Canadian E&P Perspectives

Research evidence excerpt

Canadian E&P Perspectives

RBC Dominion Securities Inc.

Michael Harvey, P.Eng.

(Analyst)

(403) 299-6998,

michael.harvey@rbccm.com

Braeden Hay, CFA (Senior

Associate)

(403) 476-7422,

May 11, 2026 braeden.hay@rbccm.com

Canadian E&P PerspectivesRESEARCH Insider Transactions – YTD Metrics

Our view: We summarize YTD insider stock purchases and sales within our coverage, which we broadly

view as a strong signal of management support. With our coverage group we observe net outflows

of ~$17.6mm with the top 3 buyers including TVE (~$3.3mm), PSK (~$0.7mm), and WCP (~$0.4mm);

the top 3 sellers consist of HWX (~$10.3mm), TOU (~$5.5mm), and PEY (~$3.4mm). We generally

see management teams buying with the "net" negative figure driven by a few select (and larger)

transactions.EQUITY Key points:

Year to date, net selling but lumpy. Year to date the aggregate group have been net sellers, with insider

filings across our coverage group showing net outflows of ~$17.6 million YTD based on discretionary

transactions. The top net purchases by company have included TVE, PSK, and WCP, and top net sellers

were HWX, TOU, and PEY. Sales at HWX comprised various executives and board members for a net

outflow of ~900,000 shares or ~$10.3 million. TOU transactions consisted of mainly purchases, but offset

by one large disposal to start 2026; of note Mike Rose has accounted for 68,500 shares purchased (~

$4.2 million) YTD. PEY follows a similar trend, with meaningful buying across the broader executive suite

but one singular large disposal from Board Member Don Gray (190,000 shares; ~$4.5 million) driving

the net disposal figure. Our screen includes only discretionary transactions, and excludes rolling sales

such as annual RSU vesting to the best of our knowledge.

Sales have reverted to the trend.