Tamarack Valley Energy (TVE) investor relations material

Financial and operational highlights

• Market capitalization stands at $5.3B with an enterprise value of $6.0B and net debt of $0.7B as of Q4 2025, supporting a base dividend yield of ~1.5% and a net debt/LTM EBITDA ratio of 0.7x.

• 2026 production guidance is 69,000–71,000 boe/d, with 84–86% liquids weighting and capital expenditures of $390–$410MM.

• Free funds flow breakeven is below US$40/bbl WTI, with a sustaining capital reinvestment ratio of ~40% at US$60/bbl WTI.

• Over $250MM in annual free funds flow is projected for 2026, with additional funds allocated to share buybacks.

• Net debt reduced by ~$725MM since Q4 2022, with significant share repurchases and a focus on maximizing per share returns.

Asset base and resource development

• Holds >12 billion barrels OOIP in the Clearwater, with <1% recovered to date and >2,100 drilling locations identified, supporting >25 years of inventory.

• Clearwater waterflood program is expanding, with >35% of Clearwater oil under waterflood by YE 2026 and demonstrated recovery factors up to 3x primary recovery.

• Charlie Lake asset supports 17,000 boe/d for over 10 years, with breakeven costs below $35/bbl WTI and rapid payout cycles.

• Clearwater TPP reserves grew by ~56% in 2025, with waterflood reserves up >200% YoY and a TPP reserve life index of ~11 years.

• Multi-zone and stacked development, along with waterflood, drive capital efficiency and long-term asset duration.

Capital allocation and shareholder returns

• 2026 capital budget prioritizes Clearwater primary and waterflood expansion, with 70% of capital allocated to these areas.

• Direct shareholder returns in 2025 reached ~19% per share, including dividends, buybacks, and debt repayment.

• Base dividend has increased 4x since 2022, with a cumulative growth of ~60%.

• Five-year plan targets 3–5% production CAGR, annual reinvestment ratio of ~45%, and cumulative total shareholder return of ~50% at US$65/bbl WTI.

• Discretionary free funds flow yield projected at 9–12% of enterprise value, with direct shareholder returns of 5–10% per year.