EFTA01367349.pdf

31 May 2015 Integrated Oil US Integrated Oils Overall, we find the likes of MRO, COP, DVN, OXY, and APA screening relatively well. [Figure Outspend and Production Growth (DBe) Summary Voect 0414-W MINIMimar WA Ke 1.07 94 1.176 141 47% 1115 07 501 54/ 517 05 .11% 0% 3% 04% 4.1% 224441 10.01 1.012 SI COP 2123 102 HO (UM 3125 13% 613 1.417 1% 19% 1A 103 1.091 1.50 12 47% 1/0 1124 OA 0 foe ea ea 014 01 0% 4% 414 61% In 1.120 412 1.10 IC OMR 111% 1$ 706 142 (*3) 24% 439 06 07 0H 40 lel 2% 2% 3% 32% 15% Kt 623 I* 44 ($$U 103% 443 CQ ice roc 332 402 CS 324 /36 NI 2% 4% 5% 21.0% 11% 1191) 334 SO 6 5152) 3.7% 09 CB 6 1001 03% 201 219 NS 202 222 2% 4% -1% 5% 92% 110% Sant Owen* lest Nag 2016podia:OMMalibr "alit Mk Open rtocmerme 11OStorwalan AVenr/OVNavrallgan a IMEIVOILX eineregrew.* 'Figure 52; Outspend (including dig/Preen CAGR ratio IFigure 53: Outspend (excluding digTioen CAGR ratio 14.0. 140x 1204 120x 100x b 500.A 40 2016 EVIDACF 40 204 so. 4 COG • f Nit 6.04 MUR N 60x Pr DWI • •MUR 63110 40. 4.0x 20. • 20k .....— .... .104 004 104 20, 30x 40. 50. 60. -2 0.4 -IQ 004 Mt 204 10. 40x 4015Ann Outspend (tncl dn.)/ (% el Mkt Cap)'/15:17 CAGR 4015 Mn Outspend (ex dirt/ 66 of Mkt Cap)115:17 CAGR Sow* Decerne en Snot Deuboln Bern J [Figure 54; 2017 Cash Outspend By Company 225% -. 175% 125% 118% 119% 112% 75% 25% .25% APA APO OVN •811/0 41010 •56/0 2114140 • Stu 1510ed So,. Dahl brit ism May 2 Np damn, of -MN* Owe 444atttAtd Motitys cilield•nal (GO owilpenct cgodnyc/ CIO es NC cAwloo in tow ten &aped pro 44.4 crodenaoss-wav Deutsche Bank Securities Inc. l'oue 31 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058882 CONFIDENTIAL SDNY_GM_00205066 EFTA01367349