Tourmaline Oil Corp. (TOU) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Work being recorded on Thursday, May 8th, 2025. I would now like to turn the conference over to Scott Kirker. Please go ahead. Thank you, Operator, and welcome everyone to our discussion of Turnley's financial and operating results as of March 31, 2025. This has pretty much ended March 31, 2025 and 2024. My name is Scott Kirker. I'm the Chief Legal Officer here at Turnley Oil. Before we get started, I refer you to the advisories on forward-looking statements contained in the news release, as well as the advisories contained in the Termini Annual Information Forum and our MD&A available on CDAR and on our website. I also draw your attention to the material factors and assumptions in those advisories. I'm here with Mike Rose, Termini's President and Chief Executive Officer, Brian Robinson, our Chief Financial Officer, and Jamie Heard, Termini's Vice President of Capital Markets. Let's start with Mike speaking to some of the highlights of the last quarter and our year so far. After his remarks, we will be open to questions. Go ahead, Mike. Thanks, Scott. Good morning, everybody. Thanks for dialing in and being online. So we're pleased to review our first quarter 25 results, update ET activities, and update the outlook. A few of the highlights, first quarter 25 average production was 638,000 DOEs a day, up 8% over first quarter of 24, and quite ahead of our first quarter 25 expected production range. First quarter 25 cash flow was $963 million on total capex of $825 million, each spending was about $800 million, and that generated free cash flow of $150 million for the quarter. As you've seen, we continue to consolidate the Northeast BC Montney, one of the most profitable gas plays in North America. We're doing that in concert with our Northeast BC infrastructure build-o...