WHY OWN ATHABASCA TOP TIER, LONG LIFE MANAGING FOR ASSET BASE SHAREHOLDER RETURNS 1.3 billion boe 2P reserves Top Tier CFPS Growth; Return 100% of Free Cash Flow Toptier Thermal Assets with regulatory approval in to shareholders…
EXPOSURE TO A BULLISH HEAVY OIL THESIS CANADIAN HEAVY DIFFERENTIALS WCS HEAVY DIFFERENTIALS (US) AOC o Transient headwinds in the rearview mirror ACTUAL FORECAST US heavy weighted strategic petroleum reserve releases (5) TC…
ROBUST FREE CASH FLOW PROFILE PRODUCTION (BOE/D) BUSINESS OUTLOOK 45,000 Production 100 3year CAGR per MM share (RHS) 90 o Lowrisk, sustainable capital projects 4% production 13% production per share 80 Thermal Oil underpins…
RETURN OF CAPITAL STRATEGY 2023 SHAREHOLDER RETURNS UPDATE 2023 FULLY DILUTED SHARES o 137MM share repurchases since April 2023 7.5% 39MM common shares at 3.51/sh avg. price reduction year to date 67% completed to date on annual…
ASSET OVERVIEW
THERMAL OIL DIVISION PREDICTABLE, LOW DECLINE THERMAL PROPERTIES HIGHLIGHTS Fort McMurray 100% Working Interest AOC 31,000 bbl/d Current Production Hangingstone 2024e Capital 135MM Expenditures Enbridge Cheecham…
THERMAL OIL CROWN ROYALTY ADVANTAGE CROWN ROYALTY OVERVIEW OIL SANDS ROYALTY RATES o Royalty structure depends on whether a project is in 2540% Royalty on Gross Revenue less Opex & Capex prepayout or postpayout phase o Prepayout…
LEISMER OVERVIEW TOP TIER OIL SANDS PROJECT DEVELOPMENT MAP Pad 10 o Long reserve life; 85 year RLI 698MMbbl 2P reserves; 395MMbbl Best Est. Contingent resource o Excellent reservoir 3x longterm steam oil ratio 2024 ACTIVITY o…
LEISMER COMPELLING ECONOMICS ILLUSTRATIVE SUSTAINING PAD ECONOMICS FINANCIAL & ECONOMIC HIGHLIGHTS (US85 WTI)* o Project underpins corporate cash flow and torque to oil L8 Mid Capital (lease edge) MM 48 o Low Crown royalties 9% max…
HANGINGSTONE OVERVIEW DEVELOPMENT MAP PROJECT HIGHLIGHTS o Long reserve life 170 MMbbl 2P reserves 60 year 2P RLI o Improved SOR due to the field wide NCG coinjection 3.6x average year to date 2024 ACTIVITY o Two well pairs…
LIGHT OIL DIVISION KAYBOB DUVERNAY DE-RISKED, FLEXIBLE CAPITAL KAYBOB DUVERNAY HIGHLIGHTS 2,000 boe/d Current Production 2024e Net Capital 40MM Expenditures Gross Duvernay 500 Locations 155,000 Gross Duvernay Acres 6…
KAYBOB DUVERNAY 2024 ACTIVITY STRATEGIC POSITIONING DUVERNAY ILLUSTRATIVE ECONOMICS o Land held and derisked in the oil window 4,500M HZ & 1,500LB/FT (US85 WTI)* o Deep inventory (500 gross locations); strategic infrastructure Capital…
APPENDIX
MANAGEMENT TEAM o Joined Athabasca in 2012 as Senior Vice President Light Oil. Promoted to Chief Operating Officer in 2013 and President and Chief Executive Officer in 2015 o 30 years of exploration and production experience including…
CORPORATE CAPITALIZATION SENIOR SECOND LIEN NOTES o US157MM Notes US350MM issued October 2021 9.75%; due Q4 2026 Retired US193MM since inception using Free Cash Flow redemption feature and proactive open market purchases CAPITAL…
TAX POOLS MATERIAL VALUE TAX POOL SUMMARY ILLUSTRATIVE TAX POOL VALUATION (NPV10) 250MM annual deduction 310MM 0.55/sh 500MM annual deduction 450MM 0.75/sh 2.8B 750MM annual deduction 500MM 0.85/sh Fully Maximized 560MM…
ESG COMMITMENT TO RESPONSIBILITY ATHABASCA OIL (TSX:ATH) 2023 ESG Report available on our website https://www.atha.com/esg.html 18
ESG INTEGRATED SUSTAINABILITY TECHNOLOGY OVERVIEW CARBON CAPTURE AOCS LOWCARBON BARREL o Entropy Inc. (Entropy) modular carbon capture technology (CCS) Project to be sanctioned once government fiscal and regulatory policy for CCS…
READER ADVISORY Forward Looking Statements This Presentation contains forwardlooking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forwardlooking…
READER ADVISORY CONTD Reserves Information The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51101 Standards of Disclosure for Oil…
READER ADVISORY CONTD Production Athabascas 2023 forecasted total average daily production is 34,500 boe/d. Athabasca expects that approximately 88% of that production will be comprised of bitumen, 5% shale gas, 4% tight oil, 2%…
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