Welcome to Energy Markets Daily. Thursday, December 25, 2025 — Geographic Feature: Newfoundland. Quick note — our team is out of the office for the holidays, so we're doing geographic features this week. Regular programming returns Monday, December 29th. Merry Christmas. Today: Newfoundland — Canada's Atlantic offshore frontier. **THE BIG PICTURE** Newfoundland and Labrador's offshore oil production is a significant contributor to the Canadian economy. The producing fields are located in the Jeanne d'Arc Basin. Four main active facilities: Hibernia, Terra Nova, Hebron, and White Rose. Overall production averaged approximately 209,000 barrels per day in 2024 — down over 40% from the 2007 peak. But production is rebounding. **HIBERNIA** The first commercial offshore oilfield in the province. Produced approximately 130,000 barrels per day in 2019 but production is gradually declining. Still a foundational asset. **TERRA NOVA** The FPSO is fully operational as of March 2025. A life extension program completed in 2023 allows production potentially until 2033, adding approximately 70 million barrels of recoverable resources. Expected to produce 180,000 barrels per day in 2025. **THE OCTOBER SURGE** In October 2025, 8.4 million barrels were extracted from offshore Newfoundland — a 37.2% increase compared to October 2024. The highest monthly volume since July 2021. Every oil field contributed to the increase. Year-to-date, production up 15.5% over the same period in 2024. **THE OUTLOOK** Existing fields are aging with production projected to decline significantly from 2025 onward. But the offshore area has large resource potential. For investors looking at Atlantic Canadian offshore exposure — Newfoundland remains the play. We connect qualified opportunities with institutional and family office capital. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Friday: Geographic Feature — Ohio.

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