
	As at March 31, 2026							As at December 31, 2025
			Accumulated							Accumulated
	Cost		DD&A			Net		Cost		DD&A			Net

USA Operations
Proved properties	$	51,169	$	(40,740	)	$	10,429	$	50,573	$	(39,294	)	$	11,279
Unproved properties		146		-			146		316		-			316
Other		19		(2	)		17		20		(2	)		18
		51,334		(40,742	)		10,592		50,909		(39,296	)		11,613

Canadian Operations
Proved properties		21,900		(17,460	)		4,440		19,560		(17,163	)		2,397
Unproved properties		668		-			668		118		-			118
Other		131		(6	)		125		12		(5	)		7
		22,699		(17,466	)		5,233		19,690		(17,168	)		2,522

Corporate & Other		822		(718	)		104		832		(723	)		109
	$	74,855	$	(58,926	)	$	15,929	$	71,431	$	(57,187	)	$	14,244

USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $38 million, which have been capitalized during the three months ended March 31, 2026 (2025 - $39 million).

For the three months ended March 31, 2026, the Company recognized before-tax non-cash ceiling test impairments of $1,485 million, comprising $1,111 million in the USA Operations and $374 million in the Canadian Operations. The non-cash ceiling test impairments primarily resulted from declines in the 12-month average trailing prices which reduced proved reserves

in the USA Operations, and the 12-month average trailing prices used in the ceiling test at March 31, 2026, which were lower than the market prices used for the NuVista Acquisition on February 3, 2026, in the Canadian Operations.

For the three months ended March 31, 2025, the Company recognized a before-tax non-cash ceiling test impairment of $730 million in the Canadian Operations, which primarily resulted from the 12-month average trailing prices used in the ceiling test at March 31, 2025, which were lower than the market prices used for the Montney Acquisition on January 31, 2025.

The non-cash ceiling test impairments are included with accumulated DD&A in the table above.

The 12-month average trailing prices used in the ceiling test calculations were based on the benchmark prices presented below. The benchmark prices were adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality.


	Oil & NGLs				Natural Gas
			Edmonton
	WTI		Condensate		Henry Hub		AECO
	($/bbl)		(C$/bbl)		($/MMBtu)		(C$/MMBtu)
12-Month Average Trailing Reserves Pricing (1)
March 31, 2026	$	63.31	$	86.26	$	3.72	$	1.80
December 31, 2025		65.34		90.09		3.39		1.76
March 31, 2025		74.52		100.94		2.44		1.38

(1)

All prices were held constant in all future years when estimating net revenues and reserves.