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Tourmaline Oil Corp
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January 2024 Corporate Presentation
| Michael Rose | Page 2 of 11 |
May 02, 2024
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"January 2024 Corporate Presentation"
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Tourmaline Overview The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Tourmaline Overview • Largest natural gas producer in Canada • 4 th largest Canadian gas processing midstream operator • 4.5 Billion Boe 2P Reserves, 20.7 Tcf Gas, 1,056 MMbbls liquids • Lowest capital cost operator in the basin • Lowest net emissions and intensity of Canadian senior producers • 41% emission intensity reduction since ‘13; rated “A” by MSCI • Peer-leading cash flow growth & free cash flow generation • Investment Grade BBB (High) rated by DBRS • Largest insider ownership amongst Sr E&P Peers Tourmaline’s scale in Canada’s premium gas plays, production base and low cost infrastructure, provide investors a suite of advantages with efficiency, profitability, growth, and return on (and of) capital unparalleled by peers Current Production • Exit 2023 Production Forecast >600,000 boepd • 2024 Production Forecast 600,000 boepd (1) See schedule A in corporate presentation appendix; inventory life at 2023 pace of development (hz locations only), reserves and acreage as of December 31 st 2022 (2) Free Cash Flow and dependent ratios and yields are based on current EP Growth Plan; all market data as per October 13th, 2023; EV presented net of TPZ equity value (3) See “Non-GAAP and Other Financial Measures” in Forward Looking Statement Advisories of this presentation. (4) Free Cash Flow is defined as Cash Flow less Capital Expenditures (3) , excluding acquisitions and dispositions. Market Capitalization (Oct 13 th ) $23.7B Net Debt (3Q23) (3) / net of TPZ Equity Stake (Oct 13 th ) (2) $0.9B / ($0.1)B 2024E Cash Flow (3) $4.5B 2024E Free Cash Flow (3)(4) $2.2B Financial Position (2) Enterprise Value $23.6B 5 Year Trailing Base Dividend CAGR 27% Free Cash Flow Yield (2024) 9% Dividend Yield (Base / TTM Base + Specials) 2% / 9% Total Payout Ratio (2024) 61% EP Growth plan production growth CAGR (‘24-’28) 5% Investment Proposition (2) Montney Gas/Cond (Second Largest Montney Producer) Conroy Birley Alberta Deep Basin (Largest Deep Basin Producer) Peace River High Tourmaline Lands Three massive operated complexes, derisked by ~2,362 wells drilled to date with company constructed infrastructure in place Wapiti Cutpick Gundy Aitken Hinton Brazeau Ricinus Garrington Strachan Westrose Drilled to Date 2023 Drilling Booked Locations Unbooked Resource 75 yrs of Drilling Inventory (1) Alberta NE BC Willesden Green Rosevear Pine Creek T 30 T 45 T 60 T80 T90 T70 Nov 2023 2 3.4 MM Net Acres, 4.5 Billion Boe 2P Reserves (1)