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Tourmaline Oil's Q2 net earnings surge 504% YOY

Tourmaline Oil Corp. on July 31 reported second-quarter net earnings of C$154.9 million, or 57 cents per share, up from the C$25.6 million, or 9 cents per share, noted during the same quarter a year ago.

Revenue for the quarter was pegged at C$443.4 million, down 4% from the C$463.8 million seen during the second quarter of 2018.

Capital expenditures, net of dispositions, was pegged at C$198.2 million, up 3% from the C$191.8 million reported a year ago.

Production for the quarter came in at 280,547 barrels of oil equivalent per day, 8% higher than the 260,930 boe/d posted a year ago.

The company's operating netback posted a 21% year-on-year decline with C$9.60/boe reported for the period compared to C$12.10/boe during the corresponding quarter in 2018.