RBC Canadian E&P

Research evidence excerpt

RBC Canadian E&P

June 15, 2026 RBC Dominion Securities Inc.

Michael Harvey, P. Eng.

RBC Canadian E&P (Analyst) (403) 299-6998

Weekly Review and Valuation Tables michael.harvey@rbccm.com

Our company estimates based on WTI, Henry Hub, and AECO futures in Exhibits 6–10. RBC pricing in Exhibits 11–15. Greg Pardy, CFA

News items this week (Head of Global Energy Research) (416) 842-7848

• Canadian E&P Perspectives - Licensing Trends – May 2026. A total of 549 oil & gas wells were licensed across the WCSB in May 2026, up greg.pardy@rbccm.com

32% y/y. Please see Exhibit 1 for May 2026 licenses by formation (more here).

• Peyto Exploration & Development Corp. (TSX: PEY) - Management Update: Controlling the Controllable. We sat down with the Peyto Recent RBC Energy

team (JP Lachance / CEO, Tavis Carlson / CFO) for a broad update which encompassed strategic priorities, the multi-year outlook and overall Thematic Reports:

macro factor. Beyond core operations (which remain strong) we see Peyto as an attractive option for investors seeking a price-diversified • Top Wells – April 2026

• In-Situ Monitor – April 2026

Canadian gas operator. M&A potential was discussed and while the company has interest in being acquisitive, any transaction would need • TMX Tracker – April 2026

to come alongside a high bar in terms of strategic merit (more here). • LNGC Tracker – May 2026

• Think Carrots Not Sticks

• Insider Transactions – YTD

• By the Numbers

• Q1/26 Price Deck Update

Weekly changes • Where Do WTI Breakevens Sit Again?

• Calendar 2026/27 WTI futures were -2.6/-2.3% week-over-week, while calendar 2026/27 Henry Hub futures were -1.5/-1.2% week-over- •• MannvilleReserve EngineerStack HMLsDecks

week. • Condensate Production: Steady Growth

• Clearwater Today

• Canada-Alberta MOU