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 reserves.

• Operates three massive complexes with 75 years of drilling inventory and over 25,000 future drilling locations.

• Owns and operates 3.2 Bcf/d of gas processing infrastructure, preserving over $350MM per year in cash flow.

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

• Holds the largest insider ownership among senior E&P peers, supporting strong alignment with shareholders.

Financial performance and guidance

• 2025 production guidance is 635,000–665,000 boepd, with $4.3B cash flow and $1.4B free cash flow expected.

• Dividend yield projected at 3% base and 5% including specials, with a total payout ratio of 89% in 2025.

• Maintains best-in-class capital efficiency, with capital costs per boepd consistently declining.

• Net debt at $1.7B (YE 2024), with strong liquidity and capacity to withstand adverse commodity prices.

• Free cash flow is prioritized for dividends, buybacks, infrastructure, and exploration, with base dividend fully funded at US$2.00/mcf gas.

Growth strategy and asset development

• Multi-decade Tier 1 drilling inventory enables sustained profitable growth without the need for major acquisitions.

• Aggressive liquids growth planned, with >20 Mbpd added from North and South Montney developments.

• Significant Montney growth potential, with all assets fully delineated and economic at current strip pricing.

• Ongoing expansion of midstream and liquids infrastructure, targeting further cost reductions and margin improvements.

• Exploration program has added 1,068 incremental locations and 2,037 bcfe to reserves since inception.