OUR CULTURE DRIVES OUR PERFORMANCE Business is Robust Through the Cycle Strong liquidity Financial Investment grade credit rating Sustainable dividend Strength 1.5x leverage target at mid-cycle prices Disciplined Capital Plan…
RESPONDING TO MARKET CONDITIONS Taking Immediate & Significant Action Reducing Q2 capital spend by 500 million Full year cash costs to drop by at least 100 million Dropping 10 rigs immediately, dropping 6 more in May Additional…
2019 Highlights Strong 2019 performance Second consecutive year of free cash flow generation and 9% YOY proforma growth in crude and condensate 1 2018-19 cumulative free cash flow of 616 MM 2, Exceeded consensus expectations on…
2019 Results Net Earnings (6) MM 4Q19 Free Cash Flow Cash Flow (0.02) / share* 241 MM 815 MM Operating Earnings 3.14 / share* 210 MM 0.81 / share* Net Earnings Free Cash Flow 1, Cash Flow 234 MM 475 MM 2,931 MM 0.90 /…
STRONG EXECUTION TRACK RECORD CONTINUES FY19: A Beat Across the Board FY19 Guidance Original Current Results FY19 Upstream Operating Free Cash Flow 2, Midpoint Low High FY19 Pro Forma: Base Assets Anadarko Total Liquids 3 310 312…
Asset Highlights
CORE 3 Permian Permian Liquids Production 209 MM FY19 upstream operating FCF before hedge (Mbbls/d) 87 78 22% of total Company FY19 upstream operating FCF 67 61 55 2019 crude and C5+ volumes +10% YoY to 67 Mbbls/d 43 Strong…
CORE 3 Anadarko Anadarko Liquids Production (Mbbls/d, Proforma) 263 MM FY19 upstream operating FCF before hedge 120 12.0 11 10 99 28% of total Company FY19 upstream operating FCF 100 10.0 82 80 8.0 65 Significant 2019 volume…
CORE 3 Montney 60 Montney Liquids Production 52 16 (Mbbls/d) 14 199 MM FY19 upstream operating FCF before hedge 50 42 12 21% of total Company FY19 upstream operating FCF 40 37 10 8 29 30 7 8 Rapid liquids growth driven by…
EAGLE FORD, BAKKEN, UINTA & DUVERNAY Base Assets Base Assets Liquids Production (Mbbls/d Proforma) 283 MM FY19 upstream operating FCF before hedge 80 76 29% of total FY19 upstream operating FCF 68 65 2019 margin before hedge of…
Business is Robust Through the Cycle Strong liquidity Financial Investment grade credit rating Strength 1.5x leverage target at mid-cycle prices Lower Prices Sustain business scale Sustain Business Prioritize free cash flow…
Appendix
Liquids-Focused, Multi-Basin Proved Reserves Reserves additions replaced FY19 production by 2x YE19 Proved Reserves by Asset Core 3 make up 85% of YE19 proved reserves Proved developed reserves 50% of total proved 10-year total proved…
Strategic Marketing Efforts Protect Cash Flow Canada Permian 1 Bcf/d of protected price realizations Substantial oil & gas price realization protections Basis hedges protect against market volatility Oil & gas basis hedges Firm…
Industry Leading ESG Performance 6th Consecutive Safest Year Ever Proven Safety Results Environmental Performance TRIF Methane Intensity 2018 Water Use 1 0.44 0.43 45% 0.34 0.30 0.30 0.28 0.22 0.21 1 Fresh Alternative 2014…
Proactive ESG Approach Task Force on Climate-Related Financial Disclosures ESG Impact Matrix Climate-related risks have the potential to impact our business Governance framework allows us to effectively manage these risks Applicable…
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