Staying the Course Strong liquidity and low operating costs support MEG through the current low oil price environment 80,000 to 83,000 bpd targeted 2016 production volumes Plans to deleverage through the monetization 170 million of MEGs…
Substantial Reserves and Resources 3.0 billion barrels 1P+2P identified to date with a corresponding PV-10% value of 20.6 billion Proved and Probable Reserves barrels in millions 2P 1P 1,513 1,474 2,987 Evaluated by GLJ Exploration…
Christina Lake Performance Recent plant testing confirms combined oil treating capacity in Phases 1/2/2B exceeds 110,000 bpd, 80% over initial design Production profile includes the impact of annual planned…
Phase 1 eMSAGP Performance Steam injection reduced by 70%; resource recovery anticipated to reach 70% Phase 1 eMSAGP performance includes wells A1, A2, A3, A1N, A2N and 0.5* (A3N and A7N) INVESTOR PRESENTATION 2016 7
Net GHG Intensity Performance eMSAGP and cogeneration have enabled MEG to lower its GHG intensity 23% below in situ industry average * Phase Start-Up Higher steam requirements with low initial production ** Net GHG intensity includes…
World Pricing for Alberta Heavy Oil MEG and the industry have improved realized bitumen prices by gaining access to world heavy oil pricing in the Gulf Coast Dec 2013 Jan 2014 Sept/Oct 2014 July 2015 Sept 2015 MEG shipping…
Cash Operating Netbacks Strong operating performance and low cost structure enable MEG to navigate through a low and volatile price environment At current strip prices, MEG anticipates its US2.5 billion revolver will be undrawn…
Sustaining Capital Low decline rates and low sustaining capital enables MEG to maintain and grow production in a low oil price environment C/bbl Sources: BMO Capital Markets estimates of 2016 sustaining capital, MEGs expected…
Corporate Breakeven 2015 2015 actual results in C This chart has been prepared for illustration purposes only and has been based on certain assumptions which, if inaccurate, could change the overall result. INVESTOR PRESENTATION…
2016 Capital and Operational Guidance Revised Capital Investment Summary Operational Guidance millions Sustaining and maintenance 88% 80,000 to Other 83,000 bpd 10 Marketing, Production 170 corporate & Growth capital % other…
Crude Oil Hedges Crude oil hedges in place as of 31st March 2016 * Percentage of hedged volumes are based on the mid-point of 2016 annual production guidance of 80,000 - 83,000 bpd and assumes a blend ratio of 0.45 bbl of diluent per…
Financial Position Well-structured debt All debt is covenant-lite; Strong financial earliest maturity in 2020 liquidity Cash on hand plus US2.5B Low sustaining capital undrawn credit and operating costs facility 2016 sustaining capital…
Liquidity and Debt As of March 31, 2016, assumes US1 = C1.2971 Liquidity Outstanding Debt C in billions C in billions 6.375% Undrawn revolving Senior unsecured credit facility (US2.5 billion) notes due 2023 3.24 1.04 6.5% Senior…
Debt Maturity All debt is covenant-lite free of any financial No debt maturity until 2020 maintenance covenants and not dependent on nor calculated from crude oil reserves INVESTOR PRESENTATION 2016 17
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