Tourmaline Oil Corp. reported third quarter results on November 4. Sales production of 594 MBoe/d was slightly below the 595-605 MBoe/d guidance range due to deferrals and storage injections undertaken in order to time sales with winter prices (Tourmaline has secured 10 Bcf of storage capacity, increasing to 14 Bcf next year). Production is expected to average 630-635 MBoe/d in Q4 and exit 2026 at 670 MBoe/d or higher.
The 125 MMcf/d expansion of the Aitken c-38-C deep cut gas plant was completed on schedule and start-up is underway, while Phase 1 of the Groundbirch-Monias 15-25 deep cut plant (~200 MMcf/d) is expected to start up in Q4 2027, along with its nearby LPG rail terminal. An extended unplanned outage at a third-party facility in BC in October is expected to impact Tourmaline’s Q4 volumes by about 3 MBoe/d.
For 2027, Tourmaline is planning for CAD$2.6 billion of E&P capital spending, similar to the 2026 budget for CAD$2.55 billion (unchanged), and expects production to grow 4-6% vs. 2026.
Tourmaline has formed Emerald Energy Technologies Corp. to surface value from Tourmaline’s Environmental Performance Improvement investments made over the past several years. Tourmaline, Emerald, and Stream Data Centers are working on the 1 GW Malachite One powered land solution and data center campus, with site preparation expected to start in Q4. Malachite One is expected to start up in early 2028 and ramp up to full capacity in 2029 once the larger generators are installed.
Source: Tourmaline Oil Corp. (as of March 2026)
