Tourmaline Oil Corp. says it earned $700.2 million in the last quarter of 2023, up from a loss of $30.4 million a year earlier.

The Calgary-based company says revenues were $1.7 billion, down from $2.2 billion in the fourth quarter of 2022. 

Diluted earnings per share were $2.00, up from a loss of nine cents per share a year earlier. 

Tourmaline says its average production in the fourth quarter was 556,957 barrels of oil equivalent per day, up nine per cent from the fourth quarter of 2022. 

Due to continuing weak natural gas prices, the company says it has decided to reduce its forecast 2024 capital expenditures to $2.13 billion, down from $2.35 billion. 

It says the budget reductions include a reduction in its rig count and a deferral of select exploration drilling and facility projects. 

This report by The Canadian Press was first published March 6, 2024.