TVE : TSX Creating Sustainable Value October 2023 See Disclaimers and Forward-Looking Statements attached
Corporate Snapshot Capital Structure Ticker Symbol TVE.TSX Share Price1 (/share) 3.93 Shares Outstanding (MM) 556.9 Market Capitalization (MM) 2,188.8 2023 Q3 Exit Net Debt2 (MM) 1,128.0 Assets Sold Annual Base Dividend3 (/share)…
Intersection of Sustainability & Profitability Delivering total returns growth through organic development and strategic portfolio repositioning 1. See Disclaimers Specified Financial Measures ; FFF Free Funds Flow. 2. FFF of 1.8B…
Q3 2023: Record Production & Material Debt Reduction Program execution delivers solid well results and positions balance sheet to enable enhanced returns Charlie Lake Zipper Frac Record Quarterly 68,597boe/d1 average Q3/23 production;…
Non-Core West Central Asset Disposition Consistent with Tamaracks strategy: high grade and focus on core plays West Central asset disposition highlights advances core asset focus Cash consideration of 123 million, plus assumption of…
High Grading Asset Portfolio Driving Free Funds Flow1 Tamarack is the largest public producer in North Americas top plays High graded asset base focused on Clearwater and Charlie Lake North American Payout Period & Half-Cycle Breakeven…
Return of Capital Framework Disciplined program design and execution targeting enhanced returns Net Debt1 (MM) 900 1,100 500 900 500 Achieving up to 25% shareholder return threshold3 & & & Debt Floor WTI (US/bbl) 75 85 Net Debt to…
2023 Annual Corporate Guidance Focused on developing expanded Clearwater core assets Netback enhancement with recently completed Clearwater and Charlie Lake infrastructure initiatives 2023 Capital Allocation (MM) H2 2023 capital spend…
Attractive Free Funds Flow1 Yield Significant free funds flow1 engine allows for a resilient corporate strategy 5 Year Cumulative Free Funds Flow1,2,3 (MM) 3,000 Top tier asset base supported by high asset duration 117% Yield…
Capital Structure Provides Financial Flexibility Delivering material reduction in debt driven by YTD 2023 free funds flow2 Net Debt as at September 30, 20232 SLL and Other (MM) 643.5 Forecast 250MM3 of free funds in H2 2023 to flow2…
Risk Management1 Enhancing certainty with flexibility to capture upside value Percentage of Volume Hedged2 Weighted Average WTI Hedge Price 70% Hedging coverage underpins Balanced portfolio coverage ensures price budgeted revenue…
Operational Excellence Propels Rate of Change Focus on levers to deliver long-term free funds flow1 to enhanced shareholder returns Reducing maintenance capital with enhanced oil recovery and well optimization while adding future…
Lowering Cost Structure Adds To Free Funds Flow1 Infrastructure capital projects and EOR drive material reductions in breakeven1 costs Gross 5-year plan impacts US1.45 - US1.75/bbl on the New premium price: Clearwater Heavy Oil (CWH)…
Deltastream Acquisition: A Year in the Rearview Trending ahead of acquisition assumptions Base Production Nipisi and West Marten Hills Drills 350 25,000 Oct-2022 Close 2018 Average (8 wells) Sept avg 5,500 bopd from 24 wells 300 22…
Clearwater Well Design Optimization Continuing to drive cost structure lower and improve economics Historical Multi-lateral Design Optimizing Well Design: South Clearwater Fan 25% decrease in full development costs 30% increase in…
5-Year Plan Anchors Long-Term Sustainability Enhanced 5-year cumulative free funds flow1 by 20% from 1.5 to 1.8 Billion Annual Production (Mboe/d) 80 2024 2028 Outlook Increase exposure to assets 70 delivering superior returns…
ASSET FOCUS 17 w w w . t a m a r a c k v a l l e y. c a 17
TVE is the Largest Public Clearwater Producer Established extensive exposure through the heart of the Clearwater fairway R20 R15 R10 R5 R1W5 R25 R20 Dominant Clearwater Position 665 net sections of land1 T85 T85 Q3 2023 production…
Canadian Clearwater Advantage1 Alberta Clearwater demonstrates superior economics Marten Hills Clearwater 250 Payout 1 Payout 2 Average Production (boe/d) 200 Payout 3 150 Payout 4 Marten Hills Clearwater Value Drivers…
Clearwater Enhanced Oil Recovery Moving to development phase as pilots demonstrate ability to double oil recovery Nipisi Trident Pattern TVE EOR Pilots Marten Hills 3-Layer Stacked Pattern Nipisi EOR Production (bbl/d) Offsetting…
Clearwater Exploration Driving Duration Expansion Seal multi zone development R19 R17 R15 R13 R11W5 Successful Q1/23 delineation at 15-32: Seal BTE 12-34 Three Clearwater sands - IP301 rates: Falher IP30 139 bopd T84 T84 B sand (6…
Clearwater Duration Backstops Long-Term Production Clearwater OOIP2 Multi-year (barrels of Original Oil in Place) Inventory 5-Year plan5…
Scalable Charlie Lake Light Oil: 250 Net Sections of Land1 Development plan designed to balance production, processing and egress R12 R10 R8 R6 Top…
Charlie Lake: Enhancing Economics with Longer Laterals Play evolution: well design optimization yielding continuous improvement of results Enhanced Returns 20% Higher IRR achieved with extended lateral 200 Optimization improving…
ENVIRONMENT, SOCIAL AND GOVERNANCE 25 w w w . t a m a r a c k v a l l e y. c a 25
Sustainability-Linked Lending & Notes Strengthening our commitment to responsible energy production All of Tamaracks debt has been converted to sustainability-linked debt and includes: 875MM covenant-based revolving…
Sustainability at Tamarack Enabling sustainability and ESG to drive profit and enhance future value Delivering Results ESG in Action 60 Emissions Intensity 12% 19% Nipisi Gas 71,000 t CO2e Scope 1 emissions in 2022 50 37.5 30.3 t…
Enhancing Shareholder Value Sustainable returns focused strategy to grow free funds flow1 per share Clearwater & Covenant Based Partner with Indigenous 65,500 69,500…
APPENDIX 29 w w w . t a m a r a c k v a l l e y. c a 29
Marten Hills: Developing Top Tier Acreage in the Core Strong positive correlation between injectivity and oil response across the Clearwater fairway R1W5 R25 R23W4 Marten Hills TVE 15-02 EOR Pilot Started Sept 2021; Increased…
Nipisi & West Marten Hills: Enhancing Inventory Focusing on top tier lands in support of long-term sustainable development R11 R9 R7 R5 R3W5 West Marten Hills 2023 Activity: Drilling 31 net wells; 50% to accommodate T78 T78 future…
Southern Clearwater: Substantial Delineated Inventory Scalable development provides capital deployment flexibility across the asset portfolio Southern Clearwater R1W5 R27 R25 R23 R21 R19W4 TVE 2022 Perryvale Drills 2023 Activity:…
Return of Capital Track Record Driven by balance sheet discipline; acquisitions drive greater potential for return of capital Increased Base Dividend (Annual /share) Free Funds Flow1 Low corporate sustaining breakeven1 price…
Successful Execution of Strategic Repositioning Targeted core area consolidation; adding resource and generate shareholder returns 2020 2022 3x increase Q4 Production: 22,049 boe/d (60% liquids)1 Adding Operational Scale Q4…
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