Tourmaline Overview 2 The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Nov 2024 Tourmaline Overview 4.8 MM Net Acres, 5.0 Billion Boe 2P Reserves(1) Largest natural…
3 Largest North American Natural Gas Producers Nov 2024 Tourmaline is the largest natural gas producer in Canada, and the fourth largest gas focused producer in North America MMcf/d 2025E Natural Gas Production Canada & US…
4 Tourmaline: A Significant Canadian Liquids Producer Nov 2024 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth Tourmaline is the 2nd largest producer of conventional liquids and…
Tourmaline Free Cash Flow Allocation & 6 Dividend Growth Track Record Nov 2024 The majority of Tourmalines free cash flow will be returned to shareholders; a growing base dividend and special dividends will be the preferred method…
A Growing Portfolio of Highly Profitable 7 Development Projects Nov 2024 Tourmaline has the largest future drilling inventory in N. America (23,000 locs including over 20 years of Tier 1) and an unmatched portfolio of well-defined…
8 Alberta Deep Basin Mar 2024 The contiguous Tourmaline interconnected Deep Basin TCPL Cretaceous gas asset is effectively Albertas Largest Gas Field Musreau /Kakwa Current Production 300,000 - 315,000 boepd Netook Current…
9 Tourmaline Deep Basin Vintage Type Curve Performance Nov 2024 1H24 Deep Basin performance illustrates that the Deep Basin can still make new all time performance highs, through longer laterals and debottlenecking TOUs access to…
10 NEBC Montney Gas/Condensate Complex Nov 2024 Current Prod. 270,000 290,000 boepd Current Reserves 2,741 mmboe (Dec 31, 2023) NRM Jedney Montney Drilling In excess of 6,549 horizontal Inventory locations. (Dec 31, 2023 ex Crew)…
11 Peace River High Complex Triassic Oil Charlie Lake, Montney and Wapiti Cardium Plays Mar 2024 R. 11 R. 9 R. 7 R. 5 Peace River High 2,649 Horizontal Locations* along Regional Play Legend Fairways L. Tourmaline Lands C U.C…
12 Tourmaline Mid Stream Assets Nov 2024 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. 31 Working interest gas…
13 North American Natural Gas Reserves Mar 2024 Companies that own the largest, lowest development cost, transport-integrated natural gas reserves, will increasingly dominate the Energy space in the next 20 30 years Rockies LNG…
14 Multiple Decades of Tier 1 Inventory Aug 2024 Tourmalines deep inventory ownership provides multiple decades of very profitable development, plus no need to pursue large resource reloads in A&D market Drilled to Date 3.50 75…
15 A Unique, Expanding Exploration Program Multiple New Zone/New Pool Successes Over the Last 3 Years Nov 2024 Exploration program success has created significant incremental value in existing core NEBC (North) New Pool Oil/Gas…
16 Continuous D&C Performance / Cost Improvements Mar 2024 Wells Placed on Production Feet Average Lateral Feet per Well by Area 180 A NEBC and Deep Basin dominated 9,000 development program 159 48% increase in corporate 160 8,500…
17 Continuous Capital Efficiency Improvements Mar 2024 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…
18 2024 Natural Gas Transportation and Marketing Overview Nov 2024 Natural Gas Price Exposure 8% 19% 14% 41% 4% 13% 49% 52% 14% 2% 14% 10% 16% 6% 10% Station 2 2% 15% 14% 7% 4% 6% 2% 16% 2% 11% 16% 15% 37% 9% 32% 3%…
19 Tourmaline LNG Overview Jan 2024 Tourmaline continues to grow its international pricing exposure Rockies LNG - Partner A partnership of Western Canadian natural gas producers working together to develop LNG export…
20 The Growing Tourmaline Liquids Business Nov 2024 Tourmalines diverse and profitable liquids marketing business Liquids receive diversified pricing: WTI, FSPL, Namao/Peace, CRW, Mt. Belvieu, Conway, Far East Index, and…
21 Guidance Nov 2024 2025(1) Production Boe/d 635,000 665,000 Cash Flow(i) - MM 4,110 (at mid-point) CFPS - Diluted(i) 10.93 (at mid-point) E&P Capital Program(ii) - MM 2,600 2,850 Capital Expenditures(i) - MM…
22 Tourmaline 2025 After Tax Cash Flow Sensitivity & Allocation Nov 2024 Tourmalines low cost structure drives sustainable return on, and of, capital opportunities TOUs maintenance budget, and dividend is fully funded at US1.50/mcf…
23 Tourmaline is North Americas Most Attractive Natural Gas Investment July 2024 TOU offers the most compelling investment proposition amongst large cap North American peers Superior Margin: Stronger sales hub pricing and transport…
24 Market Leading Return on and of Capital Nov 2024 Tourmalines return on capital employed (ROCE) is anticipated to remain 10% with base and special dividends offering a future income yield in the mid to high single digits with…
APPENDIX
26 Historical EP Performance Mar 2024 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 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023…
28 Significant Montney Growth Potential Nov 2024 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…
29 Gas Development Location Inventory and Economics(1) Mar 2024 AB Deep Basin AB Deep Basin NEBC Gundy NEBC North NEBC South PRH PRH North & West South MNTN MNTN MNTN Charlie Lake Montney Horizontal Horizontal Horizontal Horizontal…
31 Environmental Performance Investment Nov 2024 Focusing on investment opportunities that maximize cost savings & environmental impact Water: recycling, & pipeline infrastructure; 95% recycling in NEBC, advancing AB towards 100%…
32 GHG Emissions Senior E&P Comparison Mar 2024 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…
33 Environmental Performance Improvement Nov 2024 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over seven years. The Company is systematically…
34 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity July 2024 Tourmaline has ample liquidity and capacity to weather adverse commodity prices Debt Profile, Term, Capacity Change in: 2025 Cash Flow…
Continuous Environmental Performance Improvement 35 Through Innovative Application of New Technologies Reduction in flaring Water recycling for fracs Tech Service Gas fired drilling rigs/fracs Methane leakage mitigation across…
36 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…
37 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…
38 Schedule A continued Deep Basin Horizontal well count : Total horizontal Deep Basin locations = 16,331 (1-2 wells per section per zone depending on zone) Less existing horizontals, and less 20% of existing vertical producers =…
43 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…
44 Forward Looking Statement Advisories Non-GAAP Financial Measures (cont) E&P Capital Program Management uses the term E&P Capital Program as a measure of capital investment in exploration and production activity which is defined…
45 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…
46 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. Operating netback per-boe is…
47 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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