Tourmaline earnings date and guidance
Tourmaline’s next results are expected on November 4, 2026. Watch whether Aitken starts on time and whether compliance spending changes the cash plan.
What has Tourmaline guided for 2026 and 2027?
Tourmaline’s price could move higher if production recovery and infrastructure lift cash flow while replacement capital stays funded. Management’s 2026 guidance calls for average production of 620,000–640,000 boe/d. The year end exit target is 660,000 boe/d. The 2026 plan forecasts C$880 million of free cash flow. The 2027 plan targets production of 665,000 boe/d and C$1,055 million of free cash flow. The Q4 2026 base dividend is C$0.53 per share.
Management’s current guidance calls for higher average production and a stronger year-end rate. “Boe/d” means barrels of oil equivalent per day, a common way to combine gas and liquids in one energy-equivalent measure. Roughly 6,000 cubic feet of gas equals one barrel equivalent, so the measure does not mean the company produces only oil.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Full-year average production (boe/d) | 2026 | 620,000 | 640,000 | 2026-07-29 |
| Production exit target (boe/d) | 2026 | 660,000 | 660,000 | 2026-07-29 |
| Exploration and production expenditures | 2026 | 2,550,000 | 2,550,000 | 2026-07-29 |
| 2027 EP spending | 2027 | 2,550,000 | 2,550,000 | 2026-07-29 |
| Free Cash Flow, 2026 EP Plan | 2026 | 880,000 | 880,000 | 2026-07 |
| Free Cash Flow, 2027 EP Plan | 2027 | 1,055,000 | 1,055,000 | 2026-07 |
How has Tourmaline performed over the last eight quarters?
That is what happened in Q2 2026. Sales from production increased, including natural-gas and condensate sales, but the premium from risk-management activities and realized gains on financial instruments was much lower. Tourmaline sold more physical product, yet total reported commodity revenue edged down.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,498,318 | 1,776,194 | 1,661,816 | 1,398,100 | 1,430,114 | 1,812,967 | 1,517,490 | 1,272,116 |
| Operating income | 276,133 | 883,809 | -856,992 | 282,003 | 723,986 | 306,294 | 559,149 | 494,631 |
| Net income | 184,426 | 657,560 | -655,002 | 190,405 | 514,591 | 212,678 | 407,445 | 355,193 |
| EPS, diluted | 0.47 | 1.69 | -1.69 | 0.49 | 1.35 | 0.56 | 1.09 | 1.00 |
What should I watch in Tourmaline’s next results?
Tourmaline reported that five of six regional connector pipelines were complete, with the Aitken expansion still scheduled for Q4 2026. Wells need both processing capacity and routes to market, so the plant and connectors must work together. Aitken’s start-up will show whether Phase 1 can deliver benefits during the pause.
Methane rules create another obligation. Federal rules target a 75 per cent reduction in methane emissions. The target uses 2012 as its baseline and 2030 as its target year. Companies may need leak detection, repairs and new equipment, which can alter project costs and start-up dates. Investors should watch whether Aitken starts on time and whether compliance spending changes the cash plan.