Sifting Through The Sands - In Situ Monthly Performance Tracker

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Sifting Through The Sands - In Situ Monthly Performance Tracker

TD SECURITIES INC. - CANADA SECTOR NOTE

June 30, 2026

■Energy Producers Sifting Through The Sands - In Situ Monthly

■Energy Producers - Seniors & Integrateds

Performance Tracker

Menno Hulshof, CFA^ THE TD COWEN INSIGHT

403 299 8658

In the following charts, we summarize the performance of the major in situ oil sands projects

menno.hulshof@tdsecurities.com

(defined as SAGD and CSS projects with nameplate capacity >10 mbbl/d). We highlight the

Taylor Kent^ following operational trends for May.

403 299 3272

taylor.kent@tdsecurities.com

1) May in situ prod'n moderated ~6.4% m/m (note): In situ accounted for ~51% of total oil

Jeremy De Souza, CPA^ sands prod'n of ~3.2 mmbbl/d and ~35% of total Canadian oil prod'n (including East Coast

403 292 1212 offshore). Including mining projects, oil sands prod'n accounted for ~70% of total Canadian oil

jeremy.desouza@tdsecurities.com prod'n. The WCS Hardisty/WTI heavy oil differential is currently ~US$14/bbl.

2) Jackfish (CNQ-T, Buy, C$56.50): CNQ thermal prod'n averaged 283 mbbl/d (80%

utilization, +9% m/m), reflecting the completion of TA activity at Jackfish. Jackfish reached

a record 146 mbbl/d in May at a 2.0x ISOR, highlighting successful debottlenecking and

optimization efforts. Longer-term growth remains supported by planned drilling at Primrose

and Kirby and the proposed 30 mbbl/d Jackfish and 70 mbbl/d Pike 2 expansions. See our

notes: 1Q26 (earnings release, conference call) and 2026 Budget.

3) Christina Lake and Sunrise (CVE-T, Buy, C$35.17): Christina Lake averaged 378 mbbl/

d (utilization up 3% m/m to 102%), with the ISOR improving to 2.0x from 2.1x in April. CVE

completed delineation drilling and seismic work at Christina Lake North and initiated its