BIREF - Tourmaline Oil: Attractive Valuation
Tourmaline Oil (OTCPK:TRMLF) released strong Q1 results. The company is still operating at lower costs compared to some other similar producers. Thanks to its low costs and higher realized prices, cash flow increased compared to last year.
As planned, the company grew production, reduced debt, and paid a dividend. And, in contrast with many Canadian producers that struggle to reduce net debt, management even announced a 20% dividend raise.
But, taking into account the evolution of oil and gas prices over the last several weeks, I expect the company to generate lower