Tourmaline Oil (TOU) Corporate Presentation summary

Strategic position and scale

• Largest natural gas producer in Canada and fourth largest in North America, with 5.0 billion Boe 2P reserves and 22.7 Tcf of gas reserves.

• Operates the largest insider ownership among senior E&P peers and maintains an investment grade BBB (High) rating.

• Holds over 4.8 million net acres and 75 years of drilling inventory at current development pace.

• Owns and operates 3.0 Bcfpd of gas processing infrastructure, preserving over $350MM per year in cash flow.

• Maintains the lowest capital cost and net emissions intensity among Canadian senior producers.

Production, reserves, and growth

• 2024 production forecast is 600,000–620,000 boepd, rising to 635,000–665,000 boepd in 2025.

• 2P reserves include 1,222 MMbbls of liquids, with significant growth in Montney and Deep Basin assets.

• Largest NGL producer in Canada and second largest conventional liquids and condensate producer.

• Montney complex produces 270,000–290,000 boepd with over 6,500 horizontal drilling locations.

• Deep Basin asset is Alberta's largest gas field, with 14,108 horizontal drilling locations and 1,982 mmboe reserves.

Financial performance and capital allocation

• 2025E cash flow projected at $4.1B, with free cash flow of $1.1B and a 5% free cash flow yield.

• Dividend yield (base/TTM base + specials) is 2%/5%, with a total payout ratio of 85% in 2025.

• Majority of free cash flow returned to shareholders via growing base and special dividends.

• Maintains a strong balance sheet with net debt of $1.7B and significant liquidity to weather commodity cycles.

• Capital efficiency remains best-in-class, with D&C costs per lateral foot below 2018 levels despite inflation.