ACC.22: Medtronic renal denervation system demonstrates significant blood pressure reduction through three years

Medtronic adds to its robust clinical program with long-term data demonstrating the continued blood pressure lowering effect of the Symplicity renal denervation procedure
Medtronic also completes enrollment in the SPYRAL HTN-ON MED trial

Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced long-term data from the first 80 patients in the SPYRAL HTN-ON MED trial, which were presented today at the American College of Cardiology's 71 st Annual Scientific Session (ACC.22) late-breaking featured clinical research sessions. The data were also simultaneously published in The Lancet . 1

In the first 80 patients of the SPYRAL HTN-ON MED trial, the data demonstrated that patients who were prescribed anti-hypertensive medications and treated with the Medtronic Symplicity Spyral™ Renal Denervation (RDN) System continued to show durable, clinically significant blood pressure reductions through three years. At three years:

18.7 mmHg reduction in RDN patients versus 8.6 mmHg in sham for 24-hour systolic ambulatory blood pressure (ABPM)
20.9 mmHg reduction in RDN patients versus 12.5 mmHg in the sham arm for office systolic blood pressure (OSBP)

"Across the latest trials, consistent blood pressure reductions have been observed in patients with uncontrolled hypertension treated with the Medtronic Symplicity Spyral RDN system," said Felix Mahfoud , M.D., cardiologist at Saarland University Hospital in Homburg, Germany , and member of the SPYRAL HTN executive committee. "For the first time, we now have randomized data that demonstrates that in a typical patient population – hypertension patients who are on anti-hypertensive medications and treated with RDN – we are seeing the continued, long-term blood pressure lowering effect. Lowering blood pressure can have meaningful clinical results for patients, including a decrease in the risk of cardiovascular events."

The trial also demonstrated procedural and long-term safety with the Symplicity Spyral renal denervation catheter, with zero major device or procedural safety events through three years. ¹

"With the ON MED randomized data presented and published today, Medtronic has now demonstrated the long-term benefit of renal denervation against a backdrop of an anti-hypertensive medication, with continued demonstration of a safe procedure," said Jeffrey Popma , M.D., chief medical officer for the Coronary & Renal Denervation business and the Structural Heart & Aortic business, which are part of the Cardiovascular Portfolio at Medtronic. "This highlights the importance of additional treatment options such as renal denervation."

Approved for commercial use in more than 60 countries around the world, the Symplicity Spyral renal denervation system is limited to investigational use in the United States , Japan , and Canada .

SPYRAL HTN-ON MED is a global, randomized, sham-controlled trial investigating the blood pressure lowering effect and safety of RDN with the radiofrequency-based Medtronic Symplicity Spyral system in hypertensive patients prescribed one to three anti-hypertensive medications. The long-term ON MED data presented at ACC.22 studied the same cohort of patients as the six-month primary endpoint analysis that was previously published in The Lancet in 2018. ²

Medtronic completes randomization in the full cohort of its SPYRAL HTN-ON MED Trial
Medtronic also announced it recently completed randomization for the full cohort of its SPYRAL HTN-ON MED trial and closed enrollment. The full analysis cohort targets up to 340 randomized patients. Medtronic expects the six-month post procedure follow-up for the full cohort will be complete in the second half of calendar year 2022.

"The data presented at ACC underscores Medtronic's confidence in RDN as a solution for the millions of people who suffer from uncontrolled high blood pressure. These new data will be important to regulatory officials, clinicians and payers as we look to bring a new treatment option to market for patients with uncontrolled hypertension," said Jason Weidman , senior vice president and president of the Coronary & Renal Denervation business unit, which is part of the Cardiovascular Portfolio at Medtronic. "Looking ahead, we remain focused on the anticipated six-month follow up for the full cohort of the ON MED trial in the second half of this calendar year."

The SPYRAL HTN-ON MED trial is part of the SPYRAL HTN Global Clinical Program, adding to the safety and efficacy data for RDN. Along with the real-world data from the Global Symplicity Registry, when combined with commercial experience, there have been more than 20,000 procedures performed with Medtronic RDN technology. The clinical program is backed by the most rigorous and extensive patient experience studied in the presence ² and absence ³ of medication and in patients with high baseline cardiovascular risk. ⁴

About the Medtronic Symplicity Spyral™ Renal Denervation System
The Medtronic RDN procedure uses a minimally invasive procedure that delivers radiofrequency energy to specific nerves near the kidneys that can become overactive and cause high blood pressure.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 90,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn .

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

¹ Mahfoud F, Kandzari D, Kario K, et al. Long-term efficacy and safety of renal denervation in the presence of antihypertensive drugs (SPYRAL HTN-ON MED): a randomised, sham-controlled trial. Lancet . 2022; https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(22)00455-X/fulltext
² Kandzari D, Bӧhm M, Mahfoud F, et al. Effect of renal denervation on blood pressure in the presence of antihypertensive drugs: 6-month efficacy and safety results from the SPYRAL HTN-ON MED proof-of-concept randomised trial. Lancet 2018 ; 391: 2346-55.
³ Bӧhm M, Kario K, Kandzari D et al. Efficacy of catheter-based renal denervation in the absence of antihypertensive medications (SPYRAL HTN-OFF MED Pivotal): a multicentre, randomised, sham-controlled trial. Lancet 2020; 395:1444–51.
⁴ Mahfoud F, Mancia G, Schmieder R, et al. Renal denervation in high-risk patients with hypertension. J Am Coll Cardiol 2020 ; 75: 2879-88.

Contacts:
Krystin Hayward Leong	Ryan Weispfenning
Public Relations	Investor Relations
+1-508-298-8246	+1-763-505-4626

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	Three Months Ended
(millions, except per share or as otherwise noted)	March 31 2024			December 31 2023			March 31 2023
FINANCIAL
Revenues	$	120.7		$	136.6		$	126.1

Funds from Operations		83.0			111.1			86.3
Per Share - basic and diluted ⁽¹⁾		0.35			0.46			0.36

Net Earnings		47.5			67.4			56.8
Per Share - basic and diluted ⁽¹⁾		0.20			0.28			0.24

Dividends declared ⁽²⁾		59.7			57.3			57.3
Per Share		0.25			0.24			0.24
Dividend payout ratio ⁽³⁾		72 %			52%			66%

Acquisitions - including non-cash consideration ⁽⁴⁾		8.8			22.2			5.4
Net debt at period end ⁽⁵⁾		208.3			222.1			292.4

Shares Outstanding
Shares outstanding at period end		239.0			239.0			238.9
Weighted average - basic		239.0			239.0			238.9
Weighted average - diluted		239.0			239.0			238.9

OPERATIONAL Royalty Production Volumes
Crude Oil (bbls/d)		13,142			12,844			12,212
NGL (bbls/d)		2,535			2,697			2,664
Natural Gas (MMcf/d)		62.1			60.4			59.6
Royalty Production (BOE/d) ⁽⁶⁾		26,027			25,608			24,809

Realized Pricing
Crude Oil ($/bbl)		77.18			83.27			76.25
NGL ($/bbl)		44.18			46.07			46.71
Natural Gas ($/Mcf)		1.89			2.19			4.05
Total ($/BOE) ⁽⁶⁾		47.79			51.78			52.31

Operating Netback per BOE ⁽⁷⁾		39.60			48.68			43.80

Funds from Operations per BOE		35.04			47.16			38.65

Oil Price Benchmarks
Western Texas Intermediate (WTI) (US$/bbl)		76.95			78.32			76.13
Edmonton Light Sweet ($/bbl)		92.18			99.72			99.04
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(19.33	)		(21.89	)		(24.78	)

Natural Gas Price Benchmarks
AECO monthly index ($/Mcf)		2.05			2.66			4.34
AECO daily index ($/Mcf)		2.50			2.30			3.22

Foreign Exchange Rate (US$/CAD$)		0.7411			0.7343			0.7397

⁽¹⁾	^{Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.}
⁽²⁾	^{A dividend of $0.25 per share was declared on March 11, 2024. The dividend was paid on April 15, 2024 to shareholders of record as at March 28, 2024.}
⁽³⁾	^{Dividend payout ratio is defined under the "Non-GAAP Measures and Ratios" section of this press release.}
⁽⁴⁾	^{Excluding right-of-use asset additions.}
⁽⁵⁾	^{See Note 14 "Capital Management" in the interim condensed consolidated financial statements for the three months ended March 31, 2024 and 2023 and Note 15 "Capital Management" in the audited annual consolidated financial statements for the years ended December 31, 2023 and 2022.}
⁽⁶⁾	^{See "Conversions of Natural Gas to BOE".}
⁽⁷⁾	^{Operating netback per BOE is defined under the "Non-GAAP Measures and Ratios" section of this press release.}

	Three Months Ended
($ millions)	March 31 2024			December 31 2023			March 31 2023
Cash from Operating Activities	$	79.7		$	128.0		$	17.2
Other Revenue		(7.5	)		(14.6	)		(9.3	)
Amortization of Debt Issuance Costs		(0.1	)		(0.1	)		(0.2	)
Finance Expense		3.7			3.9			4.5
Current Tax Expense		14.7			14.4			16.5
Net Change in Non-cash Working Capital		3.3			(16.9	)		69.1
Operating Netback	$	93.8		$	114.7		$	97.8

	Three Months Ended
($ millions)	March 31 2024		December 31 2023		March 31 2023
Funds from Operations	$	83.0	$	111.1	$	86.3
Dividends Declared		59.7		57.3		57.3
Dividend Payout Ratio		72 %		52%		66%

			Three months ended December 31,		Year ended December 31,
(CAD $000s, except per share amounts)		2023		2022			2023		2022
FINANCIAL HIGHLIGHTS
Petroleum and natural gas sales		185,384		111,558			693,891		367,957
Cash flow from operating activities		75,380		58,100			283,988		102,314
Operating netback, net of derivatives(1)		104,328		64,661			382,890		153,450
Adjusted EBITDA(1)		100,092		62,191			363,143		146,740
Adjusted funds flow(1)		80,247		50,729			278,138		118,658
per share	- Basic		0.58		0.85			2.20		2.67
	- Diluted		0.56		0.84			2.15		2.64
Free funds flow(1)		23,072		15,053			147,565		29,553
per share	- Basic		0.17		0.25			1.17		0.67
	- Diluted		0.16		0.25			1.14		0.66
Net income (loss)		131,456		(16,728	)		290,623		74,815
per share	- Basic		0.94		(0.28	)		2.30		1.68
	- Diluted		0.92		(0.28	)		2.25		1.66
Net Debt(1), end of period		460,483		219,803			460,483		219,803

Gross Wells Drilled by Formation (number):	Avg. IP30 per Location (boe/d)	2023 Guidance Type Curve (boe/d)	Performance vs. Type Curve (%)	Total Gross Capital Invested ($MM)	Capital Efficiency ($ per boe/d)
SE Sask - Frob. & Midale (10)	80.4	69.0	+17	13.2	16,420
SE Sask - Spearfish (6)	89.2	77.0	+16	7.1	13,270
SE Sask - Stimulated Bakken (7)	109.7	101.0	+9	12.3	16,020
SE Sask - OHML Bakken (2)	168.5	147.0	+15	4.6	13,650
WC Sask - Viking (12)	97.9	68.0	+44	19.4	16,510
Central AB - Lochend Cardium (3)	279.0	260.0	+7	17.7	21,150
Central AB - Pembina (2)	239.5	248.0	-3	9.4	19,620
North AB - Montney (4)	314.4	330.0	-5	14.3	11,390
Weighted Average	134.6	121.0	+11	98.0	15,830

	Three months ended December 31,		Year ended December 31,
($000s)	2023		2022		2023		2022
Adjusted funds flow	80,247		50,729		278,138		118,658
Capital expenditures	(57,175	)	(35,676	)	(130,573	)	(89,105	)
Free funds flow	23,072		15,053		147,565		29,553

	Three months ended December 31, 2023	Three months ended December 31, 2022
	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)
Southeast Saskatchewan	10,832	939	4,673	12,550	6,714	398	2,457	7,522
West Central Saskatchewan	3,389	29	514	3,504	4,876	30	514	4,992
Central Alberta	3,543	1,172	20,105	8,066	-	-	-	-
North Alberta	1,643	393	4,412	2,771	-	-	-	-
Total boe/d	19,407	2,533	29,704	26,891	11,590	428	2,971	12,514

	Year ended December 31, 2023	Year ended December 31, 2022
	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)	Crude oil (bbls/d)	NGLs (bbls/d)	Natural gas (mcf/d)	Total (boe/d)
Southeast Saskatchewan	9,596	770	3,968	11,027	6,401	340	2,118	7,094
West Central Saskatchewan	4,262	20	468	4,360	2,440	13	274	2,499
Central Alberta	3,005	915	16,602	6,687	-	-	-	-
North Alberta	1,314	287	3,521	2,188	-	-	-	-
Total boe/d	18,177	1,992	24,559	24,262	8,841	353	2,392	9,593

Rating Agency	PrairieSky Score/Ranking	Description of Score/Ranking
Sustainalytics ESG Risk (All Industries)	7.4 Negligible Risk	Ranked in the top 0.5% of all companies in Sustainalytics global coverage universe ⁽²⁾ and maintained "Negligible Risk" ESG Risk Rating. Received "2024 ESG Global 50 Top-Rated Badge" awarded to the top 50 ranked companies in Sustainalytics ESG Risk Ratings universe which covers more than 14,000 companies across 42 industries.
Sustainalytics ESG Risk (Oil and Gas Producers)	1 out of 315	Maintained top overall global ⁽²⁾ ranking and awarded Sustainalytics "Industry Top-Rated Badge".
MSCI ESG Risk Rating	AAA	Maintained AAA "Leader" status, denoting companies leading the industry in managing the most significant ESG risks and opportunities. Measurement of resilience to long-term, industry material ESG risks on a relative ranking from AAA to CCC.
CDP Climate Change 2023	B	Received a score of B, as compared to the North American and global average of C, indicating the Company has addressed the environmental impacts of their business and ensures good environmental management.
S&P's Global Corporate Sustainability Assessment (CSA)	62	Scored 62 out of 100, achieving a top 15% ranking and included as a member of S&P's Global Sustainability Yearbook 2024 for corporate sustainability excellence.
Globe and Mail Governance Overall Survey Score	84/100	Ranked 57 out of 219 companies in the S&P/TSX Composite Index with an overall score of 84 out of 100. Survey assesses quality of governance practices.

				Three months ended						Year ended
(millions, except per share or as otherwise noted)	December 31 2023			September 30 2023			December 31 2022			December 31 2023			December 31 2022
FINANCIAL
Revenues	$	136.6		$	133.1		$	150.6		$	513.2		$	643.3

Funds from Operations		111.1			93.8			119.5			382.5			507.6
Per Share - basic ⁽¹⁾		0.46			0.39			0.50			1.60			2.13
Per Share - diluted ⁽¹⁾		0.46			0.39			0.50			1.60			2.12
Net Earnings		67.4			55.4			67.3			227.6			317.5
Per Share - basic and diluted ⁽¹⁾		0.28			0.23			0.28			0.95			1.33
Dividends declared ⁽²⁾		57.3			57.3			57.3			229.2			143.3
Per Share		0.24			0.24			0.24			0.96			0.60
Dividend payout ratio ⁽³⁾		52	%		61	%		48	%		60	%		28	%

Acquisitions		22.2			15.6			6.2			58.4			30.6
Net debt at period end ⁽⁴⁾		222.1			253.7			315.1			222.1			315.1

Shares Outstanding
Shares outstanding at period end		239.0			239.0			238.9			239.0			238.9
Weighted average - basic		239.0			238.9			238.8			239.0			238.8
Weighted average - diluted		239.0			238.9			239.2			239.0			239.1

OPERATIONAL Royalty Production Volumes
Crude Oil (bbls/d)		12,844			12,084			12,166			12,438			11,739
NGL (bbls/d)		2,697			2,702			2,681			2,502			2,684
Natural Gas (MMcf/d)		60.4			64.1			66.4			59.5			64.7
Royalty Production (BOE/d) ⁽⁵⁾		25,608			25,469			25,914			24,857			25,206

Realized Pricing
Crude Oil ($/bbl)		83.27			92.53			88.36			82.52			102.88
NGL ($/bbl)		46.07			52.01			54.56			47.60			59.73
Natural Gas ($/Mcf)		2.19			1.97			5.30			2.60			4.93
Total ($/BOE) ⁽⁵⁾		51.78			54.37			60.74			52.31			66.92

Operating Netback per BOE ⁽⁶⁾		48.68			46.09			57.89			46.32			63.43
Funds from Operations per BOE		47.16			40.03			50.12			42.16			55.17

Oil Price Benchmarks
Western Texas Intermediate (WTI) (US$/bbl)		78.32			82.32			82.64			77.62			94.23
Edmonton Light Sweet ($/bbl)		99.72			107.87			110.04			100.46			120.07
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(21.89	)		(12.89	)		(25.66	)		(18.65	)		(18.22	)

Natural Gas Price Benchmarks
AECO monthly index ($/Mcf)		2.66			2.39			5.58			2.93			5.56
AECO daily index ($/Mcf)		2.30			2.60			5.11			2.64			5.31

Foreign Exchange Rate (US$/CAD$)		0.7343			0.7466			0.7365			0.7410			0.7683

Andrew Phillips	Pamela Kazeil
President & Chief Executive Officer	Vice-President, Finance & Chief Financial Officer
PrairieSky Royalty Ltd.	PrairieSky Royalty Ltd.
(587) 293-4005	(587) 293-4089

Investor Relations
(587) 293-4000
www.prairiesky.com

	Three months ended									Nine months ended
(millions, except per share or as otherwise noted)	September 30 2023			June 30 2023			September 30 2022			September 30 2023			September 30 2022
FINANCIAL
Revenues	$	133.1		$	117.4		$	154.7		$	376.6		$	492.7

Funds from Operations		93.8			91.3			123.5			271.4			388.1
Per Share - basic and diluted ⁽¹⁾		0.39			0.38			0.52			1.14			1.63

Net Earnings		55.4			48.0			76.2			160.2			250.2
Per Share - basic and diluted ⁽¹⁾		0.23			0.20			0.32			0.67			1.05

Dividends declared ⁽²⁾		57.3			57.3			28.7			171.9			86. 0
Per Share		0.24			0.24			0.12			0.72			0.36

Acquisitions		15.6			15.2			2.5			36.2			24.4
Net debt at period end ⁽³⁾		253.7			275.9			364.2			253.7			364.2

Shares Outstanding
Shares outstanding at period end		239.0			238.9			238.8			239.0			238.8
Weighted average - basic		238.9			238.9			238.8			238.9			238.8
Weighted average - diluted		238.9			238.9			239.1			238.9			239.1

OPERATIONAL Royalty Production Volumes
Crude Oil (bbls/d)		12,084			12,607			11,376			12,300			11,595
NGL (bbls/d)		2,702			1,943			2,660			2,437			2,685
Natural Gas (MMcf/d)		64.1			53.8			65.7			59.2			64.1
Royalty Production (BOE/d) ⁽⁴⁾		25,469			23,517			24,986			24,604			24,963

Realized Pricing
Crude Oil ($/bbl)		92.53			78.05			102.80			82.25			108.02
NGL ($/bbl)		52.01			44.77			58.02			48.18			61.47
Natural Gas ($/Mcf)		1.97			2.23			4.00			2.74			4.80
Total ($/BOE) ⁽⁴⁾		54.37			50.65			63.51			52.49			69.10

Operating Netback per BOE ⁽⁵⁾		46.09			46.64			60.64			45.49			65.39

Funds from Operations per BOE		40.03			42.66			53.73			40.41			56.95

Oil Price Benchmarks
Western Texas Intermediate (WTI) (US$/bbl)		82.32			73.99			91.68			77.41			98.13
Edmonton Light Sweet ($/bbl)		107.87			95.32			116.88			100.68			123.44
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(12.89	)		(15.07	)		(19.86	)		(17.57	)		(15.73	)

Natural Gas Price Benchmarks
AECO monthly index ($/Mcf)		2.39			2.35			5.81			3.03			5.56
AECO daily index ($/Mcf)		2.60			2.45			4.08			2.76			5.35

Foreign Exchange Rate (US$/CAD$)		0.7466			0.7454			0.7662			0.7436			0.7775
(1) Net Earnings and Funds from Operations per Share are calculated using the weighted average number of basic and diluted common shares outstanding.
(2) A dividend of $0.24 per common share was declared on September 11, 2023. The dividend was paid on October 16, 2023 to shareholders of record as at September 29, 2023.
(3) See Note 14 "Capital Management" in the interim condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and the three and six months ended June 30, 2023.
(4) See "Conversions of Natural Gas to BOE".
(5) Operating Netback per BOE is defined under the Non-GAAP Measures and Ratios section of this press release.

Contacts:
Erika Winkels	Ryan Weispfenning
Public Relations	Investor Relations
+1-763-526-8472	+1-763-505-4626

Date:	Thursday, May 2, 2024
Time:	8:00 a.m. U.S. EDT
Webcast:	http://ir.bauschhealth.com/events-and-presentations

	Three months ended December 31,		Year ended December 31,
(CAD $000s, except per share amounts)	2023		2022		2023		2022
OPERATING HIGHLIGHTS

Average production volumes
Crude oil (bbls/d)	19,407		11,590		18,177		8,841
NGLs (bbls/d)	2,533		428		1,992		353
Natural gas (mcf/d)	29,704		2,971		24,559		2,392
Total boe/d	26,891		12,514		24,262		9,593
% Oil and NGLs	82%		96%		83%		96%
Average realized prices
Crude oil ($/bbl)	95.09		103.03		96.75		111.84
NGLs ($/bbl)	44.21		51.47		43.75		58.41
Natural gas ($/mcf)	2.49		5.36		2.77		5.57
Processing expenses ($/boe)	(0.61	)	(1.56	)	(0.53	)	(1.52	)
Petroleum and natural gas sales ($/boe)	74.93		96.90		78.35		105.09
Operating netback ($/boe)
Petroleum and natural gas sales	74.93		96.90		78.35		105.09
Royalties	(9.75	)	(9.57	)	(9.10	)	(13.61	)
Net operating expenses(1)	(18.17	)	(22.42	)	(20.33	)	(24.67	)
Transportation expenses	(1.25	)	(0.45	)	(1.28	)	(0.61	)
Operating netback(1)	45.76		64.46		47.64		66.20
Realized loss on derivatives	(3.59	)	(8.29	)	(4.41	)	(22.38	)
Operating netback, net of derivatives(1)	42.17		56.17		43.23		43.82
Common shares outstanding, end of period	139,313		59,892		139,313		59,892
Weighted average, basic	139,313		59,869		126,230		44,402
Weighted average, diluted	142,292		60,363		129,225		44,955

	Three months ended December 31,	Year ended December 31,
($000s)	2023	2022		2023		2022
Cash flow used in investing activities	38,725	41,747		576,405		318,238
Change in non-cash working capital	18,450	(5,266	)	20,830		19,234
Capital expenditures, net A&D	57,175	36,481		597,235		337,472
Acquisitions, net of cash acquired	-	(805	)	(466,662	)	(248,367	)
Capital expenditures	57,175	35,676		130,573		89,105

	Three months ended December 31,		Year ended December 31,
($000s)	2023		2022		2023		2022
Petroleum and natural gas sales	185,384		111,558		693,891		367,957
Royalties	(24,124	)	(11,022	)	(80,565	)	(47,640	)
Net operating expenses	(44,945	)	(25,817	)	(180,074	)	(86,379	)
Transportation expenses	(3,094	)	(518	)	(11,314	)	(2,139	)
Operating netback	113,221		74,201		421,938		231,799
Realized loss on financial derivatives	(8,893	)	(9,540	)	(39,048	)	(78,349	)
Operating netback, net of derivatives	104,328		64,661		382,890		153,450

($ per boe amounts)
Petroleum and natural gas sales	74.93		96.90		78.35		105.09
Royalties	(9.75	)	(9.57	)	(9.10	)	(13.61	)
Net operating expenses	(18.17	)	(22.42	)	(20.33	)	(24.67	)
Transportation expenses	(1.25	)	(0.45	)	(1.28	)	(0.61	)
Operating netback	45.76		64.46		47.64		66.20
Realized loss on financial derivatives	(3.59	)	(8.29	)	(4.41	)	(22.38	)
Operating netback, net of derivatives	42.17		56.17		43.23		43.82

	Year ended December 31,
($000s)	2023	2022
Total common shares outstanding (000s)	139,313	59,892
Share price(1)	2.20	2.35
Total market capitalization	306,489	140,746
Adjusted working capital(2)	8,240	(3,128	)
Senior Term Loan	451,153	240,843
Convertible notes	1,090	2,361
Long-term deposit	-	(21,101	)
Promissory notes	-	828
Net debt	460,483	219,803
Current quarter adjusted funds flow	80,247	50,729
Annualized factor	4	4
Annualized quarterly adjusted funds flow	320,988	202,916
Net debt to annualized quarterly adjusted funds flow	1.4x	1.1x
(1) Represents the closing share price on the TSX on the last day of trading of the period. (2) Adjusted working capital is calculated as cash, accounts receivable, deposits and prepaids net of accounts payable.

Investor Contact:		Media Contact:
Garen Sarafian		Kevin Wiggins
ir@bauschhealth.com		corporate.communications@bauschhealth.com
(877) 281-6642 (toll-free)		(908) 541-3785

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