Tourmaline dividend
Tourmaline paid C$2.00 per share in base dividends and C$1.30 per share in special dividends in 2025. Its dividends exceeded free cash flow in 2024 and 2025, so the cash generated did not fully cover the payouts.
How much does Tourmaline pay in dividends?
In 2025, Tourmaline paid C$2.00 per share in base dividends and C$1.30 per share in special dividends. The base dividend is the recurring commitment; the special dividend is more discretionary. Because total payments exceeded free cash flow in 2024 and 2025, the distinction matters.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | 0.83 | 1.20 | 6.74 | 8.71 | 4.39 |
| − Dividends paid, per share | 3.29 | 3.29 | 6.45 | 7.75 | 1.44 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 |
| = FCF not paid out, per share | 0.44 | 1.05 | 2.94 | ||
| = Paid out more than FCF, per share | 2.28 | 1.92 |
Does Tourmaline’s dividend come from its free cash flow?
Free cash flow is what remains after operating cash flow pays for capital spending. In 2022 and 2023, shareholder payments absorbed most of it; in 2024 and 2025, payments exceeded free cash flow. Dividends were the main return, while reported buybacks were zero from 2022 through 2025.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 386,646 | 494,518 | 2,377,847 | 3,012,046 | 1,405,970 |
| − Dividends paid | 1,261,819 | 1,185,912 | 2,226,867 | 2,653,248 | 457,663 |
| − Share buybacks | 0 | 0 | 0 | 0 | 6,545 |
| = Free cash flow not paid out | 150,980 | 358,798 | 930,870 | ||
| = Paid out more than the free cash flow | 875,173 | 691,394 |
What this means. The company shows net debt as a negative number, while we show the same amount as positive debt because it owes more than it holds in cash.
What could change Tourmaline’s dividend?
Management said in July 2026 that maintenance spending and the dividend were fully funded at US$2.00 per Mcf NYMEX and C$2.00 per Mcf AECO, under its stated liquids-price assumptions. During weak prices, the company also stored gas and deferred some activity. That flexibility may protect returns, though it moves production and cash flow into later periods.
Dividends rise from C$2.10 per share to C$2.40 in the base case. The starting point is the announced C$0.525 quarterly base dividend, while the later increases assume modest cash-flow growth. The bear case cuts dividends to C$1.60 and keeps them low because recent payouts exceeded free cash flow. The bull case reaches C$4.00 through larger special distributions, which are assumptions rather than guidance.
What is Tourmaline’s dividend yield against its price?
The base dividend is the planned recurring payment. A special dividend is an extra distribution that can vary with commodity prices and surplus cash. Tourmaline raised its quarterly base dividend from C$0.50 to C$0.525 for Q4 2026, but investors should not treat the full recent yield as guaranteed income.
| Today (Oct 17, 2026) | |
|---|---|
| Share price | 66.17 |
| Free cash flow yield (calculated) | 1.5% |
| Dividend yield (calculated) | 3.0% |