Birchcliff Energy Ltd. · TSX:BIR
Birchcliff Energy — Investor Presentation (March 2026)
48 slides from Birchcliff Energy's investor presentation, March 2026
Slide 1: Profitable Production Growth, Creating Long-Term Value
Profitable Production Growth Creating Long-Term Value Corporate Presentation MARCH | 2026 Birchcliff’s 100% owned and operated Pouce Coupe Gas Plant
Slide 2: Forward-looking statements and advisories
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: Corporate Snapshot: 2025 Annual Results
Corporate Snapshot 2025 Annual Results Record annual production in 2025 with further growth potential in 2026 Average production Adjusted funds flow 80,086 boe/d $422.8 million(1) 85,000 81,000 – 84,000 Average production 80,086 boe/d Light oil (% of production) 1,551 bbls/d (2%) Condensate (% of pr
Slide 5: 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 6: 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 7: 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 8: 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 9: 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) $2.16 Dawn Balanced approach to 2026 diversifica
Slide 10: Historic Profitability
Historic Profitability Proven Track Record as a Low-Cost Producer PDP F&D Operating Netback Recycle Ratios(1) Corporate F&D Costs (incl. FDC)(2) & Operating Netback Recycle Ratios 2025(3) 2024 2023 3-Yr Avg 1.6x Operating Netback ($/boe)(1) $14.66 $11.02 $14.74 $13.47 1.4x 1.4x PDP F&D Costs ($/boe)
Slide 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: Operational Excellence: DCCET per Well
Operational Excellence DCCET per Well $8.00 11% ~$7.6 since 2024(1) ~$6.8 millions $5.00 2024 2025E Focused execution Repeatable cost structure has driven significant cost strengthens long-term field reductions since 2024 development MARCH 2026 | TSX BIR 21
Slide 22: Operational Excellence: 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 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 2025 program sh
Slide 23: Operational Excellence: Improving Capital Efficiency
Operational Excellence Improving Capital Efficiency * ** Per Well Capital Efficiency Corporate Capital Efficiency $15,000 $20,000 $10,000 31% $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 24: 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 25: Large Multi-Interval Land Position
Birchcliff’s Montney Resource Play Large Multi-Interval Land Position BC AB MARCH 2026 | TSX BIR 25
Slide 26: Birchcliff’s Montney Resource Play
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 27: 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 28: 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 29: 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 30: Appendix
BIRCHCLIFF = Appendix ENERGY 30
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: Endnotes
Endnotes Slide 12: 1) See “Advisories – Presentation of Oil and Gas Reserves”. 2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”. For 2025, based on 289.1 million common shares, which includes 274.8 million basic common shares outstanding at December 31, 2025 and 14.3 million dilutive c
Slide 37: 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 38: 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 39: Advisories
Advisories Birchcliff has disclosed in this presentation forecasts of adjusted funds flow and free funds flow for 2026, 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 40: 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 41: 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 42: Advisories: Presentation of Oil and Gas Reserves
Advisories Presentation of Oil and Gas Reserves Deloitte prepared the 2025 Deloitte Report and reserves evaluations in respect of Birchcliff’s oil and natural gas properties effective December 31, 2024 and 2023. Such evaluations were prepared in accordance with the standards contained in NI 51-101 a
Slide 43: Advisories
Advisories • Reserves life index is calculated by dividing PDP, proved or proved plus probable reserves, as the case may be, estimated by Deloitte at December 31, 2025, by 82,500 boe/d (which represents the mid-point of Birchcliff’s previous annual average production guidance range for 2026) determi
Slide 44: Advisories: F&D Capital Expenditures
Advisories F&D Capital Expenditures F&D capital expenditures” denotes exploration and development expenditures as disclosed in the Corporation’s financial statements in accordance with GAAP and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment a
Slide 45: Advisories
Advisories • the information set forth on the slide “Greater Pouce – Free Funds Flow Generating Asset”, including: the strategic value associated with Greater Pouce (including: that it will deliver profitable production growth in 2026, generating substantial free funds flow in 2027+; that filling in
Slide 46: Advisories
Advisories Information relating to reserves is forward-looking as it involves the implied assessment, based on certain estimates and assumptions, that the reserves exist in the quantities predicted or estimated and that the reserves can profitably be produced in the future. See “Advisories – Present
Slide 47: Advisories
Advisories o Birchcliff’s forecasts of F&D capital expenditures assume: (i) that the Corporation’s capital programs will be carried out as currently contemplated and exclude any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by
Slide 48: Advisories
Advisories actions taken by OPEC and other major oil producers and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, and changes to regulatio
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