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CALGARY — Tourmaline Oil Corp. is reporting higher fourth-quarter earnings and production along with a 14 per cent increase in its dividend following a year in which it completed four corporate acquisitions. CALGARY — Tourmaline Oil Corp. is reporting higher fourth-quarter earnings and production along with a 14 per cent increase in its dividend following a year in which it completed four corporate acquisitions. The Calgary-based company, the largest natural gas producer in Canada, says it had net income in the last three months of 2020 of $629 million or $2.28 per share, more than 10 times the $61.3 million or 23 cents it reported in the same period of 2019. It says the increase in net earnings reflects a gain on acquisition and divestitures of $500 million in the fourth quarter of 2020 and a five per cent increase in operating netbacks. Tourmaline says it produced an average of about 336,000 barrels of oil equivalent per day in the fourth quarter, up 12 per cent from just under 300,000 boe/d in the year-earlier period, but current production is above 405,000 boe/d. It says its fourth quarter average price for natural gas rose 15 per cent to $3.19 per […]
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