Latest news with #Tourmaline
Cision Canada
a day ago
- Business
- 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.
Daily Mirror
04-07-2025
- Entertainment
- Daily Mirror
Bodycare brand loved by Kim K to pay homage to LGBTQ+ community in London event
A luxury cosmetics brand, cherished by Kim Kardashian and other celebs, will return with its annual library event to provide a platform for trans and non-binary authors One of Kim Kardashian's most-trusted bodycare brands has confirmed it will clear its shelves to honour Pride and its many queer icons. The premium brand Aesop has been snapped in several posts uploaded by the fashion mogul, most notably its Reverence Aromatique hand wash pictured in the businesswoman 's bathroom. This £33 hand wash, and its accompanying products, are firm favourites, not just amongst celebs but all Aesop customers. Now, after launching its Queer Library in 2021 to provide a spotlight for LGBTQIA+ authors, Aesop continues to expand its platform into the initiative's fifth year, this year in London. "The Queer Library affirms literature's ability to broaden minds and embolden individuals, and seeks to provide a platform for underrepresented voices," The Australian cosmetics brand explained, before confirming that "This year, the Library celebrates the liberating possibilities of LGBTQIA+ self-expression, with a particular focus on trans and non-binary voices." Trans refers to transgender, when someone feels their gender is different from, or doesn't sit comfortably with, the sex they were registered at birth, while Non-binary is the term for those whose gender identity falls outside of the traditional man/woman label. Trans artist, Tourmaline is the author of this iteration's hero title, with their work focussing on Marsha P. Johnson's struggle for queer rights. For more stories like this subscribe to our weekly newsletter, The Weekly Gulp, for a curated roundup of trending stories, poignant interviews, and viral lifestyle picks from The Mirror's Audience U35 team delivered straight to your inbox. "Marsha's life reminds us that the work of liberation isn't just about protest; it's also about sparkle, about softness, about staying alive and helping others stay alive, too," Tourmaline explained. The brand's Lexington Street store, in London, will offer complimentary books by LGBTQIA+ authors, from Friday (July 4) until Sunday (July 6), to celebrate the written word. Aesop added: "In addition to perusing the shelves, this year visitors will be able to express themselves through an interactive literary card game of sorts, based on the archetypal Aesop fable 'The North Wind and the Sun'—a tale about the value of gentle persuasion over force. "Visitors can draw a selection of cards, each imprinted with a word from the fable—using them as creative prompts, they will have an opportunity to reveal their own take on the story." The library's reading list is curated by independent bookstore and queer institution, Gay's The Word, designed to promote marginalised trans and non-binary voices, along with titles selected by Aesop team members. While some of the reading materials were sourced by the bookstore, many were purchased "at a generous discount from Penguin and a variety of other publishers." The event will coincide with the Pride in London parade, taking place on Saturday. Last year's event saw more than 35,000 people take to the streets to celebrate their identity, accompanied by thumping pop tunes and colourful displays.
Time Magazine
19-06-2025
- Politics
- Time Magazine
Marsha P. Johnson Taught Us How To Defy This Anti-Trans Wave
It's Pride Month again. But unlike recent years, when corporations flooded us with rainbow merchandise and vague nods to the Stonewall Riots, this year feels markedly different. The signs of authoritarianism are everywhere— anti-trans executive actions and legislation, Democrats scapegoating the trans community for its political failures, and corporate backpedaling on LGBTQ+ support. On his first day in office, President Donald Trump issued an executive order declaring, among other things, that trans people do not exist. The next day, he signed an order calling for the country to restore 'merit-based opportunity'—a euphemism for straight, white, cisgender supremacy. And on Wednesday, the Supreme Court upheld a Tennessee state law that bans gender-affirming care for minors, greenlighting bans in up to 27 states. And yet, despite it all, my mandate for Pride remains unchanged. And despite Trump's attempts to erase trans people, I know he cannot because I know my community's history. I look to the lessons of our elders and trancestors—those trans ancestors whose lives continue to guide us. For me, 2025 marks the Summer of Marsha P. Johnson. This Aug. 24 would have been her 80th birthday. In the decades since her death, the lessons of her life have only become more resonant. That's why it felt necessary to center the second season of Afterlives, my podcast honoring the lives and legacies of trans folks our community lost too soon, on this movement titan. In a time of major erasure of our stories, we want to archive them. Marsha's legend lives in many hearts today. It's sprinkled throughout speeches and social media posts, it's been the subject of a posthumous TIME cover, and even inspired the dedication of a Brooklyn Park in her honor. Recently, decorated artist and activist Tourmaline released Marsha's first definitive biography, The Joy and Defiance of Marsha P. Johnson. I was able to interview the best-selling author extensively for Afterlives, where we bonded over new Marshaisms gleaned from video archives like, 'Get your heart ready for heart failure.' Connecting with Marsha through grainy video clips stripped from interviews and the extensive collection of home videos created by her once-roommate, and also noted activist Randy Wicker, I was able to learn more about her. There is something so soothing and encouraging about the old-school campy lilt to her voice. Listening to her is like being caressed by a long-lost auntie. The warmth I feel for Marsha only deepened when I got the chance to visit her sister, Jeannie, and her nephew, Al. Both of them still live in Marsha's hometown of Elizabeth, New Jersey. They graciously welcomed my production team and me around their kitchen table. As the bright, late winter light shone through the window, they regaled us with tales of Marsha before she was an icon. The Elizabeth of the 1950s certainly was no bastion of queerness. However, Marsha became known for her exuberant personality and penchant for off-beat performance. According to her family, Masha was the most off-key singer in the children's Christmas chorus when she was growing up. But somehow, her charm always won over audiences. And whenever she opened her mouth, she would help raise the most money for the chorus. A tinge of jealousy ran through me when Al talked about being babysat not just by Marsha, but also the legendary Sylvia Rivera as a child. I returned to a lifelong question I have for myself: What if I could have known myself or people like who I'd become sooner? I grew up starved for images of trans possibility. My first glimpses of Marsha came through early Wikipedia pages and, later, through Tumblr posts, scattered pieces of a lineage I was never meant to find. Both Al and Jeannie wanted to set the record straight about Marsha's relationship with her family. While it's true she had many difficulties in life and was often misunderstood, she regularly returned home to visit her mother and them. And while her mother didn't always understand her identity, they still deeply loved each other. That love shone through Jeannie as well. Before we left, she gifted me the most scrumptious slice of Key Lime cake. I salivate every time I think of it. While Marsha kept her family close, she also built a sprawling community and found pockets of joy as she got older. From Times Square, to the Village, and later back to Jersey, Marsha picked up chosen family along the way. She mentored younger people, including a young Sylvia Rivera, and showed them how to survive homelessness and poverty. For so-called 'street queens' like them, sex work was a common source of survival. But Marsha believed that collectives were stronger than any individuals and that standing in solidarity with one another could improve the safety of their community. In time, that ethos led to the formation of Street Transvestite Action Revolutionaries or STAR, a group that helped often abandoned youth find shelter. They'd pool resources for sustenance. Marsha often struggled with housing herself. But she never turned away from performance. She'd perform on the streets and on stage, traveling as far as London, to make a splash. Often, she'd wear costumes made from materials she found while dumpster diving. Her aesthetics and tuneless vocals left audiences in awe and laughter. At a time when trans people are told we're asking for too much, and that we should disappear, Marsha's life reminds us we can make art out of scarcity—and joy out of resistance. Most people know Marsha's name through the Stonewall Riots of 1969, the militant uprising against harassment from the New York Police Department. These violent riots became a catalyst for the modern LGBTQ+ movement. In Tourmaline's book, one account recalls Marsha smashing a shot glass into a mirror and yelling, 'I got my civil rights!' This is a message of radical defiance we need now. As trans rights come under attack, the message from politicians is clear: they want us forgotten, just like in Marsha's time. But we must remember that trans people built movements. That we organized, fought, and cared for each other. It's these lessons from Marsha and history, lessons of full, nuanced trans lives that the fascists don't want you to know about. Our voices and our stories can serve as an antidote to fascism and authoritarianism. Some of Marsha's friends have said that the person she truly was—the poor, unhoused, sex-working artist—would be unrecognizable today beneath the polished iconography. We've turned her into a symbol. But what we lose in that transformation is the story of how she lived. Marsha teaches us that performance can be a form of protest. That caring for others is political. That imagination can be more valuable than wealth. That defiance doesn't require perfection—only courage. She reminds us that collectives are stronger than individuals. That joy can coexist with rage. That survival is a legacy. Marsha lives on not because we mythologized her, but because she modeled what's possible when you decide to be your most authentic self, every single day. She wasn't a pillar of perfection. She didn't have much to her name. But she lived, loved, and fought until her name and her power became undeniable. As we face a new wave of anti-trans hate, let's do the same.
USA Today
07-06-2025
- Entertainment
- USA Today
Celebrate Pride Month with one of these 10 new books, from romance to nonfiction
Celebrate Pride Month with one of these 10 new books, from romance to nonfiction Every June, readers come together to celebrate the authors transforming literature with LGBTQ+ storytelling. Some of this year's biggest releases feature LGBTQ+ stories – Taylor Jenkins Reid's 'Atmosphere' astronaut love story, Ocean Vuong's 'The Emperor of Gladness' and 'Bury Our Bones in the Midnight Soil,' the new genre-defying paranormal from 'The Invisible Life of Addie LaRue' author V.E. Schwab. Romance author Jasmine Guillory penned "Flirting Lessons," her first sapphic romance. 'Detransition, Baby' author Torrey Peters published an enrapturing new short story collection. 10 new LGBTQ+ books to read this Pride Month Whether you're looking for swoony summer romances, a poignant social commentary or thrilling whodunnits, this list of LGBTQ+ books published in 2025 is a good starting point for every reader. 'Dream On, Ramona Riley' by Ashley Herring Blake Small-town waitress Ramona has big Hollywood dreams but is stuck in New Hampshire taking care of her younger sister after her father's car accident. A big-budget movie crew in town offers a glimmer of hope, but then Ramona runs into her first kiss, wild-child Hollywood nepo baby Dylan. 'The Lilac People' by Milo Todd Inspired by real events, this historical fiction novel follows a trans man whose work improving queer rights in Germany halts when Hitler rises to power. Fleeing from the Nazis, he and his girlfriend escape to a nearby farm and live in isolation, disguised. A decade later, when a young trans man in Holocaust prison clothes collapses on their property, the couple vows to protect him and flee together. 'Disappoint Me' by Nicola Dinan Deeply dissatisfied with tumbling (literally – the story starts as our protagonist falls down the stairs) through life, a trans woman decides to make a change. When Max starts dating slick, corporate Vincent, she thinks it's what will turn her life around. But he's hiding secrets about his true feelings and intentions. 'Disappoint Me' is a commentary on transness, race, millennial angst and relationships. 'Marsha' by Tourmaline Activist, writer and filmmaker Tourmaline pays tribute to one of the most influential figures of LGBTQ+ history, Marsha P. Johnson. In 'Marsha,' Tourmaline paints a comprehensive and engaging record of the trans woman rumored to have thrown the first brick at the Stonewall uprising of 1969 and how her legacy of liberation continues. 'Dining Out' by Erik Piepenburg 'Dining Out' is a culinary tour of restaurants as safe and celebratory spaces for the LGBTQ+ community from a New York Times journalist. Piepenburg's analysis travels from gay bars to the diners of the Stonewall generation to the intersectional eateries shaping LGBTQ+ culture now. 'Ordinary Love' by Marie Rutkoski In 'Ordinary Love,' an Upper East Side woman with the seemingly perfect marriage and family finds her life in disarray after she runs into her high school girlfriend, now a famous Olympic athlete. As her relationship with her parents and her marriage deteriorates, Emily finds herself drawn to Gen despite a rocky history and everything she stands to lose. 'Murder in the Dressing Room' by Holly Stars Can Misty Divine, a London drag queen, avenge her drag mother Lady Lady after she's been poisoned by a mysterious box of chocolates? After the murder in the dressing room, Misty and her fellow performers become prime suspects. Frustrated by the police, Misty takes matters into her own hands, racing against time before anyone else gets hurt. 'Mutual Interest' by Olivia Wolfgang-Smith 'Mutual Interest' follows a lavender marriage at the turn of the 20th century and the successful soap, perfume and candle empire the couple runs. Marrying gives both Oscar and Vivian the freedom they need to build the lives they desire, especially after Oscar falls in love with their business partner, Squire Clancey. Can they stay safe from exposure as their power builds? 'Loca' by Alejandro Heredia 'Loca' follows a year in the life of two best friends who move from the Dominican Republic to New York City. Charo is fleeing the life that's expected of her as a woman; Sal after an unspeakable tragedy. In New York, a chance encounter at a gay bar thrusts them into an intersectional queer community, giving them a shot at the lives and family they've long desired. 'Kiss Me, Maybe' by Gabriella Gamez In this romance, a librarian goes viral for a video she shares talking about being a late bloomer. Ready to get it out of the way, Angela uses her 15 minutes of fame to start a scavenger hunt, promising the winner her first kiss. But she can't pull it off alone. Will the help of a hot bartender – her unrequited crush – thwart her plans? Clare Mulroy is USA TODAY's Books Reporter, where she covers buzzy releases, chats with authors and dives into the culture of reading. Find her on Instagram, subscribe to our weekly Books newsletter or tell her what you're reading at cmulroy@
Washington Post
31-05-2025
- Entertainment
- Washington Post
Capturing the vibrant life of LGBT activist Marsha P. Johnson
Just ahead of Pride season, a new biography of the venerated activist Marsha P. Johnson by the multidisciplinary artist Tourmaline has hit bookstore shelves. When Marsha P. Johnson died in 1992, she was a beloved figure in New York's LGBTQ+ social scenes and liberation movements. Since then — thanks to work from community activists and historians, including Tourmaline — her legacy has grown deeper, her reputation traveling further. Today, there is a state park in New York named after her and a bronze bust of her housed in the New York LGBT Center. Online, tributes pop up on social media every summer commemorating her activism.
