Tourmaline Oil Corp. · TSX:TOU
Tourmaline Oil — Investor Presentation (November 2026)
52 slides from Tourmaline Oil's investor presentation, November 2026
Slide 1: Corporate Presentation November 2026
Corporate Presentation November 2026
Slide 2: Tourmaline Overview
Tourmaline Overview 2 The Scale, Resource, and Infrastructure Required to Profitably Grow in the WCSB and Provide Returns to Shareholders Nov 2026 Tourmaline Overview 5.2 MM Net Acres, 6.1 Billion Boe 2P Reserves(1) • Largest natural gas producer in Canada Drilled to Date • 3rd largest Canadian gas
Slide 3: Largest North American Natural Gas Producers
3 Largest North American Natural Gas Producers Nov 2026 Tourmaline is the largest natural gas producer in Canada, and the sixth largest gas focused producer in North America MMcf/d 2027E Natural Gas Production – Canada & US 9,000 8,000 Scale is a key component in driving down 7,000 costs, leveraging
Slide 4: Tourmaline: A Significant Canadian Liquids Producer
4 Tourmaline: A Significant Canadian Liquids Producer Nov 2026 Tourmaline is a significant liquids producer in Canada, with continued peer leading growth • Tourmaline is a ~50 mbpd condensate producer, and the second largest producer of NGLs • Tourmaline is planning strong liquids growth with the fi
Slide 5: EP Growth Plan
5 EP Growth Plan(1) Nov 2026 1,000,000 800,000 600,000 Boepd Deep Basin 400,000 NEBC 200,000 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 After-tax After-tax E&P Capital Free Cash Ending Surplus Prod’n Cash Flow CFPS - Program(4) Flow(5) Base Dividend (Net D
Slide 6: Low Debt/Balance Sheet Strength and Low Costs
6 Low Debt/Balance Sheet Strength and Low Costs The Optimum Approach in Uncertain Times… Nov 2026 Large Canadian Producer Large Canadian Producers 2027 Net Debt / Cash Flow 2027 E&P Opex 1.0x $20.00 The ongoing NEBC infrastructure buildout and other parallel initiatives are expected to reduce opex b
Slide 7: NEBC Montney Gas/Condensate Complex
7 NEBC Montney Gas/Condensate Complex Mar 2026 Current Prod. 325,000 boepd Conroy Complex Current Reserves 3,866 mmboe (Dec 31, 2025) NRM Jedney Montney Drilling 8,814 horizontal locations Inventory (Dec 31, 2025) Aitken Complex NRM Aitken/Hwy Current Planned Tourmaline is one of the largest Process
Slide 8: NEBC Infrastructure Project Overview
NEBC Infrastructure Project Overview 8 …Several key components already completed (yielding 2026 cost reduction), the initial two plant projects remain on schedule… Nov 2026 Highway d-27-I Condensate Hub Aitken 38-C Plant Expansion Under Construction • Storage with multiple pipeline interconnects. •
Slide 9: Alberta Deep Basin
9 Alberta Deep Basin Mar 2026 The contiguous Tourmaline interconnected Deep Basin Cretaceous gas asset is effectively Alberta’s Largest Gas Field Musreau /Kakwa TCPL • Current Production 330,000 boepd Netook • Current Reserves 1,950 mmboe (as at Dec 31, 2025) • Tourmaline Land Base 3.2 million acres
Slide 10: Tourmaline Vintage Type Curves
10 Tourmaline Vintage Type Curves Nov 2026 Through longer laterals, improved completions, and accessing new prolific resource areas, the NEBC Montney and the Alberta Deep Basin are both posting above historical type curve performance in 2026 NEBC Vintage Curves Deep Basin Vintage Curves (Wellhead Re
Slide 11: A Unique, Expanding Exploration Program
11 A Unique, Expanding Exploration Program 2025 Highlights and Significant Planned 2026 Wells Mar 2026 Conroy Exploration program success has created significant Aitken Basal Montney • D-F66-I / 094-B-16 incremental value in existing core complexes, the majority of • IP. 180 - 6.32 mmcf/d & 72 bbl/d
Slide 12: North American Natural Gas Reserves
12 North American Natural Gas Reserves Nov 2026 Companies that own the largest, lowest development cost, transport-integrated natural gas reserves, will increasingly dominate the Energy space in the next 20 – 30 years 28 28 Ksi Lisims LNG St. 2 Montney 2P Reserves (Tcf) LNG Canada Western Canadian S
Slide 13: Multiple Decades of Tier Inventory
13 Multiple Decades of Tier 1 Inventory Mar 2026 Tourmaline’s deep inventory ownership provides multiple decades of very profitable development, plus no need to pursue large “resource reloads” in A&D market Drilled to Date $6.00 75 yrs of 2026 Drilling Drilling A.Tax Break-Even Gas Price (C$/GJ AECO
Slide 14: Continuous D&C Performance / Cost Improvements
14 Continuous D&C Performance / Cost Improvements Mar 2026 Wells Placed on Production Feet Average Lateral Feet per Well 180 Steady programs in both 10,000 the Deep Basin and NEBC 159 ~75% increase in DB/NEBC 160 lateral length since 2018 137 140 142 143 9,000 140 140 124 112 8,000 120 107 106 108 1
Slide 15: 2026 Natural Gas Transportation and Marketing Overview
15 2026 Natural Gas Transportation and Marketing Overview Oct 2026 Natural Gas Price Exposure 6% 3% 9% 16% 29% 51% 55% 47% 44% 30% Station 2 11% 13% 12% 12% 12% 1% 2% 2% 1% 2% 12% 9% 12% 11% 13% 13% 6% 6% 6% 6% 2% 6% 2% 2% 1% 2% 9% 7% 8% 9% 9% 2026 2027 2028 2029 2030 (balance of) US Gulf/LNG US Mid
Slide 16: Tourmaline LNG Overview
16 Tourmaline LNG Overview Nov 2026 Tourmaline continues to grow its international pricing exposure West Coast LNG Anticipated • Woodfibre LNG (2027) 0.3 Bcfpd • Cedar LNG (2028) 0.4 Bcfpd • LNG Canada Ph2 (2031) 1.8 Bcfpd • Ksi Lisims LNG 1.6 Bcfpd (FID Pending) Ksi Lisims • Previously Permitted Ki
Slide 17: Capturing Value in Volatility: Natural Gas Storage
Capturing Value in Volatility 17 Natural Gas Storage Nov 2026 Tourmaline has 10 Bcf of natural gas storage through its 6 Bcf Dimsdale, 3 Bcf Wildgoose, and 1 Bcf Dawn positions. In mid 2027 Tourmaline’s Dimsdale position will expand to 10 Bcf providing for 14 Bcf of Corporate Storage. DIMSDALE STORA
Slide 18: Guidance
18 Guidance Nov 2026 2027(1) Production – Boe/d 645,000 – 665,000 Cash Flow(i) - $MM $4,550 (at 655,000 boepd) CFPS - Diluted(i) $11.67 (at 655,000 boepd) E&P Capital Program(ii) - $MM $2,600 Capital Expenditures(i) - $MM $2,750 Free Cash Flow(iii) - $MM $1,800 (at 655,000 boepd) (1) Price Assumptio
Slide 19: Tourmaline 2027 After Tax Cash Flow Sensitivity & Allocation
19 Tourmaline 2027 After Tax Cash Flow Sensitivity & Allocation Nov 2026 Tourmaline’s low cost structure drives sustainable return on, and of, capital opportunities • TOU’s maintenance budget, and dividend is fully funded at <US$2.00/mcf NYMEX & <C$2.00/Mcf AECO on strip liquids • TOU will manage gr
Slide 20: Free Cash Flow Allocation & Dividend Growth Track Record
Tourmaline Free Cash Flow Allocation & 20 Dividend Growth Track Record Nov 2026 The majority of Tourmaline’s free cash flow will be returned to shareholders; a growing base dividend will be the preferred method of shareholder returns • Base dividend will continue to grow alongside the base EP busine
Slide 21: Tourmaline Long Term Business Plan
21 Tourmaline Long Term Business Plan Growth & Leading Shareholder Returns Nov 2026 2026 2028 2030 2032 2034 800 Production Growth mboepd Deep Basin Growth 700 Continued Modest Growth Evolving Towards 1-2% Production Growth with NEBC Growth 600 Enhanced FCF Harvest Base Business 500 Large Project Se
Slide 22: Emerald Overview
22 Emerald Overview Nov 2026 • Emerald is a unique conglomerate of revenue generating, energy related midstream, infrastructure and clean technology businesses. • The majority of the Emerald businesses have been developed and de-risked within Tourmaline over the past seven years through the material
Slide 23: The Emerald Opportunity Pipeline
23 The Emerald Opportunity Pipeline Nov 2026 • Emerald has new growth and consolidation opportunities already identified in all of the business segments. – Multiple third-party water recycling facility consolidation opportunities. – New and existing portable CNG business growth. – Additional power t
Slide 24: Tourmaline Rationale/Benefits for Creation of Emerald
Tourmaline Rationale/Benefits 24 for Creation of Emerald Nov 2026 • A continuation of the long-term strategy to crystallize unrealized value for shareholders within the overall company portfolio (eg Topaz). • Realize a strong return of capital from the significant EPI investment program over the pas
Slide 25: Appendix
APPENDIX
Slide 26: Historical EP Performance
26 Historical EP Performance Mar 2026 Production Per Share* Reserves Per Share* 600 16 500 14 12 Boe / 000 Shares Boe / Share 400 10 300 8 200 6 4 100 2 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Operating Costs / BOE Cash Flow P
Slide 27: Independently Recognized Canadian 2P Reserves
27 Independently Recognized Canadian 2P Reserves(1) May 2026 Tcf Natural Gas 2P Reserves MMbbl Conventional Liquid 2P Reserves 30 2,500 28 25 2,000 20 1,480 1,500 15 1,000 10 500 5 0 0 TOU Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer TOU Peer Peer Peer Peer Peer Peer Peer Peer Pe
Slide 28: Continuous Capital Efficiency Improvements
28 Continuous Capital Efficiency Improvements Mar 2026 $22,500 $20,900 $20,000 $17,500 $15,500 Tourmaline maintains best in class capital efficiencies $15,000 $12,400 $12,200 $12,500 $11,800 $/boepd $11,200 $10,700 $10,000 $9,500 $9,500 $8,650 $8,900 $8,000 $7,300 $7,500 $5,000 $2,500 $- (1) 2014 20
Slide 29: Tourmaline Midstream Assets
29 Tourmaline Midstream Assets Mar 2026 The infrastructure skeleton in all core operated complexes is now complete This infrastructure is essentially all new and in the ‘growth’ areas of the WCSB 33 working interest1 gas plants, 18 of which are 100% owned Montney and operated, 4 Topaz interest plant
Slide 30: The Growing Tourmaline Liquids Business
30 The Growing Tourmaline Liquids Business Nov 2026 Tourmaline’s diverse and profitable liquids marketing business • Liquids receive diversified pricing: WTI, FSPL, Namao/Peace, CRW, Mt. Belvieu, Conway, Far East Index, and Polypropylene netbacks • NGL volumes are meaningfully exposed to all Canadia
Slide 31: The Ever-Evolving Tourmaline Development Approach
31 The Ever-Evolving Tourmaline Development Approach Nov 2026 In the Alberta Deep Basin and the BC Montney Tourmaline is constantly seeking the balance between maximizing deliverability (growth), EUR (value), and overall economic return (CF/FCF). Tourmaline ultimately prioritizes IRR maximization, t
Slide 32: Tourmaline EP Project Summary
32 Tourmaline EP Project Summary July 2026 Tourmaline's NEBC build out will consist of thoughtfully timed expansions of 5 major processing complexes, providing >200 mboepd of high margin volume growth into the next decade Production Outlook mboepd 950 EP Plan “In Flight” EP Plan “In Planning” 900 S
Slide 33: 2024-2031 NEBC Infrastructure Project Overview
2024-2031 NEBC 33 Infrastructure Project Overview July 2025 • This is the largest EP growth project in the WCSB over the next 5 years and is timed to the growing Canadian LNG business. • Tourmaline expects to add 1.1 bcf/d of new gas production and over 50,000 bpd of condensate and ngls over the nex
Slide 34: Gas Development Location Inventory and Economics
34 Gas Development Location Inventory and Economics(1) Mar 2026 AB Deep Basin AB Deep Basin NEBC Gundy NEBC North NEBC South North & West South MNTN MNTN MNTN Horizontal Horizontal Horizontal Horizontal Horizontal Total Well Costs (Drill, Case, Complete, $ Million) 6.20 6.05 5.70 5.80 6.72 Average R
Slide 35: Market Leading Return on and of Capital
35 Market Leading Return on and of Capital Nov 2026 Tourmaline’s return on capital employed (“ROCE”) cycles between 15-25% in strong commodity price environments and 5-15% in low commodity price environments with base dividends offering a 3% income yield with upside during strong pricing 36% Large t
Slide 36: Environmental Performance Investment
36 Environmental Performance Investment Mar 2026 Focusing on investment opportunities that maximize cost savings & environmental impact • Water: recycling, & pipeline infrastructure; ~95% recycling in NEBC, advancing AB towards 100% • Air: diesel displacement, pneumatic / venting reduction, power (h
Slide 37: Environmental Performance Improvement
37 Environmental Performance Improvement Nov 2026 Tourmaline has been aggressively and successfully pursuing a comprehensive environmental performance improvement strategy for over eight years. The Company is systematically improving its performance and reducing the impact of all aspects of activiti
Slide 38: EP Plan Price Deck Sensitivity
38 EP Plan Price Deck Sensitivity Nov 2026 AT Cash Flow Sensitivity ($MM) Free Cash Flow Sensitivity ($MM) $8,000 High Base Strip Low $5,000 High Base Strip Low $4,000 $6,000 $3,000 $4,000 $2,000 $2,000 $1,000 $- $- 2027E 2028E 2029E 2030E 2031E 2032E 2027E 2028E 2029E 2030E 2031E 2032E Strip Low Fl
Slide 39: Tourmaline Financial Position
39 Tourmaline Financial Position Excellent Liquidity, Resiliency & Capacity Nov 2026 Tourmaline has ample liquidity and capacity to weather adverse commodity prices $mm Debt Profile, Term, Capacity Change in: 2027 Cash Flow Sensitivities $3,650 Sensitivity remains Oil US$1/bbl $18 primarily to natur
Slide 40: Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities
40 Tourmaline Technology Curve/Future Concepts, Requirements & Opportunities • Cost saving via novel frac water sourcing/recycling • Waste heat recovery technology • Alternative hz frac programs/processes – Concurrent pairs, delayed flow-backs etc. • Novel drilling technology to reduce time/cost • U
Slide 41: Schedule A
41 Schedule A DRILLING LOCATIONS Estimated Drilling Inventory This document discloses drilling locations, as at December 31, 2025, and prior to the impact of the Peace River High Disposition, in four categories: (i) proved undeveloped locations; (ii) probable undeveloped locations; (iii) unbooked lo
Slide 42: Schedule A continued
42 Schedule A continued Deep Basin well count : • Total horizontal Deep Basin locations = 18,407 (1-2 wells per section per zone depending on zone) • Less existing horizontals, and less 20% of existing vertical producers = 3,271 • Remaining Horizontal Locations = 15,223 • Remaining Vertical Location
Slide 43: Schedule B
43 Schedule B Prospective locations are unbooked locations that are not included in inventory. Unbooked locations are internal estimates based on the Company's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal revi
Slide 44: Forward Looking Information
44 Forward Looking Information Certain information contained in this presentation constitutes forward-looking information within the meaning of applicable securities laws. This information relates to future events or the Company's future performance. All information other than information of histori
Slide 45: Forward Looking Information
45 Forward Looking Information With respect to forward-looking information contained in this presentation, assumptions have been made regarding, among other things: future crude oil and natural gas prices; future interests rates and currency exchange rates; the Company's ability to obtain qualified
Slide 46: Forward Looking Statement Advisories
46 Forward Looking Statement Advisories Oil and Gas Advisories Certain crude oil and natural gas liquids ("NGLs") volumes have been converted to millions of cubic feet equivalent ("mmcfe") or thousands of cubic feet equivalent ("mcfe") on the basis of one barrel ("bbl" of crude oil or NGLs to six th
Slide 47: Forward Looking Statement Advisories
47 Forward Looking Statement Advisories Non-GAAP Financial Measures Cash Flow Management uses the term “cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company’s efficiency and its ability to generate the cash (net of current t
Slide 48: Forward Looking Statement Advisories
48 Forward Looking Statement Advisories Non-GAAP Financial Measures (con’t) EP Expenditures Management uses the term "EP expenditures" or exploration and production expenditures as a measure of capital investment in exploration and production activity, and such spending is compared to the Company's
Slide 49: Forward Looking Statement Advisories
49 Forward Looking Statement Advisories Non-GAAP Financial Measures (con’t) Free Cash Flow Management uses the term "free cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company's ability to manage debt levels and return value
Slide 50: Forward Looking Statement Advisories
50 Forward Looking Statement Advisories Non-GAAP Financial Measures (con’t) Operating Netback Management uses the term “operating netback” as a key performance indicator and one that is commonly presented by other oil and natural gas producers. Operating netback is defined as the sum of commodity sa
Slide 51: Forward Looking Statement Advisories
51 Forward Looking Statement Advisories Non-GAAP Financial Ratios Operating Netback per-boe Management calculates “operating netback per-boe” as operating netback divided by total production for the period. Operating netback per-boe is a key performance indicator and measure of operational efficienc
Slide 52: Forward Looking Statement Advisories
52 Forward Looking Statement Advisories Capital Management Measures Adjusted Working Capital Management uses the term “adjusted working capital” for its own performance measures and to provide shareholders and potential investors with a measurement of the Company’s liquidity. A summary of the reconc
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