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    The Bull Case For Tourmaline Oil (TSX:TOU) Could Change Following New AltaGas REEF Export Deal

    Simply Wall St·07/30/2026 07:15:11
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    • Tourmaline Oil Corp. has reported its second-quarter 2026 results, with revenue of C$1,246.74 million and net income of C$184.43 million, while also highlighting strong operations, a new long-term AltaGas REEF export agreement, a pause between NEBC Montney buildout phases, and the declaration of a quarterly base dividend.
    • Although quarterly revenue and earnings were lower than a year earlier, the combination of resilient year-to-date profitability, export growth plans, and a buildout pause aimed at enhancing future free cash flow underscores management’s focus on capital discipline and shareholder returns.
    • We’ll now examine how Tourmaline’s new long-term AltaGas REEF export agreement may reshape its investment narrative and risk‑reward profile.

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    Tourmaline Oil Investment Narrative Recap

    To own Tourmaline, you need to believe in the long term value of its low cost Western Canadian gas resource and access to premium export markets. The latest quarter showed lower revenue and earnings than a year ago, but did not materially change the near term focus on export growth as a key catalyst or the ongoing exposure to North American gas price volatility as the central risk.

    The new long term AltaGas REEF export agreement stands out as the most relevant development here, because it supports Tourmaline’s effort to shift more volumes into higher value international markets. For investors watching the planned Northeast BC Montney buildout pause, this export deal sits directly in the middle of the narrative about balancing capital intensity with the potential for better realized pricing over time.

    Yet while REEF offers another outlet for volumes, investors should be aware that Tourmaline’s heavy reliance on natural gas pricing and export infrastructure still means...

    Read the full narrative on Tourmaline Oil (it's free!)

    Tourmaline Oil's narrative projects CA$7.2 billion revenue and CA$1.8 billion earnings by 2029.

    Uncover how Tourmaline Oil's forecasts yield a CA$71.45 fair value, a 11% upside to its current price.

    Exploring Other Perspectives

    TSX:TOU 1-Year Stock Price Chart
    TSX:TOU 1-Year Stock Price Chart

    Three members of the Simply Wall St Community currently see Tourmaline’s fair value anywhere between C$71.45 and C$178.49 per share, underlining how far apart individual views can be. Set against this, the reliance on new export pathways such as AltaGas REEF and LNG channels highlights why different investors may weigh the same infrastructure and pricing risks very differently when thinking about the company’s future performance.

    Explore 3 other fair value estimates on Tourmaline Oil - why the stock might be worth over 2x more than the current price!

    Decide For Yourself

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.