Cavvy Energy (CVVY) Corporate presentation summary

Business and assets

• TSX-listed Canadian foothills producer with upstream and midstream assets; 33,000 boe/d production capability, including ~7,800 boe/d currently shut in for economic or commercial reasons.

• Q3 2026 production was 17,482 boe/d, comprising 81% gas, with sulphur production of 753 mt/d; PDP base decline rate was 5.9%.

• Three deep-cut sour gas plants have aggregate processing capacity exceeding 400 MMcf/d, with ~80 MMcf/d of excess raw-gas capacity and ~4,600 mt/d sulphur processing capacity.

• Revenue mix spans natural gas, liquids, sulphur and third-party processing; 2026 forecast gross revenue mix was ~48% hydrocarbons, ~42% sulphur and ~10% third-party volumes.

Sulphur and midstream opportunity

• Sulphur is used mainly in fertilizers and mining; the presentation identifies Canada as a ~6% global producer and highlights potential supply opportunities amid Middle East instability.

• A 2027 agreement covers 200,000 mt, or 548 mt/d, at US$525/mt; remaining sulphur volumes receive Vancouver FOB spot pricing.

• The 2026 sulphur agreement prices one-third of volumes at US$225/mt, one-third within a US$205–250/mt collar and one-third at Vancouver FOB spot.

• Q3 2026 third-party processing volumes averaged 116.2 MMcf/d and generated $8.8 MM in revenue; additional throughput can improve plant efficiency and diversify cash flow.

Operating and financial performance

• Q3 2026 net operating income was $38.4 MM, or $23.86/boe; funds flow from operations was $29.5 MM, and net income was $8.7 MM.

• Q3 2026 sales revenue was $80.3 MM; sulphur revenue was $46.2 MM, financial hedging gains were $7.7 MM and cash interest expense was $2.8 MM, down 43% YoY.

• Q3 operating costs were $46.1 MM, or $28.66/boe; 52-day Caroline turnaround and a 33-day Waterton outage affected production and processing volumes.

• Total debt declined $152 MM from end-2021; Q3 2026 net debt was $146.3 MM, principal outstanding was $84.2 MM and available liquidity was $33.0 MM.