Athabasca Oil Corporation · TSX:ATH
Athabasca Oil — Q2 2026 Earnings Presentation
27 slides from Athabasca Oil's earnings presentation, Jul 29, 2026
Slide 1: Athabasca Oil Corporation Q2 2026 Results
ATHABASCA OIL CORPORATION FOCUSED | EXECUTING | DELIVERING JULY 29, 2026 – Q2 2026 RESULTS
Slide 2: Our Vision & Strategy
OUR VISION & STRATEGY High-Quality Thermal Assets Kaybob Duvernay Oil Play Pristine Balance Sheet Low-Decline 85 Year Reserve Life Self-Funded Growth in High-Quality Area Net Cash Position DRIVING VALUE THROUGH PER SHARE GROWTH LIQUIDS GROWTH CFPS GROWTH SHAREHOLDER RETURNS (BOE/D) ($MM; $/SH) ($MM)
Slide 3: Corporate Snapshot
CORPORATE SNAPSHOT ~40,000 BOE/D / 98% LIQUIDS / LOW BASE DECLINE ATHABASCA ASSETS CAPITALIZATION (Q2 CONSOLIDATED) THERMAL OIL THERMAL OIL Dover ~300,000 gross acres Basic Shares (ATH-TSX) 482MM o Predictable, low decline projects West Market Cap. ($11/sh) ~$5,300MM o Compelling SAGD growth Hanging
Slide 4: Q2 2026 Results
Q2 2026 RESULTS Production Cash Flow Netbacks 32,110 boe/d (97% Liquids) $123MM Adjusted Funds Flow ~$49/bbl Thermal Op. Netback ~7,200 boe/d turnaround impact in Q2 ~7,800 bbl/d June inventory sold in July Exit ~45,000 boe/d $0.25/sh FFO ~$70/boe Duvernay Op. Netback Capital 100% Return of Capital
Slide 5: Building an Oil Champion
BUILDING AN OIL CHAMPION PRODUCTION GROWTH PER ADJ SHARE (2026-31E)1 >200,000 boe/d2 Hangingstone Corner >100,000 boe/d Leismer 97% Liquids ~75,000 boe/d 95% Liquids ~45,000 boe/d 98% Liquids 2026 Leismer Corner Duvernay 2030 Corner Hangingstone Regulatory Incremental Long-term Exit Expansion Phase
Slide 6: Robust Free Cash Flow Profile
ROBUST FREE CASH FLOW PROFILE ROBUST FREE CASH FLOW FREE CASH FLOW TORQUE (2026-30E) $2.5 ~$1.5 billion Cum. Free Cash Flow (US$70 WTI) o Self-funded growth at conservative oil prices +US$10 WTI sensitivity = +~$300MM FCF • Operating break-even ~US$40 WTI $2.0 • Sustaining break-even ~US$45 WTI $1.5
Slide 7: Exposure to a Bullish Oil Thesis
EXPOSURE TO A BULLISH OIL THESIS CANADIAN HEAVY OIL LIQUIDS PIPELINES TMX o Supply risk embedded in the market • Middle East disruption threatens ~20mmbbl/d of oil flows ENB Mainline • Global inventories leave limited buffer for a prolonged physical shortfall SOBO Keystone • Damage to Middle East en
Slide 8: Thermal Oil – Asset Overview
THERMAL OIL – ASSET OVERVIEW ATHABASCA 2015
Slide 9: Thermal Oil Division
THERMAL OIL DIVISION PREDICTABLE, LOW DECLINE HIGHLIGHTS PRODUCING MCMURRAY THERMAL PROPERTIES 32,000 – 34,000 bbl/d 2026e Average (incl. turnarounds) ~48,000 bbl/d 2027e Exit Rate 2026e Capital ~$340MM Expenditures 5-year Growth Capital ~US$55 WTI Break-even (incl. Corner) Sustaining Capital ~$8/bb
Slide 10: Leismer – Brownfield Growth
LEISMER – BROWNFIELD GROWTH TOP TIER OIL SANDS PROJECT DEVELOPMENT MAP Pad 10N/11N o Expansion to 40,000 bbl/d underway Upcoming 9 well pairs o Long reserve life • 687MMbbl 2P reserves; 464MMbbl Best Est. Contingent Resource Pad 10M • ~50 year 2P RLI at 40,000 bbl/d 6 well pairs o High quality reser
Slide 11: Leismer – 40,000 bbl/d Expansion
LEISMER – 40,000 BBL/D EXPANSION SANCTION JULY 2024 HISTORICAL PRODUCTION & GROWTH OUTLOOK (BBL/D) 40,000 Project Cost ~$300MM Incremental Rate 12,000 bbl/d 30,000 Capital Efficiency ~$25,000/bbl 20,000 COMPLETED Regulatory approval 40,000 bbl/d 10,000 Established transportation to Edmonton Lo
Slide 12: Hangingstone – Cash Flow Generation
HANGINGSTONE – CASH FLOW GENERATION DEVELOPMENT MAP PROJECT HIGHLIGHTS o Long reserve life; ~50 year Reserve Life Index • 161MMbbl 2P reserves o Stable SOR at 3.4x with field-wide NCG co-injection o Regulatory approval in place for 12,000 bbl/d with available facility capacity 2026 ACTIVITY (~$15MM
Slide 13: Corner – Next Funded Growth Project
CORNER – NEXT FUNDED GROWTH PROJECT TOP TIER OIL SANDS PROJECT REGIONAL MAP o Large de-risked asset • Regulatory approval for 40,000 bbl/d • 353MMbbl 2P & 520MMbbl Contingent Resource (Best Est.) • 304 delineation wells with ~80% 3D seismic coverage EXCEPTIONAL RESERVOIR QUALITY o Located in the hea
Slide 14: Corner – 40,000 bbl/d Modular Growth
CORNER – 40,000 BBL/D MODULAR GROWTH DEVELOPMENT MAP PHASE 1 o 15,000 bbl/d modular facility design • First steam early 2029; ramp-up to capacity by year-end 2029 o Competitive economics • Capital estimated at ~$560MM • ~$36,500/bbl/d capital efficiency FUTURE PHASES o Advancing regional infrastruct
Slide 15: Corner – Road to First Oil
CORNER – ROAD TO FIRST OIL 2026 ACTIVITIES UNDERWAY (~$55MM) CORNER CPF SITE o Road and pad-site preparation underway o Finalized design and lump-sum proposal for CPF o Secured critical path contracts • Gas feedstock & egress SANCTION TIMING o Sanction expected following confirmation of details on A
Slide 16: Duvernay Energy Corporation
DUVERNAY ENERGY CORPORATION
Slide 17: Duvernay Energy – Corporate Snapshot
DUVERNAY ENERGY – CORPORATE SNAPSHOT SUBSIDIARY COMPANY – ATHABASCA OPERATED KAYBOB DUVERNAY LAND MAP o Unparalleled exposure to Kaybob Duvernay oil window o ~200,000 acres; ~432 well locations o Ownership of strategic infrastructure o Strong and established well results LONG-TERM ACTIVITY o Flexibl
Slide 18: Duvernay Energy – Development Plans
DUVERNAY ENERGY – DEVELOPMENT PLANS KAYBOB DUVERNAY LAND MAP 2026 ACTIVITY (~$80MM CAPITAL) Land retention well (100% WI) 16-27 (30% WI) 4-well pad o Competitive liquids rich netbacks IP30 avg = ~1,040 boe/d (89% liquids) IP90 avg = ~945 boe/d (86% liquids) • ~$70/boe Q2 2026 • Free condensate, low
Slide 19: Appendix
APPENDIX ATHABASCA 2015
Slide 20: Duvernay Energy – Kaybob Activity Map
DUVERNAY ENERGY – KAYBOB ACTIVITY MAP DEC DEC MUR JV Oil CNRL Window Cygnet GMT Halo Hitic Liquids Rich Kiwetinohk Logan Gas Window Paramount PetroChina Whitecap Duvernay Hz Wells 2024 DEC 100% Duv. spuds DEC 100% OPERATED ASSETS 2025 Duv. Spuds 2025 DEC MUR Wells DEC 30% JV ASSETS DEC 2025 Multi-we
Slide 21: Differentiated Long-Life Reserves
DIFFERENTIATED LONG-LIFE RESERVES RESERVE LIFE INDEX* 100 2025 RESERVE & RESOURCE OVERVIEW Organic growth accelerates o Deep resource inventory value capture for shareholders 75 • ~1.3 billion boe 2P reserves; ~85 year reserve life • ~1 billion bbl contingent resource 50 o Significant intrinsic valu
Slide 22: Capitalization & Hedging
CAPITALIZATION & HEDGING LONG-TERM DEBT CONSOLIDATED CAPITAL STRUCTURE o C$200MM 2029 Unsecured Notes • Issued August 2024; 5-year term to 2029 • 6.75% coupon $75MM DEC ~$5,300MM Credit Facility STRONG LIQUIDITY Market Cap ($11/share) o Liquidity of $826MM, including $292MM cash • $500MM new AOC cre
Slide 23: Valuable Tax Pools
VALUABLE TAX POOLS TAX POOL SUMMARY (Q2 2026) ~$2.1B ~$1.5B ATHABASCA OIL (TSX:ATH) 22
Slide 24: Management Team
MANAGEMENT TEAM o President and Chief Executive Officer since 2015; 13 years at Athabasca Rob Broen, P.Eng. o Over 30 years of exploration and production experience including 18 years with Talisman Energy with roles as President & Chief Executive President, Talisman Energy USA Inc. and Senior Vice P
Slide 25: Reader Advisory
READER ADVISORY Forward Looking Statements This Presentation contains forward-looking information that involves various risks, uncertainties and other factors. Within this Reader Advisory and Forward Looking Statements, references to the “Company” means Athabasca and Duvernay Energy, as and where ap
Slide 26: Reader Advisory Cont'd
READER ADVISORY CONT’D D&C includes all capital spent to drill, complete, equip and tie-in a well. The calculation of F&D costs includes all exploration and development capital for the year plus the change in future development capital for the year. Steam oil ratio, or SOR, measures the average volu
Slide 27: Reader Advisory Cont'd
READER ADVISORY CONT’D Sustaining Capital is management’s assumption of the required capital to maintain the Company’s production base. Net Cash is defined as the face value of long-term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plu