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 *5.0 4.8 350 5 Midstream/ Downstream/ Corporate 300 Natural Gas Asia Atlantic Region…
On Track to Achieve Our Targets 2012-2017 2012 Actual 2013 Actual Target Production (mboe/d) 301.5 312 5-8% CAGR(3) 175% Reserve Replacement 172% 3 year 140% 2 year Ratio(1) average average average Return on Capital 9.5%…
Focused Integration Achieving World Market Prices Realized Pricing on Upstream Production Processed (December 31, 2013) 160.00 140.00 Brent Pricing Realized Price /bbl 120.00 Benchmark 100.00 US Refining 80.00 I&M 60.00…
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 produced over Development Thermal Project Production (bbl/d) 35,000 bbls/d during Q4 2013 Timeline 1 Existing Projects 35,000 Producing Projects in place to…
Heavy Oil Thermal Project Economics Metric Target New projects have Construction 2 years competitive SORs Maximum work force 200 during construction Lower operating costs Start up to peak and higher price Less than 6 months…
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…
Liquids Rich Gas: Ansell Ansell Cardium 200 net sections Current wells yielding liquids of 60bbl/mmcf Up to a total of 800 well locations (based on four wells per Cardium section) Ansell Wilrich 195 net sections Wilrich…
Downstream Reliability/Flexibility Capacity Downstream Assets (mbbls/day) Lima Increase feedstock and product flexibility Lima 160 Feedstock flexibility project to take up to Toledo (Huskys 50% W.I.) 65 40,000 bbls/d of heavy…
Growth Pillars
Liwan Delivery of the First Growth Pillar US6.5bn total project cost (49% W.I.) 7 years from discovery to first gas Deep water, shallow water and gas plant Topsides float over First Anticipated Gross Gas Field Production…
Liwan Economics Liwan 3-1 / 34-2 Production Exploration costs of 800 million. Anticipate recovery in 18 months from first gas Operating costs 10% of gross revenues Royalties and taxes 20% of gross revenues Five-year fixed price…
Sunrise Energy Project Start up of Phase 1 expected in second half of 2014 Large resource base 3.7 billion barrels of 3P reserves(1) Sunrise Phase 1 and 2 approvals in place for 200,000 bbl/day (gross) Excellent reservoir…
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 Near-field developments progressing South White Rose Extension - 20 million barrels of net 3P reserves1 (on production 2014) Northern Drill Centre Gas Injection North West White West White…
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 20
Supplementary Material
Resource Play Reserves Summary at December 31, 2013 Probable Resource Play Proved Reserves Possible Reserves Reserves Oungre Bakken 3,571 mbbl 1,098 mbbl - Redwater Viking 3,124 mbbl 1,262 mbbl - Alliance Viking 3,378 mbbl 744…
West White Rose Extension Project 79 MMBBLS (3P reserves1) of oil (net) (on production 2016/17) Concept evaluation includes Wellhead Platform Milestone Expected Action Timeframe Environmental Assessment Q2 2012 Completed Project…
Exploration/Development Opportunities Asia Pacific South China Sea Indonesia China Taiwan Kaohsiung Hong Kong Taiwan Block Liwan Haikou Wenchang Hainan Exploration opportunity offshore Taiwan Proven knowledge of…
Advisories The Companys Annual Information Form for the year ended December 31, 2013 and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com and the EDGAR website www.sec.gov)…
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