CONSISTENT & LONG-TERM ENERGY

On June 30th, LNG Canada successfully loaded its first cargo of liquefied natural gas to Asian markets from its facility at Kitimat, British Columbia. This milestone marks the beginning of a new era for the Canadian natural gas market as it enters the global LNG export market. In anticipation of this project, Canadian natural gas producers had ramped up production, which raised natural gas storage levels. While the LNG Canada project is scaling up throughput, cooler temperatures in the United States and Canada have kept storage levels elevated on both sides of the border. These factors have resulted in lower natural gas prices this summer, particularly in Canada. Pine Cliff continues to prudently manage our operations and balance sheet, anticipating a favorable shift in natural gas fundamentals beginning this winter.

Pine Cliff's adjusted funds flow of $4.9 million generated for the second quarter of 2025