Tourmaline sells Alberta natural gas assets for $765 million

Michael Rose, CEO of Tourmaline, speaks at the opening of a natural gas fuelling station in Calgary, Alta., Tuesday, Oct. 22, 2024. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — Tourmaline Oil Corp. says it has sold natural gas assets in northwestern Alberta for $765 million.

The Calgary-based company says the buyer of the Peace River High assets is a “Canadian senior producer” but did not disclose its identity.

The Competition Bureau said in an online notice in late January that it did not plan to challenge a transaction between Tourmaline and Canadian Natural Resources Ltd., one of Canada’s top oil and gas producers, but provided no further details.

Tourmaline says it plans to use about $500 million of the sale’s proceeds for debt reduction and the rest to build out its infrastructure in northeast British Columbia over the next two years.

The divestiture was announced alongside Tourmaline’s latest financial results, which included a $655 million net loss for the fourth quarter of 2025, amounting to $1.69 per share.

A year earlier, Tourmaline reported a $407.4 million profit, or $1.09 per share.

Quarterly revenues were $1.71 billion, up from $1.62 billion in the same 2024 period.

Tourmaline had record production during the quarter of 659,204 barrels of oil equivalent per day, up from 605,413 a year earlier.

This report by The Canadian Press was first published March 4, 2026.

Lauren Krugel, The Canadian Press