EarningsQ2 2026 Earnings Report
MX:TOUN Q2 2026 EPS Results
Actual EPS$6.01
Consensus EPS$10.98
Beat/MissMissed by -$4.97
One Year Ago EPS$17.25
MX:TOUN Q2 2026 Revenue Results
Actual Revenue$17.39B
Expected Revenue$19.85B
Beat/MissMissed by -$2.46B
YoY Revenue Growth+1.00%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:TOUN Upcoming Earnings
Tourmaline Oil's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple strong operational and financial positives: robust quarterly cash flow (CAD 786M), meaningful free cash flow generation (CAD 192M in Q2; CAD 880M estimate for 2026 at strip), continued well-performance improvements (NE BC +28%, Deep Basin +14%), lower OpEx (down 10% YoY), reduced net debt (CAD 1.5B) and progress on an accretive Northeast BC infrastructure program and LPG export expansion. Offsetting these positives are near-term market-driven actions: deliberate production curtailments and storage builds due to weak gas prices, deferred completion activity (wells waiting to be fracked), a one-year pause before Phase 2 that delays additional growth, and longer-term uncertainty around new demand projects (data centers, West Coast LNG). Overall, highlights materially outweigh the lowlights, with management prioritizing balance-sheet strength and shareholder returns while preserving upside exposure to improving gas and international prices.Company Guidance
Strong cash flow and free cash flow
Q2 cash flow of CAD 786 million and Q2 free cash flow of CAD 192 million; full-year 2026 free cash flow now estimated at CAD 880 million at current strip pricing.
Production and guidance maintained
Q2 average production of 594,000 BOE/d (marginally below guidance of 595,000-605,000 BOE/d by choice). Full-year 2026 production guidance maintained at 620,000-640,000 BOE/d with a 2026 exit target of 660,000 BOE/d.
Net debt and operating cost improvements
Net debt of CAD 1.5 billion as of June 30, below the long-term target of CAD 1.75 billion. Q2 OpEx of CAD 4.59/BOE, down 10% year-over-year and 3% quarter-over-quarter. Full-year OpEx guidance of CAD 4.50-4.60/BOE, representing a 7%-9% reduction versus full year 2025.
Marked well performance gains
First-half well performance up 28% in the Northeast BC Montney complex (based on 25 wells at IP90) and up 14% in the Alberta Deep Basin (based on 30 wells) versus the prior five-year averages—continuing a multi-year outperformance trend.
Expanded LPG export capability and marketing
Entered a long-term agreement with AltaGas to increase propane and butane exports through Ridley Island (Reef), increasing exposure to premium LPG export markets by approximately 55% and expected to improve realized LPG margins via direct rail shipments to the West Coast.
Hedging and international price exposure
Average realized natural gas price in Q2 was CAD 3.12/Mcf. The company has a little over 1 Bcf/d hedged for the remainder of 2026 at a weighted average fixed price of CAD 4.97/Mcf. Additional exposure of 220 MMBtu (reported) to international pricing (TTF and JKM) for 2026, with JKM/TTF trading >USD 15/MMBtu (≈60% appreciation versus the start of the year in the same strip).
Infrastructure build-out progressing and cash-flow accretive
Northeast BC infrastructure Phase 1 largely on schedule and on budget (5 of 6 regional connector pipelines completed). The full project (both phases) expected to add ~1.1 Bcf/d of gas and >50,000 bpd of condensate/NGLs and is anticipated to generate over CAD 400 million of incremental annual cash flow versus first-half 2025 cost structures once completed.
Acquisitions and inventory additions
Acquired Aduro Resources in the South Montney for total consideration of CAD 100 million (including net debt; CAD 50 million cash + ≈1.5 million shares), adding 174 net Tier 1 Montney locations at ~CAD 462,000 per location. Also completed dispositions that returned CAD 38.7 million in proceeds.
Corporate actions: leadership and shareholder return
CFO Brian Robinson to retire effective Nov 1 and be succeeded by Jamie Heard; Board intends to declare a quarterly base dividend of CAD 0.50 per share payable Sept 29 (record date Sept 15, 2026).
MX:TOUN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed