Investor Presentaiton
Energy - E&P and OFS Exposure¹
Loans and Acceptances
Outstanding ($B)
% of Total E&P
and OFS
% of Total Loans and
Acceptances
% Investment
Grade
Outstanding
Total Exploration & Production (E&P)
Canadian E&P
U.S. E&P*
Oilfield Services (OFS)
9.3
85%
1.4%
47%
3.7
34%
0.6%
73%
1.4
13%
0.2%
17%
1.7
15%
0.3%
14%
Total E&P and Oilfield Services Exposure²
11.02
100%
1.7%
42%
*Decline in U.S. E&P Investment Grade vs. Q1/20 related to downward rating migration of the portfolio
42% is rated Investment Grade (IG)
54% of Total Energy (including Midstream and Downstream)
exposure is Investment Grade
Canada
(59%)
5.0
C&CA
(0%)
Exploration & Production
Majority of non-investment grade exposure is to secured
reserve-based loans or sovereign owned/controlled entities
Oilfield Services
Majority of non-investment grade exposure is secured. Focused
on companies with stronger liquidity and balance sheets
ACL coverage in E&P and OFS beyond Stage 3
Added substantially to Stage 1&2 ECL through expert credit
judgement. US exposure has material subordinated debt as a
first loss tranche and is largely secured
1As of April 30, 2020. Excludes Midstream and Downstream.
2 May not add due to rounding
0.2
E&P and OFS
0.4
Europe
(0%)
Exposure by
Geography2
$11.0B
0.7
Asia
(93%)
(%IG)
3.2
Latin
America
(26%)
1.5
U.S.
(16%)
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