July 17, 2018

JULY PRESENTATION

BIGSTONE – PROLIFIC, LIQUIDS RICH MONTNEY

July 2018 2

Grande Prairie

Bigstone

Montney

Edmonton

Calgary

 Successful delineation drilling

to the west and south

 Growing condensate production

and high stable yields

 Integration of owned

infrastructure leading to lower

operating costs

 Alliance / Chicago natural gas

market access

Pure play MONTNEY E&P company with WORLD

CLASS ASSETS:

2018 GUIDANCE FOR SECOND HALF 2018

3July 2018

 2018 capital program supported by

significant production and cash flow growth

through 2017

 Condensate growth of 27% in Q1/18 over

Q1/17

 Cash netbacks in Q1/18 23% greater than

Q1/17

 Delineation drilling success sets up

multiple options for “ultra-rich” condensate

locations in 2018 and beyond

 Production data from new wells important

input for 2H/18 planning

 First Half 2018 capital program

 7 new wells on production in 1H/18

 1H/18 forecast takes into account production

downtime for new well completions and

amine plant construction/commissioning

 Phase 1 Amine plant on-stream

 Second Half 2018 capital program

 4 new wells on production in 2H/18

Strong return on capital, increased cash flow largely

driven by continued condensate production growth

2018 Second

Half Guidance (1) 2018 Full Year

Guidance

Net capital program ($ million) $29 - $33 $75 - $80

Well count drilled 4 (2.6 net) – 5 (3.3 net) 8 (5.2 net)

Well count on production 4 (2.6 net) 11 (7.2 net)

Average production (boe/d) 10,000 – 10,400 10,000 – 10,200

Natural gas (mmcf/d) 37.0 – 37.5 36.0 – 36.5

Field condensate (bbls/d) 2,500 – 2,650 2,600 – 2,650

NGL’s (bbls/d) 1,400 – 1,500 1,450 – 1,500

Percent liquids (%) 40 - 41 40

Adjusted funds flow (“AFF”) ($

million)

$25 - $27 $50 - $54

Net debt (2) $160 – $166 $160 – $166

Net debt / AFF (annualized) 3.1 3.1

2018 Q4

Guidance

2017 Q4

Actuals

%

Change

Average production (boe/d) 10,600 – 10,900 9,588 12

Natural gas (mmcf/d) 38.5 – 39.0 35.4 9

Field condensate (bbls/d) 2,700 – 2,900 2,374 18

NGLs (bbls/d) 1,450 – 1,500 1,315 12

Percent liquids (%) 40 38 --

Adjusted funds flow (including

hedges) ($ million)

$14.5 - $15.0 $14.1 5

Adjusted funds flow (excluding

hedges) ($ million)

$18.0 - $18.5 $13.3 40

(1) Based on WTI crude oil price of $68 per barrel, NYMEX Henry Hub natural gas price of $2.95 per mmbtu and FX of 1.327

CAD per USD.

(2) Net debt is defined as the sum of bank debt, senior secured notes and the long term portion of unutilized take-or-pay contract

plus (minus) the working capital deficit (surplus) excluding the current portion of the fair value of the financial instruments.

MANAGING THROUGH COMMODITY PRICE CYCLES

July 2018 4

$(5.00)

$-

$5.00

$10.00

$15.00

$20.00

$25.00

Q 1

/1 2

Q 3

/1 2

Q 1

/1 3

Q 3

/1 3

Q 1

/1 4

Q 3

/1 4

Q 1

/1 5

Q 3

/1 5

Q 1

/1 6

Q 3

/1 6

Q 1

/1 7

Q 3

/1 7

Q 1

/1 8

Netback w/o Hedge Hedge Gain

Focus on Montney

Margin Growth

Prolonged price weakness

protected by hedges

Early Stage Montney

Production Growth Return to Montney

Production Growth

N e

tb a

c k (

$ /b

o e

)

BIGSTONE MONTNEY GROWTH

July 2018 5

Montney Production Growth

0

2,000

4,000

6,000

8,000

10,000

2012 2013 2014 2015 2016 2017 1H2018

B o e /d

Gas Liquids Non-Montney

Liquids CAGR 63%

Nat. Gas CAGR 50%

Funding Bigstone Montney Source of Funding

Cash Flow 52%

Dispositions 28%

Equity 13%

Debt 7% Cumulative

Proceeds

 Montney asset growth funded largely

through cash flow and non-core asset

dispositions

 Life-to-date (LTD) capital includes land

acquisitions and facility infrastructure build

out

 170 gross sections of land acquired

 Ownership in 100+ mmcf/d field gathering and

plant processing capacity

 Focus on margin growth and ROCE

$463 million

LTD Capital

0

2,000

4,000

6,000

8,000

10,000

$0

$100

$200

$300

$400

$500

2013 2014 2015 2016 2017 Q1/18

Cum Capital Cum Proceeds Debt Production

$ m

ill io

n s

CONSISTENT ECONOMIC RESERVE GROWTH

July 2018 6

Montney Reserves (mboe)

 52 wells (41.1 net) drilled LTD, 4 wells planned in

2H/18

 2015/16 drilling focused on infill locations

 2017 drilling focused on delineating west and south

lands

 3-Year Montney PDP FD&A to YE 2017

 $14.40/boe

Montney Development (2012 to 2018)

0

5,000

10,000

15,000

20,000

2012 2013 2014 2015 2016 2017

R e

s e

rv e

s (

m b

o e

)

Proved Developed Producing

Montney Other

Montney CAGR 63%

0

20,000

40,000

60,000

80,000

2012 2013 2014 2015 2016 2017

R e

s e

rv e

s (

m b

o e

)

Total Proved Plus Probable

Montney Other

4

6

8

6 6

15

11

2012 2013 2014 2015 2016 2017 2018

Montney Wells brought on Production

HOW DOES DELPHI’S BIGSTONE MONTNEY RANK:

7July 2018

DEE

DEE

Bigstone Montney economics driven by field condensate and NGL’s

Recognized as a top tier liquids-weighted asset

Among the highest IRRAmong the lowest break-even gas price

NETBACK COMPARISON – MONTNEY PRODUCERS

July 2018 8

 Condensate yields, total liquids content and operating netbacks are among the highest

 Operating netbacks continue to increase as:

• Focus on liquids-rich West Bigstone

• Amine sweetening facility reduces operating costs (third-party processing)

• Legacy production (10% of production; 2% of operating income) decreasing as a % of total

Sources: DEE; Company MD&As

0%

10%

20%

30%

40%

50%

60%

70%

-

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

DEE DEE Montney VII NVA KEL SRX CR BIR AAV

Netback(1) First Quarter 2018

Operating netback Royalties Operating Transportation % Liquids (Total) % Condensate

(1) Excluding hedges

BUILT A DOMINANT LAND POSITION

 Montney land base has grown to 170

gross sections (111 net) from 4

sections in 2011

 Significant land position allows for

efficient operations, control over

infrastructure and scalable

development

 19+ year drilling inventory* on

approximately 128 of 147

undeveloped sections:

 400+ “Extended Reach HZ” locations

equivalent to 800+ “1 mile” industry locations

 19 years of drilling inventory assuming a 3 rig

(21 well/year) program

 Continue to identify and pursue

additional consolidation opportunities

* Based on 4 to 6 laterals per section and 1 to 2 layers across

the 128 sections, increasing in well density from NE to SW.

Refer to disclaimer for further details.

July 2018 9

Largest Land Position at Bigstone

July 2018 10

BIGSTONE INFRASTRUCTURE FULLY INTEGRATED

 Amine plant

commissioned and

sending sweetened

Montney gas to Bigstone

14-28 natural gas

processing plant (25%

Delphi working interest)

 West Bigstone 16-10

well producing to 100%

Delphi 11-03 sweet gas

plant

7-11 AMINE PLANT ON-STREAM

July 2018 11

Delphi

52 mmcf/d sour

dehydration and

compression

facility

Delphi

17 mmcf/d amine

plant to sweeten

Montney sour gas

BIGSTONE SWEET GAS PROCESSING PLANT

July 2018 12

Repsol / Delphi sweet natural gas processing plant

 Delphi 25% working interest

 85 mmcf/d capacity

 significantly underutilized

 Amine sweetened Montney gas now being processed here

 Material operating cost savings

July 2018 13

NEW AMINE PLANT IMPROVES CASH NETBACK

• Commissioned A