- **Montney Innovation Drives Growth**: Single-point entry completions yield 30%+ above type wells, with 80% oil cut. 2025 capex allocates 15% to facilities to support H2 production ramp.
- **Debt Reduction Ambition**: Target CAD1.5-1.6B net debt by 2026, enabled by CAD625-825M excess cash flow and 60% return to shareholders.
- **Saskatchewan Stability**: EOR projects and multilaterals maintain low-decline, high-cash-flow profile, complementing short-cycle Alberta assets.
- **Cost Efficiency**: 2024 OpEx decline driven by volume growth and debottlenecking; 2025 expects further efficiency gains from infrastructure investments.


**【CEO Summary Section】**
- **2024 Yearly Achievements**: Integrated Alberta Montney assets, generated CAD640M excess cash flow (33% in Q4), reduced net debt by 35% (CAD1.3B), and achieved 173% 2P reserve replacement.
- **Q4 Production**: 189,000 BOE/d, with 80% from Alberta (10% YoY growth). 2025 guidance: 188,000-196,000 BOE/d, weighted to H2 due to early-year facilities downtime.
- **Montney Innovations**: Single-point entry completions in 2 pads yielded 1,270 BOE/d/well (30% above type well), 80% oil cut. 2025 capex: CAD1.48-1.58B, 15% for facilities.
- **Duvernay Performance**: 4Q pads at 1,000 BOE/d/well (25% above type well), 70% condensate rate. 2025 delineation planned in liquids-rich and lean gas windows.
- **Capital Allocation**: Return 60% of excess cash flow (CAD625-825M in 2025) via dividend and buybacks, targeting debt reduction to CAD1.5-1.6B.

**【CFO Financial Commentary】**
- **2024 Financial Highlights**: Annualized production 191,000 BOE/d, 2.1x recycle ratio, and 65% un-booked premium locations.
- **2025 Outlook**: Excess cash flow of CAD625-825M (based on CAD70-75/WTI), 60% returned to shareholders, and 40% for balance sheet strength.

**【Q&A Key Takeaways】**
- **Completion Design Success**: Single-point entry pads in Montney outperformed type wells by 30%, with 80% oil cut. 2025 will test this design across 70% of pads.
- **Cost Efficiency**: OpEx decline driven by volume growth and debottlenecking (e.g., Gold Creek West expansion on track for March 2025).
- **Debt Management**: Targeting CAD1.5-1.6B net debt by 2026, with organic deleveraging of CAD250M at CAD70/WTI.
- **Saskatchewan Strategy**: Focus on EOR (polymer/water floods) and open-hole multilaterals, with 1-3 rigs supporting low-decline cash flow.
- **M&A Stance**: No near-term acquisitions; focused on optimizing existing Montney/Duvernay/Saskatchewan portfolio.


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