Peyto Exploration & Development (PEY) AGM 2025 summary

Opening remarks and agenda

• Introduced directors and senior management, including new team members.

• Outlined agenda: company overview, 2024 performance, 2025+ plans, and Q&A.

Financial performance review

• Achieved lowest costs in Canadian E&P, with strong margins even in weak gas price years.

• Monthly dividend of $0.11 per share, supported by hedging and low costs.

• 2024 saw improved well productivity and reduced operating costs post-acquisition.

• Maintained >30% margin over 25 years, targeting ~50% margin in 2025.

• Cash costs expected to drop from $1.46 to $1.38 per MCFE in 2025.

Board and executive committee updates

• New VPs of Geoscience, Finance, and Marketing introduced to the senior management team.