Peters & Co. Limited Energy Conference January 21, 2015
Business model Deliver superior, long-term shareholder value Long-life, competitively advantaged assets Disciplined investment and cost management Integration and synergies High-impact technologies and innovation Operational…
Business overview Industry leadership across the full value chain 9 mos 2014 Production bitumen (kbd) 197 Syncrude mining synthetic (kbd) 62 & upgrader Kearl mining gas (mcfd) 149 Refining throughput (kbd) 402 Cold Lake in…
Sustained performance through price cycles Industry-leading return on capital employed Historical crude prices ROCE 10-year average (2004-2013) US/bbl % 140 30 120 25 WTI 100 20 80 15 60 WCS 10 40 20 5 0 0 2004 2006…
Downstream: capturing the value of integration Leveraging North American crude price dislocation Historical crude prices Mid-continent crude US/bbl % of refinery throughput 140 100 Brent 120 75 100 80 50 WTI 60 25 40 0 20…
Downstream: strong cash flow, selective investments More than 7 billion of net cash generated over the last 6 years Downstream net cash Downstream capex billions % of depreciation 2 150 100 1 50 0 0 2009 2010 2011…
Upstream investments focused on production growth Spending 40+ billion this decade Average annual capex 2013-2015 project start-ups: billions Kearl initial development 110 kbd1 6 Kearl expansion project 110 kbd1 5 Cold Lake Nabiye…
Cold Lake: in situ technology leadership Innovation drives reservoir performance and unit cost containment 80 Demonstrated recovery Cash…
Kearl: the next generation of oil sands mine Producing pipeline-quality crude without an upgrader Sediment and water Existing mines Bitumen Synthetic crude Naphthenic froth treatment Onsite Refinery upgrader Sediment and…
Industry-leading operations excellence Discipline in all aspects of the business Workforce safety 2013 reliability Incidents per 200,000 hours worked % of capacity 1 IMO Cold Lake CVE Foster Creek CVE Christina Lake 0.5 SU…
Financial performance Solid performance and a strong balance sheet Net income 9mos /share 2013 2014 5 Earnings - billions 2.8 3.1 Downstream & Other Upstream Earnings - per share1 3.32 3.66 4 ROCE - % 12.9 15.3 3 Production2…
Very well positioned for substantial growth Resource potential equivalent to 100 years at current production rate YE 2013 resource base billion oeb1 2015 Upstream production growth 20 Kearl Expansion (110 kbd2) Cold Lake Nabiye…
Delivering superior, long-term shareholder value Returns demonstrate the strength of our business model Annualized total shareholder return % 10 IMO Peers 5 0 -5 -10 1-year 3-year 5-year Source: Bloomberg Note:…
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