Birchcliff Energy Ltd. · TSX:BIR
Birchcliff Energy — Investor Presentation (August 2025)
48 slides from Birchcliff Energy's investor presentation, August 2025
Slide 1: Delivering Results with Operational Excellence
Delivering Results with Operational Excellence Corporate Presentation AUGUST | 2025 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 2025 Guidance(1) focused on creating long-term shareholder value. Average production 76,000 – 79,000 boe/d Adjusted funds flow(2) $445 million F&D capital expenditures $260 – $300 million Free funds flow(2) $145 – $
Slide 4: Corporate Snapshot – Q2 2025 Results
Corporate Snapshot Q2 2025 Results Average production Adjusted funds flow 79,480 boe/d $94.5 million(1) Average production 79,480 boe/d Light oil (% of production) 1,571 bbls/d (2%) Condensate (% of production) 5,439 bbls/d (7%) NGLs (% of production) 6,898 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 Improve operating margins and Prioritize debt reduction and Pouce Coupe and Gordondale $0.1
Slide 6: Five-Year Outlook: Disciplined and Profitable Production Growth
Five-Year Outlook(1) Disciplined and Profitable Production Growth F&D Capital Spending Annual Production 2025E – 2026E: 2027E – 2028E: Key Themes $260 – $300 million $325 – $375 million Targets 14%(2) 2029E: Production Growth $300 – $325 million INVEST $500 90,000 87,500 boe/d In Growing Our Busines
Slide 7: Five-Year Outlook: Free Funds Flow Focused
Five-Year Outlook(1) Free Funds Flow Focused Cumulative Free Funds Flow Potential cumulative adjusted funds Key Themes Potential cumulative free funds flow(2) of approximately $2.2 billion. flow(2) of $635 million $800 INVEST $600 Potential cumulative excess free funds In Growing Our Business Millio
Slide 8: 2025 Outlook: Capital Program Details
2025 Outlook Capital Program Details(1) 2025 F&D Capital Expenditures by Classification 2025 Pouce Coupe & Gordondale Pad Locations Classification Capital (millions) DCCET(2) $185 – $215 2025 Capital Program Pouce Coupe Gas Plant Gordondale Gas Plant Facilities and Infrastructure $35 – $40 Maintenan
Slide 9: 2025 Outlook: Adjusted Funds Flow Sensitivity
2025 Outlook(1) Adjusted Funds Flow Sensitivity $500 $400 Excess free funds flow(5) Adjusted funds flow is expected to Adjusted funds flow(5) $112 MM increase by approximately 88%(2) $445 MM year-over-year $300 Growth $40MM Base dividend $33MM(6) Millions $200 F&D Capital spending – low end $260MM $
Slide 10: 2025 Outlook: Natural Gas Marketing and Diversification
2025 Outlook(1) Natural Gas Marketing and Diversification 2025E Natural Gas Market Exposure Future West Coast LNG AECO Projects 23% AECO $2.00 ($0.04) No fixed price contracts providing full exposure to commodity prices ($0.38) $1.58 Approximately 76% of total natural gas Alliance Dawn volumes in 20
Slide 11: 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 12: 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 13: Operational Excellence: Drilling Performance
Operational Excellence Drilling Performance Drill Curves Improving Drill Speeds 600 36 % since 2023 2023 2024 Final 11 wells of 2024 2024 Pacesetter 2025 Pacesetter 0 Metres Per Day Surf Main 300 2023 2024 Final 11 wells of 2025E Depth (metres) 2024 600 $/Measured Depth Lateral 24 % since 2023 6000
Slide 14: Operational Excellence: Completion Performance
Operational Excellence Completion Performance Well Design Evolution Improving Frac Efficiency 24 12 % Pump Hours Per Day 2023 since 2023 2,460m LL 5 x 20m 1.0 TPM 12 2023 2024 Final 15 Wells of 2025E 2024 2,460m LL 2024 5 x 16m 1.0 - 2.0 TPM $120 +50% TPM k$/100tonnes 26 % 2025 2,720m LL since 2023
Slide 15: Operational Excellence: Well Performance
Operational Excellence Well Performance Vintage Map Year-over-Year Production Performance(1) 2022 2023 2024 2025 1,500 Rate (boe/d) 1,000 500 0 0 Producing Days 365 1,000 25 81 % since 2024 IP365 boe/d(2) IP365 CGR(2) 0 0 2022 2023 2024E 2025E 2022 2023 2024E 2025E 2025 program shows significant inc
Slide 16: Operational Excellence: Capital Efficiency
Operational Excellence Capital Efficiency * ** Per Well Capital Efficiency Corporate Capital Efficiency $15,000 $20,000 24 % since 2023 18 % since 2023 $5,000 $10,000 2023 2024 2023 2024 Field development optimization and execution has resulted in a step change in capital efficiencies. * Birchcliff
Slide 17: Operational Excellence: Operating Costs
Operational Excellence Operating Costs 2024 Peer Comparison(1) Operating Cost Projection $16.00 100% $3.30 90% $14.00 80% $3.20 % Natural Gas Weighting $12.00 Operating Cost $/boe 70% Operating Cost $/boe $3.10 $10.00 60% $8.00 50% $3.00 $6.00 40% 30% $2.90 13 % Plant Full (2) $4.00 $2.80 20% $2.00
Slide 18: Located in the Heart of the World-Class Montney
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 19: Large Multi-interval Land Position
Birchcliff’s Montney/Doig Resource Play Large Multi-interval Land Position AUGUST 2025 | TSX BIR 19
Slide 20: 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 21: 2025 Capital Program
2025 Capital Program(1) Major Themes 2025 Capital Program Major Themes 2025 Pouce Coupe & Gordondale Pad Locations • High rates-of-return, attractive paybacks and strong capital efficiencies. • 10% longer lateral lengths and tighter cluster spacing compared to 2024. 2025 Capital Program • Level-load
Slide 22: Pouce Coupe Overview
Birchcliff’s Montney/Doig Resource Play Pouce Coupe Overview Q2 2025 average production of 57,684 boe/d(1), with a natural gas weighting of 90%. Proven asset in development phase, with large, low-risk multi- decade drilling inventory. Wells show high initial deliverability, low terminal declines and
Slide 23: Gordondale Overview
Birchcliff’s Montney/Doig Resource Play Gordondale Overview Q2 2025 average production of 21,787 boe/d(1) , with a liquids weighting of 38%. Gordondale has low decline base production requiring fewer wells to keep infrastructure full. Effective July 1, 2024, Birchcliff assumed operatorship of the Go
Slide 24: 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 25: Elmworth Overview
Birchcliff’s Montney/Doig Resource Play Elmworth Overview In the last 2 years, 3 horizontal wells were drilled as part of Birchcliff’s ongoing land retention strategy. Progressing asset development with an Open House conducted in late- March 2025 for relevant stakeholders in the Elmworth area. Birch
Slide 26: 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”) Phase LNG export capacity growth by 2030 35 Cedar LNG (Floating) 3 MTPA (0.4 Bcf/d) United St
Slide 27: 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 28: Corporate Responsibility: Making a Difference
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 29: Appendix
Appendix 29
Slide 30: Production History: Significant Growth Since Inception
Production History Significant Growth Since Inception 90,000 Due to depressed natural gas prices, in recent 80,000 years there was no incentive to grow 77,977 76,401 78,520 76,925 76,695 76,000 – 79,000 77,096 75,699 production, as such Birchcliff focused on 70,000 shareholder returns 67,963 Average
Slide 31: 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 $7,000 900,000 1P NPV10 Focused on converting deep inventory 2P NPV10 of 1P and 2P reserves to PDP reser
Slide 32: Historic Profitability
Historic Profitability Proven Track Record as a Low-Cost Producer F&D Operating Netback PDP Recycle Ratios(1) Corporate F&D Costs (incl. FDC)(2) & Operating Netback Recycle Ratios 2022 2023 2024(3) 3-Yr Avg 3.5x Operating Netback ($/boe)(1) $32.85 $14.74 $11.02 $19.54 3.0x 3.2x PDP F&D Costs ($/boe)
Slide 33: Significant Drilling Inventory: Pouce Coupe & Gordondale
Significant Drilling Inventory: Pouce Coupe & Gordondale Decades of Low-Risk Booked Inventory Beyond Five-Year Outlook(1) 5-Year Outlook (2025 – 2029) Future Years Total 2P Booked Locations 170 – 180 wells 30 wells/yr going forward 22 years of 2P locations(2) Production growth to Maintain 87,500 boe
Slide 34: 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 35: 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 36: 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 77,500 boe/d in 2025, which is the mid-point of Birchcliff’s annual average production guidance range for 2025. See “Advisories – Forward-Lo
Slide 37: Endnotes
Endnotes Slide 9: 1) See “Advisories – Forward-Looking Statements” for further information regarding the risks and assumptions relating to Birchcliff’s 2025 guidance and the commodity price, exchange rate and other assumptions for such guidance. 2) Based on adjusted funds flow of $236.8 million in 2
Slide 38: Endnotes
Endnotes Slide 25: 1) Represents the volumes measured at the wellhead separator for the three days of production immediately after the well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable. The natura
Slide 39: Advisories: Definitions
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 40: 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 n
Slide 41: Advisories
Advisories Birchcliff has disclosed in this presentation forecasts of adjusted funds flow, free funds flow and excess free funds flow for the period from 2025 to 2029, which are forward-looking non-GAAP financial measures. The equivalent historical non-GAAP financial measures are adjusted funds flow
Slide 42: 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 43: Advisories: Presentation of Oil and Gas Reserves
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 44: 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 annual average product
Slide 45: 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, drill
Slide 46: 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, natural gas netbacks and es
Slide 47: 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 48: 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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