Tourmaline Oil Corp. · TSX:TOU
Tourmaline Oil — Investor Presentation (July 2026)
50 slides from Tourmaline Oil's investor presentation, July 2026
Slide 1: Corporate Presentation
Corporate Presentation July 2026
Slide 2: Tourmaline Overview
Tourmaline Overview 2 The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders July 2026 Tourmaline Overview 5.2 MM Net Acres, 6.1 Billion Boe 2P Reserves(1) • Largest natural gas producer in Canada Drilled to Date • 3rd largest Canadian gas
Slide 3: Largest North American Natural Gas Producers
3 Largest North American Natural Gas Producers July 2026 Tourmaline is the largest natural gas producer in Canada, and the sixth largest gas focused producer in North America MMcf/d 2026E Natural Gas Production – Canada & US 8,000 7,000 Scale is a key component in driving down 6,000 costs, leveragin
Slide 4: Tourmaline: A Significant Canadian Liquids Producer
4 Tourmaline: A Significant Canadian Liquids Producer July 2026 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth • Tourmaline is a ~50 mbpd condensate producer, and the second largest producer of NGLs • Tourmaline is planning strong liquids growth with the f
Slide 5: EP Growth Plan
5 EP Growth Plan(1) July 2026 1,000,000 800,000 600,000 Boe/d Deep Basin 400,000 NEBC 200,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 After-tax After-tax E&P Capital Free Cash Ending Surplus Prod’n Cash Flow CFPS – Program(4) Flow(5) Base Dividend (Net
Slide 6: Tourmaline EP Project Summary
6 Tourmaline EP Project Summary July 2026 Tourmaline's NEBC build out will consist of thoughtfully timed expansions of 5 major processing complexes, providing >200 mboepd of high margin volume growth into the next decade Production Outlook mboepd 950 EP Plan “In Flight” EP Plan “In Planning” 900 S M
Slide 7: Low Debt/Balance Sheet Strength and Low Costs
7 Low Debt/Balance Sheet Strength and Low Costs The Optimum Approach in Uncertain Times… July 2026 Large Canadian Producer Large Canadian Producers 2026 Net Debt / Cash Flow 2026 E&P Opex 1.5x $25.00 The ongoing NEBC infrastructure buildout and other parallel initiatives are expected to reduce opex
Slide 8: NEBC Montney Gas/Condensate Complex
8 NEBC Montney Gas/Condensate Complex Mar 2026 Current Prod. 325,000 boepd Conroy Complex Current Reserves 3,866 mmboe (Dec 31, 2025) NRM Jedney Montney Drilling 8,814 horizontal locations Inventory (Dec 31, 2025) Aitken Complex NRM Aitken/Hwy Current Planned Tourmaline is one of the largest Process
Slide 9: NEBC Infrastructure Project Overview
NEBC Infrastructure Project Overview 9 …Several key components already completed (yielding 2026 cost reduction), the initial two plant projects remain on schedule… July 2026 Highway d-27-I Condensate Hub Aitken 38-C Plant Expansion Under Construction • Storage with multiple pipeline interconnects. •
Slide 10: Alberta Deep Basin
10 Alberta Deep Basin Mar 2026 The contiguous Tourmaline interconnected Deep Basin Cretaceous gas asset is effectively Alberta’s Largest Gas Field Musreau /Kakwa TCPL • Current Production 330,000 boepd Netook • Current Reserves 1,950 mmboe (as at Dec 31, 2025) • Tourmaline Land Base 3.2 million acre
Slide 11: Tourmaline Vintage Type Curves
11 Tourmaline Vintage Type Curves July 2026 Through longer laterals, improved completions, and accessing new prolific resource areas, the NEBC Montney and the Alberta Deep Basin are both posting above historical type curve performance in 2026 NEBC Vintage Type Curves Deep Basin Vintage Curves (Wellh
Slide 12: A Unique, Expanding Exploration Program
12 A Unique, Expanding Exploration Program 2025 Highlights and Significant Planned 2026 Wells Mar 2026 Conroy Exploration program success has created significant Aitken Basal Montney • D-F66-I / 094-B-16 incremental value in existing core complexes, the majority of • IP. 180 - 6.32 mmcf/d & 72 bbl/d
Slide 13: North American Natural Gas Reserves
13 North American Natural Gas Reserves May 2026 Companies that own the largest, lowest development cost, transport-integrated natural gas reserves, will increasingly dominate the Energy space in the next 20 – 30 years 28 28 Western LNG St. 2 Montney 2P Reserves (Tcf) LNG Canada Western Canadian Sedi
Slide 14: Multiple Decades of Tier Inventory
14 Multiple Decades of Tier 1 Inventory Mar 2026 Tourmaline’s deep inventory ownership provides multiple decades of very profitable development, plus no need to pursue large “resource reloads” in A&D market Drilled to Date $6.00 75 yrs of 2026 Drilling Drilling A.Tax Break-Even Gas Price (C$/GJ AECO
Slide 15: Continuous D&C Performance / Cost Improvements
15 Continuous D&C Performance / Cost Improvements Mar 2026 Wells Placed on Production Feet Average Lateral Feet per Well 180 Steady programs in both 10,000 the Deep Basin and NEBC 159 ~75% increase in DB/NEBC 160 lateral length since 2018 137 140 142 143 9,000 140 140 124 112 8,000 120 107 106 108 1
Slide 16: 2026 Natural Gas Transportation and Marketing Overview
16 2026 Natural Gas Transportation and Marketing Overview July 2026 Natural Gas Price Exposure 4% 2% 12% 8% 34% 49% 49% 41% 45% 22% Station 2 18% 16% 15% 17% 14% 2% 2% 1% 2% 2% 12% 11% 13% 12% 13% 12% 6% 6% 6% 6% 6% 2% 3% 2% 2% 2% 8% 7% 8% 10% 10% 2026 2027 2028 2029 2030 (balance of) AECO US Gulf/L
Slide 17: Tourmaline LNG Overview
17 Tourmaline LNG Overview July 2026 Tourmaline continues to grow its international pricing exposure West Coast LNG Anticipated • Woodfibre LNG (2027) 0.3 Bcfpd • Cedar LNG (2028) 0.4 Bcfpd • Shell LNG Canada Ph2 1.8 Bcfpd (FID Pending) • Western / Ksi Lisims LNG 1.7 Bcfpd (FID Pending) Western • Pr
Slide 18: Capturing Value in Volatility: Natural Gas Storage
Capturing Value in Volatility 18 Natural Gas Storage July 2026 Tourmaline has 10 Bcf of natural gas storage through its 6 Bcf Dimsdale, 3 Bcf Wildgoose, and 1 Bcf Dawn positions. In mid 2027 Tourmaline’s Dimsdale position will expand to 10 Bcf providing for 14 Bcf of Corporate Storage. DIMSDALE STOR
Slide 19: Guidance
19 Guidance July 2026 2026(1) Production – Boe/d 620,000 – 640,000 Cash Flow(i) - $MM $3,530 (at 630,000 boepd) CFPS - Diluted(i) $9.05 (at 630,000 boepd) E&P Capital Program(ii) - $MM $2,550 Capital Expenditures(i) - $MM $2,650 Free Cash Flow(iii) - $MM $880 (at 630,000 boepd) (1) Price Assumptions
Slide 20: Tourmaline 2027 After Tax Cash Flow Sensitivity & Allocation
20 Tourmaline 2027 After Tax Cash Flow Sensitivity & Allocation July 2026 Tourmaline’s low cost structure drives sustainable return on, and of, capital opportunities • TOU’s maintenance budget, and dividend is fully funded at US$2.00/mcf NYMEX & C$2.00/Mcf AECO on strip liquids • TOU will manage gro
Slide 21: Growing Corporate Margins Through NEBC Development
21 Growing Corporate Margins Through NEBC Development Mar 2026 With 2026 cost reduction initiatives allowing for 7% YoY cost improvement ($0.70/boe), Tourmaline has raised its cost reduction target from $1.00/boe to $1.50/boe with additional opportunities to upsize through the NEBC Montney buildout
Slide 22: Free Cash Flow Allocation & Dividend Growth Track Record
Tourmaline Free Cash Flow Allocation & 22 Dividend Growth Track Record July 2026 The majority of Tourmaline’s free cash flow will be returned to shareholders; a growing base dividend will be the preferred method of shareholder returns • Base dividend will continue to grow alongside the base EP busin
Slide 23: Tourmaline Long Term Business Plan
23 Tourmaline Long Term Business Plan Growth & Leading Shareholder Returns July 2026 2026 2028 2030 2032 2034 800 Production Growth mboepd Deep Basin Growth 700 Continued Modest Growth Evolving Towards 1-2% Production Growth with NEBC Growth 600 Enhanced FCF Harvest Base Business 500 Large Project S
Slide 24: Appendix
APPENDIX
Slide 25: Historical EP Performance
25 Historical EP Performance Mar 2026 Production Per Share* Reserves Per Share* 600 16 500 14 12 Boe / 000 Shares Boe / Share 400 10 300 8 200 6 4 100 2 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Operating Costs / BOE Cash Flow P
Slide 26: Independently Recognized Canadian 2P Reserves
26 Independently Recognized Canadian 2P Reserves(1) May 2026 Tcf Natural Gas 2P Reserves MMbbl Conventional Liquid 2P Reserves 30 2,500 28 25 2,000 20 1,480 1,500 15 1,000 10 500 5 0 0 TOU Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer TOU Peer Peer Peer Peer Peer Peer Peer Peer Pe
Slide 27: Continuous Capital Efficiency Improvements
27 Continuous Capital Efficiency Improvements Mar 2026 $22,500 $20,900 $20,000 $17,500 $15,500 Tourmaline maintains best in class capital efficiencies $15,000 $12,400 $12,200 $12,500 $11,800 $/boepd $11,200 $10,700 $10,000 $9,500 $9,500 $8,650 $8,900 $8,000 $7,300 $7,500 $5,000 $2,500 $- (1) 2014 20
Slide 28: Tourmaline Midstream Assets
28 Tourmaline Midstream Assets Mar 2026 The infrastructure skeleton in all core operated complexes is now complete This infrastructure is essentially all new and in the ‘growth’ areas of the WCSB 33 working interest1 gas plants, 18 of which are 100% owned Montney and operated, 4 Topaz interest plant
Slide 29: The Growing Tourmaline Liquids Business
29 The Growing Tourmaline Liquids Business July 2026 Tourmaline’s diverse and profitable liquids marketing business • Liquids receive diversified pricing: WTI, FSPL, Namao/Peace, CRW, Mt. Belvieu, Conway, Far East Index, and Polypropylene netbacks • NGL volumes are meaningfully exposed to all Canadi
Slide 30: The Ever-Evolving Tourmaline Development Approach
30 The Ever-Evolving Tourmaline Development Approach July 2026 In the Alberta Deep Basin and the BC Montney Tourmaline is constantly seeking the balance between maximizing deliverability (growth), EUR (value), and overall economic return (CF/FCF). Tourmaline ultimately prioritizes IRR maximization,
Slide 31: 2024-2031 NEBC Infrastructure Project Overview
2024-2031 NEBC 31 Infrastructure Project Overview July 2025 • This is the largest EP growth project in the WCSB over the next 5 years and is timed to the growing Canadian LNG business. • Tourmaline expects to add 1.1 bcf/d of new gas production and over 50,000 bpd of condensate and ngls over the nex
Slide 32: Gas Development Location Inventory and Economics
32 Gas Development Location Inventory and Economics(1) Mar 2026 AB Deep Basin AB Deep Basin NEBC Gundy NEBC North NEBC South North & West South MNTN MNTN MNTN Horizontal Horizontal Horizontal Horizontal Horizontal Total Well Costs (Drill, Case, Complete, $ Million) 6.20 6.05 5.70 5.80 6.72 Average R
Slide 33: Market Leading Return on and of Capital
33 Market Leading Return on and of Capital July 2026 Tourmaline’s return on capital employed (“ROCE”) cycles between 15-25% in strong commodity price environments and 5-15% in low commodity price environments with base dividends offering a 3% income yield with upside during strong pricing 36% The ‘M
Slide 34: Environmental Performance Investment
34 Environmental Performance Investment Mar 2026 Focusing on investment opportunities that maximize cost savings & environmental impact • Water: recycling, & pipeline infrastructure; ~95% recycling in NEBC, advancing AB towards 100% • Air: diesel displacement, pneumatic / venting reduction, power (h
Slide 35: Environmental Performance Improvement
35 Environmental Performance Improvement Mar 2026 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over seven years. The Company is systematically improving its performance and reducing the impact of all aspects of activiti
Slide 36: EP Plan Price Deck Sensitivity
36 EP Plan Price Deck Sensitivity July 2026 AT Cash Flow Sensitivity ($MM) Free Cash Flow Sensitivity ($MM) $8,000 High Base Strip Low High Base Strip Low $5,000 $6,000 $4,000 $3,000 $4,000 $2,000 $2,000 $1,000 $- $- 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2026E 2027E 2028E 2029E 2030E 2031E 2032E
Slide 37: Tourmaline Financial Position
37 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity July 2026 Tourmaline has ample liquidity and capacity to weather adverse commodity prices $mm Debt Profile, Term, Capacity Change in: 2027 Cash Flow Sensitivities $3,650 Oil US$1/bbl $20 Sensitivity remains primarily to $2,8
Slide 38: Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities
38 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities • Cost saving via novel frac water sourcing/recycling • Waste heat recovery technology • Alternative hz frac programs/processes – Concurrent pairs, delayed flow-backs etc. • Novel drilling technology to reduce time/cost • U
Slide 39: Schedule A
39 Schedule A DRILLING LOCATIONS Estimated Drilling Inventory This document discloses drilling locations, as at December 31, 2025, and prior to the impact of the Peace River High Disposition, in four categories: (i) proved undeveloped locations; (ii) probable undeveloped locations; (iii) unbooked lo
Slide 40: Schedule A continued
40 Schedule A continued Deep Basin well count : • Total horizontal Deep Basin locations = 18,407 (1-2 wells per section per zone depending on zone) • Less existing horizontals, and less 20% of existing vertical producers = 3,271 • Remaining Horizontal Locations = 15,223 • Remaining Vertical Location
Slide 41: Schedule B
41 Schedule B Prospective locations are unbooked locations that are not included in inventory. Unbooked locations are internal estimates based on the Company's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal revi
Slide 42: Forward Looking Information
42 Forward Looking Information Certain information contained in this presentation constitutes forward-looking information within the meaning of applicable securities laws. This information relates to future events or the Company's future performance. All information other than information of histori
Slide 43: Forward Looking Information
43 Forward Looking Information With respect to forward-looking information contained in this presentation, assumptions have been made regarding, among other things: future crude oil and natural gas prices; future interests rates and currency exchange rates; the Company's ability to obtain qualified
Slide 44: Forward Looking Statement Advisories
44 Forward Looking Statement Advisories Oil and Gas Advisories Certain crude oil and natural gas liquids ("NGLs") volumes have been converted to millions of cubic feet equivalent ("mmcfe") or thousands of cubic feet equivalent ("mcfe") on the basis of one barrel ("bbl" of crude oil or NGLs to six th
Slide 45: Forward Looking Statement Advisories
45 Forward Looking Statement Advisories Non-GAAP Financial Measures Cash Flow Management uses the term “cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company’s efficiency and its ability to generate the cash (net of current i
Slide 46: Forward Looking Statement Advisories
46 Forward Looking Statement Advisories Non-GAAP Financial Measures (con’t) E&P Capital Program Management uses the term "exploration and production expenditures" as a measure of capital investment in exploration and production activity, and such spending is compared to the Company's annual budgeted
Slide 47: Forward Looking Statement Advisories
47 Forward Looking Statement Advisories Non-GAAP Financial Measures (con’t) Free Cash Flow Management uses the term "free cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company's ability to manage debt levels and return value
Slide 48: Forward Looking Statement Advisories
48 Forward Looking Statement Advisories Non-GAAP Financial Measures (con’t) Operating Netback Management uses the term “operating netback” as a key performance indicator and one that is commonly presented by other oil and natural gas producers. Operating netback is defined as the sum of commodity sa
Slide 49: Forward Looking Statement Advisories
49 Forward Looking Statement Advisories Non-GAAP Financial Ratios Operating Netback per-boe Management calculates “operating netback per-boe” as operating netback divided by total production for the period. Operating netback per-boe is a key performance indicator and measure of operational efficienc
Slide 50: Forward Looking Statement Advisories
50 Forward Looking Statement Advisories Capital Management Measures Adjusted Working Capital Management uses the term “adjusted working capital” for its own performance measures and to provide shareholders and potential investors with a measurement of the Company’s liquidity. A summary of the compos