Delivering Results with Operational Excellence Corporate Presentation MARCH 2025 Birchcliffs 100% owned and operated Pouce Coupe Gas Plant NOVEMBER 2024
Corporate Snapshot Birchcliff Overview Birchcliff is a pure Alberta Montney producer 2025 Guidance(1) focused on creating long-term shareholder value. Average production 76,000 79,000 boe/d Adjusted funds flow(2) 580 million F&D…
Corporate Snapshot 2024 Annual Results Average production Adjusted funds flow 76,695 boe/d 236.8 million(1) Average production 76,695 boe/d Light oil (% of production) 2,017 bbls/d (3%) Condensate (% of production) 4,425 bbls/d…
Delivering Long-Term Shareholder Value Adjusting Our Capital Allocation Strategy 2025+ Birchcliffs Approach Macro Outlook Profitable Growth Significant structural natural gas Investing to improve operating margins demand growth --…
Corporate Snapshot Why Invest In Birchcliff World-class Operational Financial Strength & Sustainable Asset Base & Infrastructure Excellence Commodity Price Exposure Shareholder Returns Annual base dividend of Improve operating…
Five-Year Outlook(1) Disciplined and Profitable Production Growth F&D Capital Spending Annual Production 2025E 2026E: 2027E 2028E: Key Themes 260 300 million 325 375 million Targets 14%(2) 2029E: Production Growth 300 325 million…
Five-Year Outlook(1) Free Funds Flow Focused Cumulative Free Funds Flow Potential cumulative adjusted funds Key Themes Potential cumulative free funds flow(2) of approximately 2.4 billion. flow(2) of 770 million 800 INVEST 600…
2025 Outlook Capital Program Details(1) 2025 F&D Capital Expenditures by Classification 2025 Pouce Coupe & Gordondale Pad Locations Classification Capital (millions) 2025 Capital Program DCCET(2) 185 215 Pouce Coupe Gas Plant…
2025 Outlook(1) Adjusted Funds Flow Sensitivity 600 500 Adjusted funds flow is expected to Adjusted funds flow(5) Excess free funds flow(5) increase by approximately 145%(2) 400 580MM 247MM year-over-year Millions 300…
2025 Outlook(1) Natural Gas Marketing and Diversification 2025E Natural Gas Market Exposure Future West Coast LNG AECO Projects 23% AECO 2.20 (0.04) No fixed price contracts providing full exposure to commodity prices (0.38)…
Corporate Reserves(1) Significant Intrinsic Value Reserves Summary at December 31, 2024 Net Asset Value Per Common Share(2) at December 31, 2024 Proved Developed Total Total Proved Producing Proved Plus Probable 20.00 18.09…
Operational Excellence Relentless Focus on Development Optimization Construction Equipping Lease size Standardization Lease material Layout optimization Conductors Equipment transfers Drilling Infrastructure Direction plan…
Operational Excellence Drilling Performance Drill Curves Improving Drill Speeds 2023 2024 Final 11 wells of 2024 2024 Pacesetter 2025 Pacesetter 600 24 % since 2023 Metres per Day 0 Surf Main 300 Depth (metres)…
Operational Excellence Completion Performance Well Design Evolution Improving Frac Efficiency 24 10 % since 2023 Pump Hours per Day 2023 2,460m LL 5 x 20m 1.0 TPM 12 2023 2024 Final 15 Wells of 2024 2024 2,460m LL 5 x 16m…
Operational Excellence Well Performance Vintage Map Year-over-Year Production Performance(1) 2022 2023 2024 1,400 Average Production Rate per Well (boe/d) 1,200 1,000 2024 800 600 +500 boe/d IP300 400 200 0 0 30…
Operational Excellence Capital Efficiency * ** Per Well Capital Efficiency Corporate Capital Efficiency 15,000 20,000 24 % since 2023 18 % since 2023 5,000 10,000 2023 2024 2023 2024 Field development…
Birchcliffs Montney/Doig Resource Play Located in the Heart of the World-Class Montney Large contiguous land blocks consisting of 382 net sections as at December 31, 2024, including the Pouce Coupe, Gordondale and Elmworth areas.…
Birchcliffs Montney/Doig Resource Play Large Multi-interval Land Position MARCH 2025 TSX BIR 20
Birchcliffs Montney/Doig Resource Play Located in the Heart of the World-Class Montney Resource density: Stacked resource up to 300 metres thick. Large areal extent: Extends over 50,000 square miles. 112 Wells Producing from…
2025 Capital Program(1) Major Themes 2025 Capital Program Major Themes 2025 Pouce Coupe & Gordondale Pad Locations High rates-of-return, attractive paybacks and strong capital efficiencies. 10% longer lateral lengths and tighter…
2024 Natural Gas Pads: Exceeding Expectations High-Rate Pouce Coupe and Liquids-Rich Gordondale Pads Vs. Tier 0 Capped Type Curve(1) 10,000 3,000 9,000 04-30 2,500 8,000 02-27 7,000 2,000 Raw Gas Volume (MMcf) Raw Gas…
Birchcliffs Montney/Doig Resource Play Pouce Coupe Overview 2024 average production of 54,091 boe/d(1), with a natural gas weighting of 91%. Proven asset in development phase, with large, low-risk multi- decade drilling…
Birchcliffs Montney/Doig Resource Play Pouce Coupe Deloitte Tier 0 Type Curve(1) 4,000 Rate of Return (%) WTI (US/bbl) 3,500 70.00 80.00 90.00 100.00 3,000 Sales Gas Rate (Mcf/d) 2.00 103 122 142 163 (C/GJ) 3.00 143 164…
Birchcliffs Montney/Doig Resource Play Gordondale Overview 2024 average production of 22,531 boe/d(1) , with a liquids weighting of 39%. Gordondale has low decline base production requiring fewer wells to keep infrastructure…
2024 Light Oil Pad: Strong Production Gordondale 1-10 Pad Vs. Halo Oil Type Curve(1) 700 70,000 01-10 Pad 600 60,000 Halo Oil Type Curve 500 Cumulative Raw HCL Rate (bbl) 50,000 Raw HCL Rate (bbl/d) 400 40,000…
Birchcliffs Montney/Doig Resource Play Gordondale Deloitte Low GOR Halo Oil Type Curve(1) 500 Rate of Return (%) 450 WTI (US/bbl) 400 70.00 80.00 90.00 100.00 2.00 152 196 243 295 350 (C/GJ) Oil Rate (bbl/d) 3.00 176 222…
Birchcliffs Montney/Doig Resource Play Elmworth Overview In the last 2 years, 3 horizontal wells were drilled as part of Birchcliffs ongoing land retention strategy. Progressing asset development with an Open House scheduled for…
Canadian West Coast LNG Opportunity(1) Western Canadian LNG Landscape Canadian West Coast & US LNG Capacity Ksi Lisims LNG (Floating) 12 MTPA (1.7 Bcf/d) 100% North American Environmental Assessment (EA) Phase LNG export capacity…
Canadian West Coast LNG Opportunity Western Canadian LNG Landscape Birchcliff is a founding member of Rockies LNG Partners. Rockies LNG is collaborating with the Nisgaa Nation, a modern treaty Nation in British Columbia, and…
Corporate Responsibility Making a Difference Social Major supporter of In 2024, Birchcliff participated in over Over 500,000 STARS Air Ambulance 60 engagement sessions with local donated to local and the United Way of indigenous…
Appendix MARCH 2025 TSX BIR 33
Production History Significant Growth Since Inception 90,000 Due to depressed natural gas prices, in recent 80,000 years there was no incentive to grow 77,977 76,401 78,520 76,925 76,695 76,000 79,000 77,096 75,699…
Corporate Reserves(1) Significant Reserves Volumes and Value 1,200,000 9,000 PDP Reserves Significant reserves growth 1,100,000 1P Reserves since inception 8,000 2P Reserves 1,000,000 PDP NPV10 7,000 900,000 1P NPV10 Focused…
Significant Drilling Inventory: Pouce Coupe & Gordondale Decades of Low-Risk Booked Inventory Beyond Five-Year Outlook(1) 5-Year Outlook (2025 2029) Future Years Total 2P Booked Locations 170 180 wells 30 wells/yr going forward 22 years…
Corporate Information Executive Team Directors Auditors Chris Carlsen Jeff Tonken KPMG LLP, President and Chief Executive Officer Chairman of the Board Chartered Professional Accountants Calgary, Alberta Bruno Geremia Dennis Dawson…
Corporate Information Management Team Head Office Gates Aurigemma Tyler Murray Suite 1000, 600 3rd Avenue S.W. Manager, General Accounting Mineral Land, Acquisitions and Dispositions Manager Calgary, Alberta T2P 0G5 T: 403-261-6401…
Endnotes Slide 3: 1) Birchcliffs guidance for its adjusted funds flow, free funds flow and total debt in 2025 is based on an annual average production rate of 77,500 boe/d in 2025, which is the mid-point of Birchcliffs annual average…
Endnotes Slide 10: 1) See Advisories Forward-Looking Statements for further information regarding the risks and assumptions relating to Birchcliffs 2025 guidance and the commodity price, exchange rate and other assumptions for such…
Endnotes Slide 26: 1) Consists of 83,074 Mcf/d of natural gas, 5,284 bbls/d of NGLs, 1,972 bbls/d of light oil and 1,429 bbls/d of condensate. Slide 27: 1) Deloitte 2P type curve as at December 31, 2024. See Advisories Presentation…
Advisories Definitions Board means Birchcliffs board of directors. Deloitte means Deloitte LLP, independent qualified reserves evaluator. Gordondale Gas Plant means the deep-cut gas processing facility owned by AltaGas located in the…
Advisories Non-GAAP and Other Financial Measures This presentation uses various non-GAAP financial measures, non-GAAP ratios, and capital management measures (as such terms are defined in NI 52-112), which are described in further…
Advisories Birchcliff has disclosed in this presentation forecasts of adjusted funds flow, free funds flow and excess free funds flow for the period from 2025 to 2029, which are forward-looking non-GAAP financial measures. The equivalent…
Advisories Total Debt to Annual Adjusted Funds Flow Birchcliff calculates total debt to annual adjusted funds flow as total debt at the end of the year divided by annual adjusted funds flow in that year. Management believes that total…
Advisories the information set forth on the slide 2025 Outlook Adjusted Funds Flow Sensitivity and elsewhere in this presentation as it relates to the Corporations guidance for 2025 adjusted funds flow, including: that the Corporations…
Advisories With respect to Birchcliffs 2025 guidance, such guidance assumes the following commodity prices and exchange rate: an average WTI price of US67.00/bbl; an average WTI-MSW differential of CDN8.80/bbl; an average AECO price of…
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