Birchcliff Energy Ltd. · TSX:BIR
Birchcliff Energy — Investor Presentation (August 2026)
51 slides from Birchcliff Energy's investor presentation, August 2026
Slide 1: Profitable Production Growth: Creating Long-Term Value
Profitable Production Growth Creating Long-Term Value Corporate Presentation AUGUST | 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: 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: Birchcliff Overview: Corporate Snapshot
Birchcliff Overview Corporate Snapshot Corporate Information Common share price (TSX:BIR) as at August 11, 2026 $6.41 per share 83,000 – 84,000 boe/d 88,500 boe/d Common shares outstanding as at August 11, 2026 274.5 million 2026E Average production Q4 2026E Average production Market capitalization
Slide 5: Q2 2026 Results
Q2 2026 Results Strong operational execution positions Birchcliff for a productive second half of 2026 77,562 boe/d $93.7 million $15.1 million Average production Adjusted funds flow(1) Shareholder returns(2) Q2 Operational and Financial Performance Q2 Highlights Average production 77,562 boe/d • Su
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 Greater Pouce drives free funds Demonstrated track record of
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) $265 – $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+ • Fully utilizing infrastructure improves operating netbacks
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 Febr
Slide 10: Natural Gas Market Diversification
Natural Gas Market Diversification(1) Significant Exposure to Dawn and Henry Hub 2026E Natural Gas Market Exposure 2027E Natural Gas Market Exposure Future West AECO: 51% Coast LNG AECO Dawn: 36% Projects 44% Malin: 8% AECO Henry Hub: 5% $1.80 ($0.05) No fixed price contracts providing Malin full ex
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 76 % premium $3.00 $2.00 $1.00 $- 2021 2022 2023 2024 2025 2026E AECO 5A Index (including heat premium) BIR Effective Average Realized Sales Price (1) Through diversified market access,
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 02-06 Light Oil Battery Premium Far East Index-linked pricing for a 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 360 MMcf/d of raw natural gas processing capacity and a 20,000 bbls/d inlet liquids handling facility • Two acid gas injection wells and t
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-u
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)* 105,000 $500 $700 Lower Sustaining 1.0x Elmworth Capital Greater Pouce Cumulative FFF Debt/AFF millions millions boe/d 85,000 $250
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 87,500 boe/d Fill $200 85,000 millions millions boe/d $300 Sustain $100 80,000 76,000 – 79,000 $260 – $300 75,000 $250 $0 2026E 2027E 2028E 2029E 2030E 2026E 20
Slide 18: 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 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 $8.0 ~$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 AUGUST 2026 | TSX BIR 21
Slide 22: 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 0 365 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 Early 2026
Slide 23: Operational Excellence: Improving Capital Efficiency
Operational Excellence Improving Capital Efficiency * ** Per Well Capital Efficiency Corporate Capital Efficiency $15,000 $20,000 21 % $10,000 32% since 2023 $15,000 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. GREATER POUCE Extensive Montney portfolio provides commodity cycle optimiz
Slide 25: Large Multi-Interval Land Position
Birchcliff’s Montney Resource Play Large Multi-Interval Land Position BC AB AUGUST 2026 | TSX BIR 25
Slide 26: 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 27: Canadian West Coast LNG Opportunity
Canadian West Coast LNG Opportunity(1) Western Canadian LNG Landscape Canadian West Coast & U.S. 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 Inc
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 $500,000 STARS Air Ambulance 30 engagement sessions with local donated to local and the United Way of Indigenous communities, invested community groups Calgary, raising more approxima
Slide 30: Appendix
BIRCHCLIFF = Appendix ENERGY 30
Slide 31: Historic Profitability
Historic Profitability Proven Track Record as a Low-Cost Producer PDP F&D Operating Netback Recycle Ratios(1) Corporate F&D Costs (including FDC)(2) & Operating Netback Recycle Ratios 2025(3) 2024 2023 3-Yr Avg 1.6x Operating Netback ($/boe)(1) $14.66 $11.02 $14.74 $13.47 1.4x 1.4x PDP F&D Costs ($/
Slide 32: 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 33: Corporate Reserves
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 34: Production History
Production History Significant Growth Since Inception 90,000 83,000 – 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 35: 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 36: 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 37: Corporate Information
Corporate Information Management Team Head Office Gates Aurigemma Paul Messer Suite 1000, 600 – 3rd Avenue S.W. Manager, General Accounting Manager of Information Technology Calgary, Alberta T2P 0G5 T: 403-261-6401 Michelle Bourque Tyler Murray E: birinfo@birchcliffenergy.com Manager, Human Resource
Slide 38: 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 39: Endnotes
Endnotes Slide 15: 1) As compared to 2025 and based on 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 purpo
Slide 40: Advisories: Definitions
Advisories Definitions “Board” means Birchcliff’s board of directors. “COGE Handbook” means the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter), as amended from time to time. “CSA Staff Notice 51-324” means Canadian Securities Ad
Slide 41: 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 42: Advisories: Effective Natural Gas Sales
Advisories Effective Natural Gas Sales Birchcliff defines “effective sales” in the AECO market and NYMEX HH market as the sales amount received from the production of natural gas that is effectively attributed to the AECO and NYMEX HH market pricing, respectively, and does not consider the physical
Slide 43: 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 44: Advisories: Effective Average Realized Sales Price
Advisories Effective Average Realized Natural Gas Sales Price Birchcliff calculates “effective average realized natural gas sales price” as total natural gas effective sales divided by the effective natural gas production during the period. Management believes that disclosing the effective average r
Slide 45: Advisories: Total Debt
Advisories Total Debt Birchcliff calculates “total debt” at the end of the period as the amount outstanding under the Corporation’s credit facilities plus working capital deficit (less working capital surplus) plus the fair value of the current asset portion of financial instruments and less the cur
Slide 46: Advisories: Oil and Gas Metrics
Advisories 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 recycle ratio, net asset value and net asset value per common share, which have been determined by
Slide 47: Advisories
Advisories commodities produced, regulatory approvals and regulatory changes. As a result of these uncertainties, there can be no assurance that the potential future drilling locations identified will ever be drilled and, if drilled, that such locations will result in additional oil, condensate, NGL
Slide 48: Advisories: Forward-Looking Statements
Advisories In particular, this presentation contains forward‐looking statements relating to: • Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including that Birchcliff is f
Slide 49: Advisories
Advisories • approximately 22 years to keep infrastructure fully utilized; that Birchcliff’s Elmworth asset is largely unbooked and includes approximately 145 net sections of Montney lands; that Elmworth provides Birchcliff with significant drilling inventory and a large potential future growth area
Slide 50: Advisories
Advisories o Birchcliff’s forecast of its natural gas market exposure in 2026 assumes: (i) 175,000 GJ/d being sold on a physical basis at the Dawn price; and (ii) 70,000 MMBtu/d being contracted on a financial basis at an average fixed basis differential price between AECO 7A and NYMEX HH of US$0.96
Slide 51: Advisories
Advisories Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory autho
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