Athabasca Oil Corporation · TSX:ATH
Athabasca Oil — Q1 2026 Earnings Presentation
26 slides from Athabasca Oil's earnings presentation, May 6, 2026
Slide 1: Athabasca Oil Corporation Q1 2026 Results
ATHABASCA OIL CORPORATION FOCUSED | EXECUTING | DELIVERING MAY 6, 2026 – Q1 2026 RESULTS
Slide 2: Our Vision & Strategy
OUR VISION & STRATEGY Low-Decline High-Quality Self-Funded Growth Pristine Balance Sheet Thermal Assets with 85 Year in High-Quality Kaybob with a Net Cash Position Reserve Life Duvernay Oil Play DRIVING VALUE THROUGH PER SHARE GROWTH LIQUIDS GROWTH CFPS GROWTH SHAREHOLDER RETURNS (BOE/D) ($MM; $/SH
Slide 3: Corporate Snapshot
CORPORATE SNAPSHOT ~40,000 BOE/D / 98% LIQUIDS / LOW BASE DECLINE ATHABASCA ASSETS CAPITALIZATION (Q1 CONSOLIDATED) THERMAL OIL THERMAL OIL Dover ~300,000 gross acres Basic Shares (ATH-TSX) 484MM o Predictable, low decline projects West Market Cap. ($12/sh) ~$5,800MM o Compelling SAGD growth Hanging
Slide 4: Q1 2026 Results
Q1 2026 RESULTS Production Cash Flow Netbacks 40,242 boe/d (98% Liquids) $128MM Adjusted Funds Flow Q1 ~$46/bbl Thermal Oil & ~$47/boe DEC 2026e 37,000 – 39,000 boe/d >$65/boe for all operating areas in March $0.27/sh FFO Exit ~45,000 boe/d Capital Pristine Balance Sheet 100% Return of Capital $92MM
Slide 5: Robust Free Cash Flow Profile
ROBUST FREE CASH FLOW PROFILE BUSINESS OUTLOOK CONSOLIDATED PRODUCTION (BOE/D)1 100,000 o Growth in Thermal Oil to >60,000 bbl/d by 2030 Leismer Hangingstone Corner o Self-funded Duvernay Energy enhances growth 75,000 Duvernay Energy >15% CAGR >20% per share CAGR COMPETITIVE THERMAL PROJECTS 50,000
Slide 6: Exposure to a Bullish Oil Thesis
EXPOSURE TO A BULLISH OIL THESIS CANADIAN HEAVY OIL 2026-30 FREE CASH FLOW ($B) o Supply risk firmly embedded in the market $3.0 ~$1.5 billion Free Cash Flow (US$70 WTI) +US$10 WTI: +~$300 million • Hormuz disruption threatens ~20mmbbl/d of oil flows $2.5 • Global inventories leave limited buffer fo
Slide 7: Thermal Oil – Asset Overview
THERMAL OIL – ASSET OVERVIEW ATHABASCA 2015
Slide 8: Thermal Oil Division
THERMAL OIL DIVISION PREDICTABLE, LOW DECLINE HIGHLIGHTS THERMAL PROPERTIES (MCMURRAY FAIRWAY) 32,000 – 34,000 bbl/d 2026e Average (incl. turnarounds) ~48,000 bbl/d 2027e Exit Rate 2026e Capital $273MM Expenditures 5-year Growth Capital ~US$55 WTI Break-even (incl. Corner) Sustaining Capital ~$8/bbl
Slide 9: Leismer – Brownfield Growth
LEISMER – BROWNFIELD GROWTH TOP TIER OIL SANDS PROJECT DEVELOPMENT MAP Pad 10M 6 well pairs o Q1 production ~27,000 bbl/d o Long reserve life • 687MMbbl 2P reserves; 464MMbbl Best Est. Contingent Resource Pad 11S 6 well pairs • ~50 year 2P RLI at 40,000 bbl/d o High quality reservoir underpins low c
Slide 10: Leismer – 40,000 bbl/d Progressive Expansion
LEISMER – 40,000 BBL/D PROGRESSIVE 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 E
Slide 11: Hangingstone – Cash Flow Generation
HANGINGSTONE – CASH FLOW GENERATION DEVELOPMENT MAP PROJECT HIGHLIGHTS o Q1 production ~9,000 bbl/d o Long reserve life; ~50 year Reserve Life Index • 161MMbbl 2P reserves o Stable SOR at 3.4x with field-wide NCG co-injection 2026 ACTIVITY (~$17MM CAPITAL) o Two-week facility turnaround in June (~$5
Slide 12: Corner – Next Funded Growth Project
CORNER – NEXT FUNDED GROWTH PROJECT DEVELOPMENT MAP TOP TIER OIL SANDS PROJECT 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 o Located in the heart of the McMurray In Situ
Slide 13: Corner – Road to First Oil
CORNER – ROAD TO FIRST OIL ACTIVITIES UNDERWAY CORNER CPF SITE o 2026 pre-sanction capital ~$16MM o CPF, road and pad-site preparation underway o Finalizing cost estimates • Advancing lump-sum execution structures o Secured critical path contracts • Gas feedstock & egress ROAD TO FIRST OIL o First s
Slide 14: Duvernay Energy Corporation
DUVERNAY ENERGY CORPORATION
Slide 15: 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 Operatorship of strategic infrastructure LONG-TERM ACTIVITY o Flexible development plans funded within c
Slide 16: Duvernay Energy – Development Plans
DUVERNAY ENERGY – DEVELOPMENT PLANS 2026 HIGHLIGHTS KAYBOB DUVERNAY LAND MAP o Strong initial well results >1,000 boe/d (~90% Liquids) 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)
Slide 17: Appendix
APPENDIX ATHABASCA 2015
Slide 18: 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 19: Differentiated Long-Life Reserves
DIFFERENTIATED LONG-LIFE RESERVES RESERVE LIFE INDEX* 2025 RESERVE & RESOURCE OVERVIEW 100 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 20: Secured Market Access
SECURED MARKET ACCESS ATHABASCA INITIATIVES LIQUIDS PIPELINES TMX o Diversified market access for its development plans ENB • Long-term egress aligned to growth initiatives and long-life assets Mainline • Provides protection against local market differential volatility SOBO Keystone • No balance she
Slide 21: 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 ~$5,800MM STRONG LIQUIDITY Market Cap ($12/share) o Liquidity of ~$406MM, including $291MM cash $13MM DEC RBL o Facilities utilized for trans
Slide 22: Valuable Tax Pools ~$2.1B
VALUABLE TAX POOLS TAX POOL SUMMARY (Q1 2026) ~$2.1B ~$1.6B ATHABASCA OIL (TSX:ATH) 21
Slide 23: 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 24: 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 25: Reader Advisory Cont'd
READER ADVISORY CONT’D Initial Production Rates Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not nece
Slide 26: 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