"Canada’s energy opportunity is gaining momentum. While important work remains, Tourmaline has the resources, infrastructure, and people to play a leading role in meeting growing demand for reliable, affordable, and responsibly produced energy at home and abroad."
Michael Rose
President, Chief Executive Officer & Chairman
- 41%
reduction in methane emissions intensity since 2020
Reducing Emission Intensity
- $35 Million
invested in environmental performance improvement initiatives in 2025
Investing in EPI
- Largest
Canadian natural gas producer to transport gas to international markets via LNG
Market Access
- Lowest
non-saline water use intensity of Alberta Producers
Water Use Intensity
- 490,000 mmbtu/d
of LNG supply deals signed since 2021
Liquified Natural Gas (LNG)
- First
Canadian natural gas producer to achieve MiQ certification; earning a Grade A rating, the highest certification possible
Grade A Rating
Canada’s largest natural gas producer.
With operations in British Columbia and Alberta, we deliver natural gas to markets across Canada and the United States, while expanding access to international markets through growing LNG and pipeline connectivity. Our diversified market access supports resiliency and flexibility while enabling Tourmaline’s natural gas to reach customers across North America and international markets.
We focus on providing value for our stakeholders in many ways. We are committed to responsibly developing natural gas, fostering a technically strong and passionate workforce, continuously improving our environmental performance, and creating strong relationships in the communities we call home.
Overview
Tourmaline is proud to responsibly produce Canada’s world-class natural gas assets. At Tourmaline, we strive to continuously improve all aspects of our environmental performance, including the impact of our operations on air, water, and land. To support our progress, we focus on technologies and innovative strategies that minimize our environmental footprint.
Environment
We are proud to invest in our team and the communities we call home. Whether we’re implementing our robust health-and-safety program, investing in community initiatives, or fostering our relationships with Indigenous peoples, at Tourmaline we prioritize people.
Social
Tourmaline’s Management and Board of Directors are committed to high standards of corporate governance.We believe that strong corporate governance is a key driver in l ong-term value creation for all stakeholders.
Governance
- Largest
natural gas producer in Canada
Industry Leader
- 77%
of our production is natural gas
Responsible Senior Producer
- Largest
Tier 1 natural gas inventory holder in North America
Significant Resource Owner
Our Unique Value Proposition
Our Assets
Tourmaline is proudly Canadian. Based in Calgary, Alberta, we hold significant positions in two of western Canada’s premier resource plays: the Alberta Deep Basin and the Montney in northeast British Columbia.
Our Strategy
Tourmaline’s business strategy is to maximize shareholder value by increasing reserves, production, and cash flows through the exploration and development of a continually growing asset base. We believe in the power of technology and innovation to drive efficiency in operations, strong financial results, and improved environmental performance. Our goal is to have the largest supply of low development-cost and lower-emission natural gas in North America.
Our People
Tourmaline values and respects its people. We believe each employee and contractor plays an important role in the success of our company and we strive to empower them to achieve their full potential. Our workforce has low turnover and high productivity per boe of production, reserves, and cash flow as compared to our peer group
Our Stakeholders
We are dedicated to fostering strong and lasting relationships with our stakeholders. We engage in active dialogue and meaningful discussions, prioritizing feedback from our stakeholders. Our aim is to ensure that the benefits of our success are shared widely. This commitment also extends to building strong connections within the communities where we live and work.
Our Future
We are committed to responsibly developing natural gas while continuously improving our environmental performance. Tourmaline strives to consistently improve and reduce our cost structure while remaining competitive in the ever-changing energy landscape. We are proud to do our part and help Canada become an energy superpower and support the transformation to a lower-emitting global energy environment.
Tourmaline’s success is built on developing strong relationships with our stakeholders through active dialogue and positive actions.
Shareholders & Lenders
Suppliers & Contractors
Communities
Indigenous Communities
Employees
Government & Regulatory Bodies
Our Approach to Sustainability Reporting and Assurance
This report details our sustainability performance for all businesses, assets, and partnerships that are owned and operated by Tourmaline for the period between January 1 to December 31, 2025, and includes reference to certain actions Tourmaline undertook in both 2025 and 2026. Unless otherwise stated, references to “dollars” or “$” means Canadian dollars. Tourmaline successfully acquired and amalgamated Saguaro Resources Ltd. (“Saguaro”) on June 6, 2025. The performance data included in this report is pro-rated to reflect this business combination, unless otherwise stated. It only reflects performance data for Saguaro after June 6, 2025. We have not adjusted current targets or historical performance to reflect the impact of acquisitions.
Scope
We are committed to transparent, annual reporting on our sustainability performance. Within this report, we are pleased to share comprehensive information on the progress we made in 2025. To support disclosure on material sustainability topics, we have incorporated discussion points and metrics aligned with the Sustainability Accounting Standards Board (SASB) standards, which are now overseen by the IFRS Foundation, using the EM-EP Oil & Gas – Exploration & Production industry classification. The Global Reporting Initiative (GRI) reporting framework has also been used to provide additional industryspecific guidance (GRI 305-2). Our greenhouse gas emissions (GHG) are measured and reported using the GHG Protocol Corporate Accounting and Reporting Standard and Scope 2 Guidance. Climate-related disclosures are informed by recommendations from the International Financial Reporting Standards (IFRS), specifically IFRS S2 Climate-related Disclosures, which incorporates the recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD). While our climate disclosures are guided by IFRS S2, the TCFD framework continues to inform our approach and serves as a useful reference for communicating climate-related governance, strategy, risk management, and metrics and targets.
Standards & Frameworks
At Tourmaline, we track and report relevant data that is important to our stakeholders. To ensure we are sharing highquality information based on advanced data systems, we are constantly improving our processes and controls for data and measurement capture capability. Tourmaline’s GHG Scope 1 and 2 emissions have been externally verified. GHD Limited has provided a reasonable level of assurance on Tourmaline’s 2025 Scope 1 and 2 emissions. This verification was carried out in accordance with the requirements of GHG Protocol and ISO Standard 14064-3. Ernst & Young LLP (“EY”) has provided a limited level of assurance, as defined by Canadian Standards on Assurance Engagements, to report on Tourmaline’s total Scope 1 and 2 GHG emissions for the year ended December 31, 2025.
Assurances
Materiality Assessment
To develop our sustainability report, we review and highlight the most relevant sustainability priorities for our business and those that matter most to our stakeholders.
We believe the most important aspect of a sustainability and climate-related materiality assessment is ongoing engagement. Through continuous dialogue with our stakeholders, we better understand the priority risks and opportunities of today and tomorrow.
We operate
our business responsibly, respecting air, land, and water. Our goal is to ensure that future generations can enjoy a better standard of living through affordable and secure energy access.
We invest
capital through a disciplined evaluation of project economics, operational efficiency, and environmental advantages to deliver long-term value to our shareholders. We are strong financial stewards for our investors.
We engage
actively with local communities to ensure we are respectful members of the community and everyone benefits from our operations.
We protect
our employees with a safe and respectful work environment. Our people drive our business, and we encourage their continued outstanding performance.
We ensure
our exceptional and loyal service providers benefit from Tourmaline’s operations and receive fair compensation when working with us. We ensure high-quality information based on real-time data.
We meet and exceed
the requirements as established by regulators and the government to ensure we are the best at what we do, as is the case in all aspects of our business.
Guiding Principles
- 2.8 million
m3 of water recycled in 2025 — the equivalent of over 34,000 Canadian's annual water usage
Water Management
- 35%
reduction in TRIF rating from 2020
Health and Safety
- 38%
of our employees are female
Gender Diversity
We have set ambitious targets to guide Tourmaline’s environmental performance improvement and help our business remain resilient and profitable as the world progresses the energy transformation.
Achieve a 25% reduction in Scope 1 emission intensity by 2027; using 2018 as a benchmark.
On Track
Target
Reduce methane emission intensity by 55% by 2027; using 2020 as a benchmark.
On Track
Target
Eliminate the use of fresh water throughout our core gas operations.
On Track
Target
Highlights
All
Our Natural Gas Opportunity
Social
Environment
Governance