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Tourmaline Runs 14 Rigs in Q3; Will Add Three More in Q1 2017
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Tourmaline reported its Q3 2016 results.
Key Points:2017 Capex
2017 capex of $1.35 billion (up +46% from $925 million in 2016) Upping rig count to 17 in Q1 2017 (up from 14 currently)3Q Operations
Tourmaline is currently operating 14 drilling rigs with nine in the Alberta Deep Basin, two in NEBC and three on the Peace River High. Highlights: Third quarter 2016 earnings of $24.7 million , underscoring the profitability of Tourmaline's three core resource plays. Third quarter 2016 cash flow(1) of $185.5 million , a 38% increase from second quarter of 2016. Record low operating costs of $3.26 /boe in Q3 2016, a continuation of the quarterly trend of operating cost reduction and a 25% reduction from the full-year 2015 operating costs per boe. All-in cash costs of $7.25 /boe…- ✓ Full news archive — U.S., Canada & international coverage
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