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Tourmaline Releases Enhanced Five-Year Development Plan Focusing on Significant Free Cash Flow(1) Acceleration
Tourmaline Releases Enhanced Five-Year Development Plan Focusing on Significant Free Cash ...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n\n\n\nTourmaline Releases Enhanced Five-Year Development Plan Focusing on Significant Free Cash Flow(1) Acceleration\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen1{\nBORDER-TOP:0pt; BORDER-RIGHT:0pt; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt; BORDER-LEFT:0pt\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 29, 2019\n\n\n\nCALGARY, May 29, 2019 /CNW/ - Tourmaline Oil Corp. (TSX:TOU) (\"Tourmaline\" or the \"Company\") is pleased to provide details of an enhanced five-year development plan.\n\n \n \n\n \nFREE CASH FLOW ACCELERATION PLAN:  SUMMARY OF PLAN CHANGES\nAggregate free cash flow increases by approximately $840 million to a total of approximately $3.05 billion over the five years.  Annual production and cash flow(2) are essentially unchanged from the previous plan. Growth capital directed primarily to Gundy BC Montney development.  Tourmaline will proceed with the Gundy Phase 2 deep cut expansion to 400 mmcfpd with a Q4 2021 projected completion.  The incremental gas volumes will be delivered into what the Company believes will be a period of improved natural gas prices. Alberta Deep Basin and Peace River High complexes will progress to maintenance capital mode with no incremental facility investments in the plan. Capital efficiencies improve overall given reduced facility expenditures; improved operating netbacks(3) and annual production decline is reduced in the new plan. The Gundy Phase 2 deep cut expansion is expected to increase Tourmaline's total liquid volumes to approximately 85,000 bpd by Q4 2021 (oil, condensate, NGLs). An aggregate $430.0 million of future facility expenditures have been removed from the previous five-year plan.GUNDY PHASE 2 EXPANSION\nThe co...