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Capital Markets | Capital Expenditure | Capital Expenditure 2025 | Capex - 2026

Tourmaline: 2026 Capital Program Locked In at $2.9B

Thursday,December 18,2025

Tourmaline’s 2026 exploration and production (EP) program is set at $2.9 billion and targets average production of 690,000–710,000 boepd, with the company maintaining the multi-year EP Plan released in mid-2025. The plan also reflects continued build-out of Tourmaline’s Alberta-focused gas portfolio, including incremental market and flexibility additions such as 6 Bcf of contracted storage at AltaGas’ Dimsdale facility starting April 2026.

Compared with the company’s 2025 EP capital budget of $2.60–$2.85 billion, 2026 spending implies a modest step-up, while planned drilling activity remains broadly steady. Tourmaline expects to drill 370 net wells in 2026 across the Alberta Deep Basin, Alberta Peace River High, and NEBC Montney complexes versus approximately 365 net wells in 2025. On volumes, the 2026 production midpoint of 700,000 boepd compares to a 2025 midpoint of 650,000 boepd.

 



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