January 2019 Investor Presentation – Vermilion Energy Inc.

Vermilion Energy Inc. · Jan 11, 2019 · 102 slides

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INTERNATIONALLY DIVERSIFIED SUSTAINABLE GROWTH AND INCOME JANUARY 2019
VERMILIONS KEY ATTRIBUTES Global independent E&P with leading positions in high netback businesses in Europe, North America and Australia Self-funded growth-and-income model supported by high margins, low decline rates and strong…
CAPITAL MARKETS SUMMARY Market Summary Trading Price (December 31, 2018) 28.76 (TSX), 21.07 (NYSE) Ticker Symbol (TSX & NYSE) VET Shares Outstanding (September 30, 2018) 152.5 million Average Daily Trading Volume (shares) 1.2…
CORE OPERATING AREAS 2019E PRODUCTION* EUR NORTH 33% N.A. AMERICA 62% AUS 5% EUROPE EUR N.A. FFO* 46% 46% AUS 8% AUSTRALIA N.A. FCF* EUR 35% 52% AUS 13% VERMILION IS FOCUSED IN THREE STABLE REGIONS…
VERMILION HISTORY Launched as an Alberta-based oil & gas exploration and production company Converted to Vermilion Energy Trust Issued senior IPO in April 1994 at 0.30 per share unsecured notes in US Converted from an income…
STRATEGY Self-funded production and dividend growth model Targeting free cash flow and dividend yield compression through per-share growth and risk reduction (low financial and Capital Markets Model operating leverage, consistent…
SUSTAINABILITY We recognize an energy transition is occurring, and we are a part of the transition At the same time, we are realistic that oil and gas consumption will continue during the transition, and will in fact increase over…
PRODUCTION GROWTH AND CAPEX ANNUAL PRODUCTION VS E&D CAPITAL EXPENDITURES 120 800 105 15% CAGR 700 90 600 MBOE / D 75 500 MM 60 400 45 6% CAGR 300 30 200 15 100 0 0 2003 2004 2005 2006 2007 2008…
PRODUCTION AND RESERVES PER SHARE PRODUCTION PER SHARE RESERVES PER SHARE 250 3.5 8% CAGR 3.0 2P RESERVES (BOE) PER SHARE 200 12% CAGR BOE PER THOUSAND SHARES 2.5 150 2.0 1.5 100 1.0 50 0.5 0 0.0 2003…
PRODUCTION GROWTH PER SHARE DEBT-AND-DIVIDEND-ADJUSTED INDEXED PRODUCTION PER SHARE (BASE VALUE = 100)* COMPANY 250 (% OF PRODUCTION FROM N.A. GAS)** VII* (41%) 200 PXT (0%)* TOU (84%) VET (24%) PEY (91%) 150 ARX (71%) BIR…
E&D CAPITAL BUDGET Capital Expenditures by Country 2014 Actuals 2015 Actuals 2016 Actuals 2017 Actuals 2018 Budget* 2019 Budget** (MM) (MM) (MM) (MM) (MM) (MM) Canada 336 202 62 149 260 319 France 148 92 69 73 79 78 Netherlands 62…
FFO / FCF FFO FCF (CORPORATE ERA) 1,200 500 1,000 400 FFO LESS E&D CAPEX* (MM) 800 300 FFO (MM) 600 200 400 100 200 0 0 -100 2010 2011 2012 2013 2014 2015 2016 2017 2018E* 2019E* 2003…
FFO AND FCF PER SHARE FFO PER SHARE FCF PER SHARE 8.00 3.50 7.00 3.00 2.50 FCF PER SHARE (/SHARE)** 6.00 FFO PER SHARE (/SHARE) 2.00 5.00 1.50 4.00 1.00 3.00 0.50 2.00 0.00 1.00 -0.50 0.00 -1.00 2010 2011…
FFO SENSITIVITY 2019 FORECAST FFO (CMM)* COMMODITY ASSUMPTIONS (STRIP)*** WTI (US/BBL) 2018A 2019E 40 45 50 55 60 65 TTF (C/MMBTU) Brent (US/bbl) 71.04 61.02 8.00 713 807 897 988 1,076 1,166 WTI (US/bbl) 64.77 53.53 9.00 731…
FREE CASH FLOW YIELD 2019E DEBT-ADJUSTED FREE CASH FLOW (DAFCF) TO ENTERPRISE VALUE (EV) 10% 8% 2019E DAFCF YIELD * 6% 4% 2% 0% IMO HSE SU VET CVE MEG**CNQ FRU ERF WCP TOG PGF ARX CR ECA VII TVE PEY ATH PNE AAV POU…
COMPARISON TO CANADIAN SENIORS DIVIDEND YIELD 2019E FREE CASH FLOW (FCF) TO MARKET CAPITALIZATION 8% 16% 14% 2019E FCF YIELD ** DIVIDEND YIELD * 6% 12% 10% 4% 8% 6% 2% 4% 2% 0% 0% VET CNQ SU HSE IMO CVE VET CNQ CVE…
DIVIDENDS 17
RELIABLE AND GROWING DIVIDENDS CUMULATIVE DIVIDENDS PAID OF 3.3B (36.87 PER SHARE) FROM 2003 THROUGH Q4 2018 0.25 10% 0.23 9% 0.215 8% MONTHLY DIVIDENDS 0.20 7% 0.20 DIVIDEND YIELD 0.19 6% 0.17 5% 4% 0.15 3% 2%…
SUSTAINABILITY RATIO 200% 175% 150% 162% TOTAL EXPENDITURES / FFO* 140% 125% 121% 117% 121% 103% 108% 111% 109% 111% 100% 97% 88% 75% 81% 74% 73% 70% 50% 59% 25% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011…
2019 SUSTAINABILITY 2019 E&D capital budget of 1,200 530MM includes both sustaining FFO 1,000 and growth capital expenditures US60 WTI FFO 800 US50 WTI 2019E sustaining capital is estimated at 365MM** MM 600 Diversity…
TOTAL CAPITAL RETURNED TO SHAREHOLDERS TOTAL CAPITAL RETURNED PER BOE* DIVIDENDS PER BOE* (DIVIDENDS & SHARE BUYBACKS) Q3 2018 YTD Q3 2018 YTD HES VET IMO OXY DVN XOM APC CVX SU SU OXY TOG VET WCP XOM ARX CVX IMO COP CNQ…
ELEMENTS OF SUSTAINABLE MODEL 22
ELEMENTS OF SUSTAINABLE MODEL SELF-FUNDED GROWTH-AND-INCOME MODEL 1. High Margins 2. Low Base Production Decline Rates 3. Strong Capital Efficiencies Profitability on a per boe basis Required production replacement before growth…
NETBACKS Q3 2018 Netbacks by Country Total Canada France Netherlands Germany Ireland Australia United States (/BOE*) Company Sales 46.02 95.46 60.74 67.15 63.76 99.01 53.10 57.90 Royalties (6.40) (12.08) (1.52) (7.81) - - (12.57)…
RELATIVE NETBACKS 2019E FIELD NETBACKS (EXCLUDING HEDGING) 45 40 35 30 25 20 15 10 5 0 PSK ECA NVA VET HSE CVE DEE BIR BXE PEY CPG FRU SU ATH MEG ERF BTE…
BASE PRODUCTION DECLINE RATES Effective Natural Country Decline Decline 50% Rate* Rate* VET CANADA VET ONLY CORPORATE France 8% 8% 40% DECLINE NATURAL DECLINE VET Netherlands 1% 19% CORPORATE 30% EFFECTIVE Germany 7% 7%…
DRILLING PROJECTS Economics at US55 WTI 2018E Net 2019E Net DCET Well IP365 EUR Prod. Efficiency Net Well Investment Cost (CM) (BOE/D) (MBOE) (IP365 /BOED) ATAX Recycle ATAX Payout Inventory* Wells Wells ROR Ratio (Years) Planned…
COST REDUCTION OPERATING EFFICIENCY CAPITAL EFFICIENCY 14.00 24% Reduction 40.00 (40% in USD) 12.00 35.00 70% Reduction 30.00 (77% in USD) 10.00 49% Reduction 25.00 8.00 from 2014 Peak / BOE / BOE (57% in USD) 20.00…
RESERVES / RESOURCES 29
RESERVES AND RESOURCE BASE RESERVES* 2017 RESOURCES* 500 RESOURCE CONVERSIONS 300 CONTINGENT PROSPECTIVE 450 (MBOE) (MBOE) 2014 20,400 2,500 400 2015 17,500 500 2016 5,450 - 350 2017 20,456 1,734 200 300 MMBOE 250…
RECYCLE RATIOS Including FDC RECYCLE RATIO (F&D incl. FDC) 2017 F&D / FD&A Costs* (/BOE) 6.0x 2015-2017 F&D (E&D CAPEX) 10.57 3 Yr Avg 3.3x 5.0x 2012-2014 FD&A (Total CAPEX, 11.24 3 Yr Avg 2.7x including acquisitions) 4.0x…
RELATIVE PDP RECYCLE RATIOS 3-YEAR PROVED DEVELOPED PRODUCING (PDP) FD&A RECYCLE RATIOS* 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x VET BNE ARX BIR AAV PEY TOU SRX YGR CR WCP NVA RRX CPG VII BTE PONY SPE TVE KEL GXE ERF LXE TOP…
INTERNATIONAL DIVERSIFICATION 33
ORGANIZATIONAL MODEL Vermilion uses a decentralized business unit structure to manage our diverse global portfolio Country-based business units are grouped into three regions: Vermilion Energy Inc. Europe, North America and…
COMMODITY MIX PRODUCTION (2019E)* ESTIMATED FFO CONTRIBUTION (2019E)* ESTIMATED FCF CONTRIBUTION (2019E)** France Australia Germany Australia Australia 11% United 8% France 4% Ireland France 13% 5% 8% States 16% United 5% 17%…
COMMODITY PRICE DIVERSIFICATION PORTFOLIO MIX STANDARD DEVIATION* 60% ANNUALIZED STANDARD 50% DEVIATION (%) 40% 30% 20% 10% 0% VET ERF TVE OBE BNE KEL NVA BTE WCP ARX BNP CPG BIR TOU PEY Diversified commodity…
GLOBAL CRUDE OIL PRICING ADVANTAGE Approximately 36% of Vermilions crude oil production is priced with reference to Dated Brent* February 2019 Prompt Vermilions Australian crude was sold at an average premium of US4-5 to Oil Price…
EUROPEAN NATURAL GAS PRICING SUMMARY Futures markets continue to reflect a significant premium for NATURAL GAS* European natural gas versus AECO and Henry Hub 12 Realized prices are influenced by a number of factors, 10 including…
EUROPEAN NATURAL GAS IMPACT OF LNG Global LNG liquefaction capacity is expected to grow by 16.3 bcf/d to 50.4 bcf/d LNG Costing from U.S. Gulf Coast To Europe To Asia (US/mmbtu) (post-FID projects) through 2020, in response to…
EUROPEAN NATURAL GAS DOMESTIC SUPPLY / DEMAND European Supply & Demand 2015 2017 2020E 2030E (Bcf/d) EUROPEAN SUPPLY European Domestic Production 23.1 22.8 19.7 15.0 European domestic production continues to decline Russia & CIS…
RISK MANAGEMENT 41
QUARTERLY COMMODITY HEDGE POSITION OIL HEDGES NATURAL GAS HEDGES (/bbl) (/mmbtu) Q1 2018 69.83 62.32- 77.03 65.66- European Gas North American Gas 70.23 74.12 Q1 2018 7.64 7.21-8.47 Q1 2018 2.65 2.67-3.06 67.73- Q2 2018…
BALANCE SHEET 43
CONSERVATIVE BALANCE SHEET CREDIT CAPACITY C2.2 BILLION NET DEBT-TO-FFO RATIO* AS AT SEPTEMBER 30, 2018 4.0 0.4 B 3.0 0.4 B 2.0 1.4 B 1.0 REVOLVING CREDIT FACILITY 0.0 US Senior Notes 2003 2004 2005 2006 2007 2008…
RELATIVE LEVERAGE 2019E DEBT TO CASH FLOW 6.0x 5.0x 4.0x 3.0x CANADIAN AVERAGE US AVERAGE 2.0x 1.0x 0.0x MEG OAS FANG ECR PXX BXE CQE DEE BTE CPG ATH NVA FRU KEL JOY…
CREDIT METRICS YE 2013 YE 2014 YE 2015 YE 2016 YE 2017 Q3 2018 Credit Facility ( millions) 1,200 1,750 2,000 2,000 1,400 1,800 Undrawn 1 425 727 812 618 493 454 Liquidity 2 815 848 853 681 540 478 Subordinated Debt ( millions) 225…
EUROPEAN ASSETS 47
EUROPEAN CORE AREA NETHERLANDS GERMANY 2 onshore gas producer Establishing production operations and IRELAND Large and growing inventory of drilling opportunities substantial exploratory land position in Corrib field constitutes 95%…
EUROPEAN PRODUCTION 35,000 30,000 25,000 20,000 BOE/D 15,000 10,000 5,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2017 2018E 2019E E&D CAPEX AS % OF…
FRANCE Entered France in 1997 PARIS PARIS BASIN Assets characterized by large OOIP conventional fields with high working interest (OOIP in 5 largest fields 1.7 billion barrels of oil) FRANCE Brent indexed production base with…
FRANCE PRODUCTION 14,000 12,000 10,000 8,000 BOE/D 6,000 4,000 2,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E E&D CAPEX AS % OF FFO* N/A…
FRANCE OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquired Reserves Initial acquisition (1997) 22.6 14,000 2006 Acquisition 15.0 2012 Acquisition 1 6.7 2006 ACQUISITION 2012 Acquisition 2 6.3 15.0 MMBOE (2P) 12,000…
PARENTIS SUSTAINABILITY PARTNERSHIP Vermilion was the recipient of Frances Circular Economy Award for our project to supply geothermal heat from our oil operation to local greenhouses The award recognizes economically successful…
LA TESTE ECO-HABITATS Our operations near La Teste, France now support an eco-neighborhood of 450 homes that are heated the same way as the tomato greenhouses, using recycled geothermal energy from our oil operation 30-year…
NETHERLANDS Entered Netherlands in 2004 HARLINGEN 2 onshore gas producer Strong gas price, favorable fiscal regime, and low OPEX enhance netbacks High impact natural gas drilling and development AMSTERDAM NETHERLANDS Doubled…
NETHERLANDS PRODUCTION NETHERLANDS - Expected per well risked economics (based on recent drilling) DCET Well Cost ( million) 9.2 Expected IP30 Rate (boe/d)** 1,690 Expected EUR per well (mboe) ** 1,350 10,000 After Tax ROR (%) 100%…
NETHERLANDS OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquired Reserves Initial acquisition (2004) 16.5 2013 Acquisition 2.3 14,000 2016 Acquisition (Drenthe WI) 0.6 2013 ACQUISITION Total Acquired Reserves 19.4 2.3…
NETHERLANDS ACTIVITY Vermilion has tripled its undeveloped land base since the beginning of 2012 We have drilled 14 high-rate extension and discovery gas wells since 2009, with an Groningen average success rate of approximately 70%…
NETHERLANDS 3D SEISMIC Legacy 2D Line Q4 2017 SEISMIC ACQUISITION 310 km2 of new 3D seismic acquired in late 2017 in two concessions near Vermilions core operating area in the Netherlands This new survey has been merged with older…
ROLE OF DOMESTIC GAS IN THE NETHERLANDS Production induced seismicity in the Groningen field, including 3.6/3.4 magnitude earthquakes NETHERLANDS SUPPLY AND DEMAND* in 2012/2018, has raised public concern regarding overall gas…
INVESTING IN OUR NETHERLANDS COMMUNITIES MUNICIPALITY LINKAGE PROGRAM Vermilion launched the Municipality Linkage Program (MLP) in 2016 in the Netherlands, to support targeted and transparent connections between our capital…
GERMANY COUNTRY OVERVIEW Largest gas market in Europe, with a long history of oil and natural gas development Country-wide production is approximately 48 kbbl/d of oil and 0.75 Bcf/d of natural gas (170k boe/d) Consistent fiscal…
GERMAN EXPLORATION OPPORTUNITIES WE HOLD 26% OF NET LICENSED ACREAGE IN THE NORTH GERMAN BASIN Initial Non-Operated Integrated geoscience/engineering/permitting effort began in 2016 Acquisition Our emphasis is on permeable…
GERMANY PRODUCTION GERMANY Burgmoor Z3 Sidetrack (Non-op gas assets, reflects 25% W.I.) ENGIE ACQUISITION DCET Well Cost ( million) 4.0 (CLOSED DECEMBER IP30 Rate (boe/d)** 350 5,000 EUR per well (mboe)** 780 19, 2016) ADDED…
GERMANY OPERATING PERFORMANCE GERMANY OPERATED OIL ASSETS Operated oil fields acquired by Vermilion at 1,200 the end of 2016 ENGIE ACQUISITION (CLOSED Vermilion has grown production by 30% 1,000 DECEMBER 19, 2016) 680 BOE/D…
IRELAND OVERVIEW Vermilion holds a 20% operated interest in the Corrib gas field, offshore Ireland On July 12, 2017 Vermilion and Canada Pension Plan Investment Board (CPPIB) announced a strategic partnership, whereby CPPIB will…
IRELAND PRODUCTION 12,000 10,000 8,000 6,000 BOE/D 4,000 2,000 0 2015 2016 2017 2018E 2019E E&D CAPEX AS % OF FFO* NM 9% 1% 1% 1% Gas EFFICIENT TRANSLATION OF REVENUE FUND FLOWS FROM OPERATIONS FREE CASH FLOW…
IRELAND FUTURE DEVELOPMENT OPPORTUNITIES Future development opportunities include: Reperforation of bypassed pay in existing well bores (mean estimate of 7 bcf of recoverable gas with P10 upside to 12 bcf) Side-track of existing…
CENTRAL AND EASTERN EUROPE (CEE) EXTENSION OF EUROPEAN GROWTH STRATEGY Modest back-loaded capital commitments Prospective for both oil and gas Under-invested basin that can benefit from new technology HUNGARY Awarded South…
CEE FIVE YEAR PROJECT INVENTORY Project Name Timing Background A portfolio shallow gas prospects can be quickly and inexpensively drilled and Hungary Shallow Gas Play 2019-2021 hooked up. Modern 3D seismic allows a high success rate…
NORTH AMERICAN ASSETS 71
NORTH AMERICAN PRODUCTION 70,000 60,000 50,000 40,000 BOE/D 30,000 20,000 10,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E E&D CAPEX AS % OF FFO* 21% 36% 67% 58% 31% 76%…
NORTH AMERICAN PROJECT RANKING Mannville Ellerslie Condy PROJECT RANKING BY AFTER TAX (ATAX) IRR 100% (2019E - 17 Net Wells) WY Turner Sand Unfracked Frobisher / Alida (2019E - 8 Net Wells) (2019E - 64 Net Wells) 80% SE Sask…
CANADA Production and assets are focused in West Central Alberta and SE Saskatchewan In West Pembina, potential for three significant development projects sharing surface infrastructure with a land position of approximately…
CANADA PRODUCTION 70,000 60,000 50,000 40,000 BOE/D 30,000 20,000 10,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E E&D CAPEX AS % OF FFO* 21% 36% 67% 58% 31% 76% 247%…
ALBERTA NOTIKEWIN Industry Mannville Horizontals Key Oil Battery 375 net sections (240,000 acres) of Mannville rights, Key Gas Plant Key Compressor largely held by production VET Gas Pipeline 54 net West Pembina (Lower Mannville /…
LOWER MANNVILLE (ELLERSLIE) / UPPER MANNVILLE (NOTIKEWIN / FALHER) LOWER MANNVILLE WELL PERFORMANCE* UPPER MANNVILLE WELL PERFORMANCE* 2,000 3,000 Lower Mannville Type Curve Upper Mannville Type Curve 1,600 2,500 2,000 1,200…
SOUTHEAST SASKATCHEWAN Entered SE Saskatchewan through the acquisition of Elkhorn Resources Inc. in 2014, with further land added subsequent to acquisition Acquired Spartan Energy May 2018, adding over 400,000 net acres to our SE SK…
SE SASKATCHEWAN LAND POSITION Entered SE Saskatchewan through the acquisition of Elkhorn Resources Inc. in 2014, with further land added subsequent to acquisition Acquired Spartan Energy May 2018, adding over 400,000 net acres to…
FRAC MIDALE / OPEN HOLE FROBISHER FRAC MIDALE WELL PERFORMANCE OPEN HOLE FROBISHER WELL PERFORMANCE 500 400 400 300 Frac Midale Type Curve 300 Open Hole Frobisher Type Curve BBL/D BBL/D 200 200 100 100 0 0 1 2 3…
UNITED STATES WYOMING DEVELOPMENT Entered U.S. in 2014 Early stage light oil growth project in the Powder River Basin of northeastern Wyoming Large, operated contiguous land position (151,000 net acres at 93% working interest) in…
UNITED STATES PRODUCTION 6,000 5,000 4,000 BOE/D 3,000 2,000 1,000 0 2014 2015 2016 2017 2018E 2019E E&D CAPEX AS % OF ATAX NOI* 64% 535% 353% 204% 165% 89% Crude Oil & NGL Gas US PROVIDES ANOTHER SOURCE OF…
HILIGHT ASSET HILIGHT TURNER HZ WELL PERFORMANCE 2,000 In August 2018, Vermilion acquired mineral land and oil producing OIL PRODUCTION assets in the Powder River Basin in Wyoming for 186 million 1,500 (BBLS/D) Assets are…
EAST FINN ASSET EAST FINN TURNER SAND WELL PERFORMANCE 500 OIL PRODUCTION (BBLS/D) Vermilion holds a large operated acreage position east of the 400 Finn Shurley field Turner Hz 275 MBO Type Curve 300 Limited development has…
AUSTRALIAN ASSETS 85
AUSTRALIA Entered Australia in 2005 Offshore oil field 80 km N.W. of Australia (55 m water depth) Horizontal well development with 18 wellbores and five lateral sidetracks Wells 600m below sea bed with 1,500 - 3,700 m measured…
AUSTRALIA PRODUCTION AUSTRALIA - per well economics* based on performance of 2013-2016 drilling programs DCET Well Cost ( million) 25.6 IP30 Rate (boe/d) 4,400 EUR per well (mboe) 1,000 12,000 After Tax ROR (%) 100% After Tax…
AUSTRALIA OPERATING PERFORMANCE VALUE CREATION (2P RESERVES)* MMBOE Acquisition Date Reserves Reserves at initial acquisition (2005) 26.7 16,000 Total Acquisition Date Reserves 26.7 14,000 Production to YE 2017 32.7 Reserves at YE…
AUSTRALIA ACTIVITY Oil is trapped above and between the existing wells, creating opportunity to drill to a higher structural elevation and between existing wells to capture attic, flank and undrained oil 12 additional identified…
CORPORATE CITIZENSHIP 90
GOVERNANCE Vermilions external awards and recognition provide important benchmarks for our strong performance The Globe and Mail, Report on Business, Board Games In 2017, Vermilion ranked 4th within the oil and gas sector, and among…
HEALTH, SAFETY AND ENVIRONMENT (HSE) PHILOSOPHY Safety, environmental protection, and regulatory compliance go hand-in-hand with VERMILIONS PRIORITIES maximizing profitability WE CONDUCT ALL ACTIVITIES TO: These priorities should…
CDP (CARBON DISCLOSURE PROJECT) CDP (formerly Carbon Disclosure Project) is an international environmental organization that collects information about carbon emissions and energy use Vermilion was named to the CDP Climate…
STRATEGIC COMMUNITY INVESTMENT Vermilion is committed to giving back to Canada France Netherlands Australia the communities in which we operate We assess the critical needs in each community, and determine where our financial…
GLOBAL RESPONDER PROGRAM The Netherlands Rescue and Help on Water In 2017, Vermilion established our Global Emergency Responder Program to support critical equipment and training needs for emergency medevac and similar services in…
CORPORATE CULTURE GREAT PLACE TO WORK INSTITUTES ANNUAL RANKING Great Place to Work Institute evaluates companies by analyzing results of a confidential Trust Index survey provided to employees and evaluating the workplace through a…
RECORD OF VALUE CREATION 97
VALUE CREATION 1994 2018 8,000 6,000 TOTAL VALUE 4,386 CREATION OF 4,628 4,000 MILLIONS MARKET 2,000 CAPITALIZATION(2) 3,346 0 EQUITY DIVIDENDS (2,000) ISSUED(1) PAID(2) (3,104) (4,000) MORE THAN 20-YEAR RECORD…
RETURN ON CAPITAL EMPLOYED 10 YEAR TOTAL RETURN VERSUS 10 YEAR AVERAGE ROCE 150% VET FRU 100% TOTAL RETURN (%) PEY CNQ 50% POU ARX SU 0% BIR ERF CPG IMO SPE NVA AAV -50% ECA CR BTE OBE PGF -100% -15% -10% -5% 0%…
ESG AND SHAREHOLDER RETURNS Sustainability performance is integral to our business and is positively correlated to our strong shareholder returns 5-Yr Total Return vs. Sustainalytics Rank 5-Yr Total Return vs CDP Score 5-Yr Total…