Kiwetinohk Energy (KEC) Investor Presentation summary

Strategic growth and operational highlights

• Targeting ~40 Mboe/d production in 2025, tripling output since 2021, with infrastructure in place for further growth.

• Four consecutive years of double-digit upstream production growth, driven by Duvernay and Montney plays.

• 429 future drilling locations with a diverse commodity mix and high-value production; 50% of output is oil, condensate, and NGLs.

• Consistently executing top-performing Duvernay wells, holding 8 of the top 10 and 40 of the top 100 producing wells.

• Advanced power division with ~2 GW in pipeline, including solar and gas-fired projects, and two early-stage carbon hubs.

Financial performance and capital allocation

• Production CAGR of ~25% from 2022 to 2026, with double-digit growth through 2026.

• 2025 upstream capital guidance of $290–$315MM, with $210MM to sustain mid-point production.

• Free funds flow expected to grow with production; inflection point anticipated in 2025.

• Capital allocation prioritizes base maintenance, high-value growth, debt repayment, and return of capital.

• FCF positive at $50 WTI/$2.50 HH after maintenance and growth capex.

Operational efficiency and infrastructure

• Owned facilities and Alliance pipeline capacity drive down per unit operating costs and support peer-leading netbacks.

• Operating expenses reduced by 28% since 2022; realized gas prices ~145% above AECO over last five quarters.

• 120 MMcf/d Alliance pipeline capacity with >90% of gas sold in Chicago, contract extended to October 2032.

• 100% owned gas plants with >98% run-time and capacity for growth to 40,000 boe/d.

• Ample infrastructure and takeaway for continued growth, including NGTL and third-party connections.