Tourmaline 2021 guidance for its exploration and production capital expenditures in 2021 are forecast to be $1,075.0 million, compared to $1,287.3 million for the same period of 2019. Tourmaline believes it has sufficient liquidity through cash flow to execute its 2021 capital budget and continues to monitor and adjust as necessary.
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Tourmaline 2021 guidance expects drilling and completions costs of approximately $780.0 million, facilities expenditures (including equipment, pipelines and tie-ins) of $280 million as well as land and seismic expenditures of $15.0 million. Tourmaline capital budget 2021 guidance is closely monitored and will continue to be adjusted as required, depending on cash flow available.
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Tourmaline commenced active operations in the fall of 2008 with the objective of building a successful Canadian senior crude oil and natural gas exploration, development and production company with a long-term business strategy similar to that of Duvernay Oil Corp. and Berkley Petroleum Corp., companies previously founded and managed by certain key members of Tourmaline’s senior management team.
Since commencing operations, Tourmaline, through a series of strategic acquisitions, farm-ins and land acquisitions combined with its active capital exploration and development program, has assembled an extensive undeveloped land position with a large, multi-year drilling inventory and operating control of important natural gas processing and transportation infrastructure in three core long-term growth areas – the Alberta Deep Basin, the Northeast British Columbia (NEBC) Montney complex and the Peace River Triassic Oil complex. Tourmaline is executing a large-scale, repeatable capital exploration and development program in these three core long-term growth areas.