Athabasca Oil (ATH) investor relations material

Executive summary

• Q1 2026 production averaged 40,242 boe/d (98% liquids), up 7% year-over-year, with strong operational performance and 14% per share growth.

• Adjusted funds flow reached $128MM ($0.27/share FFO), with robust netbacks and increased 2026 cash flow outlook.

• Strategic focus on low-decline, high-quality thermal assets and self-funded growth in the Kaybob Duvernay oil play, with Leismer and Duvernay expansions progressing.

• Maintained a pristine balance sheet with $60MM net cash and $406MM liquidity.

• Significant shareholder returns, including $40MM in buybacks year-to-date and a 24% reduction in share count since Q1 2023.

Financial highlights

• Q1 2026 adjusted funds flow: $128MM ($0.27/share); revenue: $396.3MM; operating income: $172.2MM; net income: $46.3MM.

• Capital expenditures: $92MM (Thermal Oil), $22MM (DEC/Duvernay), $114MM total Q1 capex.

• Netbacks: ~$46/bbl for Thermal Oil, ~$47/boe for DEC/Duvernay, exceeding $65/boe in March for all areas.

• Market capitalization at ~$5.8B, with $291MM cash and $2.1B in tax pools.

• Free Cash Flow from Thermal Oil segment was $20.1MM.

Outlook and guidance

• 2026 Adjusted Funds Flow forecast raised to $550–$575MM, reflecting higher oil prices.

• Annual production expected at the high end of 37,000–39,000 boe/d, with ~2,500 boe/d impact from planned turnarounds.

• 2026 exit production projected at ~45,000 boe/d, with Leismer expansion and Duvernay growth.

• Leismer expansion to reach 40,000 bbl/d by late 2027; Corner project phase 1 sanction expected H2 2026.

• 100% of Free Cash Flow to be returned to shareholders via buybacks up to NCIB limit.