Hi Doug,
Tourmaline's performance will be dependent on the price of natural gas. It is one of the largest producers in the industry and has an 80:20 split (NG to oil).
So why has the company been doing well? The price of natural gas has bounced of lows and is now trading near 3-year highs. Over the past year, the price is up by 40% and Tourmaline is generating strong cash flows at these levels.
The good news is that the price of natural gas is expected to continue its uptrend and the average price in 2021 is expected to be higher than in 2021 - same for 2022. Should this hold true, Tourmaline should continue to perform quite well. All that being said, expect volatility. The price of natural gas is highly volatile, and it is also weather dependent. A warmer winter can lessen demand and pressure prices. The opposite is also true.
Bottom line, it is one of the better oil& gas companies out there, and we do like the fact it is generating strong cash flows here. It will however, be at the mercy of commodity prices - natural gas in particular.
Mat