Peyto Exploration & Development (PEY) Corporate presentation summary

Core assets and operating profile

• 1.1 million net acres across the Alberta Deep Basin; October 2026 production of 144,000 boe/d, ~14% liquids and 98% operated. 2025 reserve life: 10-year PDP and 28-year 2P.

• Operated processing capacity totals ~1.5 bcf/d, with 61% utilization; 16 facilities and 1,500+ horizontal wells across 14 horizons support control over infrastructure and development.

• Q3 2026 production averaged 858 mmcfe/d, up 10% YoY; production per share grew 7% YoY. FFO rose 11% and FFO/share 8% YoY; earnings increased 72% and earnings/share 67%.

• Q3 2026 field netback was $3.40/mcfe and earnings were $156 million; net debt fell $230 million, or 19%, YoY to $992 million at September 30, 2026.

Cost structure and returns

• Five-year average cash costs before royalties and taxes were $1.04/mcfe; five-year average PDP FD&A was $1.11/mcfe. Q3 2026 controllable costs were $1.02/mcfe.

• 2025 full-cycle netback was $2.36/mcfe on a $4.59/mcfe sales price, for a 51% margin; controllable costs and supply costs were $1.13 and $2.23/mcfe, respectively.

• Average ROE and ROCE were 24% and 17%, respectively, over the 27 years through 2025; cumulative dividends reached $3.6 billion, or $24.99/share, through Q3 2026.

• Net debt was $992 million at September 30, 2026, with debt/EBITDA of 0.99; $491.8 million of notes carried an average fixed rate of ~5.3%.

Growth plans and inventory

• Preliminary 2027 capital program of $475–525 million targets ~70–80 net horizontal wells and 45,000–50,000 boe/d of additions, against a 26%–28% base decline; planned growth is 5%–10% annually.

• 2027 drilling mix: Cardium 38%, Notikewin 27%, Falher 19%, Wilrich 7%, Bluesky 7% and Dunvegan 2%; planned activity spans the Sundance and Brazeau areas.

• Inventory includes 1,600+ booked locations and an internal estimate of 1,400 mapped unbooked locations; selected species show half-cycle BTAX IRRs of 45%–103% at $3.00/GJ AECO and US$75/bbl WTI.

• Infrastructure debottlenecking, pipeline projects, liquids recovery improvements and continued testing of drilling designs are planned to support growth and operating efficiency.