A Progressive Montney Producer for the New Energy Market Investor Presentation April 2025
Advantage Energy First Principles Convert Energy to Shareholder Wealth by Delivering Exceptional Performance Concentrated High-Quality Assets Exceptional Operational Performance Prudent Financial and Risk Management…
World-Class Resource Base: the Foundation of our Business GORDONDALE CONROY PROGRESS GLACIER ATTACHIE VALHALLA WEMBLEY 321 Sections of Montney Rights Advantage Operated Facility 258 Sections of Charlie Lake…
Dominant Infrastructure Position GORDONDALE Strategic Assets Valued at Over 1 billion(1) Progress plant deferred until 2Q 2026 no production impact Further major infrastructure spending not required in 3-year plan PROGRESS Raw…
Financial Foundations 6% Market Overview: Capital Structure Market Value of Equity 20% Capital Market Capitalization: 1.8bn Bank Debt + Working Capital Structure Net Debt(1): 0.6bn 74% Convertible Debentures Enterprise Value:…
The Last Three Years: Transformational Increased Total Production by 54% and Liquids Production by 172% Repurchased 20% of Shares Outstanding Significantly Increased Well Productivity and Expanded Tier 1 Inventory Highly…
CORPORATE STRATEGY Maximize AFF Per Share(1) Growth Without Compromising Our Balance Sheet Annual Organic Exceptional Production Growth Operational Capped at 10% Performance Share Buyback Relentless Cost to Compound Focus…
CORPORATE STRATEGY Maximizing AFF Per Share(1) Growth: Advantage Capital Allocation Framework LOW Growth…
Capital Allocation: AECO Forwards - CAD/GJ (3) High Graded for FCF Growth (2)(3) 4.00 3.50 3.00 Internal Rate of Return (%) 2.50 2.00 1.50 1.00 (3) WTI Crude Oil Futures USD/bbl 75.00 Mineral tenure…
Advantage Tier 1 Half-Cycle Generic Type Wells Glacier - Dry Gas Glacier - Dry Gas Glacier - Dry Gas Valhalla Rich Gas Wembley - Oil Charlie Lake - Oil Upper Montney D4 Montney D1 Montney D4 Montney D3 Montney Braeburn Generic…
CORPORATE STRATEGY Relentless Cost Focus: Three-Year Lookback Total Capital Efficiency(1) (k/boe/d) PDP FD&A Costs(1) (/boe) PDP Recycle Ratio(1) (x) 2021-2023 Average 2021-2023 Average 2021-2023 Average 15 25 4.0x 3.5x 12 20…
CORPORATE STRATEGY MM MM Shares Cumulative Share Buybacks 400 60 Share Buybacks: Continued Dollars Shares Commitment to Compounding 300 45 200 30 100 15 Advantage Allocated 383mm to Share - - 2022 to 2024…
2025 Budget Guidance (2) Cash Used in Investing Activities ( millions) 270 to 300 Total Production (boe/d) 80,000 to 83,000 Natural Gas (%) 84% to 85% Crude Oil and Condensate (%) 11% to 12% NGLs (%) 4% (1) Expenses Royalty…
Three-Year Strategic Plan: Implementing our Corporate Strategy (1)(2) (2) Net Capital Expenditures (MM) Production Range (boe/d) 350 +/- 20mm +/- 25mm 95,000 300 +/- 15mm 250 90,000 200 85,000 150 80,000 100 75,000…
Strategic Outlook at Strip Pricing: FCF Exceeds 500mm Over 3 Years (1)(2) Strong Free Cash Flow Growth, Exceptional Adjusted Funds Flow Disciplined Reinvestment per Share Growth 70% 2.0x 250 100% 60% Free Cash Flow (mm)…
Asset Portfolio Spanning the Development Life Cycle Wembley Quality/Availability Data Confidence Glacier Charlie Lake Conroy Valhalla Progress Bubble sizes indicate relative Attachie scale of total drilling inventory…
Exceptional Operational Performance: 2024 Alberta Montney Gas Wells 20,000 IP30 Natural Gas Rate Calendar-Day Natural Gas Rate (Mcf/d) IP90 Natural Gas Rate 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000…
Glacier World Class Generational Asset Net Capital Expenditures & FCF Glacier Sales Production (BOE/d) 01-06: 3 well pad Net Operating Income [MM]1,2,7 75,000 Planned 17-Day Turnaround Spud Q3 2025 Net Capital Expenditures [MM]1,2,6…
Wembley FCF(1) Engine With Low Maintenance Capital Net Capital Expenditures & FCF Wembley Sales Production (BOE/d) 10,000 Net Operating Income [MM]1,2,7 Net Capital Expenditures [MM]1,2 2024 Cumulative Free Cash Flow [MM]1,2,7…
Valhalla & Progress Expanding Our Infrastructure Dominance Net Capital Expenditures & FCF Combined Sales Production (BOE/d) Net Operating Income [MM]1,2,7 12,000 Net Capital Expenditures [MM]1,2,6 AAV Pipelines Cumulative Free Cash…
Charlie Lake Exceeding Historical Liquids Type Curve by 65% Net Capital Expenditures & FCF Charlie Lake Sales Production (BOE/d) 13-26: Q4 2025 AAV Pipelines Net Operating Income [MM]1,2,7 20,000 Net Capital Expenditures [MM]1,2…
Acquisition Delivering 44% Higher AFF Per Accretion: Share(1)(2) in First Twelve Months First 12 Months Following Acquisition AFF (1)(2) Significant capital and cost synergies already realized; further optimization expected in 2025…
Since 2021: Payouts Less Than 1 Year for 80% of Wells 2021 to 2023 Well Payout (1) Performance Months Onstream 1x PO Glacier 2x PO Glacier 3x PO Glacier 1x PO Valhalla 2x PO Valhalla 3x PO Valhalla 1x PO Wembley 2x PO Wembley 3x PO…
Charlie Lake Inventory: 272 Wells Deep Inventory of Drilling Locations 2025 Net Drills: 14* *Includes 4.4 Non-Op Wells 10 Years of Charlie Lake Tier 1 Inventory Across Commodities Within 1 mile of existing producer 20 Years…
(2) Natural Gas Price Exposures Market Diversification Snapshot: Empress Provides Optionality 7% 6% 6% 5% 4% 4% Power 4% 4% 27 mmcf/d to 3% Generation Emerson until 9% 7% 9% 8% Nov-32 7% Nymex (Basis) 6% 12% 21% 19% U.S.…
200 60% Three-Year Plan Enhanced by Gas Hedged (CAD/mcf) Natural Gas Hedging % of production Improving Fundamentals 150 45% mmcf/d 100 30% 2.96 2.96 3.39 3.48 3.78 WCSB Gas Market Moving From Oversupplied…
Ownership Structure Commercial Proprietary CCS Technology Carbon Capture Advantage 62% and Storage Implied net valuation 300 million(9) Today Exclusive ownership of world- leading solvent with innovative Upon 500m deployment (137m…
Environmental, Safety, and Stewardship Scope 1 and 2 Total Emissions 26,277 tCO2e carbon captured and Scope 1 and 2 Total Emissions Intensity sequestered in 2024 23% 400 3 million spent on abandonment and 0.020 Reduction…
Footnotes 1. Specified financial measure which is not a standardized measure under IFRS Accounting Standards and may not be comparable to similar specified financial measures used by other entities. Please see Specified Financial…
Advisories (continued) Net Capital Expenditures Net capital expenditures include total capital expenditures related to property, plant and equipment, exploration and evaluation assets and intangible assets. Management considers this…
Advisories (continued) Reinvestment Ratio Reinvestment ratio is calculated by dividing net capital expenditures by adjusted funds flow. Advantage uses reinvestment ratio as an indicator of the efficiency and liquidity of Advantage's…
Advisories (continued) Supplementary Financial Measures Internal Rate of Return (IRR) Internal rate of return means the rate of return of a well or the discount rate required to arrive at a net present value (NPV) equal to zero.…
Advisories (continued) Production estimates contained herein are expressed as anticipated average production over the calendar year. In determining anticipated production for the three-year plan, Advantage considered historical…
Advisories (continued) Advantage has presented certain type curves and well economics for its Glacier, Valhalla, Wembley and Charlie Lake areas. The type curves presented with respect to Glacier, Vahalla and Wembley are Management…
Michael Belenkie Craig Blackwood Neil Bokenfohr Darren Tisdale Geoff Keyser John Quaife Brian Bagnell President and Chief Chief Financial Senior Vice President VP, Geosciences VP, Corporate VP, Finance VP, Commodities Executive Officer…
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