low breakeven price transformation SPIRIT Values Accelerating Our smart growth Value Proposition differentiation low cost of supply Canada Transaction Provides Significant Catalyst acceleration March 29, 2017 superior returns…
Transformational, Win-Win Transaction ConocoPhillips Cenovus Immediate, significant impact on Achieves scope and scale of value proposition Canadian major Accelerates rapid reduction of Premier operator in two top-tier debt and…
Summary of Transaction Scope & Terms Canada Assets 2016 Actuals Assets Sold Transaction Scope Assets Retained Included FCCL, Deep Basin, Kaybob-Edson & Clearwater Excluded Surmont, Blueberry-Montney Blueberry Surmont 35 MBOED 82…
Use of Transaction Cash Proceeds Guided by Principles & Priorities Value Proposition Principles Cash Allocation Priorities Allocation of Cash Proceeds 1st Invest capital to maintain Flat production…
Transaction Has Immediate & Significant Impact on Value Proposition Supercharges value proposition three-year financial plan exceeded in less than one year Accelerates priorities and strategy outlined at November 2016 Investor Meeting…
Cash Proceeds Used to Reduce Debt to 20 Billion in 2017 DELEVERAGING Maturity Profile ACHIEVED 6 Maturities retired by YE…
Cash Proceeds Used to Double & Accelerate Share Repurchases Doubling current repurchase authorization from 3B to 6B Original plan returned 30% of CFO to shareholders through dividend and share buybacks at 50/BBL Brent New plan also…
Transaction Proceeds Retain Exposure to Price Upside Equity Consideration Total Consideration vs. Price 18 Receiving 208 million shares of Cenovus 16 common stock Total Consideration (B) 14 Lock-up period of 6 months begins…
Maintaining Portfolio Strength 2017 Estimated Pro Forma Metrics1 Pre-Transaction Post-Transaction 2017 NAR Production 1,540 1,570 MBOED 1,260 1,290 MBOED Oil Oil 20 Bitumen 15 Bitumen 35 40 Production Mix 20 NGL 30 NGL 15…
Transaction Reduces Average Portfolio Cost of Supply to 35/BBL Transaction Impact on Resource with Cost 15 BBOE with Cost of…
Retaining High-Quality, Operated Assets with Upside Potential Surmont Blueberry-Montney Operated legacy project Now entirely focused on 100% owned and operated liquids-rich unconventional play Major investment phase complete…
The Plan We Presented in November Achieved All Priorities in 3 Years Estimated Sources and Uses of Cash (2017-2019) at 50/BBL Brent Leverage to Upside 50/BBL Cash Allocated to Maximize Total Shareholder Returns Brent Modest…
This Transaction Allows ConocoPhillips to Achieve Priorities in 1 Year Estimated Sources and Uses of Cash (2017-2019) at 50/BBL Brent Leverage Contingent to Upside payment & 50/BBL Cash Allocated to Maximize Total Shareholder…
Transaction Represents Significant Catalyst Achieved three-year plan in less than one year Provides catalyst for investors Immediate deleveraging of balance sheet Commitment to return capital to shareholders via growing dividend…
low breakeven price transformation SPIRIT Values smart growth Appendix differentiation low cost of supply acceleration superior returns flexibility
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