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Tourmaline confirms 2020 capital program, keeps production guidance flat YOY

Canada's Tourmaline Oil Corp. on Dec. 17 confirmed its 2020 production guidance at 315,000 barrels of oil equivalent per day to 320,000 boe/d on a capital program of C$925.0 million.

The company in its third-quarter earnings said it cut its 2020 capital program to a range of C$900 million to C$925 million, which is expected to result in 2020 average production of 315,000 boe/d to 322,500 boe/d.

Tourmaline is also expecting 2020 free cash flow to come in at C$345.0 million using strip commodity pricing, which will be used for share buybacks, possible dividend increases and debt reduction.

Tourmaline plans to fund acquisition activity in 2020 through additional funds obtained with the creation of private royalty and infrastructure energy company Topaz Energy Corp. The company closed the transaction to form the company in November.

The company also said it achieved its 2019 production exit target of 315,000 boe/d to 320,000 boe/d during the second week of December. Total corporate production reached 317,000 boe/d, Tourmaline said.