Q: Thoughts on Tourmaline 1st quarter earnings?
5i Research Answer:
EPS of 56c missed estimates of $1.42; revenue of $1.45B missed estimates of $1.77B; EBITDA of $728M missed estimates by 33%. Production averaged 637,867 boe/day, up 8%. Cash flow was $963M. A special dividend of 35c was declared. Not a great quarter but the stock is exceptionally cheap and continues to spin out cash to shareholders. The balance sheet is very strong and we would remain comfortable here overall.