Tourmaline Oil Corp. says it earned nearly half of its $2 billion net profit last year in the final quarter of 2021.
The Calgary-based energy company says its net income surged 58 per cent to $996.2 million in the fourth quarter from $629.2 million a year earlier.
The result equalled $2.96 per share, up from $2.28 per share in the fourth quarter of 2020.
Revenues from commodity sales for the three months ended Dec. 31 more than doubled to $1.53 billion from $688.4 million in the prior year quarter.
Get weekly money news
For the full-year, its net profit soared to $2.03 billion or $6.40 per share on $4.7 billion of revenues, up from $618.3 million or $2.27 per share on $2.18 billion of revenues in 2020.
READ MORE: As world scrambles for oil, Canadian producers reluctant to spend on growth
Tourmaline says its 2021 production increased 42 per cent to 441,115 barrels of oil equivalent per day and 485,078 boepd in the fourth quarter. It generated a record $2.93 billion of cash flow last year, including $968.2 million in the fourth quarter.
- Cenovus set to surpass million-barrel per day production as it digests MEG purchase
- Councillors in Rocky View County, bordering Calgary vote to pause data centres
- Fewer private sector workers have pensions. What does it mean for retirement?
- Alberta referendum costs climbing with another $365K in promotion, says Nenshi
Comments
Want to discuss? Please read our Commenting Policy first.