Birchcliff Energy Ltd. · TSX:BIR
Birchcliff Energy — Investor Presentation (November 2025)
45 slides from Birchcliff Energy's investor presentation, November 2025
Slide 1: Delivering Results with Operational Excellence
Delivering Results with Operational Excellence Corporate Presentation NOVEMBER | 2025 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 2025 Guidance(1) Average production 79,000 – 80,000 boe/d Birchcliff is a pure Alberta Montney producer Adjusted funds flow(2) $415 million focused on creating long-term shareholder value. F&D capital expenditures $290 – $300 million Free funds flow(2) $115 – $
Slide 4: Corporate Snapshot: Q3 2025 Results
Corporate Snapshot Q3 2025 Results Average production Adjusted funds flow 80,406 boe/d $87.1 million(1) Average production 80,406 boe/d Light oil (% of production) 1,468 bbls/d (2%) Condensate (% of production) 5,990 bbls/d (7%) NGLs (% of production) 6,933 bbls/d (9%) Natural gas (% of production)
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 Annual base dividend of Prioritize debt reduction and Pouce Coupe and Gordondale Highly technical staff focused $0.
Slide 6: 2025 Outlook
2025 Outlook Capital Program Details(1) 2025 F&D Capital Expenditures by Classification 2025 Pouce Coupe & Gordondale Pad Locations Classification Capital (millions) 2025 Capital Program DCCET(2) ~$208 2025 Incremental Onstream 2025 Drilled Uncompleted (DUC) Facilities and Infrastructure ~$42 Pouce
Slide 7: Natural Gas Marketing and Diversification
Natural Gas Marketing and Diversification(1) Significant Exposure to Dawn and Henry Hub 2025E Natural Gas Market Exposure 2026E Natural Gas Market Exposure Future West AECO: 45% Coast LNG AECO Dawn: 39% Projects 23% Henry Hub: 16% AECO $1.70 ($0.03) No fixed price contracts providing full exposure t
Slide 8: 2026 Preliminary Guidance
2026 Preliminary Guidance(1) Flexibility, Growth and Deleveraging Drive Profitable Returns 2026 Preliminary Guidance(1) Average Production 81,000 – 84,000 boe/d Key Themes F&D Capital Expenditures $325 – $375 million Pouce Coupe & Gordondale $300 – $350 million Elmworth $25 million Ability to adjust
Slide 9: 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 10: 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 11: Drilling Performance
Operational Excellence Drilling Performance Drill Curves Improving Drill Speeds 2023 2024 2025E 2025 Pacesetter 36 % since 2023 600 0 Surface Metres Per Day Main Depth (metres) 300 2023 2024 2025E 600 $/Measured Depth 27 % Lateral since 2023 7000 300 0 5 10 15 2023 2024 2025E Step change improvement
Slide 12: Completion Performance
Operational Excellence Completion Performance Well Design Evolution Improving Frac Efficiency 12 % 24 Pump Hours Per Day 2023 2,460m LL since 2023 5 x 20m 1.0 TPM 12 2024 2,460m LL 2023 2024 2025E 5 x 16m 1.0 - 2.0 TPM $120 +50% TPM 26 % k$/100tonnes since 2023 2025 2,720m LL 7 x 10-12.5m 1.5 - 2.5
Slide 13: DCCET per Well
Operational Excellence DCCET per Well(1) $8.0 $7.6 $7.2 10 % since 2024 $6.9 $MM $5.0 2024 2025 Budget (January) 2025E Efficiency gains across the well delivery process have driven sustained, year-over-year capital savings of approximately 10% from 2024 to 2025 NOVEMBER 2025 | TSX BIR 13
Slide 14: Well Performance
Operational Excellence Well Performance Vintage Map Year-over-Year Production Performance(1) 1,500 2022 2023 2024 2025 1,000 Rate (boe/d) 500 0 0 365 Producing Day 1,000 25 81 % since 2024 (2) IP365 CGR(2) IP365 boed IP365boe/d 0 0 2023 2022 2024 2023 2025E 2024E 2026E 2025E 2022 2023 2024E 2025E 20
Slide 15: Capital Efficiency
Operational Excellence Capital Efficiency(1) * ** 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 in capi
Slide 16: Operating Costs
Operational Excellence Operating Costs 2024 Peer Comparison(1) Operating Cost Projection $16.00 100% $3.30 90% $14.00 $3.20 80% % Natural Gas Weighting $12.00 Operating Cost $/boe 70% $3.10 Operating Cost $/boe $10.00 60% $3.00 $8.00 50% $6.00 40% $2.90 15 % Plant Full (2) $2.80 30% $4.00 20% $2.70
Slide 17: Birchcliff’s Montney/Doig Resource Play
Birchcliff’s Montney/Doig Resource Play Located in the Heart of the World-Class Montney Large contiguous land blocks consisting of 382 net sections as at December 31, 2024, including the Pouce Coupe, Gordondale and Elmworth areas. Extensive Montney/Doig portfolio provides commodity cycle optimizatio
Slide 18: Large Multi-interval Land Position
Birchcliff’s Montney/Doig Resource Play Large Multi-interval Land Position NOVEMBER 2025 | TSX BIR 18
Slide 19: Located in the Heart of the World-Class Montney
Birchcliff’s Montney/Doig 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 Poiss
Slide 20: 2025 Capital Program
2025 Capital Program(1) Major Themes 2025 Capital Program Major Themes 2025 Pouce Coupe & Gordondale Pad Locations • Efficiencies and cost savings achieved in 2025 have enabled the drilling of three additional wells, which will be on production in Q4 2025. 2025 Capital Program • Average well costs e
Slide 21: Pouce Coupe Overview
Birchcliff’s Montney/Doig Resource Play Pouce Coupe Overview Q3 2025 average production of 58,393 boe/d(1), with a natural gas weighting of 89%. Proven asset in development phase, with large, low-risk multi- decade drilling inventory. Wells show high initial deliverability, low terminal declines and
Slide 22: Gordondale Overview
Birchcliff’s Montney/Doig Resource Play Gordondale Overview Q3 2025 average production of 22,013 boe/d(1) , with a liquids weighting of 37%. Gordondale has low decline base production requiring fewer wells to keep infrastructure full. Effective July 1, 2024, Birchcliff assumed operatorship of the Go
Slide 23: Pouce Coupe & Gordondale Well Economics
Pouce Coupe & Gordondale Well Economics Illustrative Type Curves(1) Demonstrating Profitability Across Asset Base 2,000 Type Curve Metrics at $3.00/GJ natural gas and $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 –
Slide 24: Elmworth Overview
Birchcliff’s Montney/Doig Resource Play Elmworth Overview Birchcliff continues to progress the formal planning for the construction of the first phase (80 – 100 MMcf/d) of its proposed 100% owned and operated natural gas processing plant in the Elmworth area, aligned with its firm transportation com
Slide 25: 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) ~100% North American Environmental Assessment (“EA”) Granted LNG export capacity growth by 2030 35 Cedar LNG (Floating) 3 MTPA (0.4 Bcf/d) United
Slide 26: 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 27: 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 28: Appendix
Appendix 28
Slide 29: Production History
Production History Significant Growth Since Inception 90,000 Due to depressed natural gas prices, in recent 79,000 – 81,000 – 84,000 80,000 years there was no incentive to grow 77,977 76,401 78,520 76,925 80,000 77,096 76,695 production, as such Birchcliff focused on 75,699 70,000 shareholder return
Slide 30: Corporate Reserves: Significant Reserves Volumes and Value
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 $7,000 900,000 1P NPV10 Focused on converting deep inventory 2P NPV10 of 1P and 2P reserves to PDP reser
Slide 31: Historic Profitability
Historic Profitability Proven Track Record as a Low-Cost Producer F&D Operating Netback PDP Recycle Ratios(1) Corporate F&D Costs (incl. FDC)(2) & Operating Netback Recycle Ratios 2022 2023 2024(3) 3-Yr Avg 3.5x Operating Netback ($/boe)(1) $32.85 $14.74 $11.02 $19.54 3.0x 3.2x PDP F&D Costs ($/boe)
Slide 32: 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 33: 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 34: Endnotes
Endnotes Slide 3: 1) Birchcliff’s guidance for its adjusted funds flow, free funds flow and total debt in 2025 is based on an annual average production rate of 79,500 boe/d in 2025, which is the mid-point of Birchcliff’s updated annual average production guidance range for 2025. See “Advisories – Fo
Slide 35: Endnotes
Endnotes Slide 14: 1) For 2022 and 2023, represents the cumulative volumes for each well brought on production, measured at the wellhead for the initial 365 days of production. For 2024 and 2025, represents the cumulative volumes for each well brought on production to-date. See “Advisories – Flow Te
Slide 36: Advisories
Advisories Definitions “Board” means Birchcliff’s board of directors. “Deloitte” means Deloitte LLP, independent qualified reserves evaluator. “Gordondale Gas Plant” means the deep-cut gas processing facility owned by AltaGas located in the Gordondale area of Alberta. “COGE Handbook” means the Canad
Slide 37: Advisories
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 38: 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 39: Advisories
Advisories Total Debt to Annual Adjusted Funds Flow Birchcliff calculates “total debt to annual adjusted funds flow” as total debt at the end of the year divided by annual adjusted funds flow in that year. Management believes that total debt to annual adjusted funds flow assists management and inves
Slide 40: Advisories
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
Advisories F&D Capital Expenditures References in this presentation to “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, drilli
Slide 43: Advisories
Advisories • the information set forth on the slide “2025 Outlook – Natural Gas Marketing and Diversification” and elsewhere in this presentation regarding Birchcliff’s marketing and natural gas diversification activities including: forecasted natural gas market exposure in 2025 and 2026; natural ga
Slide 44: Advisories
Advisories o Birchcliff’s production guidance assumes that: the Corporation’s 2025 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 unpla
Slide 45: Advisories
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
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