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Highlights

  • TOU’s Q2 2025 revenue rose 6.6% YoY to CAD 1.51 billion.
  • Net earnings surged 100.5% YoY to CAD 514.6 million.
  • The company declared CAD 0.35 special dividend; renewed NCIB for 19.3M shares.

Tourmaline Oil Corp. (TSX: TOU) is a Canadian energy producer focused on the acquisition, exploration, development, and production of natural gas and crude oil within the Western Canada Sedimentary Basin.

In the second quarter of 2025 (Q2 2025), Tourmaline Oil Corp. reported total revenue of CAD 1,506.0 million, up 6.6% from CAD 1,412.7 million in Q2 2024, supported by higher natural gas production and favourable realized prices versus AECO. Net earnings doubled to CAD 514.6 million from CAD 256.6 million, reflecting higher revenues and improved margins despite modestly higher costs. Cash flow from operating activities rose 7.0% to CAD 745.0 million, driven by increased production volumes and stable commodity prices.

Capital expenditures surged 71.8% to CAD 505.2 million compared toCAD 294.1 million a year earlier, as the company advanced drilling and infrastructure development in the Montney and Deep Basin regions.

Business Update
On July 30, 2025, the company declared a special dividend of CAD 0.35 per share, scheduled for payment on August 20, 2025, supported by solid free cash flow generation in Q2 2025. Tourmaline also reaffirmed its commitment to shareholder returns by maintaining its quarterly base dividend of CAD 0.50 per share, scheduled for payment on September 29, 2025.
Company Outlook

The company has unveiled an updated exploration and production strategy aimed at increasing output from 650,000 boepd to 850,000 boepd by the early 2030s, driven largely by phased development of the NEBC Montney. Based on flat pricing assumptions, the plan anticipates lower unit costs, strong liquids realizations, and annual free cash flow in the range of CAD 2.5–3.0 billion by 2031. Following the completion of infrastructure build-out, capital intensity is expected to decline, enabling the company to transition to a steady maintenance budget of around CAD 2.5 billion while maintaining its focus on enhanced shareholder returns.

Top 10 Shareholders

The top 10 shareholders of TOU together form ~33.34% of the total shareholding in the company. Capital World Investors and Rose (Michael L) hold a maximum stake at ~9.33% and ~4.39%, respectively. 

Stock Information 

The stock has witnessed a downside of ~0.81% and ~6.13% over the last 1 week and 1 month respectively. Moreover, it is trading below the average 52-week high price of CAD 70.83 and 52-week low price of CAD 55.40, with a closing price of CAD 57.50 as of August 15 2025.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 15 August 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.