Strategy on Course Diverse portfolio Focused integration Transition to a low sustaining capital business Lloyd Heavy Oil Thermals Western Canada Oil Sands Atlantic Region Downstream Asia Pacific Region 2
0 20 60 80 40 North Amethyst-Hibernia 4. 3. 2. 1. Atlantic In Fill Well Atlantic In Fill Well Atlantic In Fill Well Atlantic In Fill Well Atlantic In Fill Well Rainbow NGL Oil Portfolio1 (WTI US /bbl) Edam West…
Operations
Steady Production Growth At Sunrise Paced ramp-up Steam Oil Ratio (SOR) CSOR Times Lower temperature, lower pressure 20 ISOR reservoir achieving expected results 16 12 55 well pairs on production 8 Future debottlenecking…
Thermal Transformation Thermal growth from 22,000 bbls/d in 10 to more Lloyd Thermal Production than 100,000 bbls/d by end 16 100 mbbls/d /bbl 20 80 Lloyd in-flight projects to add 24,500 bbls/d of 15 60 nameplate capacity by the…
Focused Integration Enhancing Returns Integrated Value Chains Maintaining heavy oil integration /bbl 60 Managing price differential risk Full cycle cost of Physical integration capturing full value refined products: Integrating…
Western Canada: Expanding Resource Play Production Focus on high return, high productivity wells Identifying further efficiencies Transitioning legacy asset base Targeting high return, high productivity wells Focusing on fewer…
Asia Pacific Portfolio China Liwan Gas Project Wenchang (light oil) Net production of 7,400 bbls/d (Q1 16) Madura Strait block (Indonesia) Fixed price contracts, US6.50-7.00/mmbtu 19 target of 100 mmcf/d, 2,400 bbls/d BD liquids…
Atlantic Region: High Netback Production Net production of 40,500 bbls/d (Q1 16) In-fill drilling to maintain production South White Rose extension brought on stream Q3 15 at 15,000 bbls/d (net) North Amethyst Hibernia formation…
Stronger and More Resilient Business Business strategy on course billions 5.0 US70 WTI Structural changes leading to free cash flow Strong balance sheet US60 WTI 4.0 Diverse portfolio of high quality growth projects Potential…
Advisories The term free cash flow is a non-GAAP measure, which should not be considered an alternative to, or more meaningful than, cash flow operating activities as determined in accordance with IFRS, as an indicator of financial…