Tourmaline Overview 2 The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Mar 2025 Tourmaline Overview 5.1 MM Net Acres, 5.5 Billion Boe 2P Reserves(1) Largest natural…
3 Largest North American Natural Gas Producers Mar 2025 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 Mar 2025 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth Tourmaline is the 2nd largest producer of conventional liquids , 3rd largest…
5 EP Growth Plan(1) Mar 2025 800,000 700,000 600,000 500,000 Spirit River Boe/d 400,000 NEBC 300,000 Deep Basin 200,000 100,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Ending After-tax…
Tourmaline Free Cash Flow Allocation & 6 Dividend Growth Track Record Mar 2025 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 Mar 2025 Tourmaline has the largest future drilling inventory in N. America (25,000 locs including over 20 years of Tier 1) and an unmatched portfolio of well-defined…
8 Alberta Deep Basin Mar 2025 The contiguous Tourmaline interconnected Deep Basin TCPL Cretaceous gas asset is effectively Albertas Largest Gas Field Musreau /Kakwa Current Production 320,000 boepd Netook Current Reserves 1,945…
9 NEBC Montney Gas/Condensate Complex Mar 2025 Current Prod. 290,000 boepd Current Reserves 3,279 mmboe (Dec 31, 2024) NRM Jedney Montney Drilling In excess of 7,857 horizontal Inventory locations. (Dec 31, 2024) Aitken Gas…
10 Peace River High Complex Triassic Oil Charlie Lake, Montney and Wapiti Cardium Plays Mar 2025 R. 11 R. 9 R. 7 R. 5 Peace River High 2,428 Horizontal Locations* along Regional Play Fairways Current Reserves of 272 mmboe (Dec 31,…
11 Tourmaline Mid Stream Assets Mar 2025 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. 33 working interest1 gas…
12 North American Natural Gas Reserves Mar 2025 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 26 Rockies…
13 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…
14 A Unique, Expanding Exploration Program 2024 Highlights and Significant Planned 2025 Wells Mar 2025 Conroy Exploration program success has created significant incremental value in existing core complexes, the majority of Mntn…
15 Continuous D&C Performance / Cost Improvements Mar 2025 Wells Placed on Production Feet Average Lateral Feet per Well 180 An increasingly NEBC dominated 10,000 development program 159 50% increase in corporate 160 142 lateral…
16 Continuous Capital Efficiency Improvements Mar 2025 22,500 20,900 20,000 17,500 15,500 Tourmaline maintains best in class capital efficiencies 15,000 12,500 11,800 11,500 /boepd 11,200 10,700 10,000 9,500…
17 2025 Natural Gas Transportation and Marketing Overview Feb 2025 Natural Gas Price Exposure 20% 37% 45% 47% 12% 2% 12% 17% 9% 2% 16% 17% 4% Station 2 5% 15% 2% 2% 16% 16% 8% 10% 36% 3% 8% 8% 9% 2% 1% 9% 8% 8%…
18 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…
19 The Growing Tourmaline Liquids Business Mar 2025 Tourmalines diverse and profitable liquids marketing business Liquids receive diversified pricing: WTI, FSPL, Namao/Peace, CRW, Mt. Belvieu, Conway, Far East Index, and…
20 Liquids & Midstream Investment Mar 2025 Tourmaline has repeatedly driven midstream related costs down through acquisition, investment and expansion, while also driving liquids revenue higher through international marketing and…
21 Guidance Mar 2025 2025(1) Production Boe/d 635,000 665,000 Cash Flow(i) - MM 4,335 (at mid-point) CFPS - Diluted(i) 11.53 (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 Mar 2025 Tourmalines low cost structure drives sustainable return on, and of, capital opportunities TOUs maintenance budget, and dividend is fully funded at US2.00/mcf…
23 Tourmaline Long Term Business Plan Growth & Leading Shareholder Returns Mar 2025 2025 2028 2030 2032 800k Production Growth boepd Deep Basin Growth Continued Modest Growth 700k Evolving Towards 1-2% NEBC Growth Production…
24 Market Leading Return on and of Capital Mar 2025 Tourmalines return on capital employed (ROCE) will infect to 10% with base and special dividends offering a future income yield in the mid to high single digits with upside in…
APPENDIX
26 Historical EP Performance Mar 2025 Production Per Share* Reserves Per Share* 600 16 500 14 12 Boe / 000 Shares Boe / Share 400 10 300 8 200 6 4 100 2 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014…
27 Independently Recognized Canadian 2P Reserves(1) Mar 2025 Tcf Natural Gas 2P Reserves MMbbl Conventional Liquid 2P Reserves 30 2,500 25 25 2,000 20 1,500 1,356 15 1,000 10 500 5 0 0 Peer TOU Peer…
28 Significant Montney Growth Potential Mar 2025 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 The Ever-Evolving Tourmaline Development Approach Mar 2025 In the Alberta Deep Basin and the BC Montney Tourmaline is constantly seeking the balance between maximizing deliverability (growth), EUR (value), and overall economic…
30 Gas Development Location Inventory and Economics(1) Mar 2025 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 Mar 2025 Focusing on investment opportunities that maximize cost savings & environmental impact Water: recycling, & pipeline infrastructure; 95% recycling in NEBC, advancing AB towards 100%…
32 Environmental Performance Improvement Mar 2025 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over seven years. The Company is systematically…
33 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity Mar 2025 Tourmaline has ample liquidity and capacity to weather adverse commodity prices Debt Profile, Term, Capacity Change in: 2025 Cash Flow…
Continuous Environmental Performance Improvement 34 Through Innovative Application of New Technologies Reduction in flaring Water recycling for fracs Tech Service Gas fired drilling rigs/fracs Methane leakage mitigation across…
35 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…
36 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…
37 Schedule A continued Deep Basin Horizontal well count : Total horizontal Deep Basin locations = 17,660 (1-2 wells per section per zone depending on zone) Less existing horizontals, and less 20% of existing vertical producers =…
42 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…
43 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, and such spending…
44 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…
45 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…
46 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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