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March 2021 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Mar 1, 2021 · 42 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation March 2021
  2. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 2
    Tourmaline Overview 2 The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Mar 2021 Tourmaline Overview 3.0 MM Net Acres, 3.3 Billion Boe 2P Reserves(1) Conroy Largest…
  3. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 Tourmaline in 2020 Dec 2020 Exit production over 400,000 boepd Largest reserve addition in company history 4 corporate acquisitions, accretive on all measures, including FCF Record annual free cash flow Increased the dividend…
  4. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 4
    4 GHG Emissions Peer Comparison Mar 2021 Tourmaline has the lowest GHG emissions intensity (CO2/boe) among Canadian Senior E&P peers Canadian E&P GHG Emissions 2018 25,000,000 0.12 Tourmaline has achieved a 46% reduction in…
  5. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 A History of Full Cycle Profitability Mar 2021 800 5.00 Earnings before taxes (mm) AECO (CAD/mcf) NYMEX (USD/MMbtu) 4.50 700 4.00 600 Earnings before tax ( millions) 3.50 500 3.00 (Gas Price) 400 2.50 2.00…
  6. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Largest North American Natural Gas Producers Mar 2021 Tourmaline is the largest natural gas producer in Canada, and the sixth largest gas focused producer in North America MMcf/d 2021E Natural Gas Production Canada & US 5,000…
  7. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Tourmaline: A Significant Canadian Liquids Producer Mar 2021 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth Tourmaline is the 6th largest producer of conventional liquids, the largest…
  8. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 8
    8 Current 5 Year Plan(1) March 2021 600,000 500,000 400,000 Spirit River Boe/d 300,000 NEBC 200,000 Deep Basin 100,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ending E&P Surplus After-tax After-tax…
  9. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 Alberta Deep Basin Mar 2021 The contiguous Tourmaline interconnected Deep Basin Cretaceous gas asset is effectively Albertas Largest Gas Field. R13 R11 R9 R7 R5 R3 R1W6 R25 R23 R21 R19 R17 R15 R13 R11 TCPL T71 Main Line 1…
  10. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 NEBC Montney Gas/Condensate Complex Mar 2021 Current Prod. 625-650 mmcf/d D-48-C Sour 14,000-15,000 bpd condensate Gas Plant. 30 MMCF/D 16,000-18,000 bpd ngl Current Reserves 1,578 mmboe (Dec 31, 2020) Northriver North…
  11. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    11 Sundown NEBC Montney Gas Complex Mar 2021 Current Prod. 120 mmcf/d Current Reserves 2P 984 bcf (2P) TC Pipeline Livingstone 2 MS. Current OPEX 1.20/boe 12km from CGL Montney Growth In excess of 857 horizontal locations in…
  12. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 Significant Montney Growth Potential Mar 2021 Tourmaline has access to significant potential Montney growth through fully delineated assets that are economic on current strip. Mboe/d Tourmaline Montney BC and Alberta Montney…
  13. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 13
    13 Peace River High Complex Triassic Oil Charlie Lake, Montney and Wapiti Cardium Plays Mar 2021 Peace River High Legend R. 11 R. 9 R. 7 R. 5 Tourmaline Lands 2,062 Horizontal Locations* along Regional Play Tou UpperCharlie Lake…
  14. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 Tourmaline Mid Stream Assets Mar 2021 The infrastructure skeleton in all three core operated complexes is now complete. Conroy This infrastructure is essentially all new and in the growth areas of the WCSB. Alberta 21…
  15. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Historical Reserves Summary Mar 2021 Reserves (GLJ) Reserves 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 3,500 (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) 3,000 PDP 122.3 177.8 263.2…
  16. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 Development Location Inventory and Economics Mar 2021 AB Deep NEBC North NEBC Gundy NEBC South PRH PRH Basin AB Resthaven MNTN MNTN MNTN Charlie Lake Montney Horizontal Horizontal Horizontal Horizontal Horizontal Horizontal…
  17. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 The TOU Engineering Execution Machine Mar 2020 mm Drill & Complete Costs 8 Tourmaline has the lowest completed per stage (Equipping not included) well costs in the overall Montney play in 6.8 7 Western Canada and the Alberta…
  18. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 Continuous Capital Efficiency Improvements Mar 2021 22,500 2020 yielded the best capital efficiency metrics in 20,900 company history. 20,000 2018 & 2021 are affected by the Gundy Deep Cut gas plant expenditures. 17,500…
  19. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 Continuous Cost Reduction Strategy Mar 2021 Operating Costs General and Administrative Costs (/boe) (/boe) 7.00 1.50 6.50 6.34 1.29 6.00 5.58 1.02 5.50 1.00 4.87 0.79 5.00 0.74 4.43 4.35 4.37 4.50 0.60 0.56 0.49…
  20. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 2021 Natural Gas Transportation and Marketing Overview Mar 2021 2021 Exit: 584 mmcf/d of gas will be to US/Other Markets 2022 Exit: 705 mmcf/d of gas will be to US/Other Markets 2023 Exit: 755 mmcf/d of gas will be to US/Other…
  21. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 2021 Guidance March 2021 2021(1) Production Boe/d 400,000 Cash Flow(i) - MM 2,205 CFPS - Diluted(i) 7.42 E&P Capital Program(ii) - MM 1,075 Free Cash Flow(iii) - MM 1,098 Exit Net Debt(i) - MM 921 Debt to CF…
  22. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 Tourmaline 2021 Cash Flow Sensitivity & Allocation Mar 2021 Tourmalines low cost structure drives sustainable return on, and of, capital opportunities TOUs maintenance budget and dividend fully funded self funds at US1.50/mcf…
  23. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 Tourmaline Dividend Growth Track Record Mar 2021 Tourmaline has maintained a sustainable and growing dividend since 2018 Improved cash flow and free cash flow outlook provides ample room to grow the dividend while retaining…
  24. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 Tourmaline is North Americas Most Attractive Natural Gas Investment Mar 2021 TOU offers the most compelling investment proposition amongst large cap North American peers Superior Margin: Stronger sales hub pricing and transport…
  25. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 Tourmaline will not rapidly grow supply to increase scale, We will accretively acquire more of it Mar 2021 Our strategy is to pursue gradual organic production growth of 5% through the base EP program, but continuing adding…
  26. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    APPENDIX
  27. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity Mar 2021 Tourmaline has ample liquidity and capacity to weather adverse commodity prices Debt Profile & Cash Flow Sensitivities Credit Facility & Term Loan…
  28. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    28 Historical EP Performance Mar 2021 Production Growth Per Share* Reserves Growth Per Share* 500 14 Production per Thousand Shares Reserves per Share (BOEs) 12 400 10 300 8 (BOEs) 200 6 4 100 2 0 0 2010 2011…
  29. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 Independently Recognized Canadian 2P Reserves(1) Mar 2021 Tcf Natural Gas 2P Reserves MMbbl Conventional Liquid 2P Reserves 18 1,200 16 15 Tourmaline has historically converted 2P reserves Tourmaline has booked only 13% of…
  30. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 EP Growth Plan (Original Business Plan) Sep 2008 This is essentially the same business plan that was executed for Duvernay Oil Corp. (2001-2008) Primary growth mechanism will be a conventional EP Program (including Resource…
  31. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 Alberta Deep Basin Liquids Rich Cardium Fairway Nov 2019 Only the initial Cardium delineation 16-20-50-22W5 PAD (2 Hztl) 6-1-51-23W5 PAD (2 Hztl) 12-36-50-23W5 PAD (1 Hztl) locations are depicted, the potential IP 90 16.8 mmcfpd…
  32. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 Gundy Creek Deep Cut Plant Mar 2021 Gundy Phase 1: Plant start-up in May 2019, constructed in 6 months, 200 mmcfpd/15,000 bpd capacity, on budget and ahead of schedule Gundy Phase 2: Plant start-up expected mid 2022; capacity of…
  33. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 Jupiter / Modern Transaction Overview Nov 2020 A material addition to the Tourmaline Deep Basin asset growing total complex production to approximately 250,000 boepd in 2021 Strong acquisition metrics: 2021 cash flow metrics of…
  34. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    34 Tourmaline 2020 Acquisitions, Accretive by 2021 Mar 2021 Transaction Attributes 2020 Development 2021 Outlook LT Plans Gundy Land Acquisition (Q4/19) Drill 8 well pad (1H20) Drill & Complete 6 well Continue to ramp 8,460 net…
  35. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 Tourmaline Environmental Performance Tourmaline strives to continually improve all aspects of environmental performance including the impact of its operations on air, land and water. Tourmaline has the lowest CO2 emissions and…
  36. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 Sustainability Performance Highlights Feb 2020 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over six years. The Company is systematically improving…
  37. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    37 Diesel Displacement Initiatives Sept 2020 Initiative Annual Emissions Impact Net Savings Highline Power 1.4mm litres/yr fuel displaced 400,000/yr savings PRH rig running on 100% electricity 3,100 tC02e/yr Natural Gas Fuel Gas…
  38. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    Continuous Environmental Performance Improvement 38 Through Innovative Application of New Technologies Massive reduction in flaring Water recycling for fracs Tech Service Gas fired drilling rigs/fracs Methane leakage elimination…
  39. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    Tourmaline Environmental Performance 39 Improvement Highlights June 2019 BC Water Management Alberta Water Management 95-100% of all water sourced for stimulation operations is 1st, and only, company in Alberta to be licenced…
  40. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    40 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities Cost saving via novel frac water sourcing/recycling New Waste heat recovery technology Alternative hz frac programs/processes Concurrent pairs, delayed…
  41. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 41
    41 Schedule A DRILLING LOCATIONS Estimated Drilling Inventory This presentation discloses drilling locations in four categories: (i) proved undeveloped locations; (ii) probable undeveloped locations; (iii) unbooked locations; and…
  42. March 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 42
    42 Schedule A continued Deep Basin Vertical well count : Approximately 3,681 gross prospective sections at approximately 1.5 wells per section minus 10% for areas that are inaccessible or limited by spacing requirements. Includes…

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