Hims & Hers Health Sparks Investors Interest with Unusual Options Trading
HIMS is trading at $44.27 in morning trading on Wednesday, Feb. 26, up 11%. This was the result of huge investor interest in this $10 billion market cap company which sells GLP weight-loss compounds, and other telehealth-based products.
As a result, the Barchart Unusual Stock Options Activity Report showed that over 1,000 call option contracts were traded at the $43.00 strike price for expiration on March 14.
That was over 10x the prior number of outstanding contracts in this particle call option tranche.
The investor interest in this call option has pushed the midpoint premium to $3.93 per call contract. That implies that in the next 16 days, the call option buyers hope to see HIMS stock rise to $46.93 or higher, in order for this call option to eventually have any intrinsic value.
In other words, they want to see HIMS stock rise by 6.39% (i.e., $46.93/$44.11 price today) or higher in the next two weeks. That could be possible if the stock continues on its upward trajectory.
On the other hand, the short-sellers of this particular call option tranche can make an immediate yield of 8.39% (i.e., $3.70 bid / $44.11). That is a very good two-week short sale yield for any investor who buys 100 shares for $4,411 and then sells these calls to make $370 per call contract shorted.
Let's see what is driving the enthusiasm in HIMS stock.
Strong Revenue and Free Cash Flow (FCF)
Hims and Hers Health said its Q4 revenue rose 95% YoY and its full-year sales (mostly subscriptions) were up +69% YoY. Apart from its weight-loss product subscriptions, the company's sales were up 43% YoY.
More importantly, the company is now solidly profitable on a free cash flow (FCF) basis. It reported that FCF was $59.5 million in Q4, up from $10.8 last year.
That represented a solid FCF margin of 12.36 of its Q4 sales of $481.1 million. For the full year, its $198 million in FCF was 13.4% of its $1.477 billion in sales.
That implies that the company's future sales growth could bring in huge increases in FCF. For example, analysts now project $2.32 billion in sales this year and $2.66 billion in 2026.
That means that on a run-rate basis, its next 12 months (NTM) revenue could average $2.49 billion. Here is what that implies for FCF:
13% FCF margin x $2.49 b NTM sales = $323.7 million FCF
Price Targets for HIMS Stock
As a result, using a 2.0% FCF yield metric (i.e., 50x FCF multiple), the stock could potentially reach $16.18 billion:
$323.7 million x 50 = $16,185 million = $16.18 billon
$16.185/ $9.877 billion mkt cap today = 1.639 = +63.9% higher market value
That means that a solid price target is $72.29 per share
Analysts agree. For example, AnaChart.com reports that Maria Ripps of Canaccord raised her price target from $63.40 to $68 per share after the company reported its earnings.
The bottom line is that investors are keen on HIMS stock because of its strong earnings and FCF results. That could be why there is such huge interest today in these call options in HIMS stock.
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Cision Canada
5 days ago
- Cision Canada
TOURMALINE DELIVERS STRONG FREE CASH FLOW IN Q2 2025, UPDATES EP PLAN, ANNOUNCES NEW LONG-TERM LNG FEED GAS SUPPLY AGREEMENT AND DECLARES SPECIAL DIVIDEND
CALGARY, AB, July 30, 2025 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) (" Tourmaline" or the " Company") is pleased to release financial and operating results for the second quarter of 2025 and an updated multi-year EP growth plan (the " EP Plan"), announce a new long-term LNG feed gas supply agreement and declare a special dividend. HIGHLIGHTS Second quarter average production was 620,757 boepd, at the mid-point of the guidance range provided on May 7, 2025 and up 10% from the second quarter of 2024. Second quarter cash flow (1)(2) (" CF") of $822.8 million ($2.16 per diluted share (3)) on total cash capital expenditures (4) of $505.2 million (EP expenditures (5) of $489.8 million), generating free cash flow (6) (" FCF") of $316.9 million for the quarter ($0.83 per diluted share). The Company has entered into a long-term LNG feed gas supply agreement with Uniper to supply 80,000 mmbtu per day of natural gas in the US Gulf Coast for an 8-year term beginning November 2028, with international price exposure to Dutch Title Transfer Facility (" TTF"). Tourmaline has released an updated EP Plan (7) that outlines growth from current production levels of approximately 650,000 boepd to 850,000 boepd early next decade. This build out is fully funded by cash flow and results in $2.5 to $3.0 billion of annual FCF at flat pricing(8) on a maintenance budget by the end of the EP Plan. Given the continued strong FCF generation in Q2 2025, the Company has elected to declare and pay a special dividend of $0.35/share on August 20, 2025 to shareholders of record on August 8, 2025. FINANCIAL RESULTS Second quarter 2025 CF was $822.8 million ($2.16 per diluted share) and FCF was $316.9 million ($0.83 per diluted share). Second quarter 2025 earnings were $514.6 million ($1.35 per diluted share). Second quarter EP expenditures were $489.8 million. The full year 2025 EP capital budget remains unchanged at $2.60 to $2.85 billion. The Company anticipates commodity prices to improve over current strip in 2H 2025 with the start-up of the LNG Canada facility on the West Coast, resulting in higher FCF in 2H 2025 relative to 1H 2025. Tourmaline continues to maintain a very strong balance sheet. Net debt (9) at June 30, 2025 was $1.9 billion, approximately 0.5 times net debt to 2025 forecast cash flow. PRODUCTION UPDATE Second quarter average production was 620,757 boepd, at the mid-point of the guidance range and up 10% from the second quarter of 2024. Strong second quarter 2025 production was achieved despite reductions related to wildfires in the PRH complex, low commodity price related shut-ins in NEBC, and several frac activity deferrals into the second half of 2025. Full year 2025 average production of 635,000 to 650,000 boepd is now expected given the EP activity deferrals from Q2 and Q3 2025 to the fourth quarter. 2025 exit average production of 680,000 to 690,000 boepd and a preliminary 2026 average production range of 690,000 to 710,000 boepd is currently anticipated. Tourmaline is incorporating the low end of the 2026 average production range, 690,000 boepd, into the EP Plan to provide an early conservative estimate subject to 2026 project timing. Tourmaline will formally guide 2026 capital and production along with the release of its third quarter 2025 financial results. 2025 CAPITAL PROGRAM Q2 EP capital spending was $70 million less than forecast primarily due to activity deferrals. The Company will continue to monitor local natural gas prices and defer capital from Q3 into Q4 2025 or Q1 2026, as required, in order to optimize 2H 2025 FCF. MARKETING UPDATE Tourmaline's average realized natural gas price in the second quarter of 2025 was CAD $3.34/mcf, 94% (CAD $1.62/mcf) above the AECO 5A benchmark price of CAD $1.72/mcf over the same time period, as the Company continues to benefit from its diversified marketing portfolio and strategic hedging program. Tourmaline has an average of 1.1 bcfpd hedged for the remainder of 2025 at a weighted average fixed price of CAD $4.48/mcf. This includes 68 mmcfpd hedged at a weighted average price of CAD $19.75/mcf in international markets and 144 mmcfpd at a weighted average price of CAD $6.43/mcf in Western US markets. LONG-TERM LNG FEED GAS SUPPLY AGREEMENT WITH UNIPER Tourmaline is pleased to announce it has entered into a long-term LNG feed gas supply agreement with Uniper. Uniper is a German-based European energy company with global reach and operations in more than 40 countries and is a flexible power producer and leading gas trader focused on secure, affordable, and sustainable energy. Tourmaline will supply 80,000 mmbtu per day of natural gas in the US Gulf Coast for an 8-year term beginning November 2028. The LNG feed gas supply agreement provides international price exposure to TTF for Tourmaline. Tourmaline has secured long-term firm transportation to the US Gulf Coast with TC Energy Corporation, which will allow Tourmaline's natural gas from the Company's Alberta Deep Basin and/or BC Montney complexes to access European natural gas markets. The firm transportation begins November 2025, giving Tourmaline the flexibility to sell locally in the Gulf or enter into a short-term LNG feed gas supply deal prior to the start of the Uniper agreement. NEBC MONTNEY INFRASTRUCTURE AND DEVELOPMENT PROJECT UPDATE Tourmaline is pleased to provide more details regarding its multi-year NEBC Montney development project, one of the largest EP projects in the Western Canadian Sedimentary Basin. The Company has been systematically consolidating and delineating the NEBC Montney gas/condensate complex for over five years and is now entering the next phase wherein the significant financial benefits of those activities are expected to be fully realized. Tourmaline expects to add 1.1 bcf/d of new gas production and over 50,000 bpd of condensate and NGLs over the next six years. The two-phase NEBC Montney development project will systematically develop Tourmaline's most profitable inventory (lowest capital cost, lowest operating cost, most liquid rich, highest margin), resulting in Tourmaline's operating metrics improving as production from this new development project becomes a larger proportion of the corporate production base. The infrastructure build out consists of two new gas processing complexes with C3+ deep cut recoveries, expansion of four existing gas processing complexes, three new hydrocarbon liquids hubs (including the evaluation of an LPG terminal at Groundbirch), five water recycling facilities, electrification of four gas processing plants (two of which are existing plants), and several pipeline corridors connecting Tourmaline's large resource base to its existing and new gas processing complexes. The NEBC Montney development project has a strong focus on liquids growth and margin improvement. Tourmaline is already the largest liquids producer in NEBC and will continue to grow these volumes. The infrastructure build-out commenced in 2024 with one of the liquids storage hubs, one of the connector pipeline projects, a water facility, the compression expansion at Birch and one of the electrification projects, all expected to be completed by the end of 2025 on approximately $350 million of aggregate capital spending. The first significant production addition is expected to occur in Q4 2026 with the Aitken C-38-C plant expansion that delivers NGLs to the existing AltaGas North Pine complex in NEBC, and the next production addition is Phase 1 of the Groundbirch 15-25 deep cut gas plant planned for 2H 2027. Both projects have all necessary permits and long-lead procurement is underway. Tourmaline expects production growth of 30% to 850,000 boepd by 2031, cash flow growth of over 40% and free cash flow improvement of over 2.5 times at flat pricing ($2.5 to $3.0 billion FCF per annum) once the overall project is completed and the EP program trends towards maintenance capital levels. MULTI-YEAR EP GROWTH PLAN UPDATE AND OUTLOOK Tourmaline has released an updated multi-year EP Plan that outlines growth from current average production levels of 650,000 boepd to 850,000 boepd early next decade. The majority of the growth is provided by the NEBC Montney Phase 1 and 2 development project. The EP Plan utilizes current strip pricing (as at June 30, 2025) for 2025 and 2026 and a flat price deck for the remaining years (US$65.00/bbl WTI, US$4.00/mmbtu NYMEX and an AECO basis differential of US$1.00/mcf), allowing for a clearer picture of the long-term EP Plan investment benefits and improving margins. By 2031, corporate operating and transportation costs are anticipated to fall by approximately $1/boe and liquids realizations are anticipated to improve by approximately $1/bbl through larger proportional production of higher value products. Once the NEBC infrastructure build-out is completed early next decade, the production growth rate is expected to drop, and the Company intends to migrate towards a maintenance capital level of approximately $2.5 billion per annum. Associated free cash flow is expected to grow to $2.5 to $3.0 billion per annum at this flat price deck, underscoring the significant overall improvements accomplished by the NEBC Montney development project. Tourmaline will continue to prioritize FCF on an annual basis as the new EP Plan is executed and will adjust the pace of capital spending accordingly. EP UPDATE 2025 well results in both the NEBC Montney and the Alberta Deep Basin continue to outperform prior years, with above forecast deliverability from multiple assets in both of these gas complexes. Tourmaline plans to drill a total of 365 wells in 2025, with the full drilling rig fleet operating since the beginning of third quarter, after a period of lower activity during spring break-up. With lower local gas prices thus far in Q3 2025, the Company has already deferred some BC frac activities into Q4 2025 and has released one of the Deep Basin drilling rigs for the balance of the year. Multiple new pool successes in several formations (Notikewin, Glauconite, Belly River, amongst others) in the South Deep Basin via the 2H 2024/2025 EP program are evolving into the potential for a significant new growth project for the Company. Several delineation wells are planned over the next 12 months to further refine this multi-objective development that is currently not included in the EP Plan. DIVIDEND Tourmaline's Board of Directors has declared a special dividend of $0.35 per share, payable on August 20, 2025, to shareholders of record on August 8, 2025. The Company intends to declare the quarterly base dividend of $0.50 per share in early September 2025, which will be payable on September 29, 2025 to shareholders of record at the close of business on September 15, 2025. The special dividend is, and the quarterly base dividend will be, designated as an eligible dividend for Canadian income tax purposes. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Change 2025 2024 Change OPERATIONS Production Natural gas (mcf/d) 2,877,712 2,537,283 13 % 2,909,964 2,609,823 12 % Crude oil, condensate and NGL (bbl/d) 141,138 138,906 2 % 144,271 141,962 2 % Oil equivalent (boe/d) 620,757 561,787 10 % 629,265 576,933 9 % Product prices (1) Natural gas ($/mcf) $ 3.34 $ 3.03 10 % $ 3.82 $ 3.41 12 % Crude oil, condensate and NGL ($/bbl) $ 49.25 $ 56.36 (13) % $ 53.06 $ 54.91 (3) % Operating expenses ($/boe) $ 5.12 $ 4.82 6 % $ 5.14 $ 4.81 7 % Transportation costs ($/boe) $ 5.01 $ 4.96 1 % $ 5.27 $ 5.10 3 % Operating netback ($/boe) (2) $ 14.93 $ 15.36 (3) % $ 17.05 $ 16.38 4 % Cash general and administrative expenses ($/boe) (3) $ 0.82 $ 0.79 4 % $ 0.82 $ 0.77 6 % FINANCIAL ($000, except share and per share) Commodity sales from production 1,134,466 1,104,940 3 % 2,592,033 2,579,319 - % Total revenue from commodity sales and realized gains 1,506,049 1,412,692 7 % 3,397,642 3,038,861 12 % Royalties 90,328 127,466 (29) % 269,487 277,937 (3) % Cash flow 822,831 755,117 9 % 1,785,877 1,626,261 10 % Cash flow per share (diluted) $ 2.16 $ 2.12 2 % $ 4.72 $ 4.58 3 % Net earnings 514,591 256,597 101 % 727,269 501,471 45 % Net earnings per share (diluted) $ 1.35 $ 0.72 88 % $ 1.92 $ 1.41 36 % Capital expenditures (net of dispositions) (2) 505,239 294,105 72 % 1,330,257 850,350 56 % Weighted average shares outstanding (diluted) 378,683,661 355,164,206 7 % Net debt (1,867,053) (1,558,287) 20 % (1) Product prices include realized gains and losses on risk management activities and financial instrument contracts. (2) See "Non-GAAP and Other Financial Measures" in this news release and in the Q2 2025 MD&A. (3) Excluding interest and financing charges. Conference Call Tomorrow at 9:00 a.m. MT (11:00 a.m. ET) Tourmaline will host a conference call tomorrow, July 31, 2025 starting at 9:00 a.m. MT (11:00 a.m. ET). To participate without operator assistance, you may register and enter your phone number at to receive an instant automated call back. To participate using an operator, please dial 1-888-510-2154 (toll-free in North America), or 1-416-900-0527 (international dial-in), a few minutes prior to the conference call. REPLAY DETAILS If you are unable to dial into the live conference call on July 31, a replay will be available by dialing 1-888-660-6345 (international 1-289-819-1450), referencing Replay Code 69266. The recording will expire on August 13, 2025. Reader Advisories CURRENCY All amounts in this news release are stated in Canadian dollars unless otherwise specified. This news release contains forward-looking information and statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The use of any of the words "forecast", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "on track", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning Tourmaline's plans and other aspects of its anticipated future operations, management focus, objectives, strategies, financial, operating and production results and business opportunities, including the following: anticipated petroleum and natural gas production and production growth for various periods including estimated average production levels for full-year 2025 and 2026 and exit 2025; average production levels for early next decade; expected timing for the release of formal 2026 capital and production guidance; anticipated commodity price improvement over current strip in 2H 2025 with the start-up of the LNG Canada facility on the West Coast, resulting in expected higher FCF in 2H 2025 relative to 1H 2025; the expectation that it will have flexibility to sell locally in the Gulf or enter into a short-term LNG supply deal prior to the start of the Uniper agreement; capital spending for full year 2025; details regarding the Company's EP growth plan including that it is fully funded by cash flow and the annual FCF associated with the growth plan at a maintenance budget and the expected decrease in operating and transportation costs by 2031 and increased FCF; the components of the NEBC Montney infrastructure and development project, including the gas and liquids production and cash flow growth associated with such project and the resulting financial benefits; the anticipated timing and capital associated with the NEBC Montney infrastructure and development project and the components thereof; the number of wells that the Company plans to drill in 2025; long-term net debt targets; EP expenditures; the timing for the completion of various facilities; the future declaration and payment of base and special dividends and the timing and amount thereof including any future increase; the expansion of Tourmaline's market diversification portfolio; the timing and scale of future growth and developments projects, including the North Montney development project; projected operating and drilling costs and drilling times; anticipated future commodity prices; the ability to generate, and the amount of, anticipated free cash flow at the end of the EP Plan; as well as Tourmaline's future drilling locations, prospects and plans, business strategy, future development and growth opportunities, prospects and asset base. The forward-looking information is based on certain key expectations and assumptions made by Tourmaline, including expectations and assumptions concerning the following: prevailing and future commodity prices and currency exchange and interest rates; applicable royalty rates and tax laws; future well production rates and reserve volumes; operating costs, the timing of receipt of regulatory approvals; the performance of existing and future wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and the benefits to be derived therefrom; the state of the economy and the exploration and production business; the availability and cost of financing, labour and services; ability to maintain its investment grade credit rating; and ability to market crude oil, natural gas and NGL successfully. Without limitation of the foregoing, future dividend payments, if any, and the level thereof is uncertain, as the Company's dividend policy and the funds available for the payment of dividends from time to time is dependent upon, among other things, free cash flow, financial requirements for the Company's operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors beyond the Company's control. Further, the ability of Tourmaline to pay dividends is subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness, including its credit facility. Statements relating to "reserves" are also deemed to be forward looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Although Tourmaline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that it will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; supply chain disruptions; the uncertainty of estimates and projections relating to reserves, production, revenues, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; interest rate fluctuations; changes in rates of inflation; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; hazards such as fire, explosion, blowouts, cratering, and spills, any of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury; stock market volatility; ability to access sufficient capital from internal and external sources; uncertainties associated with counterparty credit risk; failure to obtain required regulatory and other approvals including drilling permits and the impact of not receiving such approvals on the Company's long-term planning; climate change risks; severe weather (including wildfires, floods and drought); risks of wars or other hostilities or geopolitical events, civil insurrection and pandemics; risks relating to Indigenous land claims and duty to consult; data breaches and cyber attacks; risks relating to the use of artificial intelligence; changes in legislation, including but not limited to tax laws, royalties and environmental regulations (including greenhouse gas emission reduction requirements and other decarbonization or social policies and including uncertainty with respect to the interpretation and impact of omnibus Bill C-59 and the related amendments to the Competition Act (Canada)); trade policy, barriers, disputes or wars (including new tariffs or changes to existing international trade arrangements); and general economic and business conditions and markets. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Tourmaline, or its operations or financial results, are included in the Company's most recently filed Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website ( or Tourmaline's website ( The forward-looking information contained in this news release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws. BOE EQUIVALENCY In this news release, production and reserves information may be presented on a "barrel of oil equivalent" or "BOE" basis. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. FINANCIAL OUTLOOKS Also included in this news release are estimates of Tourmaline's 2025 net debt level and free cash flow at the end of the EP Plan, which are based on, among other things, the various assumptions as to production levels, receipt of drilling permits, capital expenditures and other assumptions disclosed in this news release and, with respect to the EP Plan including Tourmaline's estimated average production of 790,000 boepd for 2029, 830,000 boepd for 2030 and 850,000 boepd for 2031, commodity price assumptions for natural gas ($4.00/mmbtu US, $4.08/mcf AECO, $5.50 PG&E Citygate US, $12.00/mcf JKM US), crude oil ($65.00/bbl WTI US) and an exchange rate assumption (USD/CAD) of $0.74. In addition, such estimates are provided for illustration only and are based on budgets and forecasts as of the date hereof that are subject to change and a variety of contingencies including prior years' results. To the extent such estimates constitute a financial outlook, they are included to provide readers with an understanding of Tourmaline's anticipated free cash flow and net debt levels based on the capital expenditure, production, pricing, exchange rate and other assumptions described herein and readers are cautioned that the information may not be appropriate for other purposes. NON-GAAP AND OTHER FINANCIAL MEASURES This news release contains the terms "cash flow", "capital expenditures", "EP expenditures", "free cash flow", and "operating netback", which are considered "non-GAAP financial measures" and the terms "cash flow per diluted share", "free cash flow per diluted share", "operating netback per boe", and "cash flow per-boe", which are considered "non-GAAP financial ratios". These terms do not have a standardized meaning prescribed by GAAP. In addition, this news release contains the terms "adjusted working capital" and "net debt", which are considered "capital management measures" and do not have standardized meanings prescribed by GAAP. Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to or more meaningful than the most directly comparable GAAP measures in evaluating the Company's performance. See "Non-GAAP and Other Financial Measures" in the most recent Management's Discussion and Analysis for more information on the definition and description of these terms Non-GAAP Financial Measures Cash Flow Management uses the term "cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company's efficiency and its ability to generate the cash (net of current taxes) necessary to fund its future growth expenditures, to repay debt or to pay dividends. The most directly comparable GAAP measure for cash flow is cash flow from operating activities. A summary of the reconciliation of cash flow from operating activities to cash flow, is set forth below: Capital Expenditures Management uses the term "capital expenditures" as a measure of capital investment in exploration and production activity, as well as property acquisitions and dispositions, and such spending is compared to the Company's annual budgeted capital expenditures. The most directly comparable GAAP measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures is set forth below: EP Expenditures Management uses the term "EP expenditures" or exploration and production expenditures as a measure of capital investment in exploration and production activity which is defined as capital expenditures (a Non-GAAP Financial Measure), excluding property acquisitions and dispositions and other corporate expenditures. The most directly comparable GAAP measure for EP expenditures is cash flow used in investing activities. See "Non-GAAP Financial Measures – Capital Expenditures" above. A summary of the reconciliation of capital expenditures to EP expenditures, is set forth below: Free Cash Flow Management uses the term "free cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company's efficiency and its ability to generate the cash necessary to fund its future growth expenditures, to repay debt and provide shareholder returns. Free cash flow is defined as cash flow less capital expenditures, excluding acquisitions and dispositions. Free cash flow is prior to dividend payment. The most directly comparable GAAP measure for cash flow is cash flow from operating activities. See "Non-GAAP Financial Measures – Cash Flow" and " Non-GAAP Financial Measures – Capital Expenditures" above. Operating Netback Management uses the term "operating netback" as a key performance indicator and one that is commonly presented by other oil and natural gas producers. Operating netback is defined as the sum of commodity sales from production, premium (loss) on risk management activities and realized gains (loss) on financial instruments less the sum of royalties, transportation costs and operating expenses. A summary of the reconciliation of operating netback from commodity sales from production, which is a GAAP measure, is set forth below: Non-GAAP Financial Ratios Operating Netback per-boe Management calculates "operating netback per-boe" as operating netback divided by total production for the period. Operating netback per-boe is a key performance indicator and measure of operational efficiency and one that is commonly presented by other oil and natural gas producers. A summary of the calculation of operating netback per boe, is set forth below: Capital Management Measures Adjusted Working Capital Management uses the term "adjusted working capital" for its own performance measures and to provide shareholders and potential investors with a measurement of the Company's liquidity. A summary of the reconciliation of working capital (deficit) to adjusted working capital (deficit), is set forth below: Net Debt Management uses the term "net debt", as a key measure for evaluating its capital structure and to provide shareholders and potential investors with a measurement of the Company's total indebtedness. A summary of the reconciliation of bank debt and senior unsecured notes to net debt, is set forth below: Supplementary Financial Measures The following measures are supplementary financial measures: cash flow per diluted share, free cash flow per diluted share, operating expenses ($/boe), cash general and administrative expenses ($/boe) and transportation costs ($/boe). These measures are calculated by dividing the numerator by a diluted share count or by total production for the period, depending on the financial measure discussed. OIL AND GAS METRICS This news release contains certain oil and gas metrics which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this document to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the Company's future performance and future performance may not compare to the Company's performance in previous periods and therefore such metrics should not be unduly relied upon. This news release includes references to Q2 2025 average daily production and forecast 2025, 2026 and 2031 average daily production. The following table is intended to provide supplemental information about the product type composition for each of the production figures that are provided in this news release: See also "Forward-Looking Statements" and "Non-GAAP and Other Financial Measures" in the most recently filed Management's Discussion and Analysis. Certain Definitions: MANAGEMENT'S DISCUSSION AND ANALYSIS AND CONSOLIDATED FINANCIAL STATEMENTS To view Tourmaline's Management's Discussion and Analysis and Consolidated Financial Statements for the periods ended June 30, 2025 and 2024, please refer to SEDAR+ ( or Tourmaline's website at ABOUT TOURMALINE OIL CORP. Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-development-cost natural gas in North America. We are an investment grade exploration and production company providing strong and predictable operating and financial performance through the development of our three core areas in the Western Canadian Sedimentary Basin. With our existing large reserve base, decades-long drilling inventory, relentless focus on execution, cost management, safety and environmental performance improvement, we are excited to provide shareholders an excellent return on capital and an attractive source of income through our base dividend and surplus free cash flow distribution strategies. SOURCE Tourmaline Oil Corp.
Cision Canada
23-07-2025
- Cision Canada
Infosys: Industry-leading Sequential Growth of 2.6% in CC, Driven by Differentiated Value Proposition in Enterprise AI
- Large Deal Wins at $3.8 Billion with 55% Net New; Demonstrating Deep Competitive Advantage in Consolidation Play - FY26 Revenue Guidance Revised to 1%-3% and Margin Guidance Retained at 20%-22% BENGALURU, India, July 23, 2025 /CNW/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,941 million in Q1 revenues, year-on-year growth of 3.8% and sequential growth of 2.6% in constant currency. Operating margin was at 20.8%. Free cash flow generation was strong at $884 million, 109.3% of net profit. TCV of large deal wins was $3.8 billion, with 55% net new. ROE improved by 140 bps to 30.4%. "Our performance in Q1 demonstrates the strength of our enterprise AI capabilities, the success in client consolidation decisions, and the dedication of our over 300,000 employees," said Salil Parekh, CEO and MD. "Our large deal wins of $3.8 billion reflect our distinct competitive positioning and deep client relationships," he added. Guidance for FY26: Revenue growth of 1%-3% in constant currency Operating margin of 20%-22% Key highlights: For the quarter ended June 30, 2025 Revenues in CC terms grew by 3.8% YoY and by 2.6% QoQ Reported revenues at $4,941 million, growth of 4.8% YoY Operating margin at 20.8%, decline of 0.3% YoY and decline of 0.2% QoQ Basic EPS at $0.20, increase of 5.8% YoY FCF at $884 million, decline of 19.2% YoY; FCF conversion at 109.3% of net profit "Q1 performance is a clear reflection of our unwavering focus on multiple fronts resulting in strong growth at 2.6% QoQ, resilient margins at 20.8% and EPS increase of 8.6% YoY. We continue to leverage Project Maximus to make investments in strategic priorities to drive profitable growth and enhance shareholder value," said Jayesh Sanghrajka, CFO. "Cash flow conversion was well above 100% for the fifth consecutive quarter. The impact of currency volatility was effectively managed through our proactive hedging strategy," he added. Client wins & Testimonials Infosys announced the extension of its strategic collaboration with Select Portfolio Servicing, Inc. (SPS) to help drive greater operational efficiency and service quality through a fully managed services offering encompassing hybrid cloud solutions, application portfolio, IT operations, IaaS, SaaS, security operations and quality assurance. Murali Palanganatham, Chief Information Officer, SPS, said, "Infosys has been a key strategic partner over the last 20 years. SPS will leverage Infosys Topaz for AI adoption across the business, technology, and enterprise functions to continuously enhance availability, scalability, performance, resiliency, security, and stability. This collaboration is critical and will help SPS enhance flexibility, efficiency, and predictability of our technology ecosystem." Infosys extended its strategic collaboration with AIB to accelerate its digital transformation initiatives. Graham Fagan, Group Chief Technology Officer, AIB, said, "This extended collaboration with Infosys aligns strongly with our vision to progressively modernise our technology and data capabilities to deliver the best outcomes for our customers and further accelerate our transformation. By combining our collective expertise and experience, we will deliver on our customer-first commitment and enhance operational efficiency and resilience. Infosys has been a trusted innovation partner, and we are excited about this next chapter in our collaboration as we work together to ensure AIB remains at the forefront of digital transformation in the Irish banking industry." Infosys announced a strategic collaboration with to enable AI-powered digital workplace transformation across Europe. Dr. Victoria Ossadnik, COO Digital and Innovation, said, "At we are playmakers for new energy. Digitalization and digital technology are key for reliable, affordable and sustainable energy systems. Our strategic partnership with Infosys is essential for our digital transformation and operation - together, we are paving the way for a smarter, more efficient energy future." Infosys announced the expansion of its strategic collaboration with DNB Bank ASA (DNB) to accelerate the bank's digital transformation. Elin Sandnes, COO and Group Executive Vice President Technology & Services, DNB, said, "At DNB, we are focused on leveraging technology to create great customer experiences. As part of this, we are constantly developing new products and services while simultaneously driving a digital transformation agenda that is deeply rooted across all our operations. With our extended collaboration with Infosys, we are modernizing our IT infrastructure and leveraging advanced technologies like AI and ML to enable seamless, personalized, and agile services to our customers. This partnership allows us to proactively address our customers' evolving needs and ensure they receive the best possible banking experience from DNB." Infosys announced a strategic collaboration with Yorkshire Building Society, one of the largest member-owned financial institutions in the UK, to accelerate its digital transformation. Patrick Connolly, Director of Change Delivery, Yorkshire Building Society, said, "This collaboration is crucial to achieving our 2030 ambitions and realising the true potential of this organisation. The choices we make now will shape our future, and we are committed to combining the convenience of digital with the warmth of human interaction. This transformation will empower our members and colleagues with the tools and services needed to deliver great customer outcomes, including major investments such as faster payments and enhanced security. It's a key part of our plan for continued growth, innovation, and efficiency, ensuring we continue to serve our members for generations to come." Infosys and Spark New Zealand announced a strategic agreement to support the transformation of Spark's technology delivery model through digital innovation. Matt Bain, Data and Marketing Director, Spark, said, "Infosys has collaborated with Spark for over 16 years, working alongside our local teams to support the applications that enable Spark to deliver new products and digital experiences for our customers. We are now building on this relationship to allow our teams to focus on our technology strategy and the product roadmaps that will grow our competitive advantage, while leveraging Infosys' global scale to execute these plans quickly and efficiently and accessing Infosys' investment in AI and innovation to enable us to keep delivering great experiences for our customers." Infosys collaborated with Perfection Fresh to enable seamless tracking of their sustainability efforts. Francesco Oliveri, Chief Information Officer, Perfection Fresh Australia, said, "Our Partnership with Infosys to implement Microsoft Sustainability Manager has helped us in providing real-time visibility of produce across all locations thereby improving operational efficiency, audit transparency and reducing wastage. Originally planned for just 4 sites, the rollout extended to all 17 locations thanks to Infosys' expertise and collaboration. It was also their vision and commitment to sustainability that matched our vision that allowed us to be more comfortable in working with Infosys. The partnership has been instrumental in driving key milestones for Perfection Fresh's sustainability roadmap." Infosys Finacle announced a strategic collaboration with Bank of Sydney (BoS) to power its digital transformation with Infosys Finacle Digital Banking Suite. Melos Sulicich, Chief Executive Officer, Bank of Sydney, said, "At Bank of Sydney, our strategic goal is to become the leading deposit bank in Australia and to drive significant business growth in the coming years. This requires adapting to rapidly changing customer needs, digital advancements, and regulatory requirements. Transforming our technology stack, centered around our core and digital banking platform, is crucial to meeting these objectives. With Infosys Finacle, we have a proven transformation partner and a next-generation banking platform to address the evolving needs of our business, customers, and regulatory ecosystem." Infosys BPM announced the launch of AI agents for invoice processing within its flagship Infosys Accounts Payable on Cloud solution. Harsh Bansal, Chief Financial Officer and Chief Growth Officer, Americana Restaurants, said, "At Americana Restaurants, we are committed to leading digital transformation, and as we scale our operations, intelligent automation is key to achieving greater efficiency and agility. With AI-powered Infosys Accounts Payable on Cloud, we have made invoice processing faster, enhanced accuracy, and improved efficiency. The addition of Agentic AI takes this a step further, reducing manual dependencies and bringing more intelligence and autonomy into our invoice processing. We are delighted that we have pioneered this initiative with Infosys and look forward to closely working with Infosys BPM to lead us collectively into a future of smarter and more agile operations." Infosys announced a three-year strategic collaboration with the Lawn Tennis Association (LTA) to deliver a range of AI-powered innovations, including match insights and immersive fan experiences. Chris Pollard, Managing Director, Commercial & Operations, LTA, said, "We are incredibly excited to witness the historic moment of the HSBC Championships at Queen's Club hosting both WTA and ATP 500 events for the very first time. This milestone marks a significant step in the growth and evolution of this prestigious tournament. We are thrilled to collaborate with Infosys, whose support will be instrumental in delivering an enhanced fan experience. Infosys' AI and technology innovations will bring a new level of engagement with real-time insights and interactive moments, creating memorable experiences for our fans and contribute to the continued success of the HSBC Championships." Infosys and Economist Impact announced the launch of The Sustainability Atlas to help businesses navigate a sustainable future. Jonathan Birdwell, Global Head of Policy & Insights, Economist Impact, said, "Over the past decade, Economist Impact has built dozens of indices and published hundreds of reports across a wide range of sustainability topics from food security to plastics management, to climate resilience. But never before have we been able to bring all of that data and insights together in one place. Leveraging Infosys' generative AI capabilities, The Sustainability Atlas provides easily accessible and actionable insights to policy makers and business leaders worldwide." Recognitions & Awards Brand & Corporate Recognized as a Top 100 most valuable brand in the world by Kantar BrandZ and ranked among the most-trusted brands in India and the US Recognized as one of the top 3 companies (on combined basis) in 5 categories – Best CEO, Best IR Professional, Best IR Program, Best IR Team and Best ESG Program – at the 2025 Asia Executive Team Survey by Extel (formerly Institutional Investor Research) Recognized as a Great Place to Work 2025-2026 in India and China Infosys BPM won at the Diversity Charter Awards 2025 in the 'Employer Supporting Women in the Workplace' category for its HR initiative, namely 'Empower with Care' Infosys BPM won the PeopleFirst HR Excellence Awards 2025 for 'Leading Practices' in Learning & Development Digital, AI and Cloud Services Positioned as a leader in the Everest Group: Microsoft Modern Work Services PEAK Matrix® Assessment 2025 Positioned as a leader in the Everest Group: Marketing Services PEAK Matrix® Assessment 2025 Positioned as a leader in the Everest Group: Talent Readiness for Next-generation Application Services PEAK Matrix® Assessment 2025 Recognized as a leader in HFS Horizons: The Best of Engineering Research and Development Service Providers, 2025 Recognized as a leader in the Constellation Research: Constellation ShortList™ Cross-Platform Agentic AI Recognized as a leader in Datos: The New Era of Check Fraud Detection: A Guide to Market Solutions Infosys BPM recognized as a Leader in ISG Provider Lens™ Global Capability Center (GCC) Services 2025 Study Infosys BPM recognized as a Leader in ISG Provider Lens™ Procurement Services 2025 Study Received the Customer Innovation Award from Databricks for delivering impactful solutions across industries Received Global System Integrator of the Year-EMEA award at Stibo's PATH Summit 2025 Industry & Solutions Positioned as a leader in the Everest Group: Life Sciences Digital Services PEAK Matrix® Assessment 2025 Positioned as a leader in the Everest Group: Life Sciences Enterprise Platform Services PEAK Matrix® Assessment 2025 Positioned as a leader in the Everest Group: Retail Services PEAK Matrix® Assessment 2025 Recognized as a leader in HFS Horizons: Energy and Utilities Service Providers, 2025 Recognized as a leader in HFS Horizons: Intelligent Retail and CPG Ecosystems, 2025 Recognized as a leader in HFS Horizons: Insurance Services, 2025 Infosys Finacle recognized as a Market Leader in the Datos Matrix: Virtual Account Management Providers 2025 report. Infosys Finacle won two awards at IBS Intelligence Digital Banking Awards 2025: 'Regional Winners | Middle East – Zand Bank & Infosys Finacle' and 'Segment Winner | Corporate Banking - Zand Bank & Infosys Finacle' Infosys Finacle won two awards at the MEA Finance Banking Technology Awards 2025: 'Best Composable Banking Solutions Provider of the Year' and 'Best Corporate Banking Solutions Provider' Infosys Finacle won four awards at Finnovex North Africa – Egypt 2025: ' Excellence in Banking Platform Modernization with ALEXBANK Egypt', 'Excellence in Seamless Banking Experiences with Export Development Bank of Egypt', 'Excellence in Core Banking Transformation with Agricultural Bank of Egypt' and 'Excellence in Composable Banking Platform here. About Infosys Infosys is a global leader in next-generation digital services and consulting. Over 320,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in 59 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next. Safe Harbor Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, and the outcome of the government investigation. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law. Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for: (Dollars in millions except per equity share data) 3 months ended June 30, 2025 3 months ended June 30, 2024 Revenues 4,941 4,714 Cost of sales 3,416 3,259 Gross profit 1,525 1,455 Operating expenses: Selling and marketing expenses 258 232 Administrative expenses 239 229 Total operating expenses 497 461 Operating profit 1,028 994 Other income, net (3) 110 88 Profit before income taxes 1,138 1,082 Income tax expense 329 318 Net profit (before non-controlling interest) 809 764 Net profit (after non-controlling interest) 809 763 Basic EPS ($) 0.20 0.18 Diluted EPS ($) 0.19 0.18 NOTES: The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter ended June 30, 2025, which have been taken on record at the Board meeting held on July 23, 2025. A Fact Sheet providing the operating metrics of the Company can be downloaded from Other income is net of Finance Cost.
Canada News.Net
20-07-2025
- Canada News.Net
Weight-loss drug prices prompt rethink of US health benefits
NEW YORK CITY, New York: Rising spending on weight-loss and specialty drugs is prompting a majority of large U.S. employers to scale back health benefits in 2026, as budgets come under pressure, a new Mercer survey released on July 16 shows. Among companies with 500 or more employees, 51 percent said they plan to increase cost-sharing for workers in 2026 — such as by raising deductibles or out-of-pocket maximums — up from 45 percent who plan similar increases in 2025. Soaring costs of GLP-1 weight-loss drugs, such as Wegovy, are at the heart of employer concerns. According to Mercer, 77 percent of employers now rank Wegovy as a top cost concern. "More clients are saying ... 'I don't know how much longer we can sustain covering these medications,'" said Alysha Fluno, a pharmacy innovation leader at Mercer. While some companies initially offered coverage for GLP-1 drugs in hopes of lowering long-term health costs tied to obesity, surging prices are causing second thoughts. "Some employers facing big cost increases in 2026 may feel this coverage is out of reach," Fluno said. Competition from new drugs in the coming years may give pharmacy benefit managers (PBMs) more leverage to negotiate lower prices. The current GLP-1 drugs list costs over US$1,000 per month, though many insured patients pay less. The Mercer report says prescription drug costs jumped eight percent last year, and overall health benefit costs are expected to rise 5.8 percent in 2025. Employers are also rethinking their relationships with PBMs — middlemen between drugmakers and insurers — amid concerns over transparency and pricing practices. Thirty-four percent are considering switching PBMs, and 40 percent are exploring alternative drug pricing models. The scrutiny follows regulatory criticism of major PBMs like CVS Caremark, Express Scripts, and Optum Rx for steering patients toward high-cost drugs — a claim the industry denies. This week, CalPERS, one of the nation's largest public healthcare purchasers, announced it would switch PBMs in 2026, citing the need for better oversight and transparency.
