Birchcliff Energy (BIR) investor relations material

Financial and operational highlights

• 2026 guidance targets average production of 81,000–84,000 boe/d, adjusted funds flow of $430 million, and free funds flow of $55–$105 million.

• F&D capital expenditures for 2026 are projected at $325–$375 million, with total debt at year-end estimated at $410–$460 million.

• Annual base dividend set at $0.12 per share, with a 1.7% yield as of March 2026.

• Market capitalization stands at $1.9 billion, with 274.9 million shares outstanding.

• Gross reserves as of December 2025: PDP 218 MMboe, 2P 946 MMboe, with a 2P reserves life index of 31.4 years.

Production and asset development

• Achieved record annual production of 80,086 boe/d in 2025, with 2026 guidance for further growth.

• Greater Pouce asset to bring 26–32 wells onstream in 2026, targeting 87,500 boe/d at full capacity.

• Elmworth asset development includes a horizontal land retention well and planning for the Goodfare Gas Plant, with FID targeted for late 2026 or early 2027.

• Decades of low-risk drilling inventory in Greater Pouce, with 22 years of 2P locations and potential for accelerated growth at Elmworth.

• Infrastructure optimization aims to reduce per unit cash costs by 10% and generate an additional $37 million in free funds flow annually.

Market strategy and diversification

• 54% of 2026 natural gas volumes effectively sold in Henry Hub and Dawn markets, 46% at AECO, with no fixed price contracts.

• Significant exposure to commodity price upside, with every $0.10 change in hub pricing impacting 2026 free funds flow by $19.2 million.

• Participation in Rockies LNG Partners and Ksi Lisims LNG project, supporting future export optionality.