| Schedule of Property, Plant and Equipment |
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As at March 31, 2026 |
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As at December 31, 2025 |
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Accumulated |
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Accumulated |
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Cost |
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DD&A |
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Net |
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Cost |
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DD&A |
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Net |
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USA Operations |
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Proved properties |
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$ |
51,169 |
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$ |
(40,740 |
) |
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$ |
10,429 |
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$ |
50,573 |
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$ |
(39,294 |
) |
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$ |
11,279 |
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Unproved properties |
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146 |
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- |
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146 |
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316 |
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- |
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316 |
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Other |
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19 |
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(2 |
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17 |
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20 |
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(2 |
) |
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18 |
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51,334 |
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(40,742 |
) |
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10,592 |
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50,909 |
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(39,296 |
) |
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11,613 |
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Canadian Operations |
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Proved properties |
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21,900 |
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(17,460 |
) |
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4,440 |
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19,560 |
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(17,163 |
) |
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2,397 |
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Unproved properties |
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668 |
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- |
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668 |
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118 |
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- |
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118 |
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Other |
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131 |
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(6 |
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125 |
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12 |
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(5 |
) |
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7 |
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22,699 |
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(17,466 |
) |
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5,233 |
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19,690 |
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(17,168 |
) |
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2,522 |
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Corporate & Other |
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822 |
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(718 |
) |
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104 |
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832 |
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(723 |
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109 |
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$ |
74,855 |
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$ |
(58,926 |
) |
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$ |
15,929 |
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$ |
71,431 |
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$ |
(57,187 |
) |
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$ |
14,244 |
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| 12 Month Average Trailing Prices |
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.
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Oil & NGLs |
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Natural Gas |
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Edmonton |
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WTI |
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Condensate |
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Henry Hub |
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AECO |
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($/bbl) |
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(C$/bbl) |
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($/MMBtu) |
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(C$/MMBtu) |
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12-Month Average Trailing Reserves Pricing (1) |
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March 31, 2026 |
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$ |
63.31 |
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$ |
86.26 |
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$ |
3.72 |
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$ |
1.80 |
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December 31, 2025 |
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65.34 |
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90.09 |
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3.39 |
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1.76 |
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March 31, 2025 |
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74.52 |
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100.94 |
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2.44 |
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1.38 |
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(1)All prices were held constant in all future years when estimating net revenues and reserves.
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