Journey Energy (JOY) Corporate presentation summary

Strategic repositioning

• Asset sales in 2024–Q3 2026 totaled 2,950 boe/d, generated $42.0 million in proceeds and removed $87.4 million of undiscounted ARO.

• Portfolio strategy shifts from higher-cost, gas-weighted assets toward lower-cost Duvernay light oil, while adding strategic infrastructure.

• 2026 production guidance is 9,800–10,000 boe/d, with 64% oil and liquids; exit weighting is 68%, corporate decline is 15%, and net capital is $65 million.

Financial outlook

• 2026 estimates include 10,000 boe/d production, 64% oil and NGLs, $85–90 million adjusted funds flow and $43–47 million period-end net debt.

• Preliminary 2027 outlook targets 10,500 boe/d, 70% oil and NGLs, $100–105 million adjusted funds flow and $47–52 million period-end net debt.

• 2027 adjusted funds flow sensitivity: +$2.9 million per US$1/bbl WTI increase and +$1.6 million per C$0.25/mcf AECO increase.

Duvernay growth

• The 30% joint venture covers 113 gross sections, or ~72,000 acres, in the oil window; 13 wells have been brought online since 2024.

• Joint venture well results average over 1,000 boe/d IP30; 2025 and 2026 pad results include IP30 averages of 1,627 and 1,178 boe/d per well, respectively.

• Expanded 2026 program includes 20 gross (5.4 net) wells drilled and 12 gross (3.0 net) wells completed; net investment is $50 million for wells and $15 million for infrastructure.

• Duvernay is forecast to exceed 50% of production by 2030, peak at 8,000 boe/d and become self-funding in 2027; the modeled 2025–2030 wedge includes 83 gross (24.9 net) wells.