Shell Plc · LSE:SHEL
Shell — Investor Day (June 2019)
88 slides from Shell's investor day presentation, Jun 4, 2019
Slide 1: Management Day: Delivering a world-class investment case
Management Day Delivering a world-class investment case Royal Dutch Shell ple June 4-5, 2019 #MakeTheFuture DTT ‘iii INUAREUUULL
Slide 2: Cautionary note
Cautionary note Reserves: Our use ofthe term “reserves” in this presentation means SEC proved ol and gos reserves. Resources: Our use of the fxm “resources” inthis presentation includes quantities of cl and gas not yet classified as SEC proved ol and gas reserves Resources are consistent withthe Soc
Slide 3: Key messages
Key messages Royal Dutch Shell | Jun Thrive in the energy transition World-class investment case Strong licence to operate = Portfolio positioned for the future of energy = Reduce the Net Carbon Footprint of our energy products = Sustaining Upstream; growing market-facing businesses = Capital discip
Slide 4: 2025 outlook
2025 outlook Confidence in 2020 delivery, catalyst to growth in 2021-2025 Royal Dutch Shell | June 2020 2025 DE-RISKED STRONG OUTLOOK $28-33 billion Oe rkow ~$35 billion $25 billion SHAREHOLDER $125+ billion share buybacks DISTRIBUTIONS potential total distributions 2018-20 2021-25 ~10% ROACE 212% ~
Slide 5: Delivery
Delivery Strong competitive position Thrive in the energy transition World-class investment case Strong licence to operate Royal Dutch Free cash flow - 4 quarters rolling Clean CCS ROACE - 4 quarters rolling $ billion % 40 10 8 20 6 0 4 ~~ / ° -20 ie} 16Ql 16Q3 17) 17Q3 18Q1 18Q3 19Q1 16Q1 16Q3 17)
Slide 6: Trust
Trust Strong societal licence to operate company W Royal Dutch Shell | June 45, 2019
Slide 7: Energy outlook
Energy outlook nges in consumer patterns drive a shift in the primary energy mix Global end-use energy consumption Exajoules 700 Solid I ae miu 600 500 Gaseous ==\=== Liquid om \_. 400 300 200 0 1960 1980 2000 2020 2040 2060 2080 2100 More people More prosperity Lower carbon QQ Foyer dutch shel | Ju
Slide 8: Strategic themes
Strategic themes Competitively positioned for the future of energy Core Upstream themes Ol = Strong cash generation = Fully sustain through the coming decades Leading Transition themes 02 = Extend leadership = Capitalise on Energy Transition Emerging Power theme 03 = Capture value from evolving cons
Slide 9: Deep Water, Integrated Gas, Shales, Oil Products, Chemicals, Power
Deep Water Integrated Gas Power Shales Oil Products Conventional Oil & Gas Chemicals
Slide 10: 2025 outlook: Business milestones
2025 outlook Business milestones underpin cash flow growth through 2025 and beyon Upstream major projects Integrated Gas major projects 25+ 25+ 10+ 5+ FIDs Start-ups FIDs Start-ups Downstream major projects Marketing growth 5+ 5+ 10k+ 10m+ FIDs Startups New retail New sites customers ‘Appomattox = U
Slide 11: 2025 outlook: Capital allocation to grow cash flow
2025 outlook Capital allocation to grow cash flow through 2025 and beyond 2020 a 2021-25 2025 2025 Organic FCF Total cash capex Organic FCF ROACE $ billion per annum NES A) wo UDF Te AS tel 8 Conventional Oil & Gos 5-6 4.5 4-5 5-6 Deep Water 6-7 4 4-5 7-8 FA shales 1-2 2.5 3-4 2-3 Core Upstream them
Slide 12: 2025 outlook: Increasing potential shareholder distributions
2025 outl Increasi potential shareholder distributions oyal Dutch Shell | June 45, 2019 Cumulative cash potential for shareholders Fully committed to current and growing dividend per share 2016-20 +: oe Resilient dividend per share $90+ bin growth $60/bbl ati6 Dividend per share growth when there is
Slide 13: 2025 outlook: Key levers for delivery
2025 outlook Key levers for delivery CFFO growth and delivery Opex competitiveness io} >$10 40+ <$9 265% Major project FIDs per barrel Marketing opex yield Additional CFFO in Upstream unit 2025 vs. 2018 operating cost ALA wy " idly i Capital efficiency Portfolio for the future — ° °, = — ~$30 ~$5 2-
Slide 14: Financial framework delivery
+ Financial + framework + + delivery + ~ + + + ~ Portfolio & + project delivery + + + + ~
Slide 15: avg p.a.
30 20 10 0 2014 2015 2016 2017 2018 2019-20 avg p.a. ~
Slide 16: Reshaping Shell to deliver a world-class investment case
Reshaping Shell to deliver a world-class investment case WD Royal Dutch Shell | June 4.5, 2019 Competitive portfoli People strategy
Slide 17: Competitive portfolio: reshaping the portfolio
Competitive portfolio Oil Sands Upstream Ireland UK North Sea package Thailand Bongkot Showa Shell JV Re sha pi n g $7.3bIn up to $1.3bIn up to $3.8bIn $0.8bIn $1.4bIn ° the portfolio . Li a MLP 2 $1.8bIn a | MOTIVA JV Top 20 divestments: $2.2bIn a6 I Oil Sands I Deep Water x BB Integrated Gas HE Co
Slide 18: CFFO excluding working capital
CFFO excluding working capital $ billion 60 Unit cash flow - Upstream & Integrated Gas $/ooe Ea x 40 |] 20 20 [- 10 Competitive portfolio Cash flow high-graded ° ° 2014 2015 2016 2017 2018 2016 2017 2018 Upstream 1B Downstream Average Brent Peer range Integrated Gas J Corporate price per barrel Shel
Slide 19: ✓ ◼ ✓ ◼ ✓ ◼ ◼ ~ ◼ ✓ ◼ ✓ ◼ ◼
✓ ◼ ✓ ◼ ✓ ◼ ◼ ~ ◼ ✓ ◼ ✓ ◼ ◼ ✓ ◼ ◼ ✓ ✓ ◼ ✓ ◼ ✓ ◼ ◼
Slide 20: People strategy
People strategy Highly engaged, diverse and productive workforce Shell workforce evolution Shell Business Operations growth Workforce distribution Thousand FTEs Index Thousand FTEs % % % 100 80 20 20 75 50 ——— _ 75 75 15 i 15 = oe 50 70 10 | | [| 10 25 25 25 65 5 5 0 60 0 0 0 0 2015 2016 2017 2018 2
Slide 21: Cost management
Cost management Strategic shift translating into cost optimisation Global functions: simplification and standardisation $ billion 10.0 93 7.8 7.4 7.2 2015 2016 2017 2018 2019-20 Functional operational costs reduced by 26% Projects and Technology: scoping efficiency =a 4.9 4.7 = Projects and Technolo
Slide 22: World-class investment case
World-class investment case Competitive and resilient delivery Thrive in the energy transition World-class investment case Strong licence to operate Royal Dutch Shell | June Sustain and grow value Financial resilience through the cycle Increase shareholder distributions 22
Slide 23: Sustain and grow value
Sustain and grow value Diversified and competitive through the Energy Transition 56% >» 44% 56% fF» 42% T ap Cash flow from 2025 = ~$50bIn operations | >$60bIn = Core Upstream themes sustain strong CFFO generation in 2025 (>40% of total) = Growth in shales harvests almost doubles CFFO in 2025 versus
Slide 24: Strong cash generation provides optionality
Sustain and grow value Strong cash generation provides optionality Thrive in the energy transition World-class investment case Strong licence to operate WP) Royal Dutch Shell | June 45, 2019 Cash priorities 2021-2025 $ billion 80 60 40 20 CFFO. Interest Dividend Sustained Sustaining cash capex Degea
Slide 25: Financial resilience through the cycle
Financial resilience through the cycle Continued focus on robust balance sheet Net debt and gearing through the cycle = Maintain AA credit metrics = Target gearing on average ~20% with a range of 15-25% through the cycle $ billion % 100 30 = Flexibility for potential counter-cyclical acquisitions =
Slide 26: The scope of Shell's Net Carbon Footprint ambition
The scope of Shell’s Net Carbon Footprint ambition Net Carbon Footprint foltimelilelitteyal Production Processing Distribution & sales Use of energy products by our customers Third-party crude Third-party products : Third-party gas Thircparty products i Full life cycle of energy products, including
Slide 27: Net Carbon Footprint: potential tools
Net Carbon Footprint Potential tools to achieve our ambition Baseline Operational efficiency Natural gas shift Renewable power Ambition to reduce the Biofuels Net Carbon Footprint Electric mobility of the energy products we sell by around 20% by 2035 and by around 50% by 2050, in step with society F
Slide 28: Projects and Technology
Slide 29: Projects & Technology: capital efficiency
Projects & Technology Competitively differentiated capital efficiency World-class capital efficiency factory = Systematic and rigorous scope challenge = Efficient execution focus = Supply chain transformation = Technology reduces scope or aids execution Single P&T organisation integrated with busine
Slide 30: Differentiated capabilities: supply chain
os Differentiated capabilities Projects & Technology Competi ively Oo dard purch lath Shell id ° . te i tI , ting tr differentiated ne standard purchasing platform across Shell, creating transparency ani supply chain Global organisation, locally delivered Unique company-wide oversight of over $40 bi
Slide 31: Differentiated results: technology
Differentiated results Projects & ; = Business-owned, centrally delivered Technology i tae Cc i i Competitively commercially savvy “hk . ° = Customercentti t t differentiated Us! — a, jluct devel — ° = Contentri ic partnershi technologies ontentrich academic partnerships = Making technology ventures
Slide 32: Integrated Gas
Integrated Gas
Slide 33: $6-7 billion p.a.
◼ ◼ ◼ ◼ ◼ ◼ ◼ ~ ◼ ◼ ~ ~ $6-7 billion p.a.
Slide 34: Integrated Gas: Thrive through the Energy Transition
Integrated Gas Thrive through the Energy Transition Carbon footprint reduction Gasfired replacing coalfired power plants with 45-55% lower greenhouse gas emissions LNG Canada designed to achieve lowest carbon intensity of any LNG project operating today Air quality improvement Methane emission reduc
Slide 35: LNG market expected to double by 2035
Integrated Gas LNG market is expected to double in size by 2035 LNG demand outlook Growth in non-power sectors LNG complementing renewables BCM Global gas demand (BCM) LNG supply (GWh/d) Power generation (GWh/h) 1,000 3,600 1,200 20 9% 10% 22% 1,000 800 59% — = 3,500 800 600 600 10 400 4% 3,400 400
Slide 36: Integrated Gas: Develop demand
Integrated Gas Develop demand “ o/ Norway = Canada ‘ Netherlands EU35 Belgium & Germany => BA AE uss Spain kai ; _ Gibraltar di = China # Japan Mexi Wiles Bahamas ta Pakistan exico’ => Panama i ta © India ts +, a Ivory Coast Singapore ta = P, , 4 Gas marketing and trading ert hag Brazil 4B Power tra
Slide 37: Integrated Gas: Deliver value from leading portfolio
Integrated Gas Deliver value from leading portfolio LNG supply & optimisation w_ Rotterdam D 7 LNGC & ragon = 5 b seic a i = 6 Lake Charles, —shenad Point a Barcelona - 4 mi Gibraltar EING YH Mg Hazira Costa Azul # m °° 1“ acs : Ls ba = ALNG oING * Altamira NING & . a Singapore gi = BLNG : EGLNG Ti
Slide 38: Integrated Gas: Run the engine
Integrated Gas Run the engine 5° Operational excellence and strong portfolio drive competitive advantage WP) Royal Dutch Shell | June 45, 2019 Improving LNG utilisation % Operating at competitive cost Unit operating cost ($ per ton) 95 Integrated assets Midstream assets 120 120 90 85 80 80 . : || :
Slide 39: Integrated Gas financial performance
LNG liquefaction and sales Earnings and ROACE Integrated Gas Millon tonnes $ billion % Financial 75 10 Is performance 0 0 5 25 5 0 0 0 2016 2017 2018 2016 2017 2018 LNG liquefaction — LNG sales Clean earnings + —= ROACE (RHS) CFFO and cash capital expenditure Organic free cash flow $ billion $ billi
Slide 40: Integrated Gas: Competitive growth
Integrated Gas Competitive gro Potential projects New capacity: ~8 mtpa Abadi Qatar Tanzania Backfill: ALNG NWS - Browse Development New capacity: ~17 mtpa Lake Charles LNG Canada Expansion NLNG 17 Sakhalin T3 Oman integrated GTL Backfill: Sakhalin development Prelude - Crux Disciplined maturation a
Slide 41: Gas to Liquids: Ambition to expand
Integrated Gas Gas to Liquids: Ambition to expand a Leading competitive position «lm Product margins above Brent 9 Capture demand growth tt $ per boe % GTLbase oils, thousand tonnes 25 40 2000 20 - 30 1500 15 o1 - 20 1000 10 —" 5 10 500 0 ie} ie} 2016 2018 Ambition 2019 2021 2023 2025 2027 Pearl GTL
Slide 42: Upstream
Upstream
Slide 43: Leading portfolio
Royal Dutch Shell | June 45, 2019 = Leading portfolio = High margin production = Competitive growth = Growing production and FCF = Competitive delivery = Leading digital innovation Gimen Lange - b = Highgraded portfolio ® Portfolio longevity = Growth potential 2018 Production 0.8 mboe/d 2025 Organic
Slide 44: Upstream: Improved financial delivery
Cash flow from operations Organic free cash flow Upstream $ billion $ billion Improved 90 20 ' ° financial 20 10 A deliver Y 10 co) 0 10 10 20 2015 2016 2017 2018 2015 2016 2017 2018 2020 2025 I Conventional Oil & Gas [ll Shales erase 8 erage Brent I Deep Water WH Other price per barrel Costs and pr
Slide 45: Reserves and resources
Reserves and resources Upstream and Commercial resources, billion boe Integrated Gas 50 Portfolio longevity 25 Exxon BP MING >L Shell Chevron Il Deep Water Shales Conventional Oil & Gas, Oil Sands and others 2P and commercial 2C resource base >20 years of production Largest share of highmargin Str
Slide 46: Exploration: a value driven strategy
>750 mmboe resource ~$2 billion annual addition ambition per annum investment to 2025 Exploration A value driven strategy Increasing value Unit finding costs, $ per boe Multiple Norway 8 3 e Russi UK ~ ae Albania M i ar) an) Bulgaria ) 0) b, Mauritania e 2016 2017 2018 Mexico (i) Egypt oa a Cd Oman
Slide 47: Deep Water: leading portfolio
= Leading deep-water portfolio with exciting development funnel and strong exploration acreage Deep Water World class portfolio = Targeting $728 billion organic free cash flow in 2025 at $45 billion cash capex per year = Sustained production >900 thousand boe per day through 2025 = Strengthened capi
Slide 48: Deep Water: sustainable cost reductions
Significant sustainable Deep Water Strong delivery cost reductions realised Project break-even prices Replication Unit operating costs PrefID funnel breakeven price $ per boe $ per boe 15 80 60 10 40 5 20 ie} ° 2015 2016 2017 2018 Ambition 0% 20% 40% 60% 80% 100% % of outstanding capital = 2014 — 20
Slide 49: Deep Water: Expanding US Gulf of Mexico heartland
Deep Water Expanding our US Gulf of Mexico heartland Filling the hubs: Mars Corridor Appraisal and development Thousand boe per day 200 +79% 100 0 2015 2016 2017 2018 190 4Q rolling = Continued growth = Well reservoir facility management = Waterflood = Tiebacks QQ Foyer dutch shel | June 45,2019 = A
Slide 50: Deep Water: growth in Brazil
Deep Water Continued delivery and growth in Brazil Production Thousand boe per day 400 300 200 2015 2016 2017 2018 191 4Q rolling = Largest foreign producer in Brazil = 15 FPSOs currently onstream with P-68 expected onstream in 2019 = Robust well productivity = Ongoing infill drilling opportunities
Slide 51: Shales: A growth business
Shales A growth business Positioned to deliver resilient returns and cashflow Royal Dutch Shell | June 45, 2019 = Focusing on high-margin tight oil positions and low cost gas assets = Driving competitive cost structure and performance improvements across all operated positions = Deploying technology
Slide 52: Shales: Enhancing competitiveness in Permian
Shales Enhancing competitiveness in Permian Short-term cash delivery Sustainable performance Long-term value creation Well drilling and completion cost, normalised to Average cumulative oil production by online date Average payback years 7,500 ft lateral length, $ 3 -40% - +60% I 2 Top Quartile | ‘|
Slide 53: Conventional Oil & Gas: simpler, more resilient portfolio
Convaniionell Oil 8. Ges Simpler, more resilient portfolio High-graded portfolio delivers longevity with higher cash returns per barrel High-grading the portfolio Resource life, years e @ Norway USA (AERA) Bi Russia UK @ e Netherlands © Germany @ Kazakhstan Italy yo Ym Albania Tunisia @ p raq [Ml Re
Slide 54: Conventional Oil & Gas: sustained FCF
Conventional Oil & Gas Sustained FCF with $4-5 billion cash capex until 2025 Capital efficiency enabling growth Capital efficiency Resilient portfolio Attractive returns Unit development cost, $ per boe Breakeven price, $ per boe IRR, % 5 50 60 40 - 10 40 30 5 * 20 a o ie} 0 ~ 7 ie} 2015 2016 2017 2
Slide 55: Upstream: Robust development funnel
Upstream Robust development funnel Competitive options Exploration Broreeon FEED PreFID funnel breakeven price, $ per boe ~ 08, ~240 kboe/d Under . Ei Mexico Ed Mero 4 construction Coming 60 Brazil Gato de Mato ~470 kboe/d Onstream / aay Ramping up 40 US GoM Bonga main life ~200 kboe/d Mauritani ext
Slide 56: Downstream
ARMING \ ISH FAVOURITES ff
Slide 57: Downstream
Downstream WD Royal Dutch Shell | June 4.5, 2019 Most successful mobility retailer, #1 in lubricants Competitive/high- quality refining backbone Trading optimises integrated value chains Strong demand growth despite growing recycling Focus on base, derivative and performance chemicals Leverage custo
Slide 58: Oil Products: Transformed
Oil Products Transformed Oil Products is core to world-class investment case More predictable cash, high returns WD Royal Dutch Shell | June 45, 2019 Organic free cash flow growth $ billion 10 2018 2020 2025 Organic FCF excl. working capital Working capital movement Increasing Marketing exposure Ear
Slide 59: Oil Products: multiple opportunities
Oil Products Multiple opportunities drive Oil Products’ transformation Royal Dutch Shell | June 45, 2019 Kilometres driven Absolute oil demand expected to increase grows and shifts Index: 2020 = 100 Million boe per day 150 60 100 50 50 0 40 2020 2025 2030 2035 +2040 2020-2025 «2030-2035 Kilometres d
Slide 60: Retail, Lubricants, Trading and optimisation
Retail Lubricants Trading and optimisation
Slide 61: Oil Products: customers at the heart
Retail gross margin contribution Direct and indirect markets globally % (2018) 100 Oil Products Creates value by putting customers at the heart of Main-grade Fuels B2B customers served in total (2018) , 50 everything we do Customers at retail service stations 2025 daily ) Lubricants gross margin con
Slide 62: Marketing business growth
Oil Products Marketing business growth maintains momentum and remains competitive Earnings: Retail & Global Commercial Yield on cost and ROACE: competitive benchmark $ billion Opex yield (%) 8 ROACE 24% >20% 80 Retail & Global Commercial 2025 6 New revenues @ McDonald's Resilient sectors Fuchs New c
Slide 63: Marketing: delivered on growth strategy
Oil Products Marketing business has delivered on growth strategy in 2018 vs. 2017 WD Royal Dutch Shell | June 4 2025 targets New revenues = Grow convenience retail = 5,000 new stores = New customer offers = Accelerate digital and services growth Resilient sectors = Grow fleet solutions = $1 billion
Slide 64: Marketing: leading in digital, mobility and energy
Shell Fleet Hub Nature-based solutions supporting >550,000 in the Netherlands active cards with more to come Oil Products Marketing taking action Expanding our fast: to lead in _scharging network digital, mobility and energy opportunities —y) SHELL-V-POWER. NOW CARBON NEUTRAL. cowat Developing EFlui
Slide 65: Trading and Supply: integrator and optimiser
Oil Products Trading and Supply, the integrator and optimiser for Shell Sales volumes sourced from equity production Crude Products of sales of sales LNG Power co.) \o a) of sales of sales a Products B f Power Our advantage Refining Shell is the only company with material Trading integration and opt
Slide 66: Reshaping our refining portfolio
Oil Products Reshaping our refining portfolio Refining - non-energy cash costs $ million 4,500 4,000 | 3,500 | 2016 | | 3,000 2,500 = 8 Performance improvin ~ a 2,000 proving a Ath Quartile 3rd Quartile 2nd Quartile Top Quartile Refining - capacity & number of refineries Million boe per day # refine
Slide 67: Oil Products: delivers on commitments
CFFO excluding working capital Organic free cash flow Oil Products $ billion $ billion ° ° Delivers on its 10 10 . commitments 5 5 0 5 te) 10 2016 2017 2018 2016 2017 2018 2020 2025 Organic FCF excl. working capital lll Working capital movement Earnings and ROACE Cash capital expenditure $ billion %
Slide 68: Oil Products: core to world-class investment case
Oil Products Transformed and core to the world-class investment case Brand Iconic brand is valued significantly Key component of O1 world-class investment case higher than any of our competitors v Delivering transformational growth 7 Scale Leverage integration in 02 Largest mobility aie : key value
Slide 69: Chemicals
Diphenyl Carbonate Polyolefins Glycol Styrene & Polyols Polyolefins
Slide 70: Chemicals: Demand growing
Chemicals Demand growing, Shell plays a role in the solution Petrochemicals demand is growing even with projections on the circular economy Global polymer demand (virgin resin) Change in global GDP (real) and petrochemicals demand 2000-2035. Index: 2000 = 1. 3.5 Recycling base case Advanced Recyclin
Slide 71: Chemicals: Competitively differentiated
Chemicals Competitively differentiated Delivery on track; Current projects represent 75% cash growth to end of 2025 WORLD-SCALE ASSETS Proprietary technology Advantaged feedstocks Market access Geismar Alpha-Olefins 4 Pennsylvania Chemicals Nanhai phase II TO Lol gd Mono Ethylene Glycol Plant United
Slide 72: Chemicals financials
$ billion $ billion $ billion ~
Slide 73: Chemicals: higher-value performance products
Chemicals Evolution to include higher-value performance products Differentiators = Advantaged feedstocks = Process technology = Market access = Worldscale assets PUTTING THE CUSTOMER BASE CHEMICALS/ PERFORMANCE FIRSTINA INTERMEDIATES PRODUCTS COMPETITIVE LANDSCAPE QQ Foyer dutch shel | June 45,2019
Slide 74: New Energies
New Energies
Slide 75: New Energies: Overview
New Energies Overview New energies and natural gas deliver lower-carbon energy solutions Disciplined New Energies growth within boundary con: WD Royal Dutch Shell | June 45, 2019 New Fuels Scalable investment contingent on technology, regulatory landscape and demand Biofuels: Successful first genera
Slide 76: Power: A macro look at power
Power A macro look at power Why power? Electricity generation growth = Global energy demand growing materially = Deep electrification required to help meet the goals of the Paris Agreement = Customers expect lower-carbon energy solutions including power = Governments support this transition = Most o
Slide 77: Power: Traditional power system
Power Traditional power system com =a Mobility Industrial Trading and Thermal BEE optimisation Commercial Residential WW) Royal Dutch Shell | June 45, 2019 7
Slide 78: Power: Evolution from the traditional power system
Power Evolution from the traditional power UN ee J = ae Transmi dist EV charging a ! . Solar Industrial = nN Flexible and cor ilpece Trading and baseload gas FEE taticl oni optimisation generation Wind Aggregation = of distributed energy ‘Connected home storage Residential Increasing expected return
Slide 79: Power: Building blocks of integrated power business
Power Building blocks of a material and profitable integrated power business Commercial Residential Bitte CN Oorcemor: Demand-side response lonity~ EV charging ENERG MER. Trading and optimisation ‘Commercial and industrial on-site solutions Shell Q) O Aggregation of distributed NERY sonnen energy Sm
Slide 80: Power: Shell's competitive advantages
Power Shell’s competitive advantages ENERGY Leveraging the strongest energy brand in the world Positive response from customers following rebranding of First Utility to Shell Energy in April 2019 years experience in powering mobility Foundation to build EV charging services with New Motion and Green
Slide 81: Power: Aspirations and investment criteria
Retail Trading Renewable generation Power Million customers Sales volumes (TWh) Operational capacity (GW) Renewable generation Aspirations 5 250 5 and investment criteria 4 4 3 3 200 2 2 a 1 | _——— Investment pace dependent on financial performance and 0 150 0 boundary conditions 2016 2017 2018 2025
Slide 82: Appendix
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Slide 83: Discovered Resources
Discovered Resources ◼ ◼ ◼ ◼ ◼ ◼ ◼
Slide 84: P P P ~ P
P P P ~ P P ~ ~ P P P P P P
Slide 85: ~ ~ P P P P P
~ ~ P P P P P P P P P P P P P P P P P
Slide 86: ~ ~ P P
~ ~ P P P [C] P P P P P P
Slide 87: Definitions
Definitions Metric Breakeven price Abbreviation BEP Det The forward looking breakeven price for preFID projects is calculated based on all forwardlooking costs associated with preflD projects in our development portfolio, Accordingly, this typically excludes exploration and appraisal costs, lease bo
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