3 million ($1.65 per diluted share).
- The Company will pay a special dividend of $2.25/share on November 18 to shareholders of record on November 9 and beginning in Q4, will increase the quarterly base dividend by 11% to $0.25/share providing for an annualized dividend of $1.00/share. Including the payments of both the Q4 special dividend and base dividend, the Company will pay a total of $7.90/share in dividends in 2022, resulting in approximately a 10% yield based on an October 14, 2022 closing share price of $76.51.
- Third quarter 2022 EP capital spending was $468.8 million, within previous guidance.
- Net debt(5) at September 30, 2022, was $564.6 million, well below the long-term net debt target of $1.0-$1.2 billion.
- At current strip pricing, full-year 2022 CF of $4.76 billion(6) is now anticipated ($13.90 per diluted share).
- Tourmaline’s 2023 EP capital program is estimated at $1.6 billion. The 2023 EP program is expected to deliver an annual average production of 545,000 boepd, and CF at strip pricing of $5.4 billion, yielding FCF of $3.7 billion in 2023.
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