# TOURMALINE OIL CORP

Summary updated: 2026-10-02T10:40:33.816394Z
Canonical: https://finbar.com/research/companies/tourmaline-oil

## Overview

Tourmaline Oil Corp. is a Canadian oil and natural gas exploration and production company focused on developing its assets in the Western Canadian Sedimentary Basin, including the Alberta Deep Basin, Northeast British Columbia Montney and Peace River Triassic Oil complex. Its products include natural gas, crude oil, condensate and natural gas liquids; its sales reach Canadian and U.S. markets as well as customers in Asia and Europe. [1](https://www.tourmalineoil.com/about-us/company-overview)[2](https://sustainability.tourmalineoil.com/)

The company’s stated strategy is to grow its asset base, reserves, production and cash flow while seeking attractive returns on invested capital; its sources describe this strategy rather than a separate mission statement. [3](https://www.tourmalineoil.com/about-us/strategy) For 2025, Tourmaline reported C$6.591 billion in total revenue from commodity sales, risk-management premiums and realized gains on financial instruments. [4](https://app.finbar.com/go?id=T15408630)
[4](https://app.finbar.com/go?id=T15408630)[5](https://app.finbar.com/go?id=P134754047)[1](https://www.tourmalineoil.com/about-us/company-overview)[2](https://sustainability.tourmalineoil.com/)[3](https://www.tourmalineoil.com/about-us/strategy)

## Products & services

Tourmaline Oil Corp.’s products include natural gas, crude oil, condensate and natural gas liquids (NGLs). In 2025, average production was 2,946,447 mcf/d of natural gas and 147,121 bbl/d of oil, condensate and NGLs combined. Using Tourmaline’s 6 mcf:1 boe conversion, this equates to approximately 77% gas and 23% combined liquids by production volume on a boe basis; it is not a revenue mix. The company reported average realized prices of $3.62/mcf for gas and $50.27/bbl for the combined liquids category. [4](https://app.finbar.com/go?id=T15408630)[6](https://app.finbar.com/go?id=P134753998)

Tourmaline markets natural gas in Canada and the United States and has described supply arrangements delivering gas to specified North American points while receiving an international index price. It also reports LNG supply agreements and sales to Asian and European markets. Its NEBC Montney operations include seven gas-processing facilities with approximately 1.0 Bcf/d of aggregate capacity, as well as gathering and NGL-handling infrastructure. [7](https://app.finbar.com/go?id=P134754651)[2](https://sustainability.tourmalineoil.com/)[8](https://www.tourmalineoil.com/operations/ne-bc-montney)[3](https://www.tourmalineoil.com/about-us/strategy)
[4](https://app.finbar.com/go?id=T15408630)[6](https://app.finbar.com/go?id=P134753998)[7](https://app.finbar.com/go?id=P134754651)[2](https://sustainability.tourmalineoil.com/)[8](https://www.tourmalineoil.com/operations/ne-bc-montney)[3](https://www.tourmalineoil.com/about-us/strategy)

## Geographic presence

Tourmaline’s operating footprint is concentrated in Alberta and British Columbia. Its 2025 reporting groups production assets into the Deep Basin, Spirit River and BC Montney cash-generating units [9](https://app.finbar.com/go?id=P134754521). Company materials identify the Alberta Deep Basin and Northeast British Columbia Montney as operating areas, including Montney locations at Groundbirch/Sunrise/Dawson and Gundy CK; the Peace River Triassic Oil complex is also identified as a core growth area [10](https://www.tourmalineoil.com/operations) [11](https://www.tourmalineoil.com/operations/ab-deep-basin) [8](https://www.tourmalineoil.com/operations/ne-bc-montney) [1](https://www.tourmalineoil.com/about-us/company-overview).

The company’s 2025 reporting lists gas sales markets outside Alberta and British Columbia by reference to Sumas, PG&E Malin, PG&E Citygate, Chicago Citygate, Ventura, Dawn, TTF and JKM benchmarks; it does not provide a geographic revenue breakdown by country or region [12](https://app.finbar.com/go?id=P134754048). Tourmaline’s registered office is in Calgary, Alberta, and its contact information lists field offices in Alberta and British Columbia, including Grande Cache, Grande Prairie, Hinton, Sundre, Spirit River and Sylvan Lake [13](https://app.finbar.com/go?id=P134754419) [14](https://www.tourmalineoil.com/contact).
[9](https://app.finbar.com/go?id=P134754521)[12](https://app.finbar.com/go?id=P134754048)[13](https://app.finbar.com/go?id=P134754419)[10](https://www.tourmalineoil.com/operations)[11](https://www.tourmalineoil.com/operations/ab-deep-basin)[8](https://www.tourmalineoil.com/operations/ne-bc-montney)[1](https://www.tourmalineoil.com/about-us/company-overview)[14](https://www.tourmalineoil.com/contact)

## Business segments

Tourmaline Oil Corp. reports its FY2025 operations on a consolidated basis rather than as separately quantified business segments. Its business is focused on oil and natural-gas exploration and production in the Western Canadian Sedimentary Basin. [15](https://app.finbar.com/go?id=P134753984)[1](https://www.tourmalineoil.com/about-us/company-overview)

The FY2025 filing does not provide segment-level revenue, production, assets, or capital expenditures, so percentage contributions by segment cannot be calculated from the reported information. Natural gas and liquids are shown as product categories, not as business segments. [16](https://app.finbar.com/go?id=P134754294)
[15](https://app.finbar.com/go?id=P134753984)[1](https://www.tourmalineoil.com/about-us/company-overview)[16](https://app.finbar.com/go?id=P134754294)[1](https://www.tourmalineoil.com/about-us/company-overview)

## Company history

Tourmaline Oil Corp. was incorporated in Alberta on July 21, 2008, and began operations that year under founder Michael Rose. [13](https://app.finbar.com/go?id=P134754419)[1](https://www.tourmalineoil.com/about-us/company-overview) It completed an initial public offering in November 2010 and began trading on the Toronto Stock Exchange as TOU. [17](https://www.hartenergy.com/new-financings/tourmaline-oil-corp-2010-11-24-160506) Early expansion included the 2012 acquisition of Huron Energy and the 2014 acquisition of Santonia Energy. [18](https://ca.finance.yahoo.com/news/tourmaline-oil-corp-completes-acquisition-153000362.html)[19](https://boereport.com/2014/04/24/santonia-energy-inc-announces-completion-of-acquisition-by-tourmaline-oil-corp/)

A major step in the company’s growth came in 2016, when it acquired Shell Canada assets in Alberta’s Deep Basin and northeastern British Columbia. [20](https://www.newswire.ca/news-releases/tourmaline-oil-corp-closes-acquisition-from-shell-canada-603782536.html) It continued to expand through the 2020 Jupiter Resources acquisition and the 2023 Bonavista Energy acquisition. [21](https://stockhouse.com/news/press-releases/2020/12/18/tourmaline-completes-strategic-acquisition-of-jupiter)[22](https://www.newswire.ca/news-releases/tourmaline-announces-closing-of-bonavista-acquisition-867360415.html) In 2024 it completed the acquisition of Crew Energy and acquired Todd Energy Canada; in 2025 it added Saguaro Resources and Strathcona’s Groundbirch assets, continuing its expansion in the Montney and Deep Basin regions. [23](https://www.newswire.ca/news-releases/tourmaline-announces-closing-of-crew-energy-acquisition-and-gross-overriding-royalty-sale-to-topaz-energy-871103237.html)[2](https://sustainability.tourmalineoil.com/)[24](https://app.finbar.com/go?id=P134754153)[25](https://app.finbar.com/go?id=P134754719)[26](https://www.strathconaresources.com/strathcona-announces-sale-of-montney-business-for-2-84-billion-and-acquisition-of-hardisty-rail-terminal/)
[13](https://app.finbar.com/go?id=P134754419)[24](https://app.finbar.com/go?id=P134754153)[25](https://app.finbar.com/go?id=P134754719)[1](https://www.tourmalineoil.com/about-us/company-overview)[17](https://www.hartenergy.com/new-financings/tourmaline-oil-corp-2010-11-24-160506)[18](https://ca.finance.yahoo.com/news/tourmaline-oil-corp-completes-acquisition-153000362.html)[19](https://boereport.com/2014/04/24/santonia-energy-inc-announces-completion-of-acquisition-by-tourmaline-oil-corp/)[20](https://www.newswire.ca/news-releases/tourmaline-oil-corp-closes-acquisition-from-shell-canada-603782536.html)[21](https://stockhouse.com/news/press-releases/2020/12/18/tourmaline-completes-strategic-acquisition-of-jupiter)[22](https://www.newswire.ca/news-releases/tourmaline-announces-closing-of-bonavista-acquisition-867360415.html)[23](https://www.newswire.ca/news-releases/tourmaline-announces-closing-of-crew-energy-acquisition-and-gross-overriding-royalty-sale-to-topaz-energy-871103237.html)[2](https://sustainability.tourmalineoil.com/)[26](https://www.strathconaresources.com/strathcona-announces-sale-of-montney-business-for-2-84-billion-and-acquisition-of-hardisty-rail-terminal/)

## Sources

1. [www.tourmalineoil.com](https://www.tourmalineoil.com/about-us/company-overview)
2. [sustainability.tourmalineoil.com](https://sustainability.tourmalineoil.com/)
3. [www.tourmalineoil.com](https://www.tourmalineoil.com/about-us/strategy)
4. [TOURMALINE OIL CORP — Presentation (2025 Y), p35](https://app.finbar.com/go?id=T15408630)
5. [TOURMALINE OIL CORP — Presentation (2025 Y), p11](https://app.finbar.com/go?id=P134754047)
6. [TOURMALINE OIL CORP — Presentation (2025 Y), p5](https://app.finbar.com/go?id=P134753998)
7. [TOURMALINE OIL CORP — Presentation (2025 Y), p66](https://app.finbar.com/go?id=P134754651)
8. [www.tourmalineoil.com](https://www.tourmalineoil.com/operations/ne-bc-montney)
9. [TOURMALINE OIL CORP — Presentation (2025 Y), p55](https://app.finbar.com/go?id=P134754521)
10. [www.tourmalineoil.com](https://www.tourmalineoil.com/operations)
11. [www.tourmalineoil.com](https://www.tourmalineoil.com/operations/ab-deep-basin)
12. [TOURMALINE OIL CORP — Presentation (2025 Y), p11](https://app.finbar.com/go?id=P134754048)
13. [TOURMALINE OIL CORP — Presentation (2025 Y), p46](https://app.finbar.com/go?id=P134754419)
14. [www.tourmalineoil.com](https://www.tourmalineoil.com/contact)
15. [TOURMALINE OIL CORP — Presentation (2025 Y), p3](https://app.finbar.com/go?id=P134753984)
16. [TOURMALINE OIL CORP — Presentation (2025 Y), p35](https://app.finbar.com/go?id=P134754294)
17. [www.hartenergy.com](https://www.hartenergy.com/new-financings/tourmaline-oil-corp-2010-11-24-160506)
18. [ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/tourmaline-oil-corp-completes-acquisition-153000362.html)
19. [boereport.com](https://boereport.com/2014/04/24/santonia-energy-inc-announces-completion-of-acquisition-by-tourmaline-oil-corp/)
20. [www.newswire.ca](https://www.newswire.ca/news-releases/tourmaline-oil-corp-closes-acquisition-from-shell-canada-603782536.html)
21. [stockhouse.com](https://stockhouse.com/news/press-releases/2020/12/18/tourmaline-completes-strategic-acquisition-of-jupiter)
22. [www.newswire.ca](https://www.newswire.ca/news-releases/tourmaline-announces-closing-of-bonavista-acquisition-867360415.html)
23. [www.newswire.ca](https://www.newswire.ca/news-releases/tourmaline-announces-closing-of-crew-energy-acquisition-and-gross-overriding-royalty-sale-to-topaz-energy-871103237.html)
24. [TOURMALINE OIL CORP — Presentation (2025 Y), p22](https://app.finbar.com/go?id=P134754153)
25. [TOURMALINE OIL CORP — Presentation (2025 Y), p72](https://app.finbar.com/go?id=P134754719)
26. [www.strathconaresources.com](https://www.strathconaresources.com/strathcona-announces-sale-of-montney-business-for-2-84-billion-and-acquisition-of-hardisty-rail-terminal/)

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