Peyto Exploration & Development (PEY) AGM 2025 summary

Opening remarks and agenda

• Introduced directors and senior management, including new team members.

• Outlined agenda: company overview, 2024 performance, 2025+ plans, and Q&A.

Financial performance review

• Achieved lowest costs in Canadian E&P, with sustainable returns and monthly dividend of $0.11/share.

• 2024 saw marked improvement in well productivity, doubling production on acquired assets with efficient capital use.

• Maintained margins above 40% in recent years, targeting 50% for 2025.

• Cash costs expected to decrease to $1.38, with total supply costs at CAD 2.38.

• Hedging and diversification yielded cumulative gains of CAD 562 million.

Board and executive committee updates

• New senior management members introduced, including VPs of Geoscience, Finance, and Marketing.