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March 2022 Corporate Presentation – Tourmaline Oil Corp.

Tourmaline Oil Corp. · Mar 1, 2022 · 48 slides

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Slides

  1. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 1
    Corporate Presentation March 2022
  2. March 2022 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 2022 Tourmaline Overview 3.3 MM Net Acres, 4.2 Billion Boe 2P Reserves(1) Conroy Largest…
  3. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 3
    3 Tourmaline in 2021 Mar 2022 Exit 2021 production of 500,000 boepd and largest Canadian natural gas and NGL producer Record cash flow/free cash flow in 2021 (CF of 2.9B, FY21 FCF of 1.5B) Increased base dividend three times in…
  4. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 4
    4 GHG Emissions Senior E&P Comparison Dec 2021 Tourmaline has the lowest GHG emissions intensity (CO2e/boe) among Canadian Senior E&P peers Canadian Senior E&P GHG Emissions 2020 30,000,000 Tourmaline has achieved a 35% reduction…
  5. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 5
    5 A History of Full Cycle Profitability Mar 2022 3,000 5.00 Earnings before taxes (mm) AECO (CAD/mcf) NYMEX (USD/MMbtu) 4.50 2,500 4.00 Earnings before tax ( millions) 3.50 2,000 3.00 (Gas Price) 1,500 2.50 2.00…
  6. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 6
    6 Largest North American Natural Gas Producers Mar 2022 Tourmaline is the largest natural gas producer in Canada, and the fifth largest gas focused producer in North America MMcf/d 2022E Natural Gas Production Canada & US…
  7. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 7
    7 Tourmaline: A Significant Canadian Liquids Producer Mar 2022 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth Tourmaline is the 4th largest producer of conventional liquids, the largest…
  8. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 8
    8 Current 5 Year Plan(1) Mar 2022 700,000 600,000 500,000 400,000 Spirit River Boe/d 300,000 NEBC Deep Basin 200,000 100,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Declared After-tax After-tax…
  9. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 9
    9 Tourmaline Free Cash Flow Allocation & Dividend Growth Track Record Mar 2022 The majority of Tourmalines free cash flow will be returned to shareholders; special dividends will be the preferred method of shareholder returns during…
  10. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 10
    10 Alberta Deep Basin Mar 2022 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…
  11. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 11
    11 NEBC Montney Gas/Condensate Complex Mar 2022 D-48-C Sour Current Prod. 225,000 230,000 boepd Gas Plant. 30 MMcfpd b-24-H Comp/Dehy Current Reserves 2,501 mmboe (Dec 31, 2021) 140 MMcfpd. Montney Drilling In excess of 6,820…
  12. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 12
    12 Significant Montney Growth Potential Mar 2022 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 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 13
    13 Peace River High Complex Triassic Oil Charlie Lake, Montney and Wapiti Cardium Plays Mar 2022 Peace River High Legend R. 11 R. 9 R. 7 R. 5 Tourmaline Lands 2,079 Horizontal Locations* along Regional Play Tou UpperCharlie Lake…
  14. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 14
    14 Tourmaline Mid Stream Assets Mar 2022 The infrastructure skeleton in all three core operated complexes is now complete. This infrastructure is essentially all new and in the growth areas of the WCSB. Conroy 25 Working interest…
  15. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 15
    15 Historical Reserves Summary Mar 2022 Reserves (GLJ) Reserves 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 4,500 (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) (mmboe) 4,000 PDP 177.8 263.2 352.1…
  16. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 16
    16 Gas Development Location Inventory and Economics Mar 2022 NEBC North NEBC Gundy NEBC South PRH PRH AB Deep Basin MNTN MNTN MNTN Charlie Lake Montney Horizontal Horizontal Horizontal Horizontal Horizontal Horizontal Total Well…
  17. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 17
    17 Multiple Decades of Economic Inventory Dec 2021 Tourmalines deep inventory ownership provides multiple decades of very profitable development, plus no need to pursue expensive resource additions in A&D market Drilled to Date…
  18. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 18
    18 Continuous D&C Performance / Cost Improvements Mar 2022 Tourmaline D&C costs have decreased 10% per lateral foot annually in 2020 and 2021 Wells Drilled by Area Feet Average Lateral Feet per Well by Area Development shifting to…
  19. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 19
    19 Continuous Capital Efficiency Improvements Mar 2022 22,500 2022 is expected to yield the best capital efficiency 20,900 metrics in company history. 20,000 2018 & 2021 are affected by the Gundy Deep Cut gas plant…
  20. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 20
    20 Continuous Cost Reduction Strategy Mar 2022 Operating Costs General and Administrative Costs (/boe) (/boe) 7.00 1.50 6.34 6.00 5.58 1.29 4.87 5.00 1.02 4.434.35 4.37 1.00 4.00 3.77 0.79 3.313.193.333.283.14 0.74…
  21. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 21
    21 2022 Natural Gas Transportation and Marketing Overview Feb 2022 2022 Natural Gas Marketing & Transportation Natural Gas Price Exposure 4% 3% 2% 2% 27% 39% 49% 50% 5% 12% 3% 5% 17% 7% 5% 10% 1% 5% 17% 18% Station 2 11%…
  22. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 22
    22 Tourmaline/Cheniere LNG Export Overview July 2021 Canadas Largest Gas Producer and the Largest U.S. LNG Company create a unique Overview Tourmaline is the largest natural gas producer in Canada at 2.1 Bcf/d cross border…
  23. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 23
    23 2022 Guidance Mar 2022 2022(1) Production Boe/d 500,000 Cash Flow(i) - MM 4,045 CFPS - Diluted(i) 11.97 E&P Capital Program(ii) - MM 1,125 Capital Expenditures(i) - MM 1,195 (excluding acquisitions and…
  24. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 24
    24 Environmental Performance Investment & Returns Nov 2021 Focusing on investment opportunities that maximize cost savings & environmental impact Water: recycling, & pipeline infrastructure; 100% recycling in NEBC, advancing AB…
  25. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 25
    25 Tourmaline 2022 Cash Flow Sensitivity & Allocation Mar 2022 Tourmalines low cost structure drives sustainable return on, and of, capital opportunities TOUs maintenance budget, dividend, and base EP growth fully funded at…
  26. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 26
    26 Tourmaline is North Americas Most Attractive Natural Gas Investment Mar 2022 TOU offers the most compelling investment proposition amongst large cap North American peers Superior Margin: Stronger sales hub pricing and transport…
  27. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 27
    27 Growth Discipline Maximizes Margin & Free Cash Flow Mar 2022 Our strategy is to pursue gradual organic production growth of 3-5% through the base EP program, and continuing adding scale through select, bolt on accretive…
  28. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 28
    APPENDIX
  29. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 29
    29 Historical EP Performance Mar 2022 Production Per Share(1)* Reserves Per Share(1)* 600 16 500 14 12 Boe / 000 Shares Boe / Share 400 10 300 8 200 6 4 100 2 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021…
  30. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 30
    30 Independently Recognized Canadian 2P Reserves(1) Mar 2022 Tcf Natural Gas 2P Reserves MMbbl Conventional Liquid 2P Reserves 25 1,200 995 19 1,000 20 800 15 600 10 400 5 200 0 0 TOU Peer Peer Peer Peer Peer…
  31. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 31
    31 Consolidation Financial Lookback Sept 2021 TOUs acquisitions through 2019 2021 were strategic, expansive and very accretive TOU has acquired 2.3bn in assets since 2019, which now generate 1/3 of TOUs total free cash flow and…
  32. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 32
    32 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…
  33. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 33
    33 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…
  34. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 34
    34 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…
  35. March 2022 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 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 36
    36 Sustainability Performance Highlights Dec 2021 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over six years. The Company is systematically improving…
  37. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 37
    37 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity Mar 2022 Tourmaline has ample liquidity and capacity to weather adverse commodity prices Debt Profile, Term, Capacity Change in: 2022 Cash Flow…
  38. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 38
    38 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…
  39. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 39
    Continuous Environmental Performance Improvement 39 Through Innovative Application of New Technologies Massive reduction in flaring Water recycling for fracs Tech Service Gas fired drilling rigs/fracs Methane leakage elimination…
  40. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 40
    Tourmaline Environmental Performance 40 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…
  41. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 41
    41 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…
  42. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 42
    42 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…
  43. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 43
    43 Schedule A continued Deep Basin Horizontal well count : Total horizontal Deep Basin locations = 14,948 (1-2 wells per section per zone depending on zone) Less 1,255 existing horizontals, and less 20% of existing vertical…
  44. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 44
    48 Forward Looking Statement Advisories Non-GAAP Financial Measures Cash Flow Management uses the term cash flow for its own performance measure and to provide shareholders and potential investors with a measurement of the Companys…
  45. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 45
    49 Forward Looking Statement Advisories Non-GAAP Financial Measures (cont) Free Cash Flow Management uses the term free cash flow for its own performance measure and to provide shareholders and potential investors with a measurement…
  46. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 46
    50 Forward Looking Statement Advisories Non-GAAP Financial Ratios Operating Netback per-boe Management calculates operating netback per-boe as operating netback divided by total production for the period. Netback per-boe is a key…
  47. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 47
    51 Forward Looking Statement Advisories Capital Management Measures Adjusted Working Capital Management uses the term adjusted working capital for its own performance measures and to provide shareholders and potential investors with…
  48. March 2022 Corporate Presentation – Tourmaline Oil Corp. – slide 48
    52 Forward Looking Statement Advisories Supplementary Financial Measures The following measures are supplementary financial measures: production per debt-adjusted share, reserves per debt-adjusted share, operating expenses (/boe) and…

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