Investor Presentation Q3 2020
Energy - E&P and OFS Exposure¹
Total Exploration & Production (E&P)
Canadian E&P*
U.S. E&P
Oilfield Services (OFS)
Total E&P and Oilfield Services Exposure²
Loans and Acceptances
Outstanding ($B)
8.3
3.6
1.2
1.5
9.82
% of Total E&P
and OFS
% of Total Loans and
Acceptances
Outstanding
% Investment
Grade
85%
1.3%
47%
37%
0.6%
63%
12%
0.2%
15%
15%
0.2%
6%
100%
1.5%
41%
*Decline in Canadian E&P Investment Grade vs. Q2 2020 related to downward rating migration of the portfolio
Total Loans and Acceptances Outstanding reduced by $1.2Bn (11%) vs. Q2
·
41% is rated investment Grade. 49% of Total Energy (including
Midstream and Downstream) exposure is Investment Grade
•
•
Outlook has improved due to the recent increase in oil prices
Exploration & Production
Canada
(49%)
C&CA
4.8
(0%)
Majority of non-investment grade exposure is to secured reserve-
based loans or sovereign owned/controlled entities
0.2
Europe
E&P and OFS
0.4
(0%)
Exposure by
•
Oilfield Services
Geography2
·
Majority of non-investment grade exposure is secured. Focused on
companies with stronger liquidity and balance sheets
$9.8B
0.6
•
ACL coverage in E&P and OFS beyond Stage 3
Added substantially to Stage 1&2 ECL in Q2 and Q3 through expert
credit judgement. US exposure has material subordinated debt as a
first loss tranche and is largely secured
Asia
(93%)
(%IG)
2.5
Latin
America
(35%)
1.3
U.S.
(13%)
1 As of July 31, 2020. Excludes Midstream and Downstream
2 May not add due to rounding
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