Tourmaline Oil Corp Expands Portfolio with Acquisition of Crew Energy
Overview of the Acquisition
Tourmaline Oil Corp. has signed a definitive agreement to acquire Crew Energy Inc., a natural gas producer, in a deal valued at $1.3 billion, inclusive of debt. This strategic move is aimed at expanding Tourmaline’s operations within the natural gas industry.
Dividend Increase Announcement
Alongside the acquisition, Tourmaline has raised its quarterly base dividend, demonstrating its strong financial position and commitment to benefiting its shareholders.
Market Implication
- Strengthening Market Position: The acquisition significantly enhances Tourmaline's production capacity.
- Response to Market Trends: This move is part of a larger trend of consolidation in the natural gas sector.
Conclusion
The acquisition of Crew Energy by Tourmaline marks a pivotal moment in the natural gas industry and is expected to have lasting effects on the market landscape.
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