Investor Presentaiton
Upstream investment outlook
Investing for value through select volume growth and GHG intensity reduction
Average annual capital expenditures¹
$B
1
0
2021
2022
2023
2024
2025
2026
■GHG / Growth
Prior outlook
Capital plan reduced from prior outlook
Sustaining capital moderates from 2022
▷ 5-year average of ~$5 per barrel
Key sustaining projects include:
> Kearl in-pit tailings
> Autonomous Haul System
▷ Syncrude Mildred Lake Expansion
> Cold Lake infill drilling
■ GHG-advantaged volumes and value growth:
> Cold Lake Grand Rapids Phase 1 (GRP1)
> Cold Lake Leming field redevelopment
> Kearl boiler flue gas
▷ Kearl secondary recovery projects
Sustaining
1 See supplemental information for definition
Imperial | 2022
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