Tamarack Valley Energy (TVE) investor relations material

Financial and operational highlights

• Market capitalization stands at $5.2B with an enterprise value of $5.9B and net debt of $0.7B as of Q4 2025.

• 2026 production guidance is 69,000–71,000 boe/d, with 84–86% liquids weighting and capital expenditures of $390–$410MM.

• Annual base dividend is $0.16/share, yielding ~1.5%, with significant share buybacks and net debt reduction.

• Achieved 2025 total shareholder return of ~19% through dividends, buybacks, and debt repayment.

• Sustaining free funds flow breakeven is below US$40/bbl WTI, supporting strong financial resilience.

Asset base and resource potential

• Holds >12 billion barrels OOIP in the Clearwater, with current recovery under 1%.

• Largest public Clearwater producer, with >2,100 drilling locations and >25 years of inventory.

• Clearwater TPP reserves grew ~56% YoY, with >500% production replacement and >200% YoY growth in waterflood reserves.

• Charlie Lake asset supports 17,000 boe/d for over 10 years, with breakeven costs under $35/bbl WTI.

• Multi-decade development runway with stacked zone and waterflood upside.

Operational performance and capital efficiency

• 2025 production averaged ~68.2 Mboe/d, exceeding guidance, with Clearwater assets delivering ~50 Mboe/d in Q4 2025.

• Net operating expense per boe declined 17% YoY in 2025; waterflood mitigated decline rate to 24%.

• Capital spending in 2025 was $400MM, 11% lower than 2024, reflecting improved efficiencies.

• Waterflood program has expanded, with >35% of Clearwater production under waterflood by YE 2026.

• Clearwater waterfloods demonstrate up to 3x recovery over primary, with multiple payouts and rapid capital recycling.