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Tourmaline Oil Corp. (CNW Group/Tourmaline Oil Corp.) CALGARY, AB, Jan. 12, 2023 /CNW/ – Tourmaline Oil Corp. ( TSX: TOU ) (“Tourmaline” or the “Company”) is pleased to announce a special dividend and provide an operational and 2023 guidance update. SPECIAL DIVIDEND Tourmaline is pleased to announce the declaration of a special dividend of $2.00/share, given the continued strong financial performance and outlook for the Company. The special dividend is part of Tourmaline’s comprehensive shareholder return plan and will be paid on February 1, 2023 to shareholders of record on January 24, 2023. This special dividend is designated as an “eligible dividend” for Canadian income tax purposes. The Company anticipates paying further special dividends each quarter in 2023 and tactical utilization of its normal course issuer bid during the course of the year. Net debt (1) for year-end 2023 is forecast below the long-term net debt target of $1.0–$1.2 billion. PRODUCTION UPDATE Tourmaline achieved a 2022 exit volume production of 528,000 boepd (peak production was achieved December 12-18, 2022, with average production of 532,000 boepd during that period). Fourth quarter 2022 average production was approximately 512,000 boepd and was challenged by considerable unplanned operated and third-party downtime. The most […]
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