CORPORATE SNAPSHOT BIRCHCLIFF OVERVIEW CORPORATE INFORMATION Share price (TSX:BIR) as at May 11, 2022 9.37 per share BIRCHCLIFF IS A PURE PLAY MONTNEY/DOIG PRODUCER Shares outstanding as at May 11, 2022 265 million Market…
CORPORATE SNAPSHOT QUARTERLY RESULTS SELECT Q1/22 RESULTS Average production 76,024 boe/d Light oil (% of production) 2,369 bbls/d (3%) Condensate (% of production) 4,796 bbls/d (6%) NGLs (% of production) 7,976 bbls/d (11%)…
CORPORATE SNAPSHOT WHY INVEST IN BIRCHCLIFF WORLD-CLASS ASSET BASE OPERATIONAL EXPERTISE Executive and management teams with a proven Focused, contiguous Montney land position track record Using scale to drive down costs and reduce…
2022 OUTLOOK CAPITAL PROGRAM DETAILS F&D Capital Expenditures by Classification 01-08 06-35 5 Montney D1 4 Montney D1 Classification Capital (millions) 1 Montney C 5 Montney D2 DCCET 4 Basal Pouce Coupe(1) 103 - 112 Doig/Upper…
2022 OUTLOOK NATURAL GAS MARKETING AECO 6.69 (0.06) (0.45) 6.18 NO FIXED 18% PRICE COMMODITY 42% HEDGES Dawn 8.31 (0.41) 3% (1.31) 6.59 Alliance Pricing Hub 5.14 Forecasted Realized Sales Price at Hub (CDN/GJ)(1)…
FIVE YEAR PLAN(1) FOCUSED ON PROFITABILITY & SHAREHOLDER RETURNS PRODUCTION 100,000 95,000 Driving down per 90,000 90,000 90,000 86,000 unit costs while 85,000 78,000 - 81,000 remaining fully 80,000 80,000 exposed to…
FIVE YEAR PLAN(1) FOCUSED ON PROFITABILITY & SHAREHOLDER RETURNS FREE FUNDS FLOW VS F&D SHAREHOLDER RETURNS CAPACITY CAPEX 1,000 920- 940 3.47 3.50 3.55 800 /common share 3.00 600 635 640 2.50 millions 605 2.28 2.40…
FIVE YEAR PLAN(1) STRESS TESTING SUSTAINABLE DIVIDEND Dividend and F&D capital program funded over the Five Year Plan at US70.00/bbl WTI and CDN3.00/GJ AECO 900 795 MM 800 2023 excess free funds flow(2) 700 budgeted…
BIRCHCLIFFS MONTNEY/DOIG RESOURCE PLAY LOCATED IN THE HEART OF THE WORLD-CLASS MONTNEY Large focused land base with 404.8 net sections prospective for the Montney/Doig as at December 31, 2021. Birchcliff has a contiguous land block…
BIRCHCLIFFS MONTNEY/DOIG RESOURCE PLAYRESOURCE PLAY MONTNEY/DOIG BIRCHCLIFF MONTNEY/DOIG HEXASTACK Resource density: Stacked resource up to 300 metres thick. Large areal extent: Extends over 50,000 square miles. Exceptional…
BIRCHCLIFFS MONTNEY/DOIG RESOURCE PLAYRESOURCE PLAY MONTNEY/DOIG LOCATED IN THE HEART OF THE WORLD-CLASS MONTNEY May 2022 12
2021 CAPITAL PROGRAM MONTNEY/DOIG RESOURCE PLAY LOOKING BACK AT THE SUCCESSFUL 2021 CAPITAL PROGRAM 2021 Locations & Well Rates (IP60) 2021 Capital Program Major Themes 2021 capital program was focused on low-risk drilling…
PROVEN TRACK RECORD D&C CONTINOUS PERFORMANCE OF CONTINUOUS IMPROVEMENT IMPROVEMENT CAPITAL EXPENDITURES REVIEW Historical + 2022E Drill, Complete, Equip/Well (000) 5,200 thousands Top-tier capital expenditures performance…
BIRCHCLIFFS MONTNEY/DOIG RESOURCE PLAY POUCE COUPE OVERVIEW 2021 average production of 50,025 boe/d(1) with a natural gas weighting of 89%. Proven asset in development phase. Wells show high initial deliverability, low terminal…
BIRCHCLIFFS MONTNEY/DOIG RESOURCE PLAY POUCE COUPE TYPE CURVE(1) 4000 Rate of Return (%) WTI (US/bbl) 3500 70.00 80.00 90.00 100.00 4.00 212 240 269 300 (C/GJ) AECO 5.00 265 296 328 362 3000 6.00 321 355 389 426 Sales Gas…
D&C CONTINOUS PERFORMANCE IMPROVEMENT EXCEEDING EXPECTATIONS 2022 WELLS VS. TIER 0 CAPPED TYPE CURVE The first pad of 2022 is significantly outperforming the Tier 0 capped type 13-29 Pad curve and continues to show sustained,…
BIRCHCLIFFS MONTNEY/DOIG RESOURCE PLAY GORDONDALE OVERVIEW 2021 average production of 28,492 boe/d(1) with an oil & NGLs weighting of 37%. Strategic infrastructure. Low base production decline. Exploration success in the Montney…
BIRCHCLIFFS MONTNEY/DOIG RESOURCE PLAY GORDONDALE DRILLING TYPE CURVE(1) D1 & D2 Halo High GOR - Rate of Return (%) D1 Halo Low GOR D1 & D2 Halo High GOR WTI (US/bbl) 500 70.00 80.00 90.00 100.00 4.00 183 214 246 280 (C/GJ)…
CORPORATE RESPONSIBILITY FOCUSED ON ESG EXCELLENCE PEER EMISSIONS METRICS(1)(2)(3)(4)(5)(6) ENVIRONMENTAL 2,500,000 Producer GHG Emissions Metrics 0.050 Waste heat recovery units at the Pouce Coupe Gas Plant take the equivalent…
CORPORATE RESPONSIBILITY FOCUSED ON ESG EXCELLENCE SOCIAL 4.25 million donated to more than 100 local community groups and organizations in the last 5 years. Continued partnerships with local communities through educational,…
CANADIAN WEST COAST LNG OPPORTUNITY BIRCHCLIFFS ACTIVE ROLE SUPPLYING THE WORLD WITH CLEAN LNG Environmental Benefits of Canadian LNG LNG is critical in the transition to a low-carbon economy, as it displaces higher carbon fuels like…
APPENDIX May 2022 23
PRODUCTION HISTORY SIGNIFICANT GROWTH SINCE INCEPTION 90,000 78,000 - 77,977 76,401 78,520 80,000 80,000 77,096 70,000 67,963 Average Production (boe/d) 60,000 49,236 50,000 38,950 40,000 33,734 30,000 25,829…
CORPORATE RESERVES CONSISTENT RESERVES VOLUME AND VALUE GROWTH 1,200,000 7,000 PDP - Reserves On a per share basis PDP, TP 1,100,000 TP - Reserves and 2P reserves have 2P - Reserves increased at a compound 6,000 1,000,000 annual…
HISTORICAL PROFITABILITY PROVEN TRACK RECORD AS A LOW COST PRODUCER Profitability Breakdown: 5 Year 2017 2018 2019 2020 2021 Average Average AECO (CDN/GJ) 2.04 1.42 1.67 2.11 3.44 2.14 Average WTI (US/bbl) 50.95 64.77 57.03…
PREFERRED SHARE DETAILS SERIES A PERPETUAL PREFERRED SHARES Preferred Share Details Series A Number of Shares 2,000,000 Issue Date August 8, 2012 TSX Trading Symbol BIR.PR.A Issue / Par Price 25.00 per share Quarterly Dividend…
PREFERRED SHARE DETAILS SERIES C PREFERRED SHARES Preferred Share Details Series C Number of Shares 1,528,619 Issue Date June 14, 2013 TSX Trading Symbol BIR.PR.C Issue / Par Price 25.00 per share Quarterly Dividend 0.4375 per…
CORPORATE INFORMATION EXECUTIVE DIRECTORS BANK SYNDICATE Jeff Tonken Jeff Tonken The Bank of Nova Scotia Chief Executive Officer and Chairman of the Board Chief Executive Officer and Chairman of the Board HSBC Bank Canada National…
CORPORATE INFORMATION MANAGEMENT TEAM HEAD OFFICE Gates Aurigemma Jeff Rogers Suite 1000, 600 3rd Avenue S.W. Manager, General Accounting Facilities Manager Calgary, Alberta T2P 0G5 Phone: 403-261-6401 Jesse Doenz Randy Rousson…
ADVISORIES DEFINITIONS Gordondale Gas Plant AltaGas deep-cut sour gas processing facility in Gordondale Deloitte Deloitte LLP, independent qualified reserves evaluator Pouce Coupe Gas Plant Birchcliffs 100% owned and operated natural…
ADVISORIES NON-GAAP AND OTHER FINANCIAL MEASURES This presentation uses various non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures (as such terms are defined in National…
ADVISORIES Profit Birchcliff defines profit as the amount, if any, during the relevant period by which petroleum and natural gas revenue resulting from production exceeds the sum of: (i) PDP F&D costs (i.e. the costs of replacing…
ADVISORIES Profit Margin Birchcliff calculates profit margin as profit for the period divided by petroleum and natural gas revenue for the period. Management believes that profit margin assists management and investors in assessing…
ADVISORIES With respect to F&D costs: F&D costs for PDP, proved or proved plus probable reserves, as the case may be, are calculated by taking the sum of: (i) exploration and development costs (F&D capital expenditures) incurred in the…
ADVISORIES With respect to Birchcliffs production guidance for 2022, such guidance assumes that: the Corporations capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that…
ADVISORIES The forward-looking statements contained in this presentation are expressly qualified by the foregoing cautionary statements. The forward-looking statements contained herein are made as of the date of this presentation. Unless…
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