Birchcliff Energy Ltd. · TSX:BIR
Birchcliff Energy — Investor Presentation (January 2026)
46 slides from Birchcliff Energy's investor presentation, January 2026
Slide 1: Profitable Production Growth Creating Long-Term Value
Profitable Production Growth Creating Long-Term Value Corporate Presentation JANUARY | 2026 Birchcliff’s 100% owned and operated Pouce Coupe Gas Plant
Slide 2: Forward-looking statements advisory
This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see “Advisories – Forward-Looking Statements”. Wi
Slide 3: Corporate Snapshot
Corporate Snapshot Birchcliff Overview Birchcliff is a pure Alberta Montney producer focused on creating long-term shareholder value. 2026 Guidance(1) Average production 81,000 – 84,000 boe/d Birchcliff Non-Confidential Land Pouce Coupe Gas Plant Adjusted funds flow(2) $430 million Gordondale Gas Pl
Slide 4: Why Invest In Birchcliff
Corporate Snapshot Why Invest In Birchcliff World-class Operational Financial Strength & Sustainable Asset Base & Infrastructure Excellence Commodity Price Exposure Shareholder Returns Prioritize debt reduction and Annual base dividend of Pouce Coupe and Gordondale Demonstrated track record of signi
Slide 5: 2026 Outlook
2026 Outlook Capital Program Details(1) 2026 Greater Pouce Pad Locations (Well Counts) 2026 F&D Capital Expenditures by Classification Classification Capital (millions) DCCET(2) $240 – $280 07-24 (6) Facilities and Infrastructure $40 – $45 Maintenance and Optimization $22 – $25 12-10 (4) Other(3) $2
Slide 6: Greater Pouce – Free Funds Flow Generating Asset
Greater Pouce – Free Funds Flow Generating Asset(1) Full Capacity, Stronger Margins and Robust Free Funds Flow Greater Pouce – Strategic Value • Deliver profitable production growth in 2026, generating substantial free funds flow in 2027+ • Filling infrastructure improves operating netbacks and marg
Slide 7: Elmworth – Strategic Growth Asset
Elmworth – Strategic Growth Asset(1) Advancing Development and Unlocking Value Elmworth Asset – Strategic Value Elmworth Map • Growth asset with significant future value driven by low supply cost • Birchcliff’s Ksi Lisims LNG optionality supported by strong natural gas diversification 2026 Developme
Slide 8: Natural Gas Market Diversification
Natural Gas Market Diversification(1) Significant Exposure to Dawn and Henry Hub 2026E Natural Gas Market Exposure Future West Coast LNG AECO Projects 46% No fixed price contracts providing AECO full exposure to commodity prices. $2.60 ($0.05) ($0.39) $2.16 Dawn Balanced approach to 2026 diversifica
Slide 9: Infrastructure Optimization
Infrastructure Optimization Improving Returns Through Utilization Reduction in Unit Cash Costs FULL UTILIZATION $11.50 10% 9% production growth fills plant capacity at 87,500 boe/d(1) IMPROVED NETBACKS 10% reduction of per $/boe unit cash costs(2) ~$1.15/boe reduction in per unit cash costs(2) with
Slide 10: Five-Year Outlook – Greater Pouce and Elmworth
Five-Year Outlook – Greater Pouce and Elmworth(1) Disciplined and Profitable Production Growth Annual Production F&D Capital Spending Cumulative FFF(2) and Debt/AFF(3) * $500 $700 105,000 Lower Sustaining 1.0x Elmworth Capital Greater Pouce Cumulative FFF millions millions D/AFF boe/d 85,000 $250 $3
Slide 11: Five-Year Outlook – Free Funds Flow Price Sensitivity
Five-Year Outlook – Greater Pouce and Elmworth(1) Unlocked Free Funds Flow Potential in Stronger Pricing Environments FFF(2) Price Sensitivity(3) $500 millions $250 $0 2026E 2027E 2028E 2029E 2030E AECO (CDN$/GJ) $2.60 $3.00 $3.00 $3.00 $3.00 Budget Pricing NYMEX (US$/MMBtu) $3.60 $4.00 $4.00 $4.00
Slide 12: Five-Year Outlook – Greater Pouce
Five-Year Outlook – Greater Pouce(1) Free Funds Flow Generating Asset Annual Production F&D Capital Spending Free Funds Flow (2) 90,000 $350 Fill 87,500 boe/d $200 millions millions boe/d 85,000 $300 Sustain $100 76,000 – 79,000 $260 – $300 80,000 $250 $0 2026E 2027E 2028E 2029E 2030E 2026E 2027E 20
Slide 13: Operational Excellence
Operational Excellence Relentless Focus on Development Optimization Construction Equipping Lease size Standardization Lease material Layout optimization Conductors Equipment transfers Drilling Infrastructure Direction plan optimization Operatorship Wellbore design Process optimization Rig upgrades C
Slide 14: Drilling Performance
Operational Excellence Drilling Performance Drill Curves Improving Drill Speeds 2023 2024 2025E 2025 Pacesetter 38 % since 2023 600 0 Surface Metres Per Day Main Depth (metres) 300 2023 2024 2025E 600 $/Measured Depth Lateral 27 % since 2023 7000 300 0 5 10 15 2023 2024 2025E Step change improvement
Slide 15: Completion Performance
Operational Excellence Completion Performance Well Design Evolution Improving Frac Efficiency 24 2023 5 x 20m 2,460m LL 12 % Pump Hours Per Day 1.0 TPM since 2023 2024 2,460m LL 5 x 16m 1.0 – 2.0 TPM 12 2023 2024 2025E $120 2025 2,720m LL 7 x 10-12.5m 26 $000s/100tonnes 1.5 – 2.5 TPM % since 2023 20
Slide 16: DCCET per Well
Operational Excellence DCCET per Well $8.00 9% ~$7.6 since 2024 ~$6.9 $MM $5.00 2024 2025E Focused execution Repeatable cost structure has driven significant cost strengthens long-term field reductions since 2024 development JANUARY 2026 | TSX BIR 16
Slide 17: Well Performance
Operational Excellence Well Performance Vintage Map Year-over-Year Production Performance(1) 1,500 2022 2023 2024 2025 Avg Rate (boe/d) 1,000 500 0 0 365 Producing Day 96 % 1,000 30 IP365 CGR bbls/MMcf(2) since 2024 IP365 boe/d(2) 500 15 0 0 2022 2023 2024 2025E 2022 2023 2024 2025E 2025 program sho
Slide 18: Improving Capital Efficiency
Operational Excellence Improving Capital Efficiency * ** Per Well Capital Efficiency Corporate Capital Efficiency $15,000 $20,000 $10,000 30% $15,000 21 % since 2023 since 2023 $5,000 $10,000 2023 2024 2025E 2023 2024 2025E Field development optimization and execution has resulted in a step change i
Slide 19: Birchcliff’s Montney Resource Play
Birchcliff’s Montney Resource Play Located in the Heart of the World-Class Montney Large contiguous land blocks consisting of 375 net sections as at December 31, 2025, including the Pouce Coupe, Gordondale and Elmworth areas. Extensive Montney portfolio provides commodity cycle optimization, with pr
Slide 20: Large Multi-Interval Land Position
Birchcliff’s Montney Resource Play Large Multi-Interval Land Position JANUARY 2026 | TSX BIR 20
Slide 21: Located in the Heart of the World-Class Montney
Birchcliff’s Montney 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 Exceptional “fracability”: Upper Montney Stack Low clay content, low Poisson’s
Slide 22: Canadian West Coast LNG Opportunity
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) ~12 Bcf/d growth in North Environmental Assessment (“EA”) Granted American LNG export capacity 35 by 2030 Cedar LNG (Floating) 3 MTPA (0.4 Bcf/d)
Slide 23: Western Canadian LNG Landscape
Canadian West Coast LNG Opportunity Western Canadian LNG Landscape Birchcliff is a founding member of Rockies LNG Partners. Rockies LNG is collaborating with the Nisga’a Nation, a modern treaty Nation in British Columbia, and Western LNG, an experienced LNG developer, to develop the 12 million tonne
Slide 24: Corporate Responsibility
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 communities, invested community groups Calgary, raising more approxima
Slide 25: Appendix
BIRCHCLIFF = Appendix ENERGY
Slide 26: Production History
Production History Significant Growth Since Inception 90,000 81,000 – 84,000 77,977 78,520 ~80,000 80,000 77,096 76,401 76,925 75,699 76,695 70,000 67,963 Average Production (boe/d) 60,000 49,236 50,000 38,950 40,000 33,734 30,000 25,829 22,802 20,000 18,136 13,079 10,148 11,216 10,000 6,711 5,368 2
Slide 27: Corporate Reserves
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 $7,000 900,000 1P NPV10 Focused on converting deep inventory 2P NPV10 of 1P and 2P reserves to PDP reser
Slide 28: Historic Profitability
Historic Profitability Proven Track Record as a Low-Cost Producer F&D Operating Netback PDP Recycle Ratios(1) Corporate F&D Costs (incl. FDC)(2) & Operating Netback Recycle Ratios 2022 2023 2024(3) 3-Yr Avg 3.5x Operating Netback ($/boe)(1) $32.85 $14.74 $11.02 $19.54 3.0x 3.2x PDP F&D Costs ($/boe)
Slide 29: Corporate Reserves – Significant Intrinsic Value
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 Reserves 217,076 667,390 969,636 (Mboe) $18.09 NPV10 before tax $2.3 $4.4 $5.
Slide 30: Greater Pouce Well Economics
Greater Pouce Well Economics Illustrative Type Curves(1) Demonstrating Profitability Across Asset Base 2,000 Type Curve Metrics at CDN$3.00/GJ natural gas and US$70/bbl WTI Lateral Length metres 2,500 DCCE Capital Expenditures millions $6.5 – $7.0 IP365 boe/d 385 – 938 IP365 CGR bbls/MMcf 2 – 134 Ra
Slide 31: Corporate Information
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 Executive Vice President and Chief Financial Officer Independent Lea
Slide 32: Corporate Information
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 Jordon Cheung Tam Nguyen E: birinfo@birchcliffenergy.com Drilling
Slide 33: Endnotes
Endnotes Slide 3: 1) Birchcliff’s guidance for its adjusted funds flow, free funds flow and total debt in 2026 is based on an annual average production rate of 82,500 boe/d in 2026, which is the mid-point of Birchcliff’s annual average production guidance range for 2026. See “Advisories – Forward-Lo
Slide 34: Endnotes
Endnotes Slide 12: 1) For further information regarding the risks and assumptions relating to the Corporation’s five-year outlook, see “Advisories – Forward-Looking Statements”. 2) Non-GAAP financial measure. See “Advisories – Non-GAAP and Other Financial Measures”. Slide 17: 1) For 2022, 2023 and 2
Slide 35: Advisories – Definitions
Advisories Definitions “Board” means Birchcliff’s board of directors. “Deloitte” means Deloitte LLP, independent qualified reserves evaluator. “Goodfare Gas Plant” means Birchcliff’s proposed 100% owned and operated natural gas plant located in the Elmworth area of Alberta. “Gordondale Gas Plant” me
Slide 36: Advisories – Non-GAAP and Other Financial Measures
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 detail below. Non-GAAP Financial Measures NI 52-112 defines a no
Slide 37: Advisories
Advisories Birchcliff has disclosed in this presentation forecasts of adjusted funds flow and free funds flow for 2025, which are forward-looking non-GAAP financial measures. The equivalent historical non-GAAP financial measures are adjusted funds flow and free funds flow for the twelve months ended
Slide 38: Advisories – Operating Netback
Advisories Operating Netback Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Operating netback is a key industry performance indicator and one that provides investors with information that is co
Slide 39: Advisories – Operating Netback Per Boe
Advisories Operating Netback Per Boe Birchcliff calculates “operating netback per boe” as aggregate operating netback in the period divided by the production (boe) in the period. Operating netback per boe is a key industry performance indicator and one that provides investors with information that i
Slide 40: Advisories – Presentation of Oil and Gas Reserves
Advisories Presentation of Oil and Gas Reserves Deloitte prepared the 2024 Deloitte Report. In addition, Deloitte and/or McDaniel & Associates Consultants Ltd. (or their predecessors) prepared reserves evaluations in respect of Birchcliff’s oil and natural gas properties for the previous years discl
Slide 41: Advisories
Advisories • Reserves life index is calculated by dividing PDP, proved or proved plus probable reserves, as the case may be, estimated by Birchcliff’s independent qualified reserves evaluator at December 31, 2024, by 77,500 boe/d (which represents the mid-point of Birchcliff’s previous annual averag
Slide 42: Advisories – Third-Party Information
Advisories Third-Party Information This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by Birchcliff to be true. Although Birchcliff believes such data to be reliable, it has not independently verified an
Slide 43: Advisories
Advisories • the information set forth on the slide “Elmworth – Strategic Growth Asset”, including: the strategic value associated with Elmworth (including: that Elmworth is a growth asset with significant future value driven by low supply cost; and that Birchcliff has Ksi Lisims LNG optionality sup
Slide 44: Advisories
Advisories o Birchcliff’s production guidance assumes that: the 2026 capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that Birchcliff relies on to produce its wells and that any transportation service curtailments or unplanned outages t
Slide 45: Advisories
Advisories o Birchcliff’s updated five-year outlook disclosed herein supersedes its previous five-year outlook for 2025 to 2029 (the “Previous Plan”) as disclosed by the Corporation on January 22, 2025. Primarily as a result of higher commodity price and production forecasts, Birchcliff’s updated fi
Slide 46: Advisories
Advisories The declaration and payment of any future dividends are subject to the discretion of the Board and may not be approved or may vary depending on a variety of factors and conditions existing from time to time, including commodity prices, free funds flow, current and forecast commodity price
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