Advantage Energy (AAV) Investor presentation summary

Strategic positioning and asset base

• Operates a concentrated, high-quality Montney and Charlie Lake asset portfolio with over 50 years of inventory and significant Tier 1 drilling locations across multiple development stages.

• Holds a dominant infrastructure position valued at over $1 billion, including the Glacier and Progress gas plants, minimizing future infrastructure spending needs.

• Maintains a strong balance sheet with $1.7bn market capitalization, $0.6bn net debt, and $388mm in share buybacks since 2022.

Operational and financial performance

• Targets annual production growth of 5–10% with a fully funded capital program even at low commodity prices.

• 2026 guidance: 81–85 mboe/d production, $280–310mm investing activities, and low operating costs ($5.25–$5.85/boe).

• Delivers peer-leading productivity, with top Alberta Montney gas wells and high IRRs across core areas.

• Recycles capital efficiently, achieving a 16% AFF per share CAGR (2018–2026E) and robust recycle ratios.

Capital allocation and risk management

• Optimizes capital allocation for high IRR projects, prioritizing FCF for share buybacks and balance sheet strength.

• Maintains a hedging strategy targeting 20–60% of production, managing commodity price volatility.

• Market diversification includes exposure to AECO, Dawn, Emerson, and other hubs, increasing optionality.