North America Exploration and Production

Diversified portfolio of crude oil, NGLs, and natural gas assets across Western Canada — primary heavy crude oil (Lloydminster / Bonnyville), Pelican Lake heavy crude oil (polymer flood), thermal in-situ bitumen (Primrose / Wolf Lake / Kirby / Jackfish / Pike), and liquids-rich natural gas plays (Septimus, Karr, Wembley, Bigstone, Grande Prairie Montney, Deep Basin, Duvernay). Acquired Chevron's 70% operated Duvernay working interest in December 2024. Acquired Palliser Block and Grande Prairie assets in 2025. Subsequent to year end acquired Peace River producing/non-producing assets for ~$765M (Feb 2026).