AGM PRESENTATION - delphienergy.ca

1 May 22, 2018 AGM PRESENTATIONBIGSTONE PROLIFIC, LIQUIDS RICH MONTNEYMay 20182 Grande PrairieBigstone MontneyEdmontonCalgary 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 accessPure play MONTNEYE&P company with WORLD CLASS ASSETS:MANAGING THROUGH COMMODITY PRICE CYCLESMay 20183 $( ) $- $ $ $ $ $ w/o HedgeHedge GainFocus on MontneyMargin GrowthProlonged price weakness protected by hedgesEarly Stage Montney Production GrowthReturn to MontneyProduction GrowthNetback ($/boe)BIGSTONE MONTNEY GROWTH IN 20174 May 2018 Production Q4 2016 to Q4 2017 Total corporate increased 35 percent to 9,588 boe/d driven by Montney development Field condensate increased 77 percent to 2,374 bbls/d Total Proved increased 40 percent to mmboe Total Proved Plus Probable increased 33 percent to mmboe Total Proved Montney field condensate increased 76 percent to mmboe Total Proved Plus Probable Montney field condensate increased 68 percent to mmboeReserves YE 2016 to YE 20172017 & Q1 2018 Montney drillsBIGSTONE MONTNEY GROWTH May 20185 Montney Production Growth 02,0004,0006,0008,00010,0002012201320142 015201620171H2018 Boe/dGasLiquidsNon-MontneyLiquids CAGR 63%Nat.

2 Gas CAGR 50%Funding BigstoneMontneySource of FundingCash Flow52%Dispositions28%Equity13%Debt7%Cum ulativeProceeds Montneyasset 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 02,0004,0006,0008,00010,000$0$100$200$30 0$400$50020132014201520162017Q1/18 Cum CapitalCum ProceedsDebtProduction$ millionsCONSISTENT ECONOMIC RESERVE GROWTHD ecember 20176 Montney Reserves (mboe) 52 wells ( net) drilled LTD 2015/16 drilling focused on infill locations 2017 drilling focused on delineating west and south lands 3-Year MontneyPDP FD&A to YE 2017 $ Development (2012 to 1H 2018)05,00010,00015,00020,00020122013201 4201520162017 Reserves (mboe)Proved Developed ProducingMontneyOtherMontneyCAGR 63%020,00040,00060,00080,000201220132014 201520162017 Reserves (mboe)Total Proved Plus ProbableMontneyOther46866157201220132014 2015201620171H2018 MontneyWells brought on ProductionHOW DOES DELPHI S BIGSTONE MONTNEY RANK: 7 May 2018 DEEDEEB igstone Montney economics driven by field condensate and NGL sRecognized as a top tier liquids-weighted assetAmong the highest IRRA mong the lowest break-even gas priceNETBACK COMPARISON MONTNEY PRODUCERSMay 20188 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.)

3 2% of operating income) decreasing as a % of totalSources: DEE; Company MD&As0%10%20%30%40%50%60%70% - MontneyVIINVAKELSRXCRBIRAAVN etback(1)First Quarter 2018 Operating netbackRoyaltiesOperatingTransportation% Liquids (Total)% Condensate(1) Excluding hedgesBUILT 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.

4 Refer to disclaimer for further 20189 Largest Land Position at BigstoneMay 201810 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 plant7-11 AMINE PLANT ON-STREAMMay 201811 Delphi 52 mmcf/d sour dehydration and compression facilityDelphi 17 mmcf/d amine plant to sweeten Montneysour gasBIGSTONE SWEET GAS PROCESSING PLANTMay 201812 Repsol / Delphi sweet natural gas processing plant Delphi 25% working interest 85 mmcf/d capacity significantly underutilized Amine sweetened Montneygas now being processed here Material operating cost savingsMay 201813 NEW AMINE PLANT IMPROVES CASH NETBACK Commissioned April 2018 Up to 17 mmcf/d (11 net) of raw gas Cash flow increases by about $ (1)on amine sweetened gas sold on AECO Cash flow impact increases to $ Alliance lateral to Bigstone gas plant is reactivatedNotes.

5 (1) Assuming Delphi captures 75% of the difference between netback prices of Chicago via Alliance and AECO via NGTL through use of additional excess Alliance service to generate marketing MARKET ACCESS FOR GROWTHMay 201814 Alliance 57 mmcf/d of firm and priority interruptible service Access to premium pricing via Chicago City Gate Delphi captures value of excess service through assignment at a premium or marketing activity(1)TCPL 24 mmcf/d firm service Low cost service for growth beyond 2018 Delphi/AllianceFull Path Service to Chicago(1)Delphi captures the value of excess Alliance firm service either by assigning it to 3rdparties at a premium above cost or by using it to transport 3rdparty natural gas purchased in Alberta/BC and sold in Chicago to generate marketing Transportation Service (mmcf/d)GAS MARKETING IN 2018 100%SHELTERED FROM AECO CARNAGEMay 201815(1)Based on estimated average daily gas sales in the last nine months of 2018.

6 (2)Based on an average of 18 mmcf/d of excess firmservice on Alliance and assumes that Delphi captures 75% of arbitrage between Chicago and AECO. Approximately 80% of natural gas sold in Chicago generating significantly higher netback pricing than AECO. AECO exposure is hedged through marketing income earned on excess Alliance firm in spread between AECO and Chicago ChangeinAECO revenue ($mm/year)Changein premiums earned on excess Alliance service(2)($mm/year)Change in cashflow($mm/year)US$ / mmbtu( ) Cash Flow Sensitivity to AECO-Chicago BasisWorsening AECO-Chicago basis increases Delphi cash flow in 2018 Natural Gas Sales by Market in 2018 (1)Chicago Gas Sales in 2018 (1)CONTRACTED ALLIANCE SERVICE IS A VALUABLE ASSETMay 201816(1)Based on strip pricing as of May 17, 2018 The undiscounted value of the arbitrage between AECO and Chicago netback prices available through Delphi s Alliance service is approximately $25 million through of AECO-Chicago Arbitrage Available through Delphi s Alliance Transportation ServiceArbitrage between AECO and Chicago Available through Delphi s Alliance Transportation Service(1)

7 Delphi s Alliance service worth approximately $25 million (1)PROVEN RISK MANAGEMENT PROGRAM Majority of near term production is hedged Event driven natural gas hedging strategy with a long term view of relatively balanced supply Strategy is proven and repeatable over 2 -4 year peak to trough event cycles Risk management contracts generally put in place over a 12 -48 month period Over an 11 year period risk management program has: Realized $113 million in hedging gains Increased revenues by 9% Increased cash flow by 20% Added $ to netback May 201817 Consistent Hedge Performance-$15-$10-$5$0$5$10$15$20$25$3 0$35200620072008200920102011201220132014 201520162017 Hedging Gains/Losses ($millions)Cold winter lifting natural gas prices in 2014 Natural gas price spike in 2008 Steady decline of natural gas prices from 2009 to 2013 Collapse of natural gas and crude oil pricesCommodity HedgesQ1 2018Q2 2018Q3 2018Q4 20182019 Natural gas (mcf/d) hedge price (C$/mcf) oil (bbl/d)2,2562,5002,1002,100798 Average hedge price (C$/bbl) UPDATEMay 201818AN ACTIVE 2017 AND Q1/2018 May 201819 $117MM 2017 capital 17 ( net) wells drilled 6 ( net) delineation wells 7 ( net)

8 Pad wells Start of 7-11 Amine project Expansion of 7-11 and 5-8 comp/dehyfacilities 21 km of main gathering infrastructure Expansion of water disposal facility Added ( net) sections Montney rights $41MM 2018 Q1 capital 4 ( net) wells drilled 1 ( net) delineation well 6 ( net) wells completed Commissioned Amine plant in April 7 ( net) wells on stream YTDWEST BIGSTONEEAST BIGSTONED3D2D1B1CD1CD2B1 CVEATHXTOD ienarian02004006008001,0001,2001,4001,60 01,800 Sand Lb/ft`Gen 1 Gen 2 Gen 3 Gen 4 Gen 5 Gen 6 West Bigstone20 May 2018 Montney Frac Generation Design EvolutionUNDERSTANDING RESULTS OF EVOLVING FRAC DESIGNEast Bigstone$0$5,000$10,000$15,000$20,000$/b oepdMontney Drill & Complete Capital EfficiencyIP30IP90 Evolution to significantly more sand moving to West Bigstone More at West -less at East Optimizing frac sizes to maximize capital efficiency Mill / clean-out of a ball drop liner in a 2017 pad well brought production back in line with expectations Successful result of 65 stage hybrid frac at 16-10 West Bigstone (Gen 6) On-going testing of new ball drop technologies21101001,00010,0000306090120 150180 Gas (mcf/d) & Field Condensate (bbl/d)

9 Days on ProductionDirect offset comparison of 5thto 3rdGeneration Frac13-15-60-23W5 Gas13-15-60-23W5 Field Condensate14-15-60-23W5 Gas14-15-60-23W5 Field CondensateEarly time results Increased condensate rates and yields Lower initial gas rates with shallower decline 3rdGen5thGen IP30:Gas and Plant NGL -373 boe/dField Condensate -76 boe/dTotal-449 boe/dUNDERSTANDING RESULTS OF EVOLVING FRAC DESIGNMay 2018101001,00010,0000306090120150180 Gas (mcf/d) & Field Condensate (bbl/d)Days on Production5th Gen Frac (14-15-60-23W5) vs 3rd Gen Frac (13-15-60-23W5)13-15-60-23W5 Gas13-15-60-23W5 Field Condensate14-15-60-23W5 Gas14-15-60-23W5 Field Condensate3rdGen5thGenProduction from 5thGen frac has started to track 3rdGen. Based on this result, we scaled back to Gen 3 on subsequent wells at 14-18 and RESULTS OF EVOLVING FRAC DESIGNMay 2018 May 201823 Initial production performance of 13-9 (and other pad wells) was below expectations A partial mill/clean-out of the ball drop liner has brought production back in-line with expectationsOffset FracWellclean-out Field Condensate up 66% Natural Gas up 50%14 days18 daysUNDERSTANDING PAD WELL OPERATIONS / RESULTSWESTERN-MOST WELLS: HIGHEST CONDENSATE YIELD TO DATEMay 201824 Average IP90 field condensate yield of 203 bbl/mmcf sales Both wells completed with 40-stages and ~1,350 lb/ftof sand (4thGeneration) Highest initial condensate yield Shallower initial declineMONTNEY ECONOMIC MODELMay 201825 Note: See Montney Economic Model Assumptions in the Forward Looking Statement and Important Notes Economics/Metrics - Flat Pricing.

10 WTI US$65/bbl, NYMEX US$ 10MM$$ $ $/boe$ $ CapitalD,C,E&TIMM$$ $ Sales Production (IP30 - first 30 day average) Condensate(2)bbl/mmcf86183 Total Liquids (C3+)(2,3)bbl/mmcf129227 Total Liquids (C3+)(2,3)bbl/d662822 Total IP30boe/d1,5151,426IP365 (first 365 day average) Condensate(2)bbl/mmcf sales58114 Total Liquids (C3+)(2,3)bbl/mmcf sales101158 Total Liquids (C3+)(2,3)bbl/d294348 Total IP365boe/d778717 Reserves (sales) (C3+)(2,3) Montney Toe Up Two Section Horizontal Hypothetical Type Wells30+ stage Slickwater CompletionINCREASING CONDENSATE YIELDSMay 201826 Condensate Gas Ratios Significantly Greater in West Bigstonewith FracDesign Changes15-1010-2716-2315-2415-3011-1715- 2113-302-12-78-2116-153-2613-2316-2712-2 716-2413-2414-3014-2414-2713-2115-2314-1 116-914-2116-2115-815-1113-1515-913-913- 1714-916-1813-109-8050100150200250050100 150200250300350IP180 CGR (bbl/mmcf sales)IP30 CGR (bbl/mmcf sales)Delphi Bigstone Montney -IP180 CGR vs.