Good afternoon, ladies and gentlemen, and welcome to the Tourmaline Q1 2024 results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 2, 2024. I would now like to turn the conference over to Mr. Scott Kirker. Please go ahead.
Thank you, Operator, and welcome everyone to our discussion of Tourmaline's financial and operating results as of March 31, 2024, and for the three months ended March 31, 2024, and 2023. My name is Scott Kirker, and I'm the Chief Legal Officer of Tourmaline Oil Corp. Before we get started, I refer you to the advisories on forward-looking statements contained in the news release, as well as the advisories contained in the Tourmaline annual information form and our MD&A available on SEDAR+ and on our website. I also draw your attention to the material factors and assumptions in those advisories. I am here with Mike Rose, Tourmaline's President and Chief Executive Officer, Brian Robinson, our Chief Financial Officer, and Jamie Heard, Tourmaline's Vice President of Capital Markets. We'll start by speaking to some of the highlights of the last quarter and our year so far.
After Mike's remarks, we will be open for questions. Go ahead, Mike.
Thanks, Scott. And good morning/good afternoon to everybody on the line. We're pleased to review our first quarter 2024 results and, as Scott said, answer questions that you may have. So a few of the highlights from the quarter. First quarter 2024 average production was 592,000 BOEs a day, and that's up 13% over the first quarter of 2023 at 526,000 BOEs a day. And within our 590,000-595,000 BOE per day first quarter 2024 guidance range announced on March 6 of this year. First quarter cash flow was CAD 871 million, on total capital expenditures of CAD 556 million, and that generated free cash flow of CAD 310 million, in the first quarter.
In 2024, at strip pricing, as of April 15, 2024, we expect to generate cash flow of CAD 3.52 billion, and free cash flow of CAD 1.40 billion, for the full year on unchanged EP capital spending of CAD 2 billion. As a result of improved strip pricing, our cash flow forecast compared to the five-year EP plan released on March 6 of this year, has improved by CAD 200 million to CAD 500 million in each year in the plan. Given the strong free cash flow generation in the first quarter, and our full-year financial outlook, we've elected to increase the quarterly-based dividend, effective Q2 2024, by 7%, or CAD 0.32 per share per quarter from the current CAD 0.30 per share, and as well declare and pay a special dividend of CAD 0.50 per share on May 16 of this year to shareholders of record, on May 9.
Of note, we also reduced our net debt by approximately CAD 85 million during the first quarter. Just briefly on production. First quarter average liquids production was a record 145,000 barrels per day, and that's up 27% over the corresponding period in 2023, at 114,000 barrels per day. Our full-year 2024 average production guidance remains unchanged, at 500 to 580,000 to 590,000 BOE per day, with the revised capital budget announced on March 6, 2024. On financial results, we realized Q1 2024 net earnings of CAD 245 million, and that underscores the pro-profitability of the business even in extremely weak natural gas pricing environments. Exit Q1 2024 net debt was CAD 1.69 billion, and as previously announced, we remain committed to a long-term debt target of CAD 1.2 billion-CAD 1.4 billion and intend to progress towards that target through 2024 and into 2025.
As mentioned, we reduced our net debt by CAD 85 million already. In addition, we have 45.1 million shares of Topaz Energy Corp., which had a market value of approximately CAD 1 billion as at March 31st of this year. Over the next 5 years, we forecast that we'll generate approximately CAD 8.6 billion in free cash flow at strip while growing average production in that period by approximately 22%. Some comments on marketing. We expect to exit 2024 with a total of 1.22 BCF per day of natural gas going to export markets. For 2024, we have an average of 737 million cubic feet per day hedged at a weighted average fixed price of CAD 5.43/MCF.
We also have an average of 196 million hedged at a basis to NYMEX of $ -0.33/MCF, and an average of 980 million per day of unhedged volumes exposed to export markets, in 2024. Of this 980 million cubic feet per day, 59% is exposed to the premium markets such as the US Gulf Coast, JKM, Dutch TTF, Moline, PG&E, and Sumas. We have 37 million cubic feet per day hedged at a weighted average fixed JKM price of $20.34/MCF, in 2024, and at the same hub, 22 million cubic feet per day hedged at a weighted average fixed JKM price of $17.53/MCF.
In the first quarter, we did complete and we announced it previously, our second LNG agreement, increasing exposure to JKM by entering into a net-back agreement with Trafigura Pte. Ltd., and that's based on 62,500 million BTUs per day for a seven-year term starting January 2027 with the potential to extend to December 2039. That agreement is not dependent upon incremental FERC approvals. In 2024 up to March, we commenced our third LNG agreement, and that's delivering 50,000 million BTUs indexed to the Dutch TTF price, less associated deductions. We also entered into four natural gas-to-power agreements providing exposure to the AESO power market.
In 2023, the first of these agreements realized a natural gas price equivalent of 757 per MCF, which represents a 489 per MCF premium to the AECO index for the year, and that generated CAD 16.7 million in realized revenue above the AECO 5A index, so we're happy with that. Looking at our EP and operations, we operated between 13 and 15 drilling rigs during the first quarter of this year. We're currently operating six rigs. Strong well performance on the Glock trend continues in the Southern Deep Basin with all of our recent down-dip wells significantly outperforming historical trends, and these results are detailed in the updated corporate overview that was also released with our financial results yesterday. The company continues to systematically grow the Deep Basin complex, and that's through small acquisitions and crown sales.
During the first four months of this year, we've added a little over 35 net sections through 17 separate small transactions or land sales, and that added 49 tier-one drilling locations. One of the transactions had 600 BOEs a day of production associated with it, and total CapEx for all of that activity was just a little under CAD 19 million. Our improving EP execution continues in the BC North Montney subcomplex. We drilled the eight-well North Montney LaPrix C54H pad in a total of 44.5 days. That was 12 days ahead of schedule. And the eight wells with an average horizontal length of just a little bit under 2,000 meters were drilled for a total pad cost of CAD 13.4 million, and that's 19% under the AFE at the time, and we AFE these things relatively cheaply given previous performance.
So every well in that pad was done in under six days. And I think that's all, I'll say for formal remarks, and, and we can go to Q&A, and all of us are here to answer questions.
Thank you, ladies and gentlemen. We will now begin the question-and-answer session. Should you have a question, please press star followed by one on your touch tone phone. You will hear a 3-tone prompt acknowledging your request, and your questions will be polled in the order they are received. Should you wish to decline from the polling process, please press star followed by two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. There are no questions at this time. Please proceed.
Thanks, everyone, for dialing in. We'll talk to you after the next quarter. Appreciate your time.
Thanks, everybody.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.