With high inflation, rising interest rates, and geopolitical tensions weighing on the global equity markets last year, the S&P/TSX Composite Index fell by 8.7%. Despite the weakness in the broader equity markets, Tourmaline Oil ( TSX:TOU ) delivered impressive returns of 88% last year. Rising oil and natural gas prices and solid quarter performances have increased the company’s stock price. Can the upward momentum continue in 2023 as well? First, let’s look at its performance in the first three quarters of 2022 and later discuss its growth prospects. Zoom→ Tourmaline Oil’s performance in 2022 In the first three quarters of 2022, Tourmaline Oil generated revenue of $5.57 billion, representing a year-over-year growth of 77%. Increased production and higher price realization drove its revenue. The company’s natural gas production increased by 16%, while the production of crude oil, condensate, and NGL (natural gas liquids) increased by 19%. The average realized natural gas price stood a $5.52/thousand cubic feet, representing a 50% increase from the previous year. Meanwhile, the average realized crude oil, condensate, and NGL price increased by 54% to $68.35/barrel. Also, during the third quarter, Tourmaline Oil completed the acquisition of Rising Star Resources for around $190 million. The […]
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