Calgary’s Tourmaline Oil (TOU) says it plans to pay a special one-time dividend as its cash flow continues to exceed expectations.
Canada's largest natural gas producer will pay a special dividend of $2 per share on February 1 to shareholders of record as of January 24. The company also confirmed plans for special payments in each of the next three quarters as well.
Tourmaline Oil boosted its quarterly dividend to $0.25 from $0.225 per share in the final quarter of 2022, adding to a steady string of increases and special payments to shareholders.
At the same time, Tourmaline said that unplanned downtime resulted in a fourth quarter average production of approximately 512,000 barrels of oil equivalent per day, falling short of analysts’ expectations.
Tourmaline lowered its 2023 production guidance by about 3%, while earmarking more money for future production disruptions.
However, the company boosted its 2023 capital spending guidance by 11% to $1.78 billion, while noting that higher inflation in the second half of 2022 caused a roughly 6% increase in 2022 capital spending.
Tourmaline Oil’s stock is up 44% to $66.07 per share in the last year.
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