RBC Canadian E&P

Research evidence excerpt

RBC Canadian E&P

June 29, 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

• Baytex Energy Corp. (TSX: BTE) - Announces Renewal of Normal Course Issuer Bid. Baytex announced that the TSX has accepted the greg.pardy@rbccm.com

company’s intention to renew its normal course issuer bid (NCIB) (more here).

• Canadian E&P Perspectives - WCSB top wells for May 2026. A total of 201 wells were brought on production in May 2026 versus 195 in Recent RBC Energy

May 2025, which represents a 3% increase y/y (more here). Thematic Reports:

• Energy Insights - Just in Time to Just in Case. Signing of the Versailles Memorandum of Understanding on June 17 has triggered a selloff in •• TMXLNGCTrackerTracker––MayJune20262026

oil prices and energy equities, but given that the deal may not be durable, as Helima Croft, Head of Global Commodity Strategy and MENA • Licensing Trends – May 2026

Research, argues in Iran MoU Flashpoints: Unchartered Waters , patient investors may be rewarded with an opportunity to add quality on • Think Carrots Not Sticks

• Insider Transactions – YTD

sale. As a consolation, oil producers in Canada should be spared the full brunt of retreating benchmarks amid price-sensitive royalty • By the Numbers

structures and an incipient depreciation of the Canadian dollar. This Energy Insights report briefly explores some of the strategic shifts which • Q1/26 Price Deck Update