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Investor Presentaiton

Fundamentals: Increasing Demand, Tighter Oil Balance North American hydrocarbons are key to meeting global demand Global Supply & Demand Rebalancing (1) World Production Including Historical OPEC Spare Capacity MMB/d 110 105 100 95 90 85 80 2016-Q1 2016-Q3 2017-Q1 MMB/d 15 10 2017-Q3 2018-Q1 2018-Q3 2019-Q1 World Consumption COVID reset 2019-Q3 2020-Q1 Prolonged Reduction in Upstream Investment (2) ($ Billions invested) $800 $600 $400 $200 2020-Q3 2021-Q1 2021-Q3 2022-Q1 2022-Q3 Multi-Quarter Draw on Global Inventory(1) implied build 0 implied draw -5 2016-Q1 2016-Q3 * 2017-01 2017-Q3 2018-Q1 2018-Q3 1+ B bbls 2019-Q1 2019-Q3 2020-Q1 2020-Q3 2021-Q1 2021-Q3 2022-Q1 2022-Q3 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Commodity Prices Responding ($/bbl) $120 WTI Spot Price, monthly avg. (LHS) $90 myy ($/mmbtu) $7 $6 $5 $60 $30 ཿ €&°$་ྲ $2 Henry Hub Spot Price, monthly avg. (RHS) $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 6 (1) EIA February 2022 STEO (includes crude oil (including lease condensates), natural gas plant liquids, biofuels, other liquids, and refinery processing gains). (2) IEA & PAA Internal Estimates
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