Investor Presentaiton
Sept YTD 2023 NETBACKS, Delivering strong results
Liquids $/BBL Netback by Area
$40.00
$34.89
$35.00
$31.02
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$0.00
Total Company Blended Netback on Working Interest Basis
Gabon Canada ■Egypt
Sept YTD 2023 Margins at ~$81.75 Average Brent Oil
$23.73
$0
$16.16
$14.73
$13.55
$7.53 $2.20
$27.58
$80
Original Forecast of FY2023 Margins at $80 Realized Oil and Midpoint of Guidance
81.75 Average Brent
■
Netbacks in line with original forecasts, with Egypt slightly
higher and Canada slightly lower
$0
$17.78
$17.40
$9.28
$9.09 $2.11
$23.48
$80
■ Total Company blended netback improvement has been driven
primarily by lower opex per BOE; as combined royalty, price
differential and tax is nearly flat compared to forecast with
changes between categories attributable to production mix
OPEX1
Royalty
Price
Differential
Tax
G&A
Other
Expected Cash Flow
(before CAPEX and prior
to working capital
changes)
☑ Delivering Better than Forecasted Margins in YTD 2023 Through Operational Excellence and Cost Control
1) OPEX excludes one-time costs for removing and disposal of Normally Occurring Radioactive Materials ("NORMS") related to finalizing the demobilization of the FPSO
Slide 17View entire presentation