Investor Presentaiton

Upstream investment outlook Investing for value and select volume growth Average annual capital expenditures $B 2 1 2015- 19 2020 OL 2021 2022 2023 2024 2020- 24 Kearl Syncrude Cold Lake/other 2019 capital forecast KC YEARS 1880-2020 Investment profile below prior outlook ▷ 2020-21 proactive reductions; capex down ~40% > Growing production to ~435 kboed by 2024 > Maintained optionality and capital discipline Maintaining low sustaining capital > 5-year average of ~$5 per barrel Key infrastructure drives near-term profile > Kearl transition to in-pit tailings ▷ Syncrude Mildred Lake extension > Capital builds to levels consistent with 2015-19 average Imperial | 2020 28

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