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May 2021 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · May 1, 2021 · 41 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. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation May 2021
  2. May 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 May 2021 Tourmaline Overview 3.0 MM Net Acres, 3.3 Billion Boe 2P Reserves(1) Conroy Largest…
  3. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 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…
  4. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 4
    4 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…
  5. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Largest North American Natural Gas Producers May 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…
  6. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Tourmaline: A Significant Canadian Liquids Producer May 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…
  7. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Current 5 Year Plan(1) May 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…
  8. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 8
    8 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…
  9. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 NEBC Montney Gas/Condensate Complex May 2021 Current Prod. 660-680 mmcf/d D-48-C Sour 16,000-17,000 bpd condensate Gas Plant. 30 MMCF/D 16,000-18,000 bpd ngl Current Reserves 1,578 mmboe (Dec 31, 2020) Northriver North…
  10. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    NEBC North Montney Consolidation 10 Saguaro Acquisition May 2021 Saguaro Resources Acquisition Saguaro Lands TOU Conroy d-48-C Current acquired production 8,500-9,000 boepd Water Infrastructure Sour Gas Plant. net (March) TOU…
  11. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    11 Significant Montney Growth Potential May 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…
  12. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 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…
  13. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 13
    13 Tourmaline Mid Stream Assets May 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…
  14. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 Historical Reserves Summary May 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…
  15. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 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…
  16. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 The TOU Engineering Execution Machine Mar 2021 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…
  17. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 Continuous EP Capital Efficiency Improvements May 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…
  18. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 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…
  19. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 2021 Natural Gas Transportation and Marketing Overview April 2021 2021 Exit: 589 mmcf/d of gas will be to US/Other Markets 2022 Exit: 709 mmcf/d of gas will be to US/Other Markets 2023 Exit: 754 mmcf/d of gas will be to…
  20. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 2021 Guidance May 2021 2021(1) Production Boe/d 412,500 Cash Flow(i) - MM 2,295 CFPS - Diluted(i) 7.69 E&P Capital Program(ii) - MM 1,190 Free Cash Flow(iii) - MM 1,070 Exit Net Debt(i) - MM 1,126 Debt to CF…
  21. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 Tourmaline 2022 Cash Flow Sensitivity & Allocation May 2021 Tourmalines low cost structure drives sustainable return on, and of, capital opportunities TOUs maintenance budget covered at US1.50/mcf NYMEX and dividend fully funded…
  22. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 Tourmaline Dividend Growth Track Record May 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…
  23. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 Tourmaline is North Americas Most Attractive Natural Gas Investment May 2021 TOU offers the most compelling investment proposition amongst large cap North American peers Superior Margin: Stronger sales hub pricing and transport…
  24. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 Tourmaline will not rapidly grow supply to increase scale, We will accretively acquire more of it May 2021 Our strategy is to pursue gradual organic production growth of 5% through the base EP program, but continuing adding…
  25. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    APPENDIX
  26. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 Tourmaline / Topaz Deconsolidation Illustrative Reporting Change May 2021 Following the second quarter 2021 Topaz equity raise, Tourmalines financial treatment of Topaz is expected to shift from fully consolidated to equity method.…
  27. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity May 2021 Tourmaline has ample liquidity and capacity to weather adverse commodity prices Debt Profile & Cash Flow Sensitivities Credit Facility & Term Loan…
  28. May 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. May 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. May 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. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 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…
  32. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 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…
  33. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 Gundy Creek Deep Cut Plant May 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 Late 2021 / Early…
  34. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    34 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…
  35. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 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…
  36. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 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…
  37. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    Continuous Environmental Performance Improvement 37 Through Innovative Application of New Technologies Massive reduction in flaring Water recycling for fracs Tech Service Gas fired drilling rigs/fracs Methane leakage elimination…
  38. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    Tourmaline Environmental Performance 38 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…
  39. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    39 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…
  40. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    40 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…
  41. May 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 41
    41 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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