Overview Balanced growth strategy delivering Consistent execution driving performance and improving returns Transforming the foundation Advancing growth pillars 2
On Track to Achieve Our Targets 2012 2013 2012-2017 Actuals Q3 YTD Target (1) Targets first set out to the market in 2010 and Production (mboe/d) 301.5 313 5-8% CAGR increased in 2012 155% Projects in development Reserve 140% 2…
Focused Integration Achieving World Market Prices Realized Pricing on Upstream Production Processed 160.00 (June 30, 2013) 140.00 Brent Pricing Realized Price /bbl 120.00 Benchmark 100.00 US Refining 80.00 I&M 60.00 CDN…
Foundation
Heavy Oil Advantage Very large resource position Industry-leading infrastructure and integration 70 years of heavy oil recovery experience (30 years for thermal) New technologies and techniques continue to increase recovery…
Thermal Projects Pipeline Thermal Production Development Project (bbl/d) Timeline Bolney/Celtic Area Paradise Hill Pikes Peak 5,000 Producing 1982 Bolney Celtic Bolney/Celtic 13,000 Producing 1996 Sandall Rush Lake Pilot…
Transforming the Foundation Heavy Oil Thermal Success Name Plate Current Production F&D Operating Costs Project Production (bbl/d) (bbl/d)* (/bbl) (/barrel) Pikes Peak South 8,000 11,000 12 10 Paradise Hill 3,500 5,000 12 10…
Transforming the Foundation Western Canada Total 2013 Approximate PIIP Production Resource Play Planned Net Acres mmboe* boe/d Activity /section Established Oil Slater River Bakken 18,000 10 wells Viking 60,000 58 wells Oil 5 -…
Liquids Rich Gas: Ansell Ansell Cardium 200 net sections 3 mmboe Total PIIP/section Liquids yield: 60 bbl/mmcf Up to a total of 800 well locations (based on four wells per section) Cardium Ansell Wilrich 195 net sections 3…
Emerging Resource Plays Total PIIP per Acres (net) Locations 2012 Activity 2013 Plan Section 400,000 acres 2,500 Continue to de-risk 14 wells drilled Rainbow- Muskwa 600+ net 20 - 30 mmboe 4 wells per Refine completion strategies 4…
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 Project progressing according to plan Over 95% complete Deepwater almost complete Drilling finished and completed Main pipeline installed Connecting lines and controls Topsides float over Shallow water in…
Liwan - Gaolan Gas Plant August 2011 February 2013
Liwan - Gaolan Gas Plant July 2013
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…
Indonesia: Madura Strait Block Developments and Discoveries BD Field has an approved plan of development (POD) and is in the tender phase MDA and MBH fields are being developed in tandem. POD approved Four recent discoveries expected…
Sunrise Energy Project Approximately 80% complete 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 saturation Cost…
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 keep getting 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…
Exploration Success The next chapter of growth 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…
Summary Balanced growth strategy delivering Consistent execution driving performance and improving returns Transforming the foundation Advancing growth pillars 23
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…
Resource Play Reserves Summary at December 31, 2012 Proved Reserves Probable Reserves Possible Reserves Resource Play Oungre Bakken 3,034 mbbl 873 mbbl - Redwater Viking 6,480 mbbl 608 mbbl - Alliance Viking 1,984 mbbl 17 mbbl -…
Madura Developments Field Production Budget Development Prices Status (Net) (gross) MDA & 60 mmcf/d gas US120- Two wellhead Expecting Plan of Development (POD) submitted MBH US150MM platforms and pipeline US 6-8/mcf Upon POD approval…
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…
South White Rose Extension Project Combined oil production and gas and water injection centre 20 MMBBLS (3P reserves1) of oil (net) (on production 2014) Budget: 800 million (net) Milestone Expected Action Timeframe Gas injection Q2…
West WestWhite WhiteRose ExtensionProject Rose Extension Project Wellhead Platform 80 MMBBLS (3P reserves1) of oil (net) (on production 2016/17) Concept evaluation includes Wellhead Platform Milestone Expected Action Timeframe…
Emerging Exploration Opportunities Atlantic Atlantic Canada Greenland Mizzen Harpoon Bay du Nord White Rose Aster Hibernia Terra Nova 25 years of proven exploration, development and operation expertise in harsh…
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