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    Canada’s Tourmaline sets special dividend on strong gas prices


With US gas prices sharply higher on cold weather, producer has higher cash flow expectations.

by: Dale Lunan

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Complimentary, Natural Gas & LNG News, Americas, Liquefied Natural Gas (LNG), Corporate, Financials, News By Country, Canada

Canada’s Tourmaline sets special dividend on strong gas prices

Tourmaline Oil, Canada’s largest natural gas producer, said January 12 it would pay a special dividend of C$2/share largely due to expectations for “significantly higher” forecasted cash flow in Q4 2022 resulting from strong US natural gas prices.

In December, natural gas averaged US$28.51/mnBtu at Hunt, in northern Washington state, US$28.82/mnBtu at Malin, Oregon and US$30.53/mnBtu at the PG&E gate in California. Tourmaline sells about 390mn ft3/day into these markets.


The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.


S&P 2023

Additionally, Tourmaline began deliveries of about 140mn ft3/day into the Gulf Coast LNG market, where it realises full exposure to Japan Korea Marker (JKM) pricing.

With the higher US prices and exposure to Asian LNG prices, Tourmaline is expecting to see 2023 cash flow of C$4.5bn and free cash flow of C$2.6bn. The special dividend will be payable on February 1 and Tourmaline expects to pay further special dividends each quarter this year.