RBC Canadian E&P

Research evidence excerpt

RBC Canadian E&P

Upward. Cardinal’s operating momentum in the first-quarter was on display as the company’s inaugural Reford •• CondensateClearwater TodayProduction: Steady Growth

1 SAGD project punched above its weight at 6,700+ bbl/d. The company announced plans to raise its capital program by $45 million (excluding ARO) this • Canada-Alberta MOU

year with increased investment aimed at its conventional portfolio which has been harvested in recent years to fund Reford 1 (more here). • Assessing Changes to Costs and Margins

• International Petroleum Corporation (TSX: IPCO) - Blackrod Remains On Track. International Petroleum (IPC) reported solid first-quarter results with its •• AwakeningGas DUC Backlogthe NorthernBuilds Giant

Blackrod in-situ project approaching first production in the third- quarter of 2026. The company also signaled that it would pursue some shorter cycle-time • Montney M&A Trends

developments in Canada and France given the escalation in oil prices (more here). • Hidden Giants: Profiling Private E&Ps

• Parex Resources Inc. (TSX: PXT) - Announces Expanded Strategic Partnership with Ecopetrol, Provides Update on Frontera Deal. Parex Resources •• InsiderA Deep BuyingDive into– Followthe Charliethe LeaderLake

announced this evening that it has executed an agreement with Ecopetrol, under which Parex expects to earn a 50% participating interest in the Casabe • West Shale Duvernay – Open for Business

and Llanito blocks in the Magdalena Basin, in exchange for a committed gross capital program of $250 million ($125 million carry capital) over five years • Canadian Natural Gas: Growth Mode

(more here). Allnoted.valuesPricedin Canadianas of priordollarstradingunlessday'sotherwisemarket close,

• Vermilion Energy Inc. (TSX: VET) - Solid Operating Momentum.