TSX: TVE CREATING SUSTAINABLE VALUE February 2025 Investor Presentation
Corporate and Operational Snapshot The Largest Public Clearwater Producer Corporate Overview Ticker Symbol TSX: TVE Shares Outstanding (Basic)1 (MM) 518 Market Capitalization1 (MM) 2,394 Q4 2024 Net Debt (MM) 775 Enterprise Value…
Maximizing Free Funds Flow1 Per Share Growth Balanced Growth Optionality Commitment to Returns: Allocating 60% of Free Funds Flow 11 Bln bbls of OOIP2 in the Premium netbacks, higher price Waterflood mitigating Clearwater…
2024 Year End Results vs. Guidance Exceeded Prior Expectations Through Continued Operational Efficiencies & Well Outperformance 1 Generated adj. funds flow of 851 MM & free funds flow of 387 MM Production (Mboe/d) 65 64.3 Capital…
Demonstrated Per Share Value Creation Operational Outperformance + Long Term Buybacks + Debt Repayment = Increased Per Share Value Common Shares Outstanding (MM) Net Debt Per Share (/Sh.)2 Debt Adjusted Prod. Per Share Adj. Funds Flow…
Delivering Returns and Value to Shareholders Drove Total Return To Shareholders of 21% On a Per Share Basis During 20241 Tamarack Shareholder Returns (2024A; %)1 25% 21% Debt Repayment Prod. Growth Debt Repayment (2024YE/2023YE)…
2024 Reserves Highlights Drilling Program & Continued Development of Clearwater Waterflood Contributed Significantly To 2024 Reserves Debt Adj. Per Share Reserves Growth1,2,3 (% vs. 2023YE) 25% 22% 21% PDP and TPP Reserves Increased…
Clearwater Resources Support Long-Term Development Waterflood Showcasing Substantial Value Wedge Clearwater Reserves & Resources YoY Growth1,2 Primary 350 Enhanced Oil Recovery (EOR) Decades of Development 300 98 MMbbls Oil…
Waterflood Reserve Growth1,2 Performance Pointing Towards Up To 3x Primary Recovery Marten Hills Stacked Pattern Pilot Marten Hills W Pattern Pilot Clearwater Waterflood Reserves by Year (MMboe) 600 102/15-02-075-25W4/03 600…
Return of Capital Framework Allocating 60% of Free Funds Flow To Shareholders Through Sustainable Dividend & Share Buybacks Within 5 Yr. Plan Net Debt1 (MM) 900MM 1,100MM 500MM 900MM 500MM & & & & Net Debt / LTM EBITDA (x) 1.0x Net…
2025 Free Funds Flow Allocation Low Breakeven Drives Resiliency, Increasing Returns to Shareholders 2025 Free Funds Flow Allocation (MM) Production Growth & Disciplined Capital Allocation 4% Annual Production Growth; 9% Growth Per…
5-Year Plan: Compounding Returns 13
5-Year Plan (From June 2024 Investor Day) Reducing Sustaining Capital Drives Free Funds Flow1 5-Year Production Growth CAGR1 3%-5% 5 Yr. Plan Capex & Production (MM & Mboe/d) Cumulative After-Tax Free Funds Flow of 1.8 billion 900…
Compounding Per Share Returns (From June 2024 Investor Day) Production Growth + Lowering Sustaining Capital + Long Term Buybacks = Outsized Per Share Returns Total Shareholder Value of 1.8B or 3.30/Sh. Including Debt Total Free Funds…
Asset Portfolio 16
Largest Public Clearwater Producer Established Extensive Exposure Through The Heart of The Clearwater Fairway Extensive holdings across the Clearwater fairway; 688 net sections of land1 Scale 11 billion barrels of OOIP2 in the…
Clearwater Economics: Primary Recovery Multiple Payouts Compound Free Funds Flow1 Growth West Marten B Sand West Marten C Sand 250 250 Booked Type Well2,3 11,200m Lateral Tier I Booked Type Well2,3 11,200m Lateral 200 IP30 (bopd) 200…
Clearwater Waterflood Secondary Recovery Provides Additional Payouts & Reduces Long Term Sustaining Capital 250 Waterflood Primary Waterflood Economics Primary3 West Marten Waterflood Wedge4 200 Type Pattern2 B Sand Tier I…
Clearwater Waterflood Progression Advancing Secondary Recovery To Drive Incremental Resource Capture Clearwater Injection & Production Under Waterflood EURs Up To 3x Primary Recovery 25,000 20% Demonstrated waterflood success across…
Largest Charlie Lake Oil Producer In Industry Scalable Light Oil Inventory Inventory Top tier light oil reservoir continues to result in exceptional well performance Inventory supports 16,000 boe/d1 for 10 years; multi-zone…
Charlie Lake: Superior Economics In The Heart of The Play Well Design and Program Execution Driving Sustained Outperformance In Core Areas 250 Cumulative IP90 for Tamaracks H1 2024 Cumulative Production1 (Mboe) Wembley Wells Are…
Charlie Lake: Tamarack Is The Top Oil Operator Delivering Superior Performance vs Competitors Charlie Lake 2024 IP90 Oil Performance1 1,200 Tamarack Was Operator of 40% Demonstrated Repeatability: Tamarack brought 11 1,000 of The…
Delivering Outsized Returns Leveraging Scale & Asset Quality To Deliver Sustainable Long-Term Returns Per Share Asset Transformation Complete: Focused, Large Scale, Highly Economic Asset Portfolio Rate of Change: Lower Costs and…
Appendix: Financial 25
Canadian Heavy Oil Differential Narrowing WCS Differential Tighter Due to TMX WCS Differential (US/bbl) Tamarack Realized Heavy Oil Price (C/bbl) 2021 2022 2023 2024 2025 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4…
Risk Management1 Enhancing Certainty With Flexibility To Capture Upside Value Percentage of Volume Hedged1 Weighted Average WTI Hedge Price1 60% Hedging Coverage Supports 50,000 100 Sustaining Capital & Base Dividend 86.60 49% 45,000…
Risk Management1 Enhancing Certainty With Flexibility To Capture Upside Value Oil Hedges Units Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 FX Hedges Units Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4…
2025 Budget Sensitivity1 A-Tax Adjusted Funds Flow1,2 (Hedged; MM) Strong Asset Base to Withstand Price Changes Budget Pricing (FY) Asymmetry Due To Hedges Tamarack is most sensitive to WTI pricing given oil weighting of 80% 1.35 FX…
Appendix: Waterflood 30
Marten Hills Waterflood Observing Success In Both Pattern Configurations Marten Hills Stacked Pattern 500 1200 Stacked Pattern W Flood Pattern Injection / GOR (bwpd / scf/bbl) Lower injection bench is highly effective in 375 900…
West Nipisi Waterflood Area Waterflood Stabilizing Production With Reduced Drilling Activity 5,000 Oil Production Stabilized Oil Production Injected Water Oil Production, Water Injection (bbl/d); GOR (scf/bbl) GOR Primary…
Nipisi B Sand Pilot Exhibits Exceptional Response Waterflood Success Indicative of Significant Asset Duration Nipisi 102/13-19-076-07W5 Pilot 100/14-19-076-07W5/00 102/13-19-076-07W5/00 WF Primary Curve 600 Injection Start 500 400…
Corporate Information Executive Legal Counsel Brian Schmidt (Aakaikkitstaki) President & Chief Executive Officer Stikeman Elliott LLP Steve Buytels Chief Financial Officer Kevin Screen Chief Operating Officer Banking Syndicate…
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