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June 2021 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Jun 11, 2021 · 45 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. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation June 2021
  2. June 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 June 2021 Tourmaline Overview 3.0 MM Net Acres, 3.3 Billion Boe 2P Reserves(1) Conroy…
  3. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 GHG Emissions Peer Comparison May 2021 Tourmaline has the lowest GHG emissions intensity (CO2/boe) among Canadian Senior E&P peers Canadian E&P GHG Emissions 2019 30,000,000 Tourmaline has achieved a 31% reduction in C02 0.12…
  4. June 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. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 Largest North American Natural Gas Producers June 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. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Tourmaline: A Significant Canadian Liquids Producer June 2021 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth Tourmaline is the 5th largest producer of conventional liquids, the largest…
  7. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Current 5 Year Plan(1) June 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. June 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. June 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 Tou/Saguaro b-24-H 140 MMcf/d Comp. Gas Plant. 30 MMCF/D 16,000-18,000 bpd ngl Tou/Saguaro Water Facility…
  10. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Black Swan Energy Acquisition June 2021 Material addition to Tourmaline's North Montney position, solidifying the Company as the largest producer and acreage holder in the premier growth sub-basin supplying Canadian LNG.…
  11. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    11 NEBC North Montney Consolidation Black Swan Energy June 2021 Black Swan Lands Black Swan Energy TOU Conroy D-48-C Water Infrastructure Current production 50,000 boepd (June) Sour Gas Plant. 30 MMCF/D Black Swan Facilities…
  12. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    The North Montney: 12 N. American Gas Growth Engine June 2021 The North Montney complex will be N. Americas largest gas growth sub-basin over the next decade. An incremental 5 bcf/d of growth (LNG Canada 4 bcf/d) is envisaged,…
  13. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 13
    13 Significant Montney Growth Potential June 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…
  14. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 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…
  15. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Tier 1 Assets and Optimal Pay-outs (From TPH - Show Me the Money: Digging in on Well Payouts, June 3rd, 2021) June 2021 Independent research consistently finds Tourmalines asset quality to be top quartile, driven by superior…
  16. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 Tourmaline Mid Stream Assets June 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 23…
  17. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 Historical Reserves Summary June 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…
  18. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 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…
  19. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 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…
  20. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 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…
  21. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 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…
  22. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 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…
  23. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 2021 Guidance June 2021 2021(1) Production Boe/d 434,000 Cash Flow(i) - MM 2,460 CFPS - Diluted(i) 7.92 E&P Capital Program(ii) - MM 1,260 Free Cash Flow(iii) - MM 1,164 Exit Net Debt(i) - MM 1,397 Debt to CF…
  24. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 Tourmaline 2022 Cash Flow Sensitivity & Allocation June 2021 Tourmalines low cost structure drives sustainable return on, and of, capital opportunities TOUs maintenance budget and dividend fully funded at US1.50/mcf Current…
  25. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 Tourmaline Dividend Growth Track Record June 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…
  26. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 Tourmaline is North Americas Most Attractive Natural Gas Investment June 2021 TOU offers the most compelling investment proposition amongst large cap North American peers Superior Margin: Stronger sales hub pricing and transport…
  27. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 Tourmaline will not rapidly grow supply to increase scale, We will accretively acquire more of it June 2021 Our strategy is to pursue gradual organic production growth of 5% through the base EP program, but continuing adding…
  28. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    APPENDIX
  29. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 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.…
  30. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 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…
  31. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 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…
  32. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 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…
  33. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 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…
  34. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    NEBC North Montney Consolidation 34 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…
  35. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 35
    35 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…
  36. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 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…
  37. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    37 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…
  38. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    38 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…
  39. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    39 Sustainability Performance Highlights June 2021 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over six years. The Company is systematically improving…
  40. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    40 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…
  41. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 41
    Continuous Environmental Performance Improvement 41 Through Innovative Application of New Technologies Massive reduction in flaring Water recycling for fracs Tech Service Gas fired drilling rigs/fracs Methane leakage elimination…
  42. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 42
    Tourmaline Environmental Performance 42 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…
  43. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 43
    43 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…
  44. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 44
    44 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…
  45. June 2021 Corporate Presentation – Tourmaline Oil Corp. – slide 45
    45 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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