Balanced Growth Strategy and Portfolio Development Balanced growth strategy delivering Transforming the foundation Focused integration Major projects delivered Reliable and repeatable performance Strong dividend 2
Flexible and Diverse Portfolio Near-Term (2015-2016) Mid-Term (2017-2019) Long-Term (2020+) Rush Lake Thermal Lloyd 1 Thermal Lloyd 3 Thermal Edam West Thermal Lloyd 2 Thermal Lloyd 4 Thermal Edam East Thermal McMullen Thermal…
Delivering Higher Quality Returns Predictable outputs, less volatility, and steady cash flow achieved through: Portfolio flexibility, favouring higher return, earlier payback projects Balancing investment towards low sustaining…
2015 Capital and Production Priorities 2015 Production Guidance: 325,000 355,000 boe/day 400 Delivering near-term production growth Forecast Range Staging mid and long-term projects Natural Gas Canada Maintain strong balance…
Foundation Portfolio
Foundation Portfolio Project Forecast Net Production 2014-2019 Expected Production Adds (BOE/D) 300 Near-Term (2015-2016) Heavy Oil Thermals Four sanctioned projects 33,500 250 Downstream South Sask. Gathering System N/A 200…
Heavy Oil Thermal Portfolio Heating Up Thermal Production Forecast* Thermal First Oil Current/ Status Project Date Forecasted Net Production Rate (bbls/d) 80 Pikes Peak 1984 4,000 Bolney Celtic 1996 18,900 Producing…
Heavy Oil Typical Thermal Economics Metric Target1 Construction time 2 years Start up to peak < 3 months production SOR target 2.0 early years Pikes Peak South Sustaining capital per bbl2 5 - 7 Life of project 15 Years +…
Western Canada Shaping the Resource Play Portfolio Extensive resource play portfolio diversified by product, region and scale Disciplined capital allocation - large portfolio allows flexibility Investing in the right projects…
Downstream Strong Infrastructure Position Integrated on a barrel for barrel basis Reduces cash flow volatility Steady returns generated 11
Pillars Portfolio
Pillars Portfolio Project Forecast Net Production Forecast Net Production Adds (boe/d) 150 Near-Term (2015-2016) Asia Pacific Liuhua 34-2 5,000 Oil Sands Sunrise Phase 1 30,000 Atlantic Region South White Rose (Peak) 15,000 100…
Asia Pacific Region Liwan Gas Project Delivered Liwan Largest offshore platform in Asia; 1 bcf/d gas terminal Producing gas and liquids Liuhua 34-2 field on stream Indonesia Liwan Offshore Platform BD field in construction…
Oil Sands Sunrise Energy Project Large resource base 3.7 billion barrels of 3P reserves1 Phase 1 design rate of 60,000 bbls/day (gross) Approvals in place for 200,000 bbls/day (gross) 40 plus years project life Excellent…
Atlantic Region Delivering High Quality Returns Projects staged to fund future growth and provide predictable cash flow South White Rose First oil production expected mid-year 2015 Combines gas injection and oil production to…
Atlantic Region Stay Tuned Long-term commercial potential across region Multiple targets identified in Flemish Pass 18 month delineation program started Oct 2014 West Mira under construction Flemish Pass 17
Balanced Growth Strategy Is Delivering Balanced growth strategy delivering Transforming the foundation Focused integration Major projects delivered Reliable and repeatable performance Strong dividend 18