Credit Suisse 19th Annual Energy Summit Rob Symonds, SVP Western Canada Production February 12th, 2014
Overview Balanced growth strategy delivering Consistent execution driving performance and improving returns Transforming the foundation Advancing growth pillars 2
2014 Capital Expenditures and Production Guidance Capital Expenditures (billions) Production (mboe/day) 6 400 Forecast range 330 355 mboe/d Forecast range *5.0 4.8 350 310 330 mboe/d 5 Midstream/ Downstream/ Corporate 300…
Focused Integration Achieving World Market Prices Realized Pricing on Upstream Production Processed (Nine Months to September 30, 2013) 160.00 140.00 Brent Pricing Realized Price /bbl 120.00 Benchmark 100.00 US Refining…
Foundation
Heavy Oil Transforming the Foundation Through Thermal Projects 70 years and over 900 million barrels recovered New technologies continue to increase recovery Production growth over the plan period driven by thermal projects…
Heavy Oil Thermal Projects Production Growth Current projects producing Thermal Project Production (bbl/d) Development over 35,000 bbls/d at Q4 2013 Timeline 1 Existing Projects 35,000 Producing Projects in place to accelerate…
Heavy Oil Thermal Project Economics Metric Target New projects have Construction 2 years competitive SORs Maximum work force 200 during construction Lower operating costs and higher Start up to peak Less than 6 months price…
Western Canada - Transforming the Foundation Through Resource Plays Resource Play Maturity Curve Appraisal and Dry gas Identify & Capture/ Commercial Commercial Liquids-Rich Gas Geologic De-risking Development De-risking High…
Downstream Reliability/Flexibility Downstream Assets Capacity (mbbls/day) Lima Increase feedstock and product flexibility Lima 160 Feedstock flexibility project to take up to Toledo (Huskys 50% WI) 65 40,000 bbls/d of heavy crudes…
Growth Pillars
Liwan Progress Deep water in commissioning Drilling finished and completed Main pipeline installed Shallow water in commissioning Topsides float over Topsides installed on jacket Shallow water pipelines have been completed…
Liwan Economics Liwan 3-1 / 34-2 Production Exploration costs of 700 million priority recovery from first gas largely recovered in 2014 Operating costs 10% of gross revenues Royalties and taxes 20% of gross revenues 1 Five-year…
Sunrise Energy Project Startup of Phase 1 expected in H2 2014 Large resource base 3.7 billion barrels of 3P reserves1 Sunrise Phase 1 and 2 approvals in place for 200,000 bbl/day (gross) Excellent reservoir quality and oil…
Sunrise Milestones Milestone Expected Action Timeframe Drilling spud first horizontal well Q1 2011 Completed Commence major construction Mid-2011 Completed Sunrise May, 2011 Completed ahead of Drilling complete 2nd Half 2012…
Atlantic Region Big fields get bigger White Rose produced its originally sanctioned 200 millionth high netback barrel in January 2013 Northern Drill Centre Near-field developments progressing North West White Gas Injection Rose…
Exploration Success Flemish Pass discoveries mark a significant new development opportunity Mizzen Harpoon Considerable upside with very Bay du Nord attractive targets still to be drilled in both the Flemish Pass and the…
Summary Balanced growth strategy delivering Consistent execution driving performance and improving returns Transforming the foundation Advancing growth pillars 18
Advisories The Company uses the term barrels of oil equivalent (boe), which are calculated on an energy equivalence basis whereby one barrel of crude oil is equivalent to six thousand cubic feet of natural gas. Readers are cautioned that…
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