Birchcliff Energy Ltd. · TSX:BIR
Birchcliff Energy — Investor Presentation (May 2026)
53 slides from Birchcliff Energy's investor presentation, May 2026
Slide 1: Profitable Production Growth, Creating Long-Term Value
Profitable Production Growth Creating Long-Term Value Corporate Presentation MAY | 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: Birchcliff Overview: Two Decades in the Montney
Birchcliff Overview Two Decades in the Montney Birchcliff is a pure Alberta Montney producer focused on creating long-term shareholder value. Birchcliff Non-Confidential Land World-class Pouce Coupe Gas Plant Gordondale Gas Plant Proposed Goodfare Gas Plant Asset Base & Infrastructure Operational GR
Slide 4: Corporate Snapshot
Corporate Snapshot Birchcliff Overview Corporate Information 2026 Updated Guidance(3) Common share price (TSX:BIR) as at May 12, 2026 $6.43 per share Average production 81,000 – 84,000 boe/d Common shares outstanding as at May 12, 2026 274.3 million Adjusted funds flow(4) $455 million Market capital
Slide 5: Corporate Snapshot: Q1 2026 Results
Corporate Snapshot Q1 2026 Results Average production Adjusted funds flow Free funds flow 81,675 boe/d $152.7 million(1) $45.3 million(1) Average production 81,675 boe/d Light oil (% of production) 1,256 bbls/d (1%) Condensate (% of production) 5,357 bbls/d (7%) NGLs (% of production) 7,276 bbls/d (
Slide 6: 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 7: 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 12-10 (4) Maintenance and Optimization $22 – $25 Other(3) $2
Slide 8: 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 9: 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 supports strong natural gas diversification opportunities 2026
Slide 10: 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 44% No fixed price contracts providing AECO full exposure to commodity prices. $1.80 ($0.05) ($0.39) $1.36 Alliance Balanced approach to 2026 diversi
Slide 11: Natural Gas Price Realization
Natural Gas Price Realization Capturing Incremental Value from Diversification $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 80 % premium $3.00 $2.00 $1.00 $- 2021 2022 2023 2024 2025 2026E AECO 5A (including heat premium) BIR Effective Average Realized Sales Price (1) Through diversified market access, Birch
Slide 12: 2026E Liquids Production
2026E Liquids Production(1) Shifting Global Energy Markets Create Incremental Value for Liquids Pouce Coupe Gas Plant Gordondale Gas Plant Premium Far East Index-linked pricing for a 02-06 Light Oil Battery portion of Propane (C3) and Butane (C4) production Prince Rupert Birchcliff Production Japan/
Slide 13: Corporate Reserves: Significant Intrinsic Value
Corporate Reserves(1) Significant Intrinsic Value Reserves Summary – at December 31, 2025 Net Asset Value Per Common Share(2) – at December 31, 2025 Proved Developed Total Total Proved Producing Proved Plus Probable $20.00 Reserves 217,991 644,674 946,018 (Mboe) $18.13 NPV10 before tax $2.3 $4.4 $5.
Slide 14: Greater Pouce Infrastructure
Greater Pouce Infrastructure Integrated Infrastructure Network Supporting Scalable, Low-Cost Growth Pouce Coupe Gas Plant • 100% owned and operated facility with 340 MMcf/d of raw natural gas processing capacity and 20,000 bbls/d inlet liquids handling facility • Two acid gas injection wells and two
Slide 15: Infrastructure Optimization
Infrastructure Optimization Improving Returns Through Utilization Reduction in Per Unit Selected 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 selected cash costs(2) ~$1.15/boe reduction in per un
Slide 16: 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 Debt/AFF millions millions boe/d 85,000 $250
Slide 17: 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) $1.80 $3.00 $3.00 $3.00 $3.00 Budget Pricing NYMEX (US$/MMBtu) $3.70 $4.00 $4.00 $4.00
Slide 18: 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 202
Slide 19: Operational Excellence: Development Optimization
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 20: Operational Excellence: 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 2025 600 $/Measured Depth Lateral 27 % since 2023 7,000 0 5 10 15 Days 300 2023 2024 2025 Step change improve
Slide 21: Operational Excellence: 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 2025 $120 2025 2,720m LL 7 x 10-12.5m 26 $000s/100tonnes 1.5 – 2.5 TPM % since 2023 202
Slide 22: Operational Excellence: DCCET per Well
Operational Excellence DCCET per Well $8.0 ~$7.6 11% since 2024(1) ~$6.8 millions $5.0 2024 2025 Focused execution Repeatable cost structure has driven significant cost strengthens long-term field reductions since 2024 development MAY 2026 | TSX BIR 22
Slide 23: Operational Excellence: Well Performance
Operational Excellence Well Performance Vintage Map Year-over-Year Production Performance(1) 2022 2023 2024 2025 2026 1,500 Avg Rate (boe/d) 1,000 500 0 0 Producing Day 365 100 % 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 Early 2026
Slide 24: Operational Excellence: 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 2025 Field development optimization and execution has resulted in a step change in
Slide 25: 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. GREATER POUCE Extensive Montney portfolio provides commodity cycle optimiz
Slide 26: Large Multi-Interval Land Position
Birchcliff’s Montney Resource Play Large Multi-Interval Land Position BC AB MAY 2026 | TSX BIR 26
Slide 27: 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. 113 Wells Producing from Exceptional “fracability”: Upper Montney Stack Low clay content, low Poisson’s
Slide 28: 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 Bcf/d growth in North 12 MTPA (1.7 Bcf/d) Environmental Assessment American LNG export capacity (“EA”) Granted by 2030 35 Cedar LNG (Floating) United States Incre
Slide 29: Canadian West Coast LNG Opportunity
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 30: Corporate Responsibility
Corporate Responsibility Making a Difference Social Major supporter of In 2025, Birchcliff participated in over Over $500,000 STARS Air Ambulance 30 engagement sessions with local donated to local and the United Way of Indigenous communities, invested community groups Calgary, raising more approxima
Slide 31: Appendix
BIRCHCLIFF = Appendix ENERGY 31
Slide 32: Historic Profitability
Historic Profitability Proven Track Record as a Low-Cost Producer PDP F&D Operating Netback Recycle Ratios(1) Corporate F&D Costs (incl. FDC)(2) & Operating Netback Recycle Ratios 2025(3) 2024 2023 3-Yr Avg 1.6x Operating Netback ($/boe)(1) $14.66 $11.02 $14.74 $13.47 1.4x 1.4x PDP F&D Costs ($/boe)
Slide 33: Significant Drilling Inventory: Greater Pouce
Significant Drilling Inventory: Greater Pouce Decades of Low-Risk Booked Inventory Beyond Five-Year Outlook(1) 5-Year Outlook (2026 – 2030) Future Years Total 2P Booked Locations 160 – 170 wells 27 – 30 wells/yr going forward 22 years of 2P locations(2) Production growth to Maintain 87,500 boe/d Sta
Slide 34: Corporate Reserves: Significant Reserves Volumes and Value
Corporate Reserves(1) Significant Reserves Volumes and Value 1,200,000 $9,000 PDP Reserves PDP NPV10 1P Reserves 1P NPV10 2P Reserves 2P NPV10 800,000 $6,000 NPV10 – btax ($MM)(2) Reserves (Mboe) 400,000 $3,000 0 $0 2010 2016 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2017 2018 2019 2020 2021
Slide 35: Production History
Production History Significant Growth Since Inception 90,000 81,000 – 84,000 78,520 80,086 77,977 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 36: 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$70.00/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
Slide 37: 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 Chris Carlsen Executive Vice President and Chief Financial Officer President and C
Slide 38: 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 39: Endnotes
Endnotes Slide 4: 1) Based upon the evaluation by Deloitte, independent qualified reserves evaluator, with an effective date of December 31, 2025 as contained in the report of Deloitte dated February 11, 2026 (the “2025 Deloitte Report”). See “Advisories – Presentation of Oil and Gas Reserves”. 2) S
Slide 40: Endnotes
Endnotes Slide 15: 1) As compared to 2025 and based on an average production of 80,086 boe/d in 2025. 2) Non-GAAP ratio. See “Advisories – Non-GAAP and Other Financial Measures”. 3) Non-GAAP financial measure. See “Advisories – Non-GAAP and Other Financial Measures”. Slide 16: 1) For illustrative pu
Slide 41: Endnotes
Endnotes Slide 36: 1) Management type curves provided for illustrative purposes only. See “Advisories – Type Curves”. The EUR provided in this slide is an estimate only and there is no guarantee that the estimated amounts of hydrocarbons will be recovered. Actual light oil, condensate, NGLs and natu
Slide 42: 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 43: 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 44: Advisories
Advisories Birchcliff has disclosed in this presentation forecasts of adjusted funds flow for 2026, which is a forward-looking non-GAAP financial measure. The equivalent historical non-GAAP financial measures is adjusted funds flow for the twelve months ended December 31, 2025. Birchcliff anticipate
Slide 45: Advisories: Net Asset Value
Advisories Net Asset Value Birchcliff defines “net asset value” as property, plant and equipment, plus reserves premium adjustment (less reserves discount adjustment) for its PDP, total proved and total proved plus probable reserves (as the case may be), less total debt and plus the value of unexerc
Slide 46: Advisories: Non-GAAP Ratios
Advisories Non-GAAP Ratios NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of
Slide 47: Advisories: Capital Management Measures
Advisories Capital Management Measures NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in
Slide 48: Advisories: Oil and Gas Metrics
Advisories MMBtu Pricing Conversions $1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value Mcf. Oil and Gas Metrics This presentation contains metrics commonly used in the oil and natural gas industry, including F&D costs, reserves replacement, RLI, operating netback, operating netback
Slide 49: Advisories: Production
Advisories With respect to the disclosure of Birchcliff’s production contained in this presentation, all production volumes have been disclosed on a “gross” basis as such term is defined in NI 51-101, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of ro
Slide 50: Advisories
Advisories • the information set forth on the slide “Corporate Snapshot – Why Invest in Birchcliff”, including: that Pouce Coupe and Gordondale drive free funds flow with multi-decade drilling inventory; that the Elmworth asset provides significant future value aligned with strong natural gas demand
Slide 51: Advisories
Advisories • the information set forth on the slide “Significant Drilling Inventory: Greater Pouce – Decades of Low-Risk Booked Inventory Beyond Five-Year Outlook” and elsewhere in this presentation as it relates to the Corporation’s inventory, including: that Birchcliff’s five- year outlook for 202
Slide 52: Advisories
Advisories o Birchcliff’s forecasts of year-end total debt and total debt to adjusted funds flow ratio assume that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for 2026 met and the payment of an annual base dividend of approximately $
Slide 53: Advisories: Risks and Uncertainties
Advisories Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which wil