Tourmaline Oil Corp. (TOU) has announced a special dividend payment as it continues to pass along its growing profits to shareholders.
The Calgary-based natural gas and oil producer said that it will pay a special dividend of $2.00 per share on August 12.
This is the third time this year that Tourmaline has paid a special dividend to its shareholders. The company previously paid a special dividend of $1.25 a share in January and $1.50 per share in May.
The latest special dividend comes after the company announced that its free cash flow hit a record $1.1 billion in this year’s second quarter.
Tourmaline said its Q2 production level rose 23% year-over-year to 502,937 barrels of oil per day, while prices for the energy commodity remain elevated.
Tourmaline said that it anticipates continuing to pay special quarterly dividends through the remainder of this year and into 2023. In all, the company said it will return 60% of its free cash flow to shareholders.
The company said it's aiming for average production of 545,000 barrels of oil per day in 2023 and said separately that it is purchasing Rising Star for $194.3 million, and will pay for the acquisition with shares it holds in Topaz Energy Corp. (TPZ).
Year-to-date, Tourmaline’s stock is up 75% and trading at $73.43 per share.
