• YE25 2P reserves were estimated at 57.8 mmbbl, implying a reserves‑replacement ratio of 192%. Even excluding the previously disclosed Wassana additions at FID, the company still achieved 100% organic replacement of 2025 production, adding 8.5 mmbbl of reserves. At US$10/bbl, this equates to roughly C$1.20 per share of value creation.
• This performance is particularly notable given that the reserves auditor reduced its Brent price assumptions by ~US$7–15/bbl from 2026 onward, which had a negat ....
