Thermal Oil heavy oil (blended bitumen / dilbit) from in-situ SAGD at Leismer and Hangingstone. Q2 2026 MD&A defines heavy oil as blended bitumen and reports condensate blended to move crude to market. Same MD&A: in 2021 Athabasca (Thermal Oil) entered into a seven-year marketing agreement with an industry counterparty that diversifies the Company’s sales to the US Gulf Coast through the Keystone pipeline system (WCS Gulf Coast pricing derivative). 2025 AIF and 11 Dec 2025 budget: 57,000 bbl/d of blended long-term capacity to markets outside of Edmonton, including 47,000 bbl/d with exposure to the US Gulf Coast (PADD III) and 10,000 bbl/d to the US Midwest (PADD II). AIF: Cheecham Terminal and Enbridge Waupisoo to sales points from Edmonton. Not gasoline, diesel or jet. Not neat mined tar sands (HS 2714).
