Tourmaline Overview 2 The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Nov 2023 Tourmaline Overview Conroy 3.4 MM Net Acres, 4.5 Billion Boe 2P Reserves(1) Largest…
3 GHG Emissions Senior E&P Comparison Nov 2023 Tourmaline has amongst the lowest GHG emissions intensity (CO2e/boe) among Canadian Senior E&Ps Canadian Senior E&P GHG Emissions 2022 50,000,000 0.09 45,000,000 0.08 40,000,000…
4 A History of Full Cycle Profitability Mar 2023 7,000 7.00 Earnings before taxes (mm) AECO (CAD/mcf) NYMEX (USD/MMbtu) 6,000 6.00 Earnings before tax ( millions) 5,000 5.00 (Gas Price) 4,000 4.00 3,000 3.00…
5 Largest North American Natural Gas Producers Nov 2023 Tourmaline is the largest natural gas producer in Canada, and the fifth largest gas focused producer in North America MMcf/d 2024E Natural Gas Production Canada & US…
6 Resource Ownership The next differentiator in North American E&P Aug 2023 Enverus has assessed that Tourmaline holds the largest Tier 1 inventory in North America 80%…
7 Tourmaline: A Significant Canadian Liquids Producer Nov 2023 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth Incorporating recent acquisitions, Tourmaline is the 4th largest producer of…
8 EP Growth Plan(1) Nov 2023 800,000 700,000 600,000 500,000 Spirit River Boe/d 400,000 NEBC 300,000 200,000 Deep Basin 100,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Tourmaline…
Tourmaline Free Cash Flow Allocation & 9 Dividend Growth Track Record Nov 2023 The majority of Tourmalines free cash flow will be returned to shareholders; special dividends will be the preferred method of shareholder returns…
Alberta Deep Basin 10 Bonavista Energy Corp. Acquisition Oct 2023 A material accretive addition to the existing Tourmaline Deep Basin complex. Bonavista is debt free and currently generates attractive free cash flow which…
11 Alberta Deep Basin Nov 2023 The contiguous Tourmaline interconnected Deep Basin TCPL Cretaceous gas asset is effectively Albertas Largest Gas Field Musreau /Kakwa Current Production 310,000 boepd (proforma BNP) Netook Current…
12 NEBC Montney Gas/Condensate Complex Nov 2023 D-48-C Sour Current Prod. 240,000 250,000 boepd Gas Plant. 30 MMcfpd b-24-H Comp/Dehy Current Reserves 2,721 mmboe (Dec 31, 2022) 140 MMcfpd. Montney Drilling In excess of 6,536…
13 Significant Montney Growth Potential Nov 2023 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 Peace River High Complex Triassic Oil Charlie Lake, Montney and Wapiti Cardium Plays Mar 2023 R. 11 R. 9 R. 7 R. 5 Peace River High Legend Tourmaline Lands 2,652 Horizontal Locations* along Regional Play 15-13 Mulligan Tou…
15 Tourmaline Mid Stream Assets Nov 2023 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. British…
17 Gas Development Location Inventory and Economics(1) Mar 2023 NEBC Gundy NEBC North NEBC South PRH PRH AB Deep Basin MNTN MNTN MNTN Charlie Lake Montney Horizontal Horizontal Horizontal Horizontal Horizontal Horizontal Total…
18 Multiple Decades of Economic Inventory May 2023 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…
19 A Unique, Expanding Exploration Program Multiple New Zone/New Pool Successes Over the Last 3 Years Nov 2023 Exploration program success has created significant incremental value in existing core NEBC (North) New Pool Oil/Gas…
20 Continuous D&C Performance / Cost Improvements Mar 2023 Wells Drilled by Area Feet Average Lateral Feet per Well by Area Development shifting to NEBC as Deep Basin & 180 9,000 PRA settle into maintenance development 159 45%…
21 Continuous Capital Efficiency Improvements Nov 2023 22,500 Tourmaline maintains best in class capital efficiencies, even 20,900 after accounting for inflationary headwinds 20,000 17,500 15,500 15,000 12,500…
23 2023 Natural Gas Transportation and Marketing Overview Oct 2023 Natural Gas Price Exposure 3% 2% 2% 3% 1% 23% 24% 33% 46% 48% 5% 4% 14% 15% 2% 8% 17% 9% 2% 2% 11% 12% 9% 18% 18% Station 2 6% 5% 12% 8% 7% 5% 8% 31%…
24 Tourmaline Pursues Highly Profitable & Strategically Timed Growth July 2022 Tourmaline matches natural gas growth with contracted egress and local demand increases Tourmalines near term natural gas growth pairs with its 150 MMcfpd…
25 Tourmaline/Cheniere LNG Export Overview Jan 2023 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 2.5 bcf/d cross border…
26 Guidance Nov 2023 2024(1) Production Boe/d 600,000 Cash Flow(i) - MM 4,530 CFPS - Diluted(i) 12.76 E&P Capital Program(ii) - MM 2,150 Capital Expenditures(i) - MM 2,345 Free Cash Flow(iii) - MM 2,185 Exit Net…
27 Environmental Performance Investment & Returns Nov 2023 Focusing on investment opportunities that maximize cost savings & environmental impact Water: recycling, & pipeline infrastructure; 100% recycling in NEBC, advancing AB…
28 Tourmaline 2024 After Tax Cash Flow Sensitivity & Allocation Nov 2023 Tourmalines low cost structure drives sustainable return on, and of, capital opportunities TOUs maintenance budget, and dividend fully funded at US1.50/mcf…
29 Tourmaline is North Americas Most Attractive Natural Gas Investment Nov 2023 TOU offers the most compelling investment proposition amongst large cap North American peers Superior Margin: Stronger sales hub pricing and transport…
30 Growth Discipline Maximizes Margin & Free Cash Flow Nov 2023 Our strategy is to pursue gradual organic production growth of 5% through the base EP program, and continuing adding scale through select, bolt on accretive…
APPENDIX
32 Historical EP Performance Mar 2023 Production Per Share* Reserves Per Share* 600 14 500 12 Boe / 000 Shares 10 Boe / Share 400 8 300 6 200 4 100 2 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022…
34 NEBC NORTH Montney Delineation and Development Aug 2023 NEBC North Montney Development Summary 18 pads drilled and completed since 2021 Delineation and development pads progress regional play understanding and reinforce…
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 Sustainability Performance Highlights Nov 2023 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over seven years. The Company is systematically…
37 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity Nov 2023 Tourmaline has ample liquidity and capacity to weather adverse commodity prices Debt Profile, Term, Capacity Change in: 2024 Cash Flow…
38 Diesel Displacement Initiatives Nov 2023 Initiative Annual Emissions Impact Net Savings Highline Power 1.4mm litres per year fuel displaced 1,400,000 per year PRH drilling rig running 100% highline power 3,900 tC02e per year…
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…
Tourmaline Environmental Performance 40 Improvement Highlights Nov 2023 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 to…
41 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities Cost saving via novel frac water sourcing/recycling Waste heat recovery technology Alternative hz frac programs/processes Concurrent pairs, delayed…
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 Schedule A continued Deep Basin Horizontal well count : Total horizontal Deep Basin locations = 15,154 (1-2 wells per section per zone depending on zone) Less 1,356 existing horizontals, and less 20% of existing vertical…
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…
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…
50 Forward Looking Statement Advisories Non-GAAP Financial Measures (cont) Operating Netback Management uses the term operating netback as a key performance indicator and one that is commonly presented by other oil and natural gas…
51 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…
52 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…
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