Birchcliff Energy (BIR) Corporate presentation summary

Financial and operational highlights

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

• F&D capital expenditures for 2026 are budgeted at $325–$375 million, with a base dividend of $0.12/share and total year-end debt forecasted at $410–$460 million.

• Market capitalization as of January 2026 is $1.9 billion, with a share price of $7.01 and 274.8 million shares outstanding.

• Gross reserves as of December 2024: PDP 217.1 MMboe (7.7 years RLI), 2P 969.6 MMboe (34.3 years RLI).

• Annual base dividend yield is 1.7%, with a focus on sustainable shareholder returns and potential for opportunistic share buybacks.

Strategic asset base and growth plans

• Core assets in Pouce Coupe and Gordondale drive free funds flow, supported by multi-decade drilling inventory and top-decile operating costs.

• Elmworth asset positioned for future growth, with a $25 million 2026 capital program and plans for a new Goodfare Gas Plant targeting FID in late 2026 or early 2027.

• 2026 development plan includes bringing 26–32 wells onstream in Pouce Coupe and 3–5 in Gordondale, with infrastructure optimization projects scheduled.

• Flexible capital program allows adjustment to commodity price volatility, balancing liquids-rich and gas-weighted portfolios.

• Infrastructure optimization aims for full plant utilization at 87,500 boe/d, reducing per unit cash costs by 10% and generating significant free funds flow.

Market exposure and commodity price sensitivity

• 2026 natural gas sales are diversified: 46% at AECO, 38% at Dawn, and 16% at Henry Hub, with no fixed price contracts.

• For every $0.10 change in pricing at AECO, Dawn, or Henry Hub, estimated 2026 free funds flow changes by $19.2 million.

• Five-year outlook projects disciplined production growth, with Elmworth providing upside if commodity prices strengthen.

• Substantial torque to commodity prices due to unhedged exposure, enhancing upside in strong pricing environments.