Tourmaline Oil (TOU) Corporate Presentation summary

Strategic position and scale

• Largest natural gas producer in Canada and fourth largest in North America, with 5.5 billion Boe 2P reserves and 24.8 Tcf of gas.

• Operates 3.3 Bcf/d of gas processing capacity and is the fourth largest Canadian gas midstream operator.

• Holds 5.1 million net acres and 75 years of drilling inventory at current development pace.

• Maintains the lowest capital costs and net emissions among Canadian senior producers, with a 41% emission intensity reduction since 2013.

• Largest insider ownership among senior E&P peers, supporting alignment with shareholders.

Production, reserves, and growth outlook

• 2025 production guidance is 635,000–650,000 boepd, rising to 850,000 boepd by 2031.

• 2P reserves total 5.5 billion Boe, with significant Montney and Deep Basin assets.

• NEBC buildout includes two new facilities, four expansions, and three new liquids hubs, targeting 200 mboepd of high-margin growth.

• Over 25,000 gross drilling locations, with 14,794 in the Deep Basin and 7,857 in NEBC.

• Montney production expected to exceed 450 mboepd with phased expansions.

Financial performance and capital allocation

• 2025E cash flow forecast at $3.7B, free cash flow at $755M, and enterprise value of $26.6B.

• Maintains best-in-class capital efficiency, with D&C costs under C$775/ft and capital efficiency improvements since 2014.

• Free cash flow is prioritized for growing base and special dividends, infrastructure investment, exploration, and share buybacks.

• Dividend yield (base + specials) targeted at 3–5%, with >10% total shareholder returns.

• Net debt at $1.9B (2025), with strong liquidity and capacity to withstand adverse commodity prices.