ATHABASCA THE TRANSFORMATION 400MM 2019 Capital Light Oil Contingent Program Funded surpasses Bitumen 10,000 boe/d Royalty within Funds Flow Disciplined Resource Operations Appraisal Strong Balance 2016 2017 2018 2019…
ATHABASCA DRIVE TO FREE CASH FLOW 60 PRODUCTION SUSTAINABLE PRODUCTION 50 Thermal Oil Light Oil 40 o Low corporate sustaining capital mboe/d 30 2020: 125MM (10/boe) 20 o Flexible Light Oil development 10 0 o Operated…
ATHABASCA 2020 BUDGET CORPORATE FUNDS FLOW OUTLOOK o Production: 36,000 37,500 boe/d (88% liquids) WTI (US) o Funds flow: 125MM at US57.50 WTI 55 60 65 70 o Capital: 125MM* 15.00 130 185 230 275 WCS Diff (US) 17.50 95 155…
CANADIAN HEAVY OIL OUTLOOK WCSB BASIN EGRESS CURRENT LANDSCAPE o Government mandated curtailments and crude by rail remain a necessary bridge to pipelines MIDTERM EGRESS +800MBBL/D o Pipeline optimizations (Mainline, Keystone…
THERMAL OIL MARKET ACCESS & RISK MGMT THERMAL OIL EGRESS DIVERSIFYING SALES TO THE US GULF COAST Current Egress DILBIT SALES EXPOSURE* LT Egress o Capacity secured on Keystone open season AOC Thermal o 7,200 bbl/d commencing…
ATHABASCA DIFFERENTIATED OIL EXPOSURE PEER LEADING LIGHT OIL NETBACKS (Q3/19) COMPLEMENTARY ASSETS o Diversified operating income (45% LO & 55% TO) o Top decile Light Oil netbacks (23.50/boe Q3/19) o Competitive Leismer netbacks…
LIGHT OIL MONTNEY & DUVERNAY
PLACID MONTNEY PLACID ACTIVITY 1630 Pad HIGHLIGHTS OPERATED 70%WI 6 wells 25 Pad o 80,000 gross prospective acres 4 wells 200 well development inventory1 23/boe operating netback (2020e) 200 300 bbl/mmcf initial free…
KAYBOB DUVERNAY DUVERNAY HIGHLIGHTS JOINT VENTURE HIGHLIGHTS (30% WI) o Significant resource exposure (210,000 acres) o Cash/carry structure minimizes financial exposure o Strong condensate yields (200 1,000 bbl/mmcf) o 1B gross 4 yr…
DUVERNAY COMPETITIVE SHALE PLAY UNIQUE EXPOSURE TO THE OIL WINDOW KAYBOB WEST & EAST OIL o Significant running room o 170,000 acres; 800 well inventory1 o Transitioning to development in select areas 1625 NORTHERN STEPOUT o…
THERMAL OIL LEISMER & HANGINGSTONE
THERMAL OIL LEISMER TOP TIER OIL SANDS PROJECT REGIONAL MAP o 20,000 bbl/d; 3.5x SOR o 40,000 bbl/d AER approval Hangingstone o 675 mmbbl 2P reserves; 90 year 2P RLI o US44 WTI operating breakeven (2020e) HANGINGSTONE LOW…
THERMAL OIL LEISMER ACTIVITY HIGHLIGHTS o L7 sustaining pad 1,250m laterals (50% longer); flow control equipped LEISMER DEVELOPMENT Onstream in Q4/19; 4,000 bbl/d pad forecast L8 sustaining pad Commenced long lead initiatives PAD…
CANADA ENERGY MAKES A GLOBAL DIFFERENCE
CANADIAN ENERGY MAKES A GLOBAL DIFFERENCE o The World Needs Canadas Energy WORLD ENERGY MIX (2016 2040) o Energy Demand to grow by 27% by 2040 o ALL forms of energy are needed o Canada is a global leader in innovation &…
CORPORATE RESPONSIBILITY We believe that strong performance in health, safety, and environment is essential to achieving our business goals and meeting the needs of stakeholders. We are focused on being a valued partner in local…
CORPORATE RESPONSIBILITY ENVIRONMENT CORPORATE EMISSIONS INTENSITY GLOBAL EMISSIONS WATER RECYCLING RATES (2018) LIABILITY MANAGEMENT RATING 94% of Thermal Oil reservoir water recycled for steam generation Alberta…
CORPORATE RESPONSIBILITY SOCIAL SAFETY BENCHMARKING (2018) SAFETY 1.8 o 2018 Total Recordable Injury Frequency: 0.36 1.6 AOC has a strong track record of safe operations o Exemplary safety performance key to business results and…
CORPORATE RESPONSIBILITY GOVERNANCE GOVERNANCE OVERVIEW o AOCs Board is responsible for the stewardship of the Company and Independent Board and Chair (5 of 7) provides independent and effective leadership o Some key areas of…
SUPPLEMENTAL INFORMATION
CORPORATE SNAPSHOT & HEDGING CAPITALIZATION OVERVIEW (ATHTSX) Basic Shares Outstanding 524 MM Market Capitalization (0.61/sh) 319 MM Q3/19 Net Debt 259 MM Total Enterprise Value 578 MM Term Debt (9.875% due Feb 2022) US450…
MANAGEMENT TEAM AND BOARD MANAGEMENT TEAM BOARD OF DIRECTORS Robert Broen, P.Eng. Ronald Eckhardt President & Chief Executive Officer Chair of the Board, member of the Reserves Committee Matt Taylor, CFA Robert Broen, P.Eng. Chief…
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