Advantage Announces Third Quarter 2025 Financial and Operating Results

(TSX:AAV)

CALGARY, AB, Oct. 28, 2025 /CNW/ – Benefit Power Ltd. (“Benefit” or the “Company”) is happy to report 2025 third quarter monetary and working outcomes.

2025 Third Quarter Monetary Highlights

• Money offered by working actions of $80.1 million.
• Adjusted funds movement (“AFF”)^(a) of $72.4 million or $0.43 per fundamental share for Benefit^(b).
• Money utilized in investing actions of $102.3 million.
• Web capital expenditures^(a) have been $71.6 million for Benefit^(b).
• Web debt^(a) of $572.3 million for Benefit^(b), basically unchanged quarter-over-quarter.

Through the third quarter, Benefit was successfully free money movement (“FCF”)^(a) impartial whereas common AECO costs have been the bottom in historical past. This highlights our distinctive means to completely fund a gradual, environment friendly annual capital program of about $300 million all through the commodity value cycle.

2025 Third Quarter Working Highlights

• Common manufacturing was 71,482 boe/d (356.1 mmcf/d pure gasoline, 12,139 bbls/d liquids), a lower of 4% versus the third quarter of 2024. Benefit aggressively curtailed manufacturing during times of extraordinarily weak/adverse AECO pricing, prioritizing worth over volumes.
• Liquids manufacturing was 12,139 bbls/d (8,483 bbls/d crude oil, 684 bbls/d condensate and a pair of,972 bbls/d NGLs), a lower 5% over the third quarter of 2024.
• Working prices within the third quarter have been $5.82/boe^(a) in comparison with $5.46/boe within the third quarter of 2024, primarily because of considerably curtailed pure gasoline manufacturing. With manufacturing now returned to regular ranges, we stay firmly on monitor to realize our annual steering vary ($4.95/boe to $5.30/boe) as we transfer into the fourth quarter.
• At Glacier, Benefit drilled a three-well pad which is now being introduced on manufacturing with distinctive outcomes. Based mostly on publicly out there information, the primary nicely has the best preliminary manufacturing price of uncooked pure gasoline ever delivered within the Alberta Montney, producing 31.7 mmcf/d during the last 7 days.  The second nicely has been producing at a restricted price of 20.0 mmcf/d during the last 7 days, and the third nicely has but to be introduced on manufacturing, awaiting pipeline capability. This excellent efficiency displays a mix of high-quality Montney reservoir within the Glacier area, Benefit’s operated infrastructure and the superior methods and dedication of our technical group.

Proactive Response to AECO Costs

Poor NGTL system reliability and upkeep on key export pipelines continued via the third quarter, leading to each the weakest quarter and the weakest month (September) on document for AECO money costs.

Per our strategic precedence of maximizing cumulative FCF^(a), Benefit curtailed important volumes of dry pure gasoline manufacturing when money costs have been exceptionally weak or adverse. Gasoline curtailments averaged 60 mmcf/d for the quarter, with sure days in September exceeding 300 mmcf/d.  On these days, Benefit bought spot gasoline at adverse costs to fulfill bodily supply commitments to downstream markets whereas preserving our pure gasoline useful resource.

Our curtailment technique straight resulted in a $2 million web enhance to third-quarter AFF^(a) from buying gasoline at adverse costs and about $5 million of diminished depletion expense, which is able to translate to decrease growth capital throughout the subsequent six months. Monetary hedging features, that are impartial of bodily manufacturing, accounted for 47% of the quarter’s AFF^(a).

Advertising Replace

Benefit has hedged 43% of its forecasted pure gasoline manufacturing for the fourth quarter of 2025, in addition to 28% in 2026 and eight% in 2027. Benefit has additionally hedged 45% of its forecasted crude oil and condensate manufacturing for the fourth quarter of 2025, in addition to 17% for the primary half of 2026.

Government Replace

Benefit is happy to announce that Geoff Keyser has been appointed to the expanded position of Vice President, Improvement.  Mr. Keyser joined Benefit in November 2020 and has been serving as Vice President, Company Improvement since January 2022.  His new title formalizes the important thing position he performs throughout all features of the enterprise together with capital allocation, planning, growth execution, reserves, enterprise growth and integration of synthetic intelligence.

Wanting Ahead

Benefit’s company technique stays targeted on maximizing AFF per share development with out compromising our stability sheet.

Western Canadian pure gasoline market fundamentals stay encouraging, with oversupplied situations easing as LNG Canada continues to ramp up and export pipelines return to full service. This rebalancing will increase the probability that AECO costs will exceed ranges at the moment implied by the futures market. Nevertheless, even at present strip pricing Benefit expects to generate greater than $500 million of FCF^(a) over our three-year plan (2025 to 2027), whereas persevering with to develop manufacturing 5% to 10% yearly.

Voluntary manufacturing curtailments led to early October and company manufacturing was restored to full capability. We anticipate fourth quarter manufacturing to common between 79,000 and 83,000 boe/d, leading to full-year 2025 manufacturing of 78,100 to 79,100 boe/d (beforehand 80,000 to 83,000 boe/d).

Because of the aggressive shut-ins throughout the third quarter, growth capital for the rest of the 12 months is predicted to be modestly decrease than budgeted and, pending budgetary approval in December, we anticipate to scale back capital for 2026 by roughly $10 million.  At strip pricing, Benefit expects our 2026 capital program reinvestment price to be amongst the bottom in trade, serving to amplify our 2026 share buyback program.  With web debt forecast to fall quickly this winter, we’re shifting to a web debt goal vary, between $400 million and $500 million (midpoint goal remaining at $450 million), offering flexibility across the timing of accelerated share buybacks.

Benefit is strongly positioned to profit from the Canadian political outlook by advantage of our low carbon pure gasoline and possession of Entropy Inc. Our technique stays centered on disciplined capital allocation, high-return investments, and measured, sustainable AFF per share development.  This technique presents shareholders with a transformative alternative for long-term worth creation.

Benefit needs to thank our staff, board of administrators and shareholders for his or her ongoing assist. 

Convention name

Benefit’s administration group will host a convention name and webcast to debate the Company’s third quarter 2025 monetary and working outcomes on Wednesday, October 29, 2025 at 8:00 am Mountain Time (10:00 am Jap Time).

To take part by cellphone, please name 1-888-510-2154 (North American toll-free) or 1-437-900-0527 (Worldwide). A recording of the convention name shall be out there for replay by calling 1-888-660-6345 and coming into the convention replay code 84211#. The replay shall be out there till November 5, 2025.

To affix the convention name with out operator help, you could enter your particulars and cellphone quantity at https://emportal.ink/4pTkyu5 to obtain an immediate automated name again. You may additionally stream the occasion through webcast at https://app.webinar.web/LVo0Zlq1nPO

Under are full tables exhibiting monetary and working highlights.

 

The Company’s unaudited consolidated monetary statements for the three and 9 months ended September 30, 2025 along with the notes thereto, and Administration’s Dialogue and Evaluation for the three and 9 months ended September 30, 2025 have been filed on SEDAR+ and can be found on the Company’s web site at https://www.advantageog.com/traders/financial-reports. Upon request, Benefit will present a tough copy of any monetary reviews freed from cost.

Ahead-Wanting Data Advisory

The info on this press launch comprises sure forward-looking statements, together with throughout the that means of relevant securities legal guidelines. These statements relate to future occasions or our future intentions or efficiency. All statements apart from statements of historic truth could also be forward-looking statements. Ahead-looking statements are sometimes, however not all the time, recognized by way of phrases akin to “anticipate”, “proceed”, “show”, “anticipate”, “could”, “can”, “will”, “imagine”, “would” and comparable expressions and embrace statements regarding, amongst different issues, Benefit’s place, technique and growth plans and the advantages to be derived therefrom; Benefit’s distinctive means to completely fund a gradual, environment friendly annual capital program and the anticipated advantages thereof; Benefit’s expectations that its curtailment technique will translate to decrease growth capital throughout the subsequent six months; Benefit’s company technique of maximizing AFF per share development with out compromising our stability sheet; that Western Canadian pure gasoline market fundamentals stay encouraging and the anticipated advantages in connection therewith, together with the probability for AECO costs to exceed ranges at the moment implied by the futures market; NGTL system reliability and the anticipated results thereof, together with strain on AECO costs; Benefit’s new web debt goal vary, the anticipated timing of assembly our new web debt goal vary and that it supplies flexibility across the timing of accelerated share buybacks; the anticipated quantity of FCF that Benefit will generate and anticipated manufacturing development over the subsequent three years; that Benefit could select to curtail dry pure gasoline manufacturing if money costs are exceptionally weak, prioritizing worth of volumes; expectations that Benefit is strongly positioned to profit from the Canadian political outlook by advantage of its low carbon pure gasoline and possession of Entropy Inc.; Benefit’s technique of disciplined capital allocation, high-return investments, and measured, sustainable AFF per share development and the anticipated advantages to be derived therefrom, together with that Benefit’s technique could current shareholders with a transformative alternative for long-term worth creation;  Benefit’s hedging program and the share of its pure gasoline, crude oil and condensate manufacturing that’s hedged; and the anticipated timing of Benefit’s convention name to debate its third quarter 2025 monetary and working outcomes. Benefit’s precise choices, actions, outcomes, efficiency or achievement might differ materially from these expressed in, or implied by, such forward-looking statements and accordingly, no assurances may be provided that any of the occasions anticipated by the forward-looking statements will transpire or happen or, if any of them do, what advantages that Benefit will derive from them.

These statements contain substantial recognized and unknown dangers and uncertainties, sure of that are past Benefit’s management, together with, however not restricted to: modifications basically financial, market, trade and enterprise situations; actions by governmental or regulatory authorities together with rising taxes and modifications in funding or different laws; the danger that (i) the U.S. tariffs which are at the moment in impact on items exported from or imported into Canada proceed in impact for an prolonged time frame, the tariffs which were threatened are applied, that tariffs which are at the moment suspended are reactivated, the speed or scope of tariffs are elevated, or new tariffs are imposed, together with on oil and pure gasoline, (ii) the U.S. and/or Canada imposes another type of tax, restriction or prohibition on the import or export of merchandise from one nation to the opposite, together with on oil and pure gasoline, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on different international locations and retaliatory tariffs imposed or threatened to be imposed by different international locations on the U.S., will set off a broader world commerce battle which might have a cloth antagonistic impact on the Canadian, U.S. and world economies, and by extension the Canadian oil and pure gasoline trade and the Company, together with by reducing demand for (and the value of) oil and pure gasoline, disrupting provide chains, rising prices, inflicting volatility in world monetary markets, and limiting entry to financing; modifications in tax legal guidelines, royalty regimes and incentive applications regarding the oil and gasoline trade; Benefit’s success at acquisition, exploitation and growth of reserves; sudden drilling outcomes; modifications in commodity costs, foreign money trade charges, web capital expenditures, reserves or reserves estimates and debt service necessities; the incidence of sudden occasions concerned within the exploration for, and the operation and growth of, oil and gasoline properties, together with hazards akin to hearth, explosion, blowouts, cratering, and spills, every of which might end in substantial injury to wells, manufacturing and processing services, different property and the setting or in private damage; modifications or fluctuations in manufacturing ranges; delays in anticipated timing of drilling and completion of wells; particular person nicely productiveness; competitors from different producers; the dearth of availability of certified personnel or administration; credit score danger; modifications in legal guidelines and laws together with the adoption of recent environmental legal guidelines and laws and modifications in how they’re interpreted and enforced; our means to adjust to present and future environmental or different legal guidelines; inventory market volatility and market valuations; liabilities inherent in oil and pure gasoline operations; competitors for, amongst different issues, capital, acquisitions of reserves, undeveloped lands and expert personnel; incorrect assessments of the worth of acquisitions; geological, technical, drilling and processing issues and different difficulties in producing petroleum reserves; means to acquire required approvals of regulatory authorities; the danger that the Company could not have entry to adequate capital from inside and exterior sources; the danger that the Company could not have the ability to develop its manufacturing as anticipated, or in any respect; the danger that the Company could not obtain its web debt goal vary when anticipated, or in any respect; the danger that the Company could not obtain its technique of maximizing its AFF per share development with out compromising its stability sheet; the danger that Benefit could generate much less FCF over the subsequent three years than anticipated; the danger that Benefit isn’t in a position to absolutely fund a gradual, environment friendly annual capital program or understand the anticipated advantages in connection therewith; the danger that Benefit could also be negatively impacted by trade consolidation; the danger that Benefit is unable to establish any new strategic alternatives which are in one of the best pursuits of Benefit and its shareholders; the danger that Western Canadian pure gasoline market fundamentals should not as encouraging as anticipated, or the danger that the Company could not have the ability to understand the anticipated advantages therefrom; the danger that Benefit could not profit from the Canadian political outlook to the extent anticipated, or in any respect; and the danger that the Company’s monetary and working outcomes could also be much less favorable than anticipated. Many of those dangers and uncertainties and extra danger components are described within the Company’s Annual Data Type which is on the market at www.sedarplus.ca (“SEDAR+”) and www.advantageog.com. Readers are additionally referred to danger components described in different paperwork Benefit information with Canadian securities authorities.

With respect to forward-looking statements contained on this press launch, Benefit has made assumptions concerning, however not restricted to: situations basically financial and monetary markets; the period and impression of tariffs which are at the moment in impact on items exported from or imported into Canada, and that apart from the tariffs which are at the moment in impact, neither the U.S. nor Canada (i) will increase the speed or scope of such tariffs, reenacts tariffs which are at the moment suspended, or imposes new tariffs, on the import of products from one nation to the opposite, together with on oil and pure gasoline, and/or (ii) imposes another type of tax, restriction or prohibition on the import or export of merchandise from one nation to the opposite, together with on oil and pure gasoline; results of regulation by governmental companies; present and future commodity costs and royalty regimes; the Company’s present and future hedging program; future trade charges; royalty charges; future working prices; future transportation prices and availability of product transportation capability; availability of expert labor; availability of drilling and associated gear; timing and quantity of web capital expenditures; the impression of accelerating competitors; the value of crude oil and pure gasoline; the variety of new wells required to realize the finances aims; that the Company may have adequate money movement, debt or fairness sources or different monetary sources required to fund its capital and working expenditures and necessities as wanted; that the Company’s conduct and outcomes of operations shall be in step with its expectations; that the Company may have the power to develop the Company’s properties within the method at the moment contemplated; present or, the place relevant, proposed assumed trade situations, legal guidelines and laws will proceed in impact or as anticipated; and the estimates of the Company’s manufacturing and reserves volumes and the assumptions associated thereto (together with commodity costs and growth prices) are correct in all materials respects. Readers are cautioned that the foregoing lists of things should not exhaustive.

Administration has included the above abstract of assumptions and dangers associated to forward-looking info above and in its steady disclosure filings on SEDAR+ to be able to present shareholders with a extra full perspective on Benefit’s future operations and such info might not be acceptable for different functions. Benefit’s precise outcomes, efficiency or achievement might differ materially from these expressed in, or implied by, these forward-looking statements and, accordingly, no assurance may be provided that any of the occasions anticipated by the forward-looking statements will transpire or happen, or if any of them accomplish that, what advantages that Benefit will derive there from. Readers are cautioned that the foregoing lists of things should not exhaustive. These forward-looking statements are made as of the date of this press launch and Benefit disclaims any intent or obligation to replace publicly any forward-looking statements, whether or not on account of new info, future occasions or outcomes or in any other case, apart from as required by relevant securities legal guidelines.

The longer term acquisition by the Company of the Company’s shares pursuant to a share buyback program, if any, and the extent thereof is unsure. Any resolution to implement a share buyback program or purchase shares of the Company shall be topic to the discretion of the board of administrators of the Company and should rely upon quite a lot of components, together with, with out limitation, the Company’s enterprise efficiency, monetary situation, monetary necessities, development plans, anticipated capital necessities and different situations current at such future time together with, with out limitation, contractual restrictions, satisfaction of the solvency checks imposed on the Company beneath relevant company legislation and receipt of regulatory approvals. There may be no assurance that the Company will buyback any shares of the Company sooner or later.

This press launch comprises info that could be thought-about a monetary outlook beneath relevant securities legal guidelines concerning the Company’s potential monetary place, together with, however not restricted to, Benefit’s new web debt goal vary and the anticipated timing of assembly our new web debt goal vary; and the anticipated quantity of FCF that Benefit will generate over the subsequent three years, all of that are topic to quite a few assumptions, danger components, limitations and {qualifications}, together with these set forth within the above paragraphs. The precise outcomes of operations of the Company and the ensuing monetary outcomes will fluctuate from the quantities set forth on this press launch and such variations could also be materials. This info has been offered for illustration solely and with respect to future intervals are based mostly on budgets and forecasts which are speculative and are topic to quite a lot of contingencies and might not be acceptable for different functions. Accordingly, these estimates are to not be relied upon as indicative of future outcomes. Besides as required by relevant securities legal guidelines, the Company undertakes no obligation to replace such monetary outlook. The monetary outlook contained on this press launch was made as of the date of this press launch and was offered for the aim of offering additional details about the Company’s potential future enterprise operations. Readers are cautioned that the monetary outlook contained on this press launch isn’t conclusive and is topic to alter.

Oil and Gasoline Data

Barrels of oil equal (boe) and thousand cubic ft of pure gasoline equal (mcfe) could also be deceptive, notably if utilized in isolation. Boe and mcfe conversion ratios have been calculated utilizing a conversion price of six thousand cubic ft of pure gasoline equal to at least one barrel of oil. A boe and mcfe conversion ratio of 6 mcf: 1 bbl relies on an power equivalency conversion methodology primarily relevant on the burner tip and doesn’t symbolize a price equivalency on the wellhead. On condition that the worth ratio based mostly on the present value of crude oil as in comparison with pure gasoline is considerably completely different from the power equivalency of 6:1, using a conversion on a 6:1 foundation could also be deceptive as a sign of worth.

This press launch comprises a number of oil and gasoline metrics, together with working netback. Working netback is described under beneath “Specified Monetary Measures”. Such oil and gasoline metrics have been ready by administration and do not need standardized meanings or commonplace strategies of calculation and subsequently such measures might not be corresponding to comparable measures utilized by different firms and shouldn’t be used to make comparisons. Such metrics have been included herein to supply readers with further measures to guage the Company’s efficiency; nonetheless, such measures should not dependable indicators of the long run efficiency of the Company and future efficiency could not examine to the efficiency in earlier intervals and subsequently such metrics shouldn’t be unduly relied upon. Administration makes use of these oil and gasoline metrics for its personal efficiency measurements and to supply shareholders with measures to match the Company’s operations over time. Readers are cautioned that the data offered by these metrics, or that may be derived from the metrics offered on this press launch, shouldn’t be relied upon for funding or different functions.

References on this press launch to short-term manufacturing charges are helpful in confirming the presence of hydrocarbons, nonetheless such charges should not determinative of the charges at which such wells will start manufacturing and decline thereafter and should not indicative of long-term efficiency or of final restoration. Moreover, such charges might also embrace recovered “load oil” fluids utilized in nicely completion stimulation. Whereas encouraging, readers are cautioned to not place reliance on such charges in calculating the mixture manufacturing of Benefit.

References on this press launch to “Low carbon” refers to emissions depth decrease than conventional fossil fuel-based energy era sources, akin to coal, oil or pure gasoline, on a relative foundation.

Specified Monetary Measures

All through this press launch and in different paperwork disclosed by the Company, Benefit discloses sure measures to investigate monetary efficiency, monetary place, and money movement. These non-GAAP and different monetary measures do not need any standardized that means prescribed beneath IFRS and subsequently might not be corresponding to comparable measures offered by different entities. The non-GAAP and different monetary measures shouldn’t be thought-about to be extra significant than GAAP measures that are decided in accordance with IFRS, akin to web earnings (loss) and complete earnings (loss), money offered by working actions, and money utilized in investing actions, as indicators of Benefit’s efficiency.

Non-GAAP Monetary Measures

Adjusted Funds Circulation

The Company considers adjusted funds movement to be a helpful measure of Benefit’s means to generate money from the manufacturing of pure gasoline and liquids, which can be used to settle excellent debt and obligations, assist future capital expenditures plans, or return capital to shareholders. Modifications in non-cash working capital are excluded from adjusted funds movement as they might fluctuate considerably between intervals and should not thought-about to be indicative of the Company’s working efficiency as they’re a operate of the timeliness of gathering receivables and paying payables. Expenditures on decommissioning liabilities are excluded from the calculation as the quantity and timing of those expenditures are unrelated to present manufacturing and are partially discretionary as a result of nature of our low legal responsibility. A reconciliation of essentially the most straight comparable monetary measure has been offered under:

Specified Monetary Measures (continued)

Non-GAAP Monetary Measures (continued)

Web Capital Expenditures

Web capital expenditures embrace complete capital expenditures associated to property, plant and gear, exploration and analysis property and intangible property. Administration considers this measure reflective of precise capital exercise for the interval because it excludes modifications in working capital associated to different intervals and excludes money receipts on authorities grants. A reconciliation of essentially the most straight comparable monetary measure has been offered under:

 

Specified Monetary Measures (continued)

Non-GAAP Monetary Measures (continued)

Free Money Circulation

The Company computes free money movement as adjusted funds movement much less web capital expenditures excluding the impression of asset acquisitions and tendencies. The Company makes use of free money movement as an indicator of the effectivity and liquidity of the Company’s enterprise by measuring its money out there after web capital expenditures, excluding acquisitions and tendencies, to settle excellent debt and obligations and doubtlessly return capital to shareholders by paying dividends or shopping for again frequent shares. The Company excludes the impression of acquisitions and tendencies as they aren’t consultant of the free money movement used within the Company’s pure gasoline and liquids and carbon seize operations and are financed by means apart from adjusted funds movement. A reconciliation of essentially the most straight comparable monetary measure has been offered under:

 

Specified Monetary Measures (continued)

Non-GAAP Monetary Measures (continued)

Working Revenue

Working earnings for Benefit’s pure gasoline and liquids operations is comprised of pure gasoline and liquids gross sales, realized features on derivatives, processing and different earnings, web gross sales of bought pure gasoline, web of bills from area operations together with royalty expense, working expense and transportation expense. Working earnings supplies Administration and customers with a measure to match the profitability of Benefit’s area operations throughout firms, growth areas and particular wells. The composition of working earnings is as follows:

Specified Monetary Measures (continued)

Non-GAAP Ratios

Adjusted Funds Circulation per Share & Adjusted Funds Circulation per Diluted Share

Adjusted funds movement per share is calculated by dividing adjusted funds movement, by phase, by the fundamental weighted common shares excellent and the adjusted diluted weighted common shares excellent. The Company adjusted diluted weighted common shares to be calculated based mostly on adjusted funds movement and to incorporate solely dilutive devices that Administration considers prone to be dilutive as on the stability sheet date, based mostly on the present financial scenario. Efficiency Share Models are included in adjusted diluted shares as they’re anticipated to be settled in Widespread Shares. Convertible debentures are excluded till such time that the share value of the Company is bigger than the conversion value because it avoids overstating dilution in intervals the place devices are out-of-the-money and never economically viable to transform. Administration believes that adjusted funds movement per share and per diluted share supplies traders an indicator of funds generated from the enterprise that might be allotted to every shareholder’s fairness place.

Efficient June 30, 2025, the Company revised its methodology for calculating adjusted funds movement per diluted share to make use of adjusted diluted weighted common shares excellent, to incorporate solely devices prone to be economically dilutive, as Administration believes this method supplies a extra correct measure of adjusted funds movement per diluted share by higher reflecting the financial actuality of our capital construction. Comparative figures have been restated accordingly.

Adjusted Funds Circulation per BOE

Adjusted funds movement per boe is derived by dividing adjusted funds movement attributable to Benefit by the full manufacturing in boe for the reporting interval.  Adjusted funds movement per boe is a helpful ratio that enables customers to match the Company’s adjusted funds movement towards different companies with completely different charges of manufacturing.

Specified Monetary Measures (continued)

Non-GAAP Ratios (continued)

Working netback

Working netback is derived by dividing working earnings by the full manufacturing in boe for the reporting interval. Working netback supplies Administration and customers with a measure to match the profitability of area operations throughout firms, growth areas and particular wells towards different companies with completely different charges of manufacturing.

Capital Administration Measures

Working capital

Working capital is a capital administration monetary measure that gives Administration and customers with a measure of the Company’s short-term working liquidity. By excluding short-term derivatives and the present portion of provisions and different liabilities, Administration and customers can decide if the Company’s operations are adequate to cowl the short-term working necessities.  Working capital isn’t a standardized measure and subsequently might not be comparable with the calculation of comparable measures by different entities.

A abstract of working capital as at September 30, 2025, December 31, 2024 and September 30, 2024 is as follows:

Specified Monetary Measures (continued)

Capital Administration Measures (continued)

Web Debt

Web debt is a capital administration monetary measure that gives Administration and customers with a measure to evaluate the Company’s liquidity. Web debt isn’t a standardized measure and subsequently might not be comparable with the calculation of comparable measures by different entities.

A abstract of the reconciliation of web debt as at September 30, 2025, December 31, 2024 and September 30, 2024 is as follows:

Supplementary monetary measures

“Common realized costs (together with realized derivatives) pure gasoline” is comprised of pure gasoline gross sales, as decided in accordance with IFRS, divided by the Company’s pure gasoline manufacturing.

“Common realized costs (together with realized derivatives) liquids” is comprised of crude oil, condensate and NGL’s gross sales, as decided in accordance with IFRS, divided by the Company’s crude oil, condensate and NGL’s manufacturing.

“Pure gasoline and liquids gross sales per boe” is comprised of pure gasoline gross sales and liquids gross sales, as decided in accordance with IFRS, divided by the Company’s complete pure gasoline and liquids manufacturing.

“Working expense per boe” is comprised of working expense, as decided in accordance with IFRS, divided by the Company’s complete manufacturing.

“Processing and different earnings per boe” is comprised of processing and different earnings, as decided in accordance with IFRS, divided by the Company’s complete manufacturing.

“Realized features on derivatives per boe” is comprised of realized features on derivatives, as decided in accordance with IFRS, divided by the Company’s complete manufacturing.

“Royalty expense per boe” is comprised of royalty expense, as decided in accordance with IFRS, divided by the Company’s complete manufacturing.

“Transportation expense per boe” is comprised of transportation expense, as decided in accordance with IFRS, divided by the Company’s complete manufacturing.

The next abbreviations used on this press launch have the meanings set forth under:

SOURCE Benefit Power Ltd.