Tourmaline Oil Corp., the largest natural gas producer in Canada, is reducing 2024 natural gas production in the Western Canadian Sedimentary Basin (WCSB) by about 100 MMcf/d from previous guidance, or 4% essentially eliminating any gas growth in 2024, “and we definitely think that’s the right thing to do,” CEO Mike Rose said.
Tourmaline is anticipating 2024 average production of 580,000-590,000 boe/d, up from fourth quarter 2023 production of 557,000 boe/d that was 9% higher than 4Q2022, and the 2023 full year average production of about 520,000 boe/d, that was up 4% over the 2022 average.
Rose said given continuing weak natural gas prices, the Calgary-based producer plans to decrease capital expenditures in 2024 by about 7.4% year/year to C$2.13 billion ($1.58...
