CERI Commodity Report Crude Oil

March 2016 CERI Commodity Report Crude Oil Cap-and-Trade: Emissions Reductions Plan in Ontario Jon Rozhon Cap-and-Trade throughout the World A number of policy options exist for reducing greenhouse gases 1 (GHGs) in any economy. There may be taxes applied to energy producers and consumers, energy efficiency measures can be legislated, and subsidies and financing may be made available for renewable energy alternatives to GHG-producing hydrocarbons. These policies and measures can be instituted across the economy in question including the industrial, commercial, transportation, residential, agricultural, fossil fuel production and power sectors and may all be targeted. Emissions cap and trade systems represent one way to reduce GHGs a means that is usually directed at large industrial and power sector emitters. When cap-andtrade works well, it can be simple and effective in reaching GHG reduction goals: a government sets an emissions ceiling for a specific trading period, distributes allowances to large GHG emitters, and then those emitters trade or sell allowances to meet emissions obligations. Cap-and-trade, in theory, minimizes government interference and utilizes free market efficiencies. The invisible hand works to reduce carbon in the atmosphere at the lowest market price. One system that has appeared to work well is the one implemented by the Tokyo Metropolitan Government, which managed to reach a 25 percent emission reduction in FY 2014 after the 5 th year of their cap-and-trade program. 2 With a population in excess of 13 million people and a large, vibrant industrial base, Tokyo s achievement in GHG emissions reduction is something for other cities and nations to note (see Figure 1). CERI Commodity Report Crude Oil Editorial Committee: Paul Kralovic, Dinara Millington, Megan Murphy, Jon Rozhon, Allan Fogwill About CERI The Canadian Energy Research Institute is an independent, not-for-profit research establishment created through a partnership of industry, academia, and government in 1975. Our mission is to provide relevant, independent, objective economic research in energy and related environmental issues. For more information about CERI, please visit our website at www.ceri.ca or contact us at info@ceri.ca. Figure 1: Tokyo Emissions Reductions: FY2010 to 2014 Source: Tokyo Metropolitan Government Like any system, cap-and-trade is not without challenges. Chief among them is the setting of emissions targets. Set a target too stringent and it causes financial stress on the emitters and the economy; set a target too lax, and optimal reduction levels are not reached. This is what happened in Phase I of the European Union Emission Trading Scheme from 2005 to 2007. The caps were proposed by EU member states and approved by the European Commission. They were initially provided free to emitters and in too generous an overall allocation... the oversupply drove the carbon price down to 0 in 2007. 3 In Australia, the cap-and-trade system has been highly politicized, with the system being changed according to the outcome of every national election since 2007. 4 This highlights another challenge with cap and trade, the artificial nature of the market can be changed much more quickly than economic decision makers can react. There has been more success in New Zealand, which first legislated a trading scheme in 2008, though to make it palatable to all stakeholders, there presently exists no price signal and the system has been marginal at best in achieving emissions reductions over the years. 5 Cap-andtrade systems in major emitting countries like China, Korea, and India are only now getting underway, so it is too early to judge these schemes. Relevant Independent Objective

Page 2 North American Cap-and-Trade The United States has a long history of cap-and-trade programs of varying description to manage environmental externalities. Perhaps the most famous of these systems was the Acid Rain Program implemented in 1990 to reduce sulfur dioxide emissions largely from the power sector. After 10 years, the US saw an approximately 50 percent reduction from 1980 levels, when power-sector emissions were about 17.5 million tons. 6 This particular program was a textbook application of cap-and-trade principles: at the outset, the US federal government freely allocated allowances, and the power facility owners were permitted either to buy more allowances or reduce emissions. Their emissions reductions options were to install pollution controls, to change facility fuel mixes, or to scale back operations. When operators managed to reduce emissions below their allowance allocations, they could sell extra allowances or bank them. Incentives were therefore created to reduce emissions at the lowest cost. 7 In the end, society met its SO 2 emissions goals, electricity producers operated more cleanly, and the power system continued to supply ample energy to the nation. The Western Climate Initiative (WCI) is an ongoing emissions strategy, which began in 2007 as a US scheme but saw expansion into Canada (and at one point several Mexican states and a number of Canadian provinces that were observers to the initiative). The WCI was initially an agreement between the Governors of several western US states to consider various market-driven tools and government policies to deal with GHGs. However, today, the initiative is registered as a non-profit corporation and includes as participants only five jurisdictions: the US state of California, and the Canadian provinces of British Columbia, Quebec, Manitoba, and Ontario. Why the withdrawals? In the US, several governorships changed, with newly elected officials philosophically opposed to cap-and-trade as a way to address GHGs. Furthermore, when the recession hit North America in 2009, many of the states that rely on hydrocarbons as a pillar of their economies decided not to pass legislation authorizing participation in WCI s cap and trade 8 Long-term climate change strategy took a backseat to short-term economic recovery for certain states and that remains the state of matters today. Ontario s place in the WCI In the meantime, much has happened in Canada on the climate change front. Two of the remaining participants in the WCI Quebec and California agreed in 2013 to link their emissions trading programs. During the Paris climate conference in 2015, Ontario, Quebec, and Manitoba signed a memorandum of understanding to harmonize their cap-and-trade programs under the WCI. 9 Manitoba and Quebec each rely heavily on GHG-neutral hydro resources to power their economies. However, Ontario is not nearly as well endowed with hydropower as its eastern and western neighbours and therefore must rely on a more varied electricity energy mix that includes 28 percent natural gas (see Figure 2). Ontario is also home to Canada s largest provincial economy, with a significant industrial sector. Figure 2: Ontario Electric Power Mix, April 2016 Source: IESO Ontario has a long history of innovation in energy, being the only province that has developed a significant nuclear power industry 20 total reactors. Ontario also made the decision to phase-out coal-powered generation, which it managed to complete in 2014. Over the past decade, the province has developed a renewable energy feed-in-tariff system, which permits both large and small renewable energy producers to feed their energy into the provincial grid and receive a subsidy. What does Ontario plan to achieve through cap-andtrade? The province provided details of its strategy through Bill 172, Climate Change Mitigation and Lowcarbon Economy Act, 2016, which states two main goals: a) to reduce greenhouse gas in order to respond to climate change, to protect the environment and to assist

Page 3 Ontarians to transition to a low-carbon economy; and b) to enable Ontario to collaborate and coordinate its actions with similar actions in other jurisdictions 10 Everything will get started in 2017, with the intention of reducing greenhouse gases 37 percent below 1990 levels by 2030. Central to the plan is the sale of carbon allowances to industry that will garner in excess of $1.8 billion; the province intends to reinvest this revenue in programs aiming to improve the environment such as environmental research and development, public transportation, and renewable energy sources. The program emissions cap: equates to the total number of carbon allowances that will be sold by the government, with one allowance being equal to one tonne of greenhouse gas emissions. Emitters are expected to purchase sufficient credits to cover their emissions in a given year the plan allows for free credit allocation to competitively sensitive industries until the end of the first compliance review period in 2020. 11 The province s overall carbon strategy moves beyond the industry and power sectors to target homeowners and drivers, too, imposing a gasoline tax and natural gas home heating taxes. The challenges Ontario could face in implementing this carbon strategy through the WCI are similar to the ones noted above: much will depend on the province assigning the right number of carbon allowances not too many and not to few. Management efficiency of the program will also be a significant factor in its success. It also depends on the political climate in Ontario; Canadian provinces are not immune to political debates over energy, as recent pipeline discussions have shown. As for the gasoline and home heating taxes, it could be that over the short term consumers may not notice the proposed 4.3 cents/litre gasoline tax and the approximately $5/month 12 extra they will be paying to heat their homes; gasoline prices have plummeted since 2014 and natural gas has remained at a low price for over five years. However, there is a risk utilities and retailers could be required to purchase emissions units to account for their customers consumption, especially if the economy surges. They would inevitably attempt to pass these costs on to consumers, and that, coupled with the gasoline and natural gas taxes, could potentially cause a consumer backlash. But the potential outcome is significant. A working carbon market including Canada s largest province and America s most populous state could possibly lower emissions at minimal cost to the economy, as opposed to simple taxation measures. Simple taxation could raise revenue but perhaps do little to lower emissions emitters under a taxation scheme could pay their taxes and continue to emit as usual. This cap and trade market could make other jurisdictions take notice and possibly act, something that would support the objective of keeping global warming to below 2 degrees C, the defined goal of the 2015 Paris Climate Conference. Endnotes 1 The major greenhouse gases are carbon dioxide; methane; nitrous oxide; ozone; CFC 12; HCFC-22; Sulfur Hexaflouride. 2 Bureau of Environment, Tokyo Metropolitan Government. Tokyo Cap and Trade: NEW The 5 th Year Result of the Tokyo Cap-and-Trade Program. https://www.kankyo.metro.tokyo.jp/en/climate/ cap_and_trade.html Accessed April 5, 2016. 3 Building a low-carbon economy the UK s contribution to tackling climate change. Committee on Climate Change. December 2008. Published by The Stationery Office. Copyright of the Crown. Page 149. https://www.theccc.org.uk/publication/building-a-low-carboneconomy-the-uks-contribution-to-tackling-climate-change-2/ Accessed April 5, 2016. 4 ABC News. Carbon tax: a timeline of its tortuous history in Australia. July 16, 2014. http://www.abc.net.au/news/2014-07-10/ carbon-tax-timeline/5569118 Accessed April 5, 2016. 5 New Zealand closes carbon trading loophole. Reuters. May 16, 2014. http://www.reuters.com/article/new-zealand-carbonidusl3n0o20p820140516 Accessed April 5, 2016. 6 Chan, Gabriel et al. The SO 2 Allowance Trading System and the Clean Air Act Amendments of 1990: Reflections on Twenty Years of Policy Innovation. Harvard Kennedy School. January 2012. Page 4. www.hks.harvard.edu/m-rcbg/heep/papers/so2- Brief_digital_final.pdf+&cd=7&hl=en&ct=clnk&gl=ca Accessed April 5, 2016. 7 Chan et al. Page 5. 8 Nesteroff, Mike. The Western Climate Initiative is Dead, Long Live the WCI. Sustainability & Climate Change Reporter. November 23, 2011. http://www.jdsupra.com/legalnews/the-western-climateinitiative-is-dead-50871/ Accessed April 5, 2016. 9 Government of Ontario. Ontario, Quebec and Manitoba Form a Dynamic Alliance to Fight Climate Change. December 7, 2015. https://news.ontario.ca/opo/en/2015/12/ontario-quebec-andmanitoba-form-a-dynamic-alliance-to-fight-climate-change.html Accessed April 5, 2016. 10 Murray, Hon. Glen R. Minister of the Environment and Climate Change. Bill 172. Climate Change Mitigation and Low-carbon Economy Act, 2016. Legislative Assembly of Ontario. http:// www.ontla.on.ca/web/bills/bills_detail.do? locale=en&intranet=&billid=3740 Accessed April 6, 2016. 11 Kroft, Jason and Luke Sinclair. Ontario s long awaited cap-andtrade plan. Canadian Energy Law. February 26, 2016. http:// www.canadianenergylaw.com/2016/02/articles/climate-change/ ontarios-long-awaited-capandtrade-plan/? utm_source=mondaq&utm_medium=syndication&utm_campaign=vi ew-original Accessed April 6, 2016. 12 Kroft and Sinclair.

Page 4 US$/bbl 70 60 WTI Spot - WTI Edmonton Crude - Brent Prices Light Price Price Differentials Differentials (US$/bbl) Differential WTI Brent US$/bbl 12 10 US$/bbl 140 120 WTI - Edmonton Light Price Differentials (US$/bbl) Differential WTI Edmonton Light 50 8 100 6 40 4 80 60 30 2 40 20 0 20 10-2 0 0-4 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16-20 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Spot Prices WTI Brent Cdn.Light* H.Hardisty Year-to-Date 33.73 34.26 28.15 18.23 Quarter-to-Date 33.35 33.84 28.15 18.23 SOURCE: EIA. April 11, 2016 40.46 41.58 26.72 19.37 SOURCE: EIA. US$/bbl 120 WTI - Canadian WTI - Hardisty Heavy Heavy Benchmarks Price (US$/bbl) Differentials US$/bbl 50 NYMEX WTI Crude Forward Curve 4 contract months 100 45 80 40 60 35 40 20 30 11-Jan-16 12-Feb-16 12-Apr-16 WTI Hardisty Heavy WCS 25 0 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 20 1 2 3 4 SOURCE: NRCan, EIA, Baytex. SOURCE: EIA, CERI.

SOURCE: EIA, CERI. SOURCE: NRCan. Page 5 NYMEX Petroleum Products CDN/US$ Exchange Rate US$/gal 2.25 2.00 CDN/US$ 1.50 1.40 1.30 1.75 1.20 1.50 1.25 1.10 1.00 0.90 1.00 RBOB Gasoline Heating Oil 0.80 0.75 0.50 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 0.70 0.60 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 NYMEX Prices Unleaded Gasoline Heating Oil Year-to-Date 1.1994 1.0899 Quarter-to-Date 1.1751 1.0843 April 11, 2016 1.5080 1.2150 Oil Demand Global in Selected Oil Demand Countries US Products Demand March 2015 - March 2016 Y-on-Y change MMbpd 110 100 90 52.5% 52.0% % 100% 80% 80 70 60 50 40 30 51.5% 51.0% 50.5% 50.0% 60% 40% 20% 20 10 0 49.5% 49.0% 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 0% -20% Total Gasoline Jet Fuel Distillate Residual Propane Other Total OECD Total Non-OECD non-oecd Demand share SOURCE: IEA Oil Market Report. SOURCE: EIA Weekly Petroleum Status Report. Relevant Independent Objective

SOURCE: IEA Oil Market Report, CERI. SOURCE: IEA Oil Market Report. SOURCE: IEA Oil Market Report. SOURCE: IEA Oil Market Report. Page 6 Global Oil Supply MMbpd 120 100 80 60 40 20 0 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 non-opec Supply OPEC Supply non-opec Share of Global Supply Canadian Oil Production by product Mbpd 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 4Q15 1Q16 2Q16 3Q16 4Q16 AB L/M/H AB Bitumen SK Other NGLs Synthetic 61.5% 61.0% 60.5% 60.0% 59.5% 59.0% 58.5% 58.0% 57.5% 57.0% Mbpd 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Mbpd 3,500 3,000 2,500 2,000 1,500 1,000 500 0 US Oil Production by region 4Q15 1Q16 2Q16 3Q16 4Q16 Alaska California Texas Federal GOM Other Lower 48 NGLs Other OECD Commercial Stocks by region Feb-13 Feb-14 Feb-15 Feb-16 OECD North America OECD Europe OECD Pacific

SOURCE: EIA Weekly Petroleum Status Report. SOURCE: IEA Oil Market Report. Page 7 MMb 20.0 15.0 10.0 5.0 0.0-5.0-10.0-15.0 US Commercial Stocks February 26 - March 25, 2016 M-on-M Change Crude Gasoline Distillate Products Total MMb 195 192.5 190 187.5 185 182.5 180 177.5 175 172.5 170 167.5 165 Canadian Stocks on Land 4Q14 1Q15 2Q15 3Q15 4Q15 Relevant Independent Objective

Page 8 World Supply and Demand Balance (MMbpd) 2013 2014 2015 2016 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 World Demand 91.9 92.9 94.7 95.9 91.9 92.1 93.3 94.1 93.6 94.1 95.6 95.5 94.8 95.2 96.6 96.8 OECD 46.0 45.7 46.2 46.1 45.8 44.8 45.9 46.4 46.4 45.3 46.6 46.3 46.1 45.5 46.6 46.3 non-oecd 45.9 47.1 48.5 49.7 46.1 47.3 47.4 47.7 47.1 48.8 49.0 49.2 48.7 49.7 50.1 50.4 World Supply 91.4 93.7 96.4 0.0 92.1 93.0 94.3 95.5 95.1 96.3 96.9 97.3 96.4 95.8 96.4 96.5 Non-OPEC 53.8 56.3 57.7 57.0 55.0 55.8 56.5 57.7 57.3 57.4 57.8 58.1 57.0 56.9 56.9 57.0 OPEC NGLs 6.3 6.5 6.7 6.9 6.4 6.4 6.6 6.6 6.6 6.7 6.7 6.8 6.8 6.8 6.9 6.9 OPEC Crude 27.4 27.7 28.1 28.2 30.7 30.8 31.2 31.2 31.2 32.2 32.4 32.4 32.6 32.1 32.6 32.6 Supply - Demand 1-0.6 0.8 1.7-95.9 0.2 1.0 0.9 1.4 1.5 2.2 1.4 1.7 1.6 0.6-0.2-0.3 OECD Stocks (MMbbls) 2566 2582 2652 2720 2712 2815 2905 2984 3015 3084 3112 3103 Days Cover 56 58 58 59 58 62 62 64 65 68 67 67 OPEC Crude Oil Production (MMbpd) Sustainable Production Spare Capacity vs Production Capacity Jan-16 Feb-16 Mar-16 Jan-16 Feb-16 Mar-16 Saudi Arabia 12.26 10.21 10.22 10.16 2.05 2.04 2.10 Iran 3.60 3.00 3.22 3.30 0.60 0.38 0.30 UAE 2.93 2.93 2.78 2.73 0.00 0.15 0.20 Kuwait 2.83 2.83 2.83 2.83 0.00 0.00 0.00 Qatar 0.67 0.64 0.67 0.67 0.03 0.00 0.00 Angola 1.81 1.75 1.76 1.80 0.06 0.05 0.01 Nigeria 1.90 1.85 1.76 1.70 0.05 0.14 0.20 Libya 0.40 0.38 0.37 0.34 0.02 0.03 0.06 Algeria 1.12 1.10 1.10 1.11 0.02 0.02 0.01 Ecuador 0.55 0.53 0.55 0.54 0.02 0.00 0.01 Venezuela 2.46 2.35 2.37 2.35 0.11 0.09 0.11 Indonesia 0.72 0.70 0.71 0.72 0.02 0.01 0.00 WTI Price Projections ($US/barrel) 2014 2015 2016 2017 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 High Price Case 39.88 45.10 37.40 39.60 40.70 41.80 44.00 Reference Case 93.28 48.71 36.25 41.00 48.49 57.85 46.47 42.03 34.00 36.00 37.00 38.00 40.00 Low Price Case 30.81 34.85 28.90 30.60 31.45 32.30 34.00

Page 9 Data Appendix Relevant Independent Objective

Page 10 A1: Historic Light Sweet Crude Futures Prices ($US per barrel) NYMEX Light Sweet Crude Last 3 Day Avg. When 12-Month Spread Close Average Near Mo. Strip Avg. (1-2 Mo.) 2013 96.82 97.37 97.01 97.45-0.12 2014 96.53 96.37 96.73 87.56 0.54 2015 49.68 49.80 51.41 53.75-0.78 1Q 2015 51.08 51.34 54.75 56.95-0.47 2Q 2015 53.32 53.04 52.84 56.55-1.51 3Q 2015 50.39 50.63 53.14 54.10-0.42 4Q 2015 43.92 44.17 44.89 47.38-0.70 1Q 2016 30.92 31.19 34.29 38.10-1.44 Yr-on-Yr Chg. -39.5% -39.2% -37.4% -33.1% Apr-15 45.72 44.78 47.98 52.78-1.84 May-15 55.26 55.79 51.65 55.42-1.57 Jun-15 58.98 58.56 58.89 61.46-1.12 Jul-15 59.68 59.91 59.63 61.11-0.41 Aug-15 50.36 50.47 54.66 53.70-0.36 Sep-15 41.14 41.52 45.12 47.50-0.49 Oct-15 45.83 45.73 44.47 46.73-0.57 Nov-15 45.55 46.23 46.32 48.55-0.51 Dec-15 40.39 40.56 43.88 46.86-1.03 Jan-16 34.74 34.81 38.61 42.22-1.39 Feb-16 26.55 28.14 33.74 36.96-1.10 Mar-16 31.48 30.63 30.52 35.13-1.83 Apr-16 41.45 40.27 36.44 40.15-1.69 Yr-on-Yr Chg. -9.3% -10.1% -24.1% -23.9% A2: Historic Crude Product Futures Prices ( US per gallon) NYMEX Unleaded Gasoline NYMEX Heating Oil Last 3 Day Avg. When 12-Month Spread Last 3 Day Avg. When 12-Month Spread Close Average Near Mo. Strip Avg. (1-2 Mo.) Close Average Near Mo. Strip Avg. (1-2 Mo.) 2013 284.3 285.6 284.5 274.2 0.5 298.2 299.0 298.9 304.9-0.5 2014 270.6 272.8 271.8 260.8 1.7 285.9 287.7 286.4 290.2 1.4 2015 168.8 166.0 166.4 157.8 0.5 174.8 171.9 173.2 179.6 0.5 1Q 2015 153.9 151.7 152.1 165.9-9.1 194.4 189.3 188.0 186.9 5.3 2Q 2015 197.2 194.1 191.8 181.2 0.5 188.3 185.6 186.1 192.9 0.3 3Q 2015 185.7 180.9 186.1 156.3 8.6 171.5 167.9 170.0 179.2-1.1 4Q 2015 138.4 137.2 135.5 127.8 1.9 145.0 144.9 148.7 159.5-2.3 1Q 2016 114.0 112.5 111.5 125.9-9.2 107.7 106.9 107.4 117.8-2.0 Yr-on-Yr Chg. -25.9% -25.8% -26.7% -24.1% -44.6% -43.6% -42.9% -36.9% Apr-15 178.0 179.3 182.6 172.6 0.3 171.8 172.6 178.2 183.2 1.8 May-15 205.0 202.3 189.9 180.4 0.1 197.6 194.7 184.0 191.9-0.5 Jun-15 208.6 200.5 202.8 190.6 1.2 195.5 189.4 196.3 203.6-0.4 Jul-15 209.0 205.6 206.9 180.1 3.7 188.7 186.2 188.9 197.6-0.7 Aug-15 184.1 183.0 191.1 157.2 6.0 158.4 159.3 168.2 177.8-1.3 Sep-15 164.0 154.0 160.4 131.6 16.3 167.4 158.2 152.8 162.1-1.4 Oct-15 138.9 136.7 138.2 127.7 1.8 151.3 149.6 153.9 164.3-2.1 Nov-15 140.5 136.8 134.9 128.3 1.8 149.9 148.6 149.9 161.4-2.6 Dec-15 135.9 138.2 133.5 127.3 2.1 133.7 136.4 142.4 152.6-2.3 Jan-16 126.7 125.8 125.4 137.4-1.0 110.1 110.3 117.9 129.9-3.1 Feb-16 110.3 107.6 109.4 123.6-2.6 105.5 103.7 100.1 109.8-1.7 Mar-16 105.0 104.1 99.5 116.7-24.1 107.6 106.6 104.3 113.9-1.3 Apr-16 143.6 145.3 139.9 137.4-4.3 118.5 116.7 119.3 128.5-1.2 Yr-on-Yr Chg. -19.3% -19.0% -23.4% -20.4% -31.0% -32.4% -33.0% -29.9% Notes (Tables A1 and A2): Prices are listed by contract month. Close: final contract close on the last day of trading. Last 3 Day Average Close: simple average contract close on last three days of trading. Average When Near Month: simple average closing price on trading days when contract was near month. 12-Month Strip Average: simple average of daily near 12-month contract closing prices in a given contract month. Spread: difference between one-month and two-month forward prices in a given period. Source: New York Mercantile Exchange (NYMEX).

Page 11 A3: World Crude Oil Contract Prices (FOB, $US per barrel) Saudi U.A.E. Oman U.K. Norway Russia Venez. Kuwait Ecuador Mexico Nigeria Indon. Arab Lgt Dubai Oman Brent Ekofisk Urals 1 T.J. Light Blend Oriente Isthmus Bonny Lgt Minas 2013 106.60 105.51 105.57 108.69 109.89 108.05 96.71 105.10 97.77 105.16 111.41 107.32 2014 97.07 96.61 96.94 99.00 99.78 98.01 86.87 95.21 87.25 93.58 100.77 98.63 2015 49.87 50.96 51.24 52.44 53.20 51.94 41.17 48.15 44.97 51.14 52.99 49.24 1Q 2015 50.15 52.03 52.77 53.97 54.96 53.30 44.05 48.36 45.02 49.87 54.57 52.13 2Q 2015 60.43 61.28 61.34 61.84 62.53 62.18 52.11 58.72 55.83 62.12 62.72 60.54 3Q 2015 49.01 49.80 49.92 50.29 50.93 49.75 37.94 47.70 42.85 49.96 50.62 45.46 4Q 2015 39.90 40.74 40.93 43.67 44.38 42.50 30.59 37.83 36.16 42.62 44.04 38.82 1Q 2016 29.95 30.47 31.50 33.91 34.41 32.30 22.67 27.89 26.73 31.39 33.72 31.64 Yr-on-Yr Chg. -40.3% -41.4% -40.3% -37.2% -37.4% -39.4% -48.5% -42.3% -40.6% -37.1% -38.2% -39.3% Mar-15 52.20 54.66 55.12 55.93 57.18 55.07 45.79 50.52 45.79 51.41 56.75 54.11 Apr-15 57.73 58.55 58.66 59.50 60.51 59.70 49.49 55.96 52.73 59.10 60.65 58.55 May-15 62.62 63.54 63.60 64.32 64.86 64.33 55.09 60.92 58.04 63.78 65.31 62.98 Jun-15 60.94 61.76 61.77 61.69 62.21 62.52 51.74 59.29 56.71 63.48 62.19 60.09 Jul-15 54.95 56.15 56.23 56.54 57.02 55.84 44.43 53.85 47.78 55.62 56.77 51.86 Aug-15 46.52 47.87 47.87 46.72 47.53 46.22 35.26 45.28 39.75 46.56 47.07 42.46 Sep-15 45.56 45.38 45.65 47.61 48.24 47.19 34.13 43.96 41.03 47.71 48.01 42.05 Oct-15 45.37 45.84 46.07 48.56 49.23 47.49 35.48 43.61 39.91 46.90 49.16 42.13 Nov-15 40.64 41.79 42.10 44.30 45.10 43.05 31.87 38.39 36.40 43.29 44.81 40.79 Dec-15 33.70 34.59 34.61 38.16 38.80 36.97 24.42 31.49 32.18 37.68 38.16 33.53 Jan-16 26.35 26.81 27.48 30.75 31.45 29.15 20.80 23.92 24.03 30.03 30.40 30.80 Feb-16 28.77 29.44 30.37 32.46 32.86 30.87 21.38 26.77 24.70 28.68 32.24 29.49 Mar-16 34.74 35.15 36.66 38.51 38.91 36.87 25.83 32.99 31.45 35.45 38.53 34.62 Yr-on-Yr Chg. -33.4% -35.7% -33.5% -31.1% -32.0% -33.0% -43.6% -34.7% -31.3% -31.0% -32.1% -36.0% Notes: 1. Urals is Delivered price at Mediterranean. Contract prices are based on prices at the end of each month. Source: OPEC Monthly Oil Market Report. A4: North American Posted Crude Prices (FOB, $US per barrel) United States Canada ANS 1 Lost Hills Kern R. WTI WTS GCS Okla. Sw. Kans. Sw. Mich. So. Wyo. Sw. CDN Sweet 2 HH 3 2013 100.20 106.62 99.05 94.46 89.46 87.65 94.46 93.48 86.46 90.27 90.13 76.52 2014 94.79 94.13 87.39 88.44 83.44 82.19 88.44 85.77 80.44 83.52 82.59 73.85 2015 51.64 50.91 42.28 45.63 40.63 39.38 45.63 44.40 37.63 42.34 44.83 35.71 1Q 2015 60.55 52.27 41.63 46.33 41.33 40.08 46.33 44.42 38.33 42.56 43.14 35.08 2Q 2015 48.46 61.76 53.02 55.33 50.33 49.08 55.33 54.42 47.33 51.58 55.84 46.69 3Q 2015 57.69 47.85 40.37 42.58 37.58 36.33 42.58 41.50 34.58 39.26 41.85 33.90 4Q 2015 39.88 41.77 34.08 38.25 33.25 32.00 38.25 37.25 30.25 35.94 38.97 27.77 1Q 2016 34.14 33.54 27.08 31.67 26.67 25.42 31.67 30.75 23.67 30.20 28.28 18.11 Yr-on-Yr Chg. -43.6% -35.8% -34.9% -31.7% -35.5% -36.6% -31.7% -30.8% -38.3% -29.0% -34.4% -48.4% Mar-15 42.65 54.47 42.95 48.00 43.00 41.75 48.00 44.25 40.00 44.18 44.58 37.01 Apr-15 46.82 61.44 51.15 53.75 48.75 47.50 53.75 52.75 45.75 49.90 50.79 40.34 May-15 46.61 62.72 54.05 56.25 51.25 50.00 56.25 55.25 48.25 52.47 57.96 47.93 Jun-15 51.94 61.13 53.85 56.00 51.00 49.75 56.00 55.25 48.00 52.38 58.78 51.79 Jul-15 57.76 49.87 41.75 43.50 38.50 37.25 43.50 42.50 35.50 39.87 46.29 44.14 Aug-15 57.55 47.72 40.65 42.00 37.00 35.75 42.00 40.75 34.00 37.97 36.85 25.94 Sep-15 57.76 45.95 38.70 42.25 37.25 36.00 42.25 41.25 34.25 39.95 42.49 31.85 Oct-15 41.44 47.09 38.85 43.00 38.00 36.75 43.00 42.00 35.00 40.84 43.88 31.40 Nov-15 40.48 42.46 33.85 38.25 33.25 32.00 38.25 37.25 30.25 35.96 39.83 28.25 Dec-15 37.72 35.76 29.55 33.50 28.50 27.25 33.50 32.50 25.50 31.01 33.41 23.80 Jan-16 37.72 31.62 24.85 30.00 25.00 23.75 30.00 29.00 22.00 27.87 30.49 13.73 Feb-16 41.77 31.78 25.15 29.25 24.25 23.00 29.25 28.25 21.25 27.03 27.94 22.19 Mar-16 22.94 37.21 31.25 35.75 30.75 29.50 35.75 35.00 27.75 35.71 26.19 18.50 Yr-on-Yr Chg. -46.2% -31.7% -27.2% -25.5% -28.5% -29.3% -25.5% -20.9% -30.6% -19.2% -41.2% -50.0% Notes: 1. ANS is Delivered price on US West Coast. 2. Edmonton Light Sweet prices are discontinued as of May 1, 2014 and replaced by the Canadian Light Crude blend which is traded daily on the Net Energy Index. 3. Hardisty Heavy. Posted prices are based on price at the end of each month. Sources: Oil & Gas Journal; Natural Resources Canada. Relevant Independent Objective

Page 12 A5: Crude Oil Quality Differentials (FOB, $US per barrel) Light vs. Heavy Sweet vs. Sour Arab Lt Arab Hv Diff. Isthmus Maya Diff. CDN Sweet 2 HH 2 Diff. GCS WTS Diff. 2013 106.60 103.96 2.64 105.16 97.74 7.42 90.13 76.52 13.61 87.65 89.46-1.81 2014 97.07 93.57 3.50 93.58 85.88 7.69 82.59 73.85 8.74 82.19 83.44-1.25 2015 49.87 47.02 2.85 51.14 44.02 7.13 44.83 35.71 9.13 39.38 40.63-1.25 1Q 2015 50.15 46.89 3.26 49.87 44.36 5.51 43.14 35.08 8.06 40.08 41.33-1.25 2Q 2015 60.43 57.23 3.20 62.12 53.77 8.35 55.84 46.69 9.15 49.08 50.33-1.25 3Q 2015 49.01 47.25 1.76 49.96 43.53 6.44 41.85 33.90 7.95 36.33 37.58-1.25 4Q 2015 39.90 36.72 3.18 42.62 34.41 8.21 38.97 27.77 11.21 32.00 33.25-1.25 1Q 2016 29.95 26.92 3.04 31.39 27.17 4.22 28.28 18.11 10.17 25.42 26.67-1.25 Yr-on-Yr Chg. -40.3% -42.6% -37.1% -38.8% -34.4% -48.4% -36.6% -35.5% Mar-15 52.20 49.34 2.86 51.41 45.67 5.74 44.58 37.01 7.58 41.75 43.00-1.25 Apr-15 57.73 54.26 3.47 59.10 49.53 9.57 50.79 40.34 10.45 47.50 48.75-1.25 May-15 62.62 59.42 3.20 63.78 55.16 8.62 57.96 47.93 10.03 50.00 51.25-1.25 Jun-15 60.94 58.01 2.93 63.48 56.63 6.85 58.78 51.79 6.99 49.75 51.00-1.25 Jul-15 54.95 53.55 1.40 55.62 50.53 5.09 46.29 44.14 2.15 37.25 38.50-1.25 Aug-15 46.52 44.82 1.70 46.56 40.55 6.01 36.85 25.94 10.91 35.75 37.00-1.25 Sep-15 45.56 43.37 2.19 47.71 39.50 8.21 42.49 31.85 10.64 36.00 37.25-1.25 Oct-15 45.37 43.01 2.36 46.90 39.14 7.76 43.88 31.40 12.48 36.75 38.00-1.25 Nov-15 40.64 37.00 3.64 43.29 35.36 7.93 39.83 28.25 11.58 32.00 33.25-1.25 Dec-15 33.70 30.15 3.55 37.68 28.73 8.95 33.41 23.80 9.61 27.25 28.50-1.25 Jan-16 26.35 22.50 3.85 30.03 24.47 5.56 30.49 13.73 16.76 23.75 25.00-1.25 Feb-16 28.77 26.15 2.62 28.68 25.14 3.54 27.94 22.19 5.75 23.00 24.25-1.25 Mar-16 34.74 32.10 2.64 35.45 31.89 3.56 26.19 18.50 7.69 29.50 30.75-1.25 Yr-on-Yr Chg. -33.4% -34.9% -31.0% -30.2% -41.2% -50.0% -29.3% -28.5% Notes: 1. Edmonton Light Sweet prices are discontinued as of May 1, 2014 and replaced by the Canadian Light Crude blend which is traded daily on the Net Energy Index. 2. Hardisty Heavy. Based on contract prices at the end of each month. Sources: OPEC Monthly Oil Market Report: Oil & Gas Journal; Natural Resources Canada. A6: Crude Oil Spot Prices and Differentials (FOB, $US per barrel) Spot Prices Differentials WTI Brent Dubai Urals Basket 1 WTI-Brent WTI-Dubai WTI-Urals WTI-Basket 2013 98.03 108.68 105.44 108.39 105.94-11.87-8.63-11.58-9.12 2014 93.28 98.94 96.52 97.97 96.19-2.41 0.01-1.44 0.34 2015 48.71 52.37 50.84 51.50 49.52-2.69-1.16-1.82 0.16 1Q 2015 48.49 53.96 51.72 52.93 50.30-2.88-0.64-1.85 0.78 2Q 2015 57.85 61.87 61.23 61.53 59.89-8.55-7.91-8.21-6.57 3Q 2015 46.47 50.44 50.01 49.75 48.16-0.05 0.38 0.64 2.23 4Q 2015 42.03 43.71 40.71 42.30 39.72 0.21 3.21 1.62 4.20 1Q 2016 33.41 33.95 30.59 32.34 29.96-3.03 0.33-1.42 0.97 Yr-on-Yr Chg. -31.1% -37.1% -40.9% -38.9% -40.4% Mar-15 47.79 56.05 54.53 54.82 52.46-10.33-8.81-9.10-6.74 Apr-15 54.46 59.79 58.37 59.44 57.30-4.53-3.11-4.18-2.04 May-15 59.27 64.35 63.58 63.67 62.16-5.37-4.60-4.69-3.18 Jun-15 59.80 61.63 61.84 61.57 60.21-1.95-2.16-1.89-0.53 Jul-15 50.90 56.48 56.20 55.87 54.19-6.12-5.84-5.51-3.83 Aug-15 42.86 46.60 47.64 45.76 45.46-5.46-6.50-4.62-4.32 Sep-15 45.45 47.61 45.45 46.98 44.83-1.78 0.38-1.15 1.00 Oct-15 46.20 48.51 45.92 47.31 45.02-2.96-0.37-1.76 0.53 Nov-15 42.75 44.26 41.76 42.37 40.50-3.87-1.37-1.98-0.11 Dec-15 37.24 38.13 34.55 36.98 33.64-3.39 0.19-2.24 1.10 Jan-16 31.57 30.75 26.81 29.15 26.50-4.20-0.26-2.60 0.05 Feb-16 30.38 32.46 29.33 30.87 28.72-0.98 2.15 0.61 2.76 Mar-16 37.76 38.49 35.12 36.85 34.65 2.96 6.33 4.60 6.80 Yr-on-Yr Chg. -21.0% -31.3% -35.6% -32.8% -33.9% Notes: 1. OPEC-Reference Basket is average price of seven crude streams: Algeria Saharan Blend, Dubai Fateh, Indonesia Minas, Mexico Isthmus, Nigeria Bonny Light, Saudi Arabia Light and Venezuela Tia Juana Light. Source: OPEC Monthly Oil Market Report.

Page 13 A7: World Petroleum Product Spot Prices ($US per barrel) US Gulf Coast, Pipeline Rotterdam, Barges Singapore, Cargoes Gasoline 1 No. 6 3% 2 Jet/Ker. Gasoline 1 Gasoil Resid. 3 Gasoline 1 Gasoil Resid. 3 2013 114.66 92.96 122.77 116.69 123.40 91.47 118.98 123.24 96.39 2014 106.68 82.82 113.25 108.16 112.63 81.04 110.75 112.53 87.22 2015 66.94 40.73 63.92 67.02 65.48 37.85 69.09 64.47 44.55 1Q 2015 63.89 44.30 68.11 63.79 69.16 40.74 67.08 68.08 48.30 2Q 2015 82.07 50.94 73.83 80.08 76.66 48.84 80.94 75.00 55.91 3Q 2015 69.59 38.07 60.48 70.31 63.48 35.94 69.27 60.75 41.10 4Q 2015 52.06 29.74 53.25 54.42 53.23 26.49 59.34 54.36 33.25 1Q 2016 44.62 21.14 41.50 43.78 40.63 18.71 49.31 40.27 24.87 Yr-on-Yr Chg. -30.2% -52.3% -39.1% -31.4% -41.3% -54.1% -26.5% -40.8% -48.5% Mar-15 70.31 45.84 68.32 70.86 70.27 43.18 73.82 70.73 49.83 Apr-15 76.63 48.56 71.50 75.57 73.77 47.19 75.56 72.38 52.92 May-15 83.36 52.41 77.25 80.72 79.43 51.12 83.68 78.05 58.72 Jun-15 86.09 51.88 72.75 83.63 76.89 48.37 83.70 74.73 56.22 Jul-15 81.50 44.40 64.77 81.21 68.74 42.27 75.84 65.06 47.86 Aug-15 69.72 35.11 58.37 68.23 60.19 33.11 65.89 57.12 37.68 Sep-15 56.97 34.42 58.29 60.82 60.98 31.89 65.26 59.45 36.92 Oct-15 54.57 34.66 58.40 56.78 58.97 32.12 63.46 59.09 37.30 Nov-15 52.06 31.77 55.75 56.64 55.44 27.75 58.92 57.41 35.26 Dec-15 49.54 23.08 45.61 49.73 44.98 19.33 55.60 46.86 27.38 Jan-16 42.89 19.09 38.96 44.86 37.05 15.54 50.33 36.16 23.14 Feb-16 39.22 20.41 40.67 40.93 39.12 18.46 44.33 38.51 23.65 Mar-16 51.03 23.58 44.88 45.60 45.55 21.97 52.68 45.52 27.51 Yr-on-Yr Chg. -27.4% -48.6% -34.3% -35.6% -35.2% -49.1% -28.6% -35.6% -44.8% Notes: 1. Regular unleaded gasoline. 2. Waterborne 3. High Sulfur (3.5-4.0%) Residual Fuel Oil. Spot prices are based on average daily prices over a specific timeframe. Source: IEA Oil Market Report. A8: Product Spot Prices in Selected American Cities ( US per gallon) NY Harbor US Gulf Los Angeles Gasoline 1 No. 2 H.O. Distill. Gasoline 1 Jet Fuel Distill. Gasoline 1 Distill. 2013 281.29 292.59 301.40 269.60 292.34 296.78 292.19 301.28 2014 261.23 269.64 280.48 248.81 269.65 271.08 266.81 278.58 2015 161.18 154.68 166.33 155.30 152.55 157.92 194.58 166.03 1Q 2015 153.83 170.70 184.17 151.73 163.03 168.87 175.33 174.50 2Q 2015 191.20 177.20 189.87 185.43 176.10 183.17 227.10 191.60 3Q 2015 164.67 145.57 157.20 159.57 144.43 151.03 215.10 157.90 4Q 2015 135.00 125.23 134.10 124.47 126.63 128.60 160.77 140.13 1Q 2016 112.67 101.43 106.83 105.70 99.07 102.80 127.27 108.63 Yr-on-Yr Chg. -26.8% -40.6% -42.0% -30.3% -39.2% -39.1% -27.4% -37.7% Mar-15 164.40 163.20 185.60 167.80 162.90 171.10 201.70 172.50 Apr-15 179.30 172.20 184.30 173.40 170.20 177.60 215.40 181.20 May-15 193.80 183.20 196.50 188.40 184.90 191.70 247.20 204.00 Jun-15 200.50 176.20 188.80 194.50 173.20 180.20 218.70 189.60 Jul-15 186.00 155.70 168.40 186.00 154.90 162.40 266.30 171.60 Aug-15 162.00 138.70 151.60 157.40 138.90 146.30 207.50 151.90 Sep-15 146.00 142.30 151.60 135.30 139.50 144.40 171.50 150.20 Oct-15 139.70 140.40 147.20 130.70 139.10 141.80 166.90 155.30 Nov-15 137.70 131.60 141.30 124.60 132.60 135.10 150.70 143.80 Dec-15 127.60 103.70 113.80 118.10 108.20 108.90 164.70 121.30 Jan-16 112.10 93.90 97.90 102.10 93.00 95.80 132.00 103.60 Feb-16 105.80 97.20 103.60 93.60 97.30 99.90 97.00 103.30 Mar-16 120.10 113.20 119.00 121.40 106.90 112.70 152.80 119.00 Yr-on-Yr Chg. -26.9% -30.6% -35.9% -27.7% -34.4% -34.1% -24.2% -31.0% Notes: 1. Reformulated regular unleaded gasoline. Spot prices are based on average daily prices over a specific timeframe. Source: EIA Weekly Petroleum Status Report. Relevant Independent Objective

Page 14 B1: World Petroleum Supply and Demand Balance (million barrels per day) OECD Non-OECD OPEC World N. A. Europe Asia-Pac Total 1 Asia Non-Asia FSU Total 1 P. Gulf Non-Gulf Total 2 Total 3 Demand 2011 24.0 14.3 8.2 46.4 19.3 11.4 4.6 35.3 4.9 2.9 7.9 89.5 2012 23.6 13.8 8.5 45.9 19.9 12.0 4.6 36.5 5.1 3.0 8.2 90.7 2013 24.1 13.6 8.3 46.0 20.7 12.1 4.7 37.5 5.3 3.1 8.5 91.9 2014 24.1 13.5 8.1 45.7 21.2 12.1 4.9 38.2 5.5 3.2 8.9 92.9 2015 24.4 13.7 8.1 46.2 22.4 12.1 4.9 39.4 5.8 3.4 9.2 94.7 1Q 2014 23.9 13.0 8.9 45.8 21.0 11.6 4.6 37.2 5.5 3.2 8.9 91.9 2Q 2014 23.7 13.4 7.7 44.8 21.3 12.3 4.9 38.5 5.5 3.2 8.9 92.1 3Q 2014 24.4 13.9 7.7 45.9 20.8 12.6 5.1 38.5 5.5 3.2 8.9 93.3 4Q 2014 24.6 13.5 8.3 46.4 21.7 12.0 5.0 38.7 5.5 3.2 8.9 94.1 1Q 2015 24.2 13.4 8.7 46.4 22.0 11.3 4.6 37.9 5.8 3.4 9.2 93.6 2Q 2015 24.1 13.6 7.6 45.3 22.4 12.2 4.9 39.5 5.8 3.4 9.2 94.1 3Q 2015 24.7 14.1 7.8 46.6 22.3 12.5 5.0 39.8 5.8 3.4 9.2 95.6 4Q 2015 24.4 13.7 8.3 46.3 22.8 12.1 5.0 39.9 5.8 3.4 9.2 95.5 1Q 2016 24.1 13.5 8.6 46.1 22.9 11.4 4.8 39.1 6.0 3.5 9.6 94.8 Supply 2011 14.6 3.8 0.6 20.1 7.7 8.5 13.6 30.7 25.7 9.6 35.8 88.6 2012 15.8 3.5 0.6 21.0 6.9 8.0 13.8 29.6 26.2 10.6 37.6 90.9 2013 17.2 3.3 0.5 22.2 6.9 7.9 13.9 29.7 26.2 9.8 36.7 91.4 2014 19.1 3.3 0.5 24.1 6.8 8.1 13.9 29.8 26.8 9.0 37.5 93.7 2015 19.9 3.5 0.5 25.1 7.0 8.3 14.0 30.3 28.2 8.6 38.7 96.4 1Q 2014 18.3 3.5 0.5 23.5 6.8 8.0 13.9 29.7 26.7 9.0 36.3 92.1 2Q 2014 18.9 3.2 0.5 23.8 6.8 8.0 13.8 29.6 26.8 9.0 36.4 93.1 3Q 2014 19.3 3.1 0.5 24.1 6.8 8.2 13.8 29.8 26.9 9.3 37.0 94.2 4Q 2014 19.9 3.4 0.5 25.0 7.1 8.3 13.9 30.3 26.8 9.4 37.0 95.5 1Q 2015 20.0 3.4 0.4 25.0 7.1 8.3 14.0 30.4 27.3 8.8 36.9 95.1 2Q 2015 19.6 3.5 0.4 24.7 7.1 8.2 14.0 30.3 28.3 8.9 38.0 96.3 3Q 2015 20.1 3.4 0.5 25.1 7.0 8.1 13.9 30.0 28.7 8.6 39.1 97.0 4Q 2015 20.1 3.6 0.5 25.3 7.1 8.1 14.0 30.2 28.6 8.7 39.2 97.2 1Q 2016 19.7 3.5 0.5 24.9 6.9 7.9 14.2 30.1 28.9 8.5 39.4 96.4 Balance 2011-9.4-10.5-7.6-26.3-11.6-2.9 9.0-4.6 20.8 6.7 28.0-0.9 2012-7.8-10.3-7.9-24.9-13.0-4.0 9.2-6.9 21.1 7.6 29.4 0.2 2013-6.9-10.3-7.8-23.8-13.8-4.2 9.2-7.8 20.9 6.7 28.2-0.5 2014-5.0-10.2-7.6-21.6-14.4-4.0 9.0-8.4 21.2 5.7 28.6 0.8 2015-4.5-10.2-7.6-21.1-15.4-3.8 9.1-9.1 22.4 5.3 29.5 1.7 1Q 2014-5.6-9.5-8.4-22.3-14.2-3.6 9.3-7.5 21.2 5.8 27.4 0.2 2Q 2014-4.8-10.2-7.2-21.0-14.5-4.3 8.9-8.9 21.3 5.7 27.6 1.0 3Q 2014-5.1-10.8-7.2-21.8-14.0-4.4 8.7-8.7 21.3 6.1 28.1 0.9 4Q 2014-4.7-10.1-7.8-21.4-14.6-3.7 8.9-8.4 21.3 6.1 28.1 1.4 1Q 2015-4.2-10.0-8.3-21.4-14.9-3.0 9.4-7.5 21.5 5.4 27.7 1.5 2Q 2015-4.5-10.1-7.2-20.6-15.3-4.0 9.1-9.1 22.5 5.5 28.8 2.2 3Q 2015-4.6-10.7-7.3-21.5-15.3-4.4 8.9-9.8 22.9 5.2 29.9 1.4 4Q 2015-4.3-10.1-7.8-21.0-15.7-4.0 9.0-9.7 22.9 5.3 29.9 1.7 1Q 2016-4.4-10.0-8.1-21.2-16.0-3.5 9.4-9.0 22.9 5.0 29.7 1.6 Notes: 1. Totals for OECD and non-oecd supply include net refining gains; specific regions/groupings within each do not. 2. OPEC demand is an estimate based on historical annual data. 3. Balance for World equals global stockbuilds (+) and stockdraws (-) for crude oil and petroleum products and miscellaneous gains and losses. Regional surpluses (+) and deficits (-) are balanced through net-imports and stock changes in the short-term, and net-imports in the longer term. Supply includes crude oil, condensates, NGLs, oil from non-conventional sources and processing gains. Demand is for petroleum products. Source: IEA Oil Market Report.

Page 15 B2: World Petroleum Production (million barrels per day) OECD Non-OECD OPEC World N. A. Europe Asia-Pac Total Asia Non-Asia FSU Total P. Gulf Non-Gulf Total Total 1 2013 17.14 3.32 0.48 20.94 7.73 7.97 13.80 29.50 26.18 9.80 36.72 87.16 2014 19.08 3.32 0.51 22.91 6.88 8.16 13.87 28.90 26.77 8.96 37.48 89.29 2015 19.93 3.46 0.46 23.85 7.06 8.22 13.99 29.28 28.20 8.64 38.73 91.86 1Q 2015 19.88 3.41 0.43 23.72 7.90 8.39 14.05 30.33 27.26 8.81 36.94 90.99 2Q 2015 19.51 3.49 0.44 23.45 7.95 8.23 13.97 30.15 28.27 8.92 38.03 91.63 3Q 2015 20.05 3.35 0.50 23.91 7.01 8.21 13.92 29.15 28.66 8.63 39.13 92.19 4Q 2015 20.08 3.60 0.47 24.15 7.09 8.16 14.04 29.30 28.62 8.67 39.15 92.60 1Q 2016 19.73 3.54 0.46 23.73 6.94 8.00 14.18 29.13 28.94 8.50 39.35 92.21 Yr-on-Yr Chg. -0.8% 3.8% 7.0% 0.0% -12.2% -4.6% 0.9% -4.0% 6.2% -3.5% 6.5% 1.3% Mar-15 20.11 3.48 0.37 23.96 8.01 8.41 14.06 30.48 27.82 8.89 37.55 91.99 Apr-15 20.12 3.54 0.45 24.12 7.98 8.22 14.01 30.22 28.09 9.10 37.96 92.30 May-15 19.54 3.53 0.39 23.46 7.89 8.23 14.01 30.13 28.22 8.98 38.00 91.59 Jun-15 19.58 3.45 0.49 23.52 8.03 8.22 13.97 30.21 28.66 8.80 38.35 92.08 Jul-15 20.01 3.44 0.49 23.94 7.90 8.16 13.93 30.00 28.67 8.81 38.36 92.30 Aug-15 20.03 3.36 0.51 23.91 7.94 8.21 13.88 30.03 28.60 8.80 38.17 92.11 Sep-15 19.65 3.31 0.48 23.44 7.95 8.17 13.92 30.04 28.66 8.84 38.37 91.85 Oct-15 19.93 3.53 0.46 23.93 7.05 8.16 13.94 29.15 28.46 8.76 39.09 92.17 Nov-15 20.06 3.60 0.49 24.15 7.18 8.15 14.07 29.40 28.71 8.70 39.23 92.78 Dec-15 20.01 3.65 0.47 24.13 7.09 8.33 14.08 29.48 28.69 8.62 39.15 92.76 Jan-16 19.83 3.55 0.44 23.83 6.96 8.00 14.19 29.15 29.02 8.59 39.47 92.45 Feb-16 19.80 3.49 0.46 23.75 6.95 7.99 14.19 29.13 28.92 8.53 39.33 92.21 Mar-16 19.58 3.57 0.46 23.61 6.92 8.01 14.16 29.10 28.90 8.41 39.24 91.95 Yr-on-Yr Chg. -2.6% 2.6% 24.3% -1.5% -13.6% -4.8% 0.7% -4.5% 3.9% -5.4% 4.5% 0.0% R/P Ratio 2 32.5 9.7 24.4 28.9 13.8 23.1 27.5 23.0 75.8 130.2 83.7 50.7 Notes: 1. Production includes crude oil, condensates and NGLs. 2. Reserve-Production ratio is based on latest month production and British Petroleum reserve estimates. Sources: IEA Oil Market Report and BP Statistical Review of World Energy. B3: OECD Commercial Petroleum Stocks (million barrels) North America Europe Asia-Pacific OECD Crude Product Total Crude Product Total Crude Product Total Crude Product 1 Total 2 2013 500 670 1,315 307 497 869 145 170 382 952 1,337 2,566 2014 553 727 1,443 311 505 880 157 169 389 1,020 1,401 2,712 2015 641 773 1,591 361 563 989 206 166 435 1,208 1,502 3,015 4Q 2014 553 727 1,443 311 505 880 157 169 389 1,020 1,401 2,712 1Q 2015 625 695 1,483 344 524 939 178 153 392 1,148 1,372 2,815 2Q 2015 626 735 1,537 344 523 939 201 165 430 1,171 1,423 2,906 3Q 2015 617 763 1,572 339 559 967 202 176 445 1,158 1,498 2,984 4Q 2015 641 773 1,591 361 563 989 206 166 435 1,208 1,502 3,015 Yr-on-Yr Chg. 16.0% 6.4% 10.2% 16.2% 11.5% 12.4% 31.3% -1.8% 11.8% 18.4% 7.2% 11.1% Feb-15 601 693 1,454 322 526 914 173 158 392 1,096 1,377 2,761 Mar-15 625 695 1,483 344 524 939 178 153 392 1,148 1,372 2,815 Apr-15 638 704 1,512 350 520 939 171 158 391 1,158 1,382 2,842 May-15 629 725 1,528 344 532 947 198 168 430 1,171 1,425 2,905 Jun-15 626 735 1,537 344 523 939 201 165 430 1,171 1,423 2,906 Jul-15 617 738 1,542 339 526 933 205 170 439 1,161 1,434 2,914 Aug-15 614 759 1,564 343 553 964 205 178 449 1,162 1,490 2,976 Sep-15 617 763 1,572 339 559 967 202 176 445 1,158 1,498 2,984 Oct-15 642 745 1,576 347 556 972 205 169 439 1,194 1,469 2,987 Nov-15 647 762 1,593 346 570 982 191 170 428 1,184 1,503 3,003 Dec-15 641 773 1,591 361 563 989 206 166 435 1,208 1,502 3,015 Jan-16 661 780 1,614 358 588 1,014 192 167 425 1,210 1,534 3,053 Feb-16 675 769 1,620 357 591 1,018 198 163 423 1,230 1,523 3,060 Yr-on-Yr Chg. 12.4% 11.0% 11.4% 10.8% 12.4% 11.3% 14.4% 2.8% 8.0% 12.3% 10.6% 10.9% Notes: 1. Product includes only finished petroleum products. 2. Total stocks include NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. All stocks are closing levels for respective reporting period. Source: IEA Oil Market Report. Relevant Independent Objective

Page 16 B4: OPEC Crude Oil Production and Targets (million barrels per day) Persian Gulf Non-Persian Gulf OPEC-11 OPEC-11 Arabia Iran UAE Kuwait Qatar Venez. Nigeria Libya Algeria Angola Ecuador Total 1 Target Iraq 2 2013 9.66 2.68 2.76 2.81 0.73 2.50 1.95 0.90 1.15 1.72 0.52 27.38 30.00 3.08 2014 9.72 2.81 2.76 2.80 0.71 2.46 1.90 0.46 1.12 1.66 0.55 27.65 30.00 3.33 2015 10.17 2.86 2.88 2.79 0.66 2.40 1.80 0.40 1.11 1.76 0.54 28.06 30.00 3.99 1Q 2015 9.87 2.82 2.84 2.80 0.67 2.39 1.81 0.37 1.11 1.77 0.55 26.99 30.00 3.50 2Q 2015 10.34 2.85 2.87 2.77 0.66 2.43 1.77 0.46 1.11 1.76 0.55 27.56 30.00 3.94 3Q 2015 10.29 2.87 2.92 2.78 0.64 2.40 1.80 0.38 1.12 1.77 0.53 28.19 30.00 4.25 4Q 2015 10.18 2.89 2.89 2.78 0.66 2.38 1.84 0.40 1.11 1.76 0.54 28.11 30.00 4.28 1Q 2016 10.21 3.17 2.81 2.83 0.66 2.36 1.77 0.36 1.10 1.77 0.54 28.30 30.00 4.28 Yr-on-Yr Chg. 3.4% 12.4% -1.1% 1.1% -1.5% -1.3% -2.2% -2.7% -0.9% 0.0% -1.8% 4.9% 22.3% Mar-15 10.19 2.79 2.84 2.80 0.68 2.40 1.74 0.48 1.12 1.75 0.55 27.34 30.00 3.70 Apr-15 10.21 2.88 2.87 2.81 0.67 2.44 1.80 0.52 1.11 1.73 0.55 27.57 30.00 3.75 May-15 10.31 2.85 2.87 2.77 0.66 2.44 1.76 0.45 1.11 1.77 0.55 27.52 30.00 3.84 Jun-15 10.48 2.82 2.88 2.74 0.66 2.42 1.78 0.41 1.11 1.78 0.54 27.62 30.00 4.19 Jul-15 10.38 2.87 2.91 2.74 0.62 2.42 1.77 0.39 1.11 1.80 0.54 27.55 30.00 4.25 Aug-15 10.28 2.87 2.93 2.80 0.65 2.40 1.77 0.37 1.13 1.73 0.53 27.46 30.00 4.17 Sep-15 10.20 2.88 2.91 2.81 0.65 2.38 1.86 0.37 1.12 1.79 0.53 27.5 30.00 4.30 Oct-15 10.21 2.88 2.89 2.73 0.67 2.38 1.90 0.43 1.11 1.78 0.53 28.18 30.00 4.17 Nov-15 10.19 2.87 2.89 2.80 0.68 2.40 1.84 0.39 1.11 1.74 0.54 28.14 30.00 4.33 Dec-15 10.14 2.91 2.89 2.81 0.64 2.37 1.80 0.38 1.11 1.75 0.54 28.04 30.00 4.35 Jan-16 10.21 3.00 2.93 2.83 0.64 2.35 1.85 0.38 1.10 1.75 0.53 28.27 30.00 4.43 Feb-16 10.22 3.22 2.78 2.83 0.67 2.37 1.76 0.37 1.10 1.76 0.55 28.34 30.00 4.22 Mar-16 10.19 3.30 2.73 2.83 0.67 2.35 1.70 0.34 1.11 1.80 0.54 28.28 30.00 4.19 Yr-on-Yr Chg. 0.0% 18.3% -3.9% 1.1% -1.5% -2.1% -2.3% -29.2% -0.9% 2.9% -1.8% 3.4% 13.2% Quotas 3 8.05 3.34 2.22 2.22 0.73 1.99 1.67 1.47 1.20 1.52 0.43 30.00 Over/Under 4 26.6% -1.2% 23.0% 27.5% -8.2% 18.1% 1.8% -76.9% -7.5% 18.4% 25.6% -5.7% Notes: 1. Does not include NGLs; OPEC production targets apply to crude oil only. 2. Iraq does not have an official OPEC target. 3. OPEC-10 production targets. 4. As of latest month. Source: IEA Oil Market Report. B5: OECD Refinery Activity Crude Input (MMbpd) - Utilization (percent) - Refining Margins ($US/barrel) North America Europe Asia-Pacific OECD Input Util. Margin 1 Input Util. Margin 2 Input Util. Margin 3 Input Util. 2013 18.4 87.7 1.40 11.5 75.2 3.48 6.7 75.1-1.63 36.6 81.0 2014 18.9 90.0 1.67 11.4 75.0 3.35 6.5 73.2-1.98 36.8 81.6 2015 19.1 91.1 5.65 12.1 79.4 7.28 6.7 75.1 0.62 37.9 84.0 4Q 2014 18.9 90.0-1.03 11.8 77.4 4.72 6.6 74.1-0.1 37.3 82.6 1Q 2015 18.5 88.2 5.93 12.0 78.4 7.03 7.1 78.8 2.6 37.5 83.0 2Q 2015 19.4 92.3 5.89 11.8 77.4 8.10 6.4 71.8 0.5 37.6 83.2 3Q 2015 19.5 93.0 7.30 12.4 81.3 8.91 6.7 75.3-1.1 38.6 85.5 4Q 2015 19.1 91.0 3.49 12.3 80.4 5.09 6.7 74.4 0.6 38.0 84.1 Yr-on-Yr Chg. 1.1% -438.1% 3.9% 7.8% 0.5% -605.9% 1.8% Feb-15 18.4 87.7 8.01 12.2 79.9 6.60 7.2 80.0 2.6 37.7 83.6 Mar-15 18.6 88.7 6.98 11.8 77.5 8.75 6.9 76.8 2.5 37.3 82.6 Apr-15 19.1 91.1 4.55 11.8 77.6 7.71 6.7 75.2 0.5 37.7 83.4 May-15 19.3 92.2 5.58 11.9 78.0 7.40 6.4 71.0 0.7 37.6 83.2 Jun-15 19.6 93.7 7.53 11.7 76.5 9.18 6.2 69.2 0.2 37.5 83.0 Jul-15 19.8 94.2 9.75 12.3 80.8 9.53 6.8 75.4-2.3 38.8 86.0 Aug-15 19.7 93.9 8.54 12.4 81.4 10.05 7.0 78.0-1.4 39.1 86.5 Sep-15 19.0 90.7 3.60 12.5 81.7 7.15 6.5 72.4 0.2 38.0 84.1 Oct-15 18.2 86.9 4.12 12.4 81.0 4.24 6.4 71.1-0.8 36.9 81.8 Nov-15 19.3 91.9 3.60 12.2 79.7 6.65 6.6 73.7 1.8 38.0 84.2 Dec-15 19.7 94.0 2.76 12.3 80.5 4.38 7.0 78.4 0.7 39.0 86.4 Jan-16 19.0 90.8 4.27 12.0 78.9 5.50 7.1 79.5 2.8 38.2 84.5 Feb-16 18.6 88.8 3.10 11.9 77.9 3.66 7.3 81.3 0.9 37.8 83.6 Yr-on-Yr Chg. 1.3% -61.3% -2.5% -45% 1.8% -63.8% 0.1% Notes: 1. Based on dated Brent being processed in average US Gulf cracking refinery. 2. Based on dated Brent in average Rotterdam cracking refinery. 3. Based on spot Dubai in average Singapore hydroskimming refinery. Source: IEA Oil Market Report.

Page 17 C1: US Petroleum Supply and Demand Balance (million barrels per day) United States 1 East Mid-West Supply Demand Net-Imp. Stk. Chg. Supply Demand Balance Supply Demand Balance 2013 12.11 18.89 6.20-0.13 0.19 5.23-5.04 2.90 4.88-1.97 2014 13.67 19.03 5.04 0.26 0.31 5.45-5.14 3.35 4.91-1.56 2015 14.78 19.39 4.65 0.43 0.41 5.58-5.17 3.63 5.01-1.38 4Q 2014 14.38 19.45 4.62 0.24 0.37 5.55-5.18 3.55 5.10-1.55 1Q 2015 14.45 19.29 4.93 0.56 0.36 5.81-5.45 3.56 4.99-1.43 2Q 2015 14.91 19.25 4.61 0.69 0.43 5.49-5.06 3.64 4.99-1.36 3Q 2015 14.85 19.67 4.73 0.33 0.42 5.54-5.12 3.60 5.11-1.50 4Q 2015 14.89 19.36 4.31 0.15 0.42 5.46-5.05 3.74 4.97-1.24 Yr-on-Yr Chg. 3.5% -0.5% -6.8% 13.1% -1.5% 5.1% -2.5% Jan-15 14.24 19.25 4.83 0.57 0.36 5.64-5.28 3.54 4.91-1.37 Feb-15 14.34 19.40 4.54 0.13 0.33 5.99-5.65 3.54 5.08-1.54 Mar-15 14.76 19.24 5.43 0.99 0.39 5.79-5.40 3.59 4.97-1.38 Apr-15 15.12 19.04 4.36 0.90 0.42 5.49-5.07 3.58 4.88-1.30 May-15 14.91 19.12 4.60 0.73 0.43 5.52-5.09 3.65 5.01-1.37 Jun-15 14.69 19.59 4.88 0.44 0.44 5.47-5.03 3.68 5.08-1.40 Jul-15 14.82 19.98 4.54-0.09 0.43 5.58-5.15 3.65 5.18-1.53 Aug-15 14.91 19.81 5.20 0.73 0.42 5.61-5.20 3.60 5.07-1.47 Sep-15 14.83 19.23 4.45 0.33 0.41 5.42-5.01 3.56 5.06-1.51 Oct-15 14.90 19.35 4.17 0.26 0.41 5.50-5.10 3.70 5.15-1.44 Nov-15 14.92 19.19 4.31 0.42 0.41 5.27-4.86 3.74 4.80-1.06 Dec-15 14.86 19.54 4.45-0.22 0.43 5.62-5.18 3.76 4.97-1.21 Jan-16 14.69 19.06 4.86 0.83 0.44 5.31-4.86 3.66 5.04-1.38 Yr-on-Yr Chg. 3.2% -1.0% 0.6% 23.1% -6.0% 3.3% 2.5% % of Total 2 100.0% 100.0% 3.0% 27.9% 24.9% 26.4% South-Central North-West West Supply Demand Balance Supply Demand Balance Supply Demand Balance 2013 6.77 5.28 1.49 0.87 0.71 0.16 1.37 2.79-1.42 2014 7.65 5.16 2.50 0.98 0.71 0.27 1.38 2.81-1.43 2015 8.31 5.20 3.11 1.10 0.69 0.41 1.33 2.91-1.59 4Q 2014 8.01 5.31 2.70 1.03 0.71 0.32 1.42 2.78-1.36 1Q 2015 8.08 5.02 3.06 1.08 0.70 0.38 1.37 2.78-1.41 2Q 2015 8.38 5.15 3.24 1.12 0.69 0.43 1.34 2.93-1.58 3Q 2015 8.44 5.29 3.15 1.12 0.70 0.41 1.27 3.04-1.77 4Q 2015 8.32 5.33 2.99 1.10 0.67 0.42 1.32 2.92-1.60 Yr-on-Yr Chg. 3.8% 0.4% 6.9% -4.9% -6.9% 4.9% Jan-15 7.96 5.28 2.68 1.03 0.72 0.30 1.35 2.69-1.33 Feb-15 8.03 4.78 3.24 1.08 0.73 0.35 1.36 2.82-1.46 Mar-15 8.27 5.00 3.27 1.14 0.66 0.48 1.38 2.82-1.44 Apr-15 8.59 5.05 3.54 1.14 0.69 0.46 1.39 2.93-1.54 May-15 8.39 5.07 3.32 1.10 0.66 0.44 1.34 2.86-1.51 Jun-15 8.17 5.32 2.85 1.10 0.72 0.38 1.30 3.00-1.70 Jul-15 8.33 5.40 2.93 1.12 0.71 0.41 1.29 3.10-1.82 Aug-15 8.54 5.33 3.21 1.12 0.74 0.38 1.23 3.06-1.83 Sep-15 8.46 5.13 3.33 1.11 0.66 0.45 1.30 2.95-1.65 Oct-15 8.39 5.05 3.34 1.10 0.69 0.42 1.31 2.96-1.66 Nov-15 8.33 5.62 2.71 1.11 0.66 0.44 1.33 2.83-1.50 Dec-15 8.25 5.33 2.92 1.08 0.67 0.41 1.33 2.96-1.63 Jan-16 8.16 5.36 2.80 1.07 0.66 0.41 1.36 2.69-1.33 Yr-on-Yr Chg. 2.5% 1.5% 4.1% -8.6% 0.8% 0.1% % of Total 2 55.6% 28.1% 7.3% 3.5% 9.3% 14.1% Notes: 1. Does not balance because of unaccounted for crude oil. Regional surpluses (+) and deficits (-) are balanced through net-imports/transfers and stock changes in the short-term, and net-imports/transfers in the longer term. 2. As of most recent month. Supply includes crude oil, condensates, NGLs, oil from nonconventional sources and processing gains. Demand is for petroleum products. Source: EIA Petroleum Supply Monthly. Relevant Independent Objective

Page 18 C2: US Petroleum Demand by Product (million barrels per day) Finished Petroleum Products NGLs Petroleum Gasoline Jet Fuel Distil. Resid. Total 1 Total Total 2 2013 8.77 1.42 3.84 0.32 16.32 2.45 18.89 2014 8.92 1.47 4.01 0.26 16.64 2.40 19.03 2015 9.16 1.54 3.98 0.26 16.94 2.47 19.39 4Q 2014 9.05 1.50 4.08 0.30 16.90 2.60 19.45 1Q 2015 8.81 1.45 4.27 0.24 16.62 2.72 19.29 2Q 2015 9.26 1.54 3.88 0.19 16.93 2.27 19.25 3Q 2015 9.39 1.59 3.93 0.31 17.41 2.29 19.67 4Q 2015 9.17 1.57 3.83 0.30 16.79 2.58 19.36 Yr-on-Yr Chg. 1.3% 4.5% -6.1% -0.1% -0.6% -0.6% -0.5% Jan-15 8.72 1.37 4.24 0.27 16.50 2.83 19.25 Feb-15 8.65 1.44 4.54 0.20 16.56 2.84 19.40 Mar-15 9.06 1.54 4.05 0.26 16.80 2.50 19.24 Apr-15 9.14 1.48 4.00 0.15 16.74 2.34 19.04 May-15 9.25 1.51 3.79 0.23 16.84 2.17 19.12 Jun-15 9.39 1.64 3.85 0.17 17.20 2.30 19.59 Jul-15 9.44 1.64 3.88 0.33 17.52 2.40 19.98 Aug-15 9.47 1.60 3.89 0.32 17.53 2.34 19.81 Sep-15 9.28 1.54 4.02 0.28 17.18 2.14 19.23 Oct-15 9.25 1.58 3.99 0.21 17.06 2.43 19.35 Nov-15 9.11 1.55 3.70 0.36 16.60 2.55 19.19 Dec-15 9.14 1.58 3.80 0.33 16.71 2.77 19.54 Jan-16 8.67 1.45 3.82 0.34 16.12 2.96 19.06 Yr-on-Yr Chg. -0.6% 6.0% -9.9% 24.6% -2.3% 4.6% -1.0% Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons. Source: EIA Petroleum Supply Monthly. C3: US Petroleum Stocks (million barrels) Petroleum Stocks 1 Crude Oil Finished Products East Mid-West S-Cent N-West West U.S. Total 2 Gasoline Jet Fuel Distil. Resid. Total 3 2013 151 269 1,162 39 139 1,760 1,054 40 37 127 38 291 2014 158 289 1,227 42 140 1,856 1,085 31 38 136 34 287 2015 193 335 1,298 46 144 2,015 1,176 28 40 161 42 325 4Q 2014 158 289 1,227 42 140 1,856 1,085 31 38 136 34 287 1Q 2015 152 316 1,247 44 150 1,908 1,166 27 37 128 38 288 2Q 2015 171 322 1,290 43 145 1,971 1,163 26 44 139 42 305 3Q 2015 184 318 1,311 43 145 2,001 1,156 29 40 149 41 308 4Q 2015 193 335 1,298 46 144 2,015 1,176 28 40 161 42 325 Yr-on-Yr Chg. 22.2% 15.8% 5.7% 8.5% 2.7% 8.5% 8.5% -7.1% 7.3% 18.1% 25.3% 13.3% Jan-15 164 297 1,227 42 145 1,874 1,112 30 38 132 34 287 Feb-15 152 302 1,235 42 146 1,878 1,139 31 39 123 37 284 Mar-15 152 316 1,247 44 150 1,908 1,166 27 37 128 38 288 Apr-15 157 323 1,267 45 144 1,935 1,174 26 38 129 39 289 May-15 164 320 1,285 44 145 1,958 1,172 27 42 134 41 301 Jun-15 171 322 1,290 43 145 1,971 1,163 26 44 139 42 305 Jul-15 173 323 1,289 43 141 1,969 1,151 24 44 142 40 302 Aug-15 179 329 1,299 42 142 1,991 1,153 26 43 152 39 310 Sep-15 184 318 1,311 43 145 2,001 1,156 29 40 149 41 308 Oct-15 185 314 1,319 43 148 2,009 1,182 28 38 143 43 299 Nov-15 188 331 1,306 44 151 2,022 1,183 28 38 157 44 316 Dec-15 193 335 1,298 46 144 2,015 1,176 28 40 161 42 325 Jan-16 200 338 1,302 46 154 2,041 1,195 27 42 161 44 330 Yr-on-Yr Chg. 22.2% 14.0% 6.1% 9.3% 6.3% 8.9% 7.4% -10.4% 10.4% 21.7% 28.6% 14.9% Notes: 1. Petroleum stocks include crude oil, finished products, NGLs, refinery feedstocks, additives/oxygenates and other hydrocarbons. 2. Includes Strategic Petroleum Reserves. 3. Total includes other finished petroleum products. All stocks are closing levels for respective reporting period. Source: EIA Petroleum Supply Monthly.

Page 19 C4: US Petroleum Net Imports by Source (million barrels per day) Region of Origin OPEC Canada Mexico Lat. Am. Europe Africa M.E. Total 1 Venez. S. Arabia Nigeria Total 2 P. Gulf 2013 2.59 0.39 0.74-0.08 0.37 1.99 6.20 0.71 1.32 0.24 3.47 1.99 2014 2.58 0.29 0.56-0.12 0.17 1.85 5.04 0.71 1.16 0.04 2.98 1.86 2015 2.81 0.07 0.73-0.18 0.17 1.49 4.65 0.75 1.05 0.06 2.65 1.50 4Q 2014 2.72 0.21 0.59-0.07 0.15 1.41 4.62 0.64 0.88 0.03 2.50 1.41 1Q 2015 2.97 0.16 0.65-0.12 0.13 1.39 4.93 0.68 0.93 0.04 2.49 1.40 2Q 2015 2.69 0.12 0.71-0.14 0.15 1.61 4.61 0.74 1.16 0.02 2.67 1.61 3Q 2015 2.80 0.01 0.88-0.15 0.22 1.32 4.73 0.79 1.01 0.08 2.58 1.33 4Q 2015 2.77-0.01 0.70-0.31 0.19 1.64 4.31 0.79 1.11 0.08 2.87 1.64 Yr-on-Yr Chg. 1.6% -105.1% 19.0% 322.1% 26.1% 16.2% -6.8% 23.2% 26.0% 203.7% 15.1% 16.4% Jan-15 2.95 0.04 0.63-0.12 0.12 1.32 4.83 0.60 0.82 0.04 2.36 1.33 Feb-15 2.93 0.09 0.51-0.10 0.11 1.41 4.54 0.71 0.94-0.01 2.55 1.42 Mar-15 3.03 0.34 0.82-0.14 0.17 1.44 5.43 0.74 1.04 0.09 2.56 1.45 Apr-15 2.84 0.15 0.78-0.36 0.14 1.52 4.36 0.80 1.20 0.03 2.63 1.53 May-15 2.51 0.03 0.71 0.05 0.19 1.71 4.60 0.77 1.21 0.05 2.82 1.72 Jun-15 2.73 0.20 0.63-0.12 0.12 1.60 4.88 0.64 1.08-0.01 2.55 1.60 Jul-15 2.53-0.05 0.81-0.10 0.24 1.45 4.54 0.70 1.17 0.11 2.63 1.46 Aug-15 2.98 0.09 1.03-0.01 0.18 1.25 5.21 0.85 1.01 0.05 2.50 1.25 Sep-15 2.88 0.00 0.79-0.34 0.25 1.28 4.45 0.81 0.86 0.08 2.61 1.28 Oct-15 2.43 0.03 0.67-0.27 0.14 1.54 4.17 0.73 0.98 0.04 2.68 1.54 Nov-15 2.73 0.03 0.61-0.33 0.20 1.65 4.31 0.77 1.23 0.08 2.91 1.65 Dec-15 3.14-0.09 0.81-0.32 0.22 1.72 4.45 0.86 1.12 0.13 3.02 1.73 Jan-16 3.19-0.02 0.62-0.17 0.23 1.51 4.86 0.65 1.05 0.12 2.82 1.51 Yr-on-Yr Chg. 8.1% -154.5% -0.8% 39.5% 94.1% 13.7% 0.7% 8.2% 28.9% 241.7% 19.7% 13.7% % of Total 3 65.7% -0.5% 12.8% -3.6% 4.7% 31.0% 100.0% 13.3% 21.7% 2.5% 58.1% 31.1% Notes: 1. Total includes net-imports from Russia and Asia-Pacific region. 2. Total OPEC includes the other eight cartel members. 3. As of latest month. Source EIA Petroleum Supply Monthly. C5: US Regional Crude Oil Production (million barrels per day) PAD District U.S. Major Producers East Mid-West S-Cent N-West West Total Alaska Calif. 1 Louis. Texas G. of Mex. 2 2013 0.03 1.34 4.33 0.50 1.11 7.31 0.52 0.59 0.20 2.47 1.28 2014 0.04 1.62 5.00 0.58 1.11 8.35 0.50 0.60 0.19 3.04 1.35 2015 0.05 1.81 5.69 0.73 1.08 9.35 0.49 0.59 0.17 3.50 1.50 4Q 2014 0.04 1.77 5.32 0.63 1.08 8.85 0.47 0.61 0.19 3.26 1.43 1Q 2015 0.05 1.86 5.65 0.68 1.14 9.38 0.53 0.62 0.19 3.52 1.46 2Q 2015 0.05 1.77 5.65 0.73 1.09 9.28 0.49 0.59 0.17 3.54 1.43 3Q 2015 0.06 1.82 5.71 0.76 1.05 9.39 0.47 0.58 0.17 3.52 1.48 4Q 2015 0.05 1.78 5.75 0.75 1.02 9.35 0.46 0.56 0.17 3.41 1.65 Yr-on-Yr Chg. 6.7% 0.6% 8.1% 19.1% -5.8% 5.7% -2.9% -7.9% -8.9% 4.5% 15.4% Jan-15 0.04 1.72 5.25 0.62 1.09 8.73 0.50 0.59 0.18 3.29 1.34 Feb-15 0.05 2.03 6.15 0.74 1.25 10.21 0.58 0.67 0.20 3.82 1.60 Mar-15 0.05 1.82 5.55 0.68 1.09 9.19 0.50 0.58 0.18 3.46 1.44 Apr-15 0.04 1.67 5.21 0.66 1.04 8.62 0.46 0.58 0.16 3.23 1.36 May-15 0.05 1.84 5.78 0.76 1.11 9.53 0.51 0.60 0.18 3.67 1.41 Jun-15 0.07 1.80 5.95 0.76 1.12 9.70 0.51 0.61 0.18 3.71 1.51 Jul-15 0.07 1.82 5.79 0.74 1.08 9.51 0.47 0.61 0.18 3.66 1.41 Aug-15 0.06 1.77 5.43 0.73 1.01 9.00 0.47 0.54 0.17 3.35 1.40 Sep-15 0.05 1.87 5.90 0.80 1.05 9.67 0.46 0.58 0.17 3.56 1.64 Oct-15 0.05 1.77 5.77 0.77 0.97 9.32 0.41 0.56 0.17 3.42 1.65 Nov-15 0.05 1.74 5.81 0.76 1.04 9.39 0.47 0.56 0.17 3.42 1.69 Dec-15 0.04 1.84 5.68 0.73 1.05 9.35 0.50 0.55 0.17 3.39 1.61 Jan-16 0.04 1.77 5.45 0.71 1.05 9.02 0.51 0.55 0.16 3.29 1.50 Yr-on-Yr Chg. 2.6% 2.4% 3.8% 13.7% -3.7% 3.3% 1.1% -7.7% -8.0% -0.1% 12.0% R/P Ratio 3 21.9 13.2 10.7 14.1 15.7 12.1 15.5 16.0 11.0 11.7 8.6 Notes: 1. California includes Federal Offshore crude oil production. 2. Gulf of Mexico includes Federal Offshore production adjacent to Texas and Louisiana. 3. Crude oil Reserve-Production ratio as of latest production month. Crude oil production does not include NGLs. Source: EIA Petroleum Supply Monthly. Relevant Independent Objective

Page 20 C6: US Refinery Activity Crude Input (MMbpd) - Utilization (percent) East Mid-West South-Central North-West West U.S. Input Util. Input Util. Input Util. Input Util. Input Util. Input Util. 2013 1.10 85.1 3.42 90.7 8.22 90.4 0.58 92.7 2.56 84.8 15.88 89.2 2014 1.09 84.2 3.52 92.5 8.38 91.5 0.58 90.5 2.57 87.0 16.14 90.4 2015 1.15 90.7 3.59 93.1 8.70 93.4 0.60 93.2 2.58 88.2 16.61 92.3 4Q 2014 1.11 86.6 3.48 91.5 8.49 92.6 0.59 91.5 2.59 89.0 16.25 91.3 1Q 2015 1.14 90.9 3.60 93.8 8.54 93.2 0.60 92.6 2.63 91.5 16.51 92.9 2Q 2015 1.15 91.0 3.70 96.2 8.77 94.4 0.60 93.4 2.46 84.0 16.69 92.8 3Q 2015 1.15 90.4 3.65 94.6 8.77 93.5 0.61 94.2 2.67 91.0 16.85 93.2 4Q 2015 1.15 90.6 3.41 87.7 8.71 92.4 0.60 92.5 2.54 86.5 16.40 90.3 Yr-on-Yr Chg. 4.1% -2.1% 2.6% 1.7% -1.9% 0.9% Jan-15 1.09 85.5 3.43 88.8 8.20 89.1 0.58 90.0 2.51 86.1 15.81 88.4 Feb-15 1.27 102.6 3.84 101.1 9.20 101.1 0.65 100.6 2.92 104.5 17.87 101.7 Mar-15 1.08 85.0 3.52 91.5 8.24 89.6 0.56 87.2 2.46 84.4 15.86 88.7 Apr-15 1.13 89.1 3.70 96.4 8.66 93.5 0.60 92.9 2.43 82.7 16.52 92.0 May-15 1.16 91.1 3.68 95.7 8.75 94.3 0.60 92.6 2.44 83.0 16.61 92.5 Jun-15 1.18 92.7 3.71 96.6 8.91 95.5 0.61 94.7 2.53 86.2 16.94 94.0 Jul-15 1.19 93.6 3.82 99.3 8.89 95.0 0.62 95.4 2.66 90.6 17.18 95.1 Aug-15 1.20 94.0 3.64 94.7 8.83 94.3 0.62 94.6 2.68 91.4 16.96 93.9 Sep-15 1.06 83.5 3.48 89.8 8.58 91.3 0.60 92.5 2.67 91.1 16.39 90.4 Oct-15 1.13 89.0 3.01 77.5 8.39 89.4 0.61 92.9 2.55 87.1 15.69 86.6 Nov-15 1.19 93.5 3.55 91.6 8.76 92.8 0.60 92.5 2.57 87.5 16.67 91.8 Dec-15 1.14 89.2 3.66 94.0 8.96 95.0 0.60 92.0 2.49 85.0 16.85 92.6 Jan-16 1.14 88.9 3.72 94.9 8.39 88.2 0.57 84.1 2.55 87.1 16.37 89.4 Yr-on-Yr Chg. 4.7% 8.6% 2.3% -1.5% 1.3% 3.5% % of Total 1 6.9% 22.7% 51.3% 3.5% 15.6% 100.0% Notes: 1) As of most recent month. Source: EIA Petroleum Supply Monthly. C7: US Refinery Margins ($US per barrel) NY Harbor Chicago US Gulf Los Angeles (East Coast Comp.) (WTI) (WTS) (ANS) 2013 9.20 21.63 12.83 10.25 2014 8.62 16.57 11.76 8.68 2015 12.86 18.05 12.96 19.50 1Q 2015 12.42 15.57 14.05 15.73 2Q 2015 17.81 18.79 15.02 21.83 3Q 2015 12.47 24.84 13.79 23.75 4Q 2015 8.74 12.99 8.98 16.67 1Q 2016 9.15 7.50 8.58 10.63 Yr-on-Yr Chg. -26.3% -51.9% -38.9% -32.4% Mar-15 13.76 22.41 16.51 22.35 Apr-15 12.22 16.73 14.22 20.81 May-15 19.58 19.79 14.96 28.22 Jun-15 21.63 19.84 15.87 16.46 Jul-15 12.74 23.51 16.50 33.40 Aug-15 14.54 30.64 15.80 22.98 Sep-15 10.13 20.37 9.07 14.88 Oct-15 7.03 19.61 9.08 14.45 Nov-15 9.83 10.00 9.25 13.00 Dec-15 9.35 9.35 8.62 22.57 Jan-16 9.37 5.65 8.70 13.01 Feb-16 7.20 5.28 7.38 3.38 Mar-16 10.87 11.56 9.66 15.51 Yr-on-Yr Chg. -21.0% -48.4% -41.5% -30.6% Note: Based on specific crude being processed in average cracking refinery in a given area. As of February 2010, NY Harbor Arab Med. is now East Coast Composite. Source: Oil and Gas Journal.

Page 21 D1: Canada Petroleum Supply and Demand Balances (million barrels per day) Canada East West Supply Demand Net-Exp Stk. Chg. Supply Demand Balance Supply Demand Balance 2013 4.04 1.65 2.40 0.01 0.28 0.98-0.70 3.76 0.66 3.09 2014 4.35 1.56 2.80 0.02 0.27 0.93-0.67 4.08 0.63 3.45 2015 4.51 1.58 2.96 0.03 0.22 0.96-0.74 4.29 0.62 3.67 4Q 2014 4.54 1.58 3.05 0.08 0.31 0.95-0.64 4.24 0.63 3.61 1Q 2015 4.70 1.69 2.98-0.04 0.31 1.03-0.72 4.39 0.65 3.74 2Q 2015 4.24 1.54 2.65-0.04 0.24 0.94-0.70 4.00 0.60 3.40 3Q 2015 4.59 1.60 3.09 0.10 0.22 0.96-0.74 4.37 0.64 3.73 4Q 2015 4.65 1.49 3.27 0.12 0.25 0.92-0.67 4.40 0.58 3.82 Yr-on-Yr Chg. 2.3% -5.3% 7.5% -18.8% -3.4% 3.8% -8.1% Dec-14 4.58 1.68 2.89 0.00 0.31 1.02-0.71 4.28 0.67 3.61 Jan-15 4.76 1.69 3.03-0.04 0.34 1.01-0.67 4.42 0.68 3.74 Feb-15 4.72 1.71 2.96-0.05 0.32 1.06-0.74 4.40 0.65 3.75 Mar-15 4.64 1.67 2.94-0.03 0.28 1.03-0.74 4.36 0.64 3.71 Apr-15 4.32 1.56 2.73-0.03 0.27 0.95-0.68 4.05 0.61 3.44 May-15 4.08 1.48 2.55-0.04 0.22 0.91-0.69 3.85 0.58 3.28 Jun-15 4.31 1.58 2.69-0.05 0.22 0.96-0.74 4.09 0.62 3.47 Jul-15 4.69 1.63 3.27 0.21 0.22 0.98-0.76 4.47 0.65 3.83 Aug-15 4.79 1.64 3.19 0.05 0.23 0.98-0.76 4.56 0.66 3.90 Sep-15 4.28 1.53 2.80 0.05 0.21 0.92-0.71 4.08 0.61 3.46 Oct-15 4.47 1.36 3.26 0.15 0.17 0.83-0.66 4.30 0.53 3.78 Nov-15 4.69 1.59 3.26 0.15 0.28 0.96-0.68 4.41 0.63 3.79 Dec-15 4.78 1.53 3.30 0.05 0.30 0.95-0.65 4.48 0.58 3.90 Yr-on-Yr Chg. 4.4% -9.0% 14.1% -2.4% -6.3% 4.8% -13.0% % of Total 1 100.0% 100.0% 6.3% 62.1% 93.7% 37.9% Notes: 1. As of most recent month. See notes for Table C1 for additional comments. Source: Statistics Canada s Energy Statistics Handbook. D2: Canada Demand by Product (million barrels per day) Finished Products NGLs Petrol. Gasoline Distil. Resid. Total 1 Total Total 2 2013 0.77 0.56 0.05 1.84 0.66 2.50 2014 0.78 0.56 0.07 1.86 0.65 2.51 2015 0.77 0.55 0.05 1.80 0.65 2.45 4Q 2014 0.78 0.57 0.07 1.85 0.65 2.49 1Q 2015 0.74 0.57 0.07 1.79 0.65 2.44 2Q 2015 0.78 0.55 0.04 1.78 0.65 2.42 3Q 2015 0.80 0.56 0.03 1.86 0.65 2.50 4Q 2015 0.76 0.53 0.04 1.77 0.65 2.42 Yr-on-Yr Chg. -3.0% -7.4% -34.5% -4.0% 0.0% -2.9% Dec-14 0.78 0.54 0.09 1.82 0.65 2.47 Jan-15 0.75 0.56 0.05 1.76 0.65 2.40 Feb-15 0.75 0.62 0.08 1.87 0.65 2.52 Mar-15 0.72 0.54 0.07 1.74 0.65 2.39 Apr-15 0.73 0.53 0.06 1.71 0.65 2.36 May-15 0.77 0.59 0.03 1.76 0.65 2.41 Jun-15 0.82 0.55 0.04 1.86 0.65 2.51 Jul-15 0.82 0.52 0.03 1.88 0.65 2.52 Aug-15 0.82 0.56 0.04 1.86 0.65 2.51 Sep-15 0.77 0.60 0.03 1.84 0.65 2.48 Oct-15 0.77 0.56 0.05 1.85 0.65 2.49 Nov-15 0.76 0.51 0.04 1.75 0.65 2.40 Dec-15 0.74 0.52 0.05 1.72 0.65 2.37 Yr-on-Yr Chg. -4.8% -4.1% -95.3% -5.5% 0.0% -4.0% Notes: 1. Total includes other finished petroleum products. 2. Total petroleum demand includes refinery feedstocks, additives/oxygenates and other hydrocarbons. Source: Statistics Canada s Energy Statistics Handbook. D3: Canada Petroleum Stocks (million barrels) Finished Products Crude Oil Petrol. Gasoline Distil. Resid. Total 1 Total Total 2 2013 16.5 13.8 2.4 52.4 98.9 151.3 2014 18.9 18.1 3.0 59.4 105.9 165.3 2015 16.7 15.3 3.2 52.1 106.9 159.0 4Q 2014 18.9 18.1 3.0 59.4 105.9 165.3 1Q 2015 17.0 15.7 2.9 54.1 104.0 158.1 2Q 2015 15.1 11.0 1.8 45.7 102.0 147.7 3Q 2015 15.7 10.5 1.8 46.5 103.9 150.4 4Q 2015 16.7 15.3 3.2 52.1 106.9 159.0 Yr-on-Yr Chg. -11.3% -15.5% 8.0% -12.3% 1.0% -3.8% Dec-14 18.9 18.1 3.0 59.4 105.9 165.3 Jan-15 19.6 19.1 2.6 62.1 104.0 166.1 Feb-15 18.2 16.3 2.7 54.6 103.2 157.8 Mar-15 17.0 15.7 2.9 54.1 104.0 158.1 Apr-15 17.0 15.2 2.3 53.3 99.9 153.2 May-15 17.1 14.0 2.8 52.2 98.8 151.0 Jun-15 15.1 11.0 1.8 45.7 102.0 147.7 Jul-15 14.5 11.2 2.1 44.6 109.2 153.8 Aug-15 15.2 14.0 1.9 47.5 109.3 156.8 Sep-15 15.7 10.5 1.8 46.5 103.9 150.4 Oct-15 14.9 12.3 2.5 45.5 109.3 154.8 Nov-15 15.0 13.8 2.5 47.1 107.5 154.6 Dec-15 16.7 15.3 3.2 52.1 106.9 159.0 Yr-on-Yr Chg. -11.3% -15.5% 8.0% -12.3% 1.0% -3.8% Notes: 1. Total includes other finished petroleum products. 2. Total petroleum stocks include NGLs, refinery feedstocks, additives/ oxygenates and other hydrocarbons. All stocks are closing levels. Source: Statistics Canada s Energy Statistics Handbook. Relevant Independent Objective

Page 22 D4: Canada Crude Oil Production (million barrels per day) Major Producers Canada Petroleum Type Alta. Sask. B.C. N.W.T. Atlantic Total 1 Light SCO Heavy Bitumen NGLs 2013 2.63 0.47 0.04 0.01 0.23 3.46 0.91 0.94 0.45 0.98 0.15 2014 2.91 0.51 0.05 0.01 0.22 3.76 0.94 0.95 0.46 1.21 0.22 2015 3.09 0.53 0.05 0.01 0.17 3.91 0.85 0.98 0.45 1.39 0.22 4Q 2014 3.04 0.53 0.05 0.01 0.22 3.90 0.95 1.00 0.46 1.28 0.27 1Q 2015 3.17 0.55 0.05 0.01 0.22 4.05 0.95 1.09 0.47 1.32 0.21 2Q 2015 2.81 0.51 0.05 0.01 0.15 3.61 0.83 0.81 0.45 1.28 0.21 3Q 2015 3.17 0.52 0.05 0.01 0.14 3.95 0.79 1.02 0.45 1.46 0.22 4Q 2015 3.19 0.52 0.06 0.01 0.17 4.00 0.82 0.98 0.44 1.51 0.25 Yr-on-Yr Chg. 5.2% -1.4% 5.0% 1.1% -22.2% 2.6% -13.4% -2.1% -4.2% 18.0% -7.8% Dec-14 3.07 0.53 0.06 0.01 0.22 3.94 0.96 0.99 0.46 1.30 0.28 Jan-15 3.16 0.58 0.05 0.01 0.24 4.05 0.99 1.10 0.49 1.31 0.20 Feb-15 3.21 0.51 0.05 0.01 0.22 4.08 0.95 1.11 0.45 1.34 0.22 Mar-15 3.13 0.56 0.06 0.01 0.19 4.04 0.92 1.07 0.47 1.32 0.22 Apr-15 2.86 0.52 0.06 0.01 0.18 3.71 0.88 0.81 0.45 1.31 0.22 May-15 2.65 0.53 0.05 0.01 0.14 3.46 0.82 0.70 0.45 1.24 0.21 Jun-15 2.92 0.50 0.05 0.01 0.14 3.67 0.79 0.93 0.44 1.30 0.21 Jul-15 3.28 0.52 0.05 0.00 0.14 4.04 0.80 1.09 0.45 1.49 0.21 Aug-15 3.35 0.54 0.05 0.01 0.15 4.16 0.81 1.16 0.46 1.50 0.21 Sep-15 2.89 0.51 0.05 0.01 0.13 3.65 0.78 0.81 0.44 1.38 0.23 Oct-15 3.08 0.53 0.06 0.01 0.09 3.83 0.75 0.87 0.45 1.51 0.24 Nov-15 3.22 0.51 0.06 0.01 0.20 4.05 0.85 1.04 0.44 1.47 0.25 Dec-15 3.28 0.53 0.05 0.01 0.21 4.13 0.87 1.02 0.44 1.54 0.26 Yr-on-Yr Chg. 6.9% -1.6% -3.4% 4.7% -3.7% 4.7% -9.7% 2.5% -3.8% 18.2% -8.5% Note: Total includes small amounts of production from Manitoba and Ontario. Source: Statistics Canada s Energy Statistics Handbook. D5: Canada Petroleum Imports by Source (thousand barrels per day) Non-OPEC OPEC Imports Mexico U.S. U.K. Norway Total 1 Algeria Nigeria S. Arabia Venez. Total 2 P. Gulf Total 2013 24 15 36 55 466 71 47 16 2 177 57 643 2014 17 164 3 12 453 38 27 0 1 90 23 543 2015 0 256 4 8 496 45 26 0 0 71 0 567 4Q 2014 21 118 2 19 451 43 21 0 0 64 0 515 1Q 2015 0 303 0 7 485 61 30 0 0 91 0 576 2Q 2015 0 344 15 11 592 12 21 0 0 33 0 625 3Q 2015 0 191 0 3 461 74 42 0 0 116 0 577 4Q 2015 0 187 1 11 446 33 10 0 0 43 0 489 Yr-on-Yr Chg -100.0% 58.9% -42.0% -1.1% -23.0% -53.1% -32.9% -5.1% Dec-14 12 0 0 34 505 18 0 0 0 18 0 523 Jan-15 0 300 0 20 495 83 0 0 0 83 0 577 Feb-15 0 286 0 0 439 33 91 0 0 125 0 564 Mar-15 0 322 0 0 522 67 0 0 0 67 0 588 Apr-15 0 287 0 0 643 0 0 0 0 0 0 643 May-15 0 366 44 14 573 0 29 0 0 29 0 602 Jun-15 0 378 0 21 561 36 33 0 0 70 0 631 Jul-15 0 321 0 0 481 66 61 0 0 127 0 608 Aug-15 0 254 0 0 469 87 35 0 0 122 0 590 Sep-15 0 0 0 9 434 69 29 0 0 98 0 532 Oct-15 0 332 0 10 388 33 30 0 0 63 0 451 Nov-15 0 229 3 23 507 67 0 0 0 67 0 574 Dec-15 0 0 0 0 443 0 0 0 0 0 0 443 Yr-on-Yr Chg. -100.0% 0.0% 0.0% -99.9% -12.4% -100.0% 0.0% 0.0% -100.0% 0.0% -15.4% % of Total 3 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% Notes: 1. Includes all non-opec production. 2. Includes production by the other seven OPEC members. 3. As of most recent month. Sources: Statistics Canada s Energy Statistics Handbook.

Page 23 E1: World Drilling Activity (active oil and gas rigs) OECD Non-OECD OPEC World N. A. Europe Asia-Pac Total Asia Non-Asia Total 1 P. Gulf Non-Gulf Total Total 1 2013 2,221 117 27 2,365 219 368 586 288 195 483 3,435 2014 2,323 122 26 2,472 228 371 598 318 185 503 3,573 2015 1,222 96 17 1,336 202 296 498 348 156 503 2,337 1Q 2015 1,755 109 21 1,886 214 357 571 322 172 494 2,950 2Q 2015 1,068 96 17 1,181 203 326 529 313 155 468 2,177 3Q 2015 1,098 91 16 1,205 201 193 394 436 153 589 2,187 4Q 2015 967 90 15 1,072 191 307 498 320 143 463 2,033 1Q 2016 749 87 10 847 176 256 432 309 141 451 1,729 Yr-on-Yr Chg. -57.3% -20.2% -51.6% -55.1% -17.8% -28.3% -24.4% -3.9% -17.7% -8.7% -41.4% Mar-15 1,372 112 22 1,506 211 352 563 319 167 486 2,555 Apr-15 1,133 97 20 1,250 208 337 545 319 154 473 2,268 May-15 1,029 96 15 1,140 202 322 524 308 155 463 2,127 Jun-15 1,041 95 16 1,152 199 318 517 312 155 467 2,136 Jul-15 1,094 90 16 1,200 196 320 516 300 149 449 2,165 Aug-15 1,130 91 15 1,236 205 325 530 304 156 460 2,226 Sep-15 1,070 92 16 1,178 202-67 135 703 155 858 2,171 Oct-15 1,013 90 16 1,119 197 311 508 311 148 459 2,086 Nov-15 976 87 14 1,077 194 310 504 325 141 466 2,047 Dec-15 913 92 16 1,021 182 299 481 325 139 464 1,966 Jan-16 887 88 14 989 179 268 447 314 139 453 1,889 Feb-16 769 90 9 868 173 256 429 311 140 451 1,748 Mar-16 592 83 8 683 175 244 419 303 145 448 1,550 Yr-on-Yr Chg. -56.8% -25.9% -63.6% -54.6% -17.1% -30.7% -25.6% -5.0% -13.2% -7.8% -39.3% % of Total 2 38.2% 5.4% 0.5% 44.1% 11.3% 15.7% 27.0% 19.5% 9.4% 28.9% 100.0% Notes: 1. Does not include active rigs in the Former Soviet Union and onshore rigs in China. 2. As of latest month. Source: Baker Hughes, Inc. E2: North American Drilling Activity (active oil and gas rigs) United States Canada North America 1 East Mid-West S-Cent N-West West Total Land 2 Offshore Total Oil Gas Total 2013 89 420 1,049 153 50 1,761 1,705 56 351 1,728 384 2,112 2014 86 453 1,114 156 53 1,861 1,804 57 376 1,905 332 2,238 2015 64 248 395 216 65 977 941 35 193 944 226 1,170 1Q 2015 74 358 814 107 27 1,380 1,330 49 309 1,400 289 1,688 2Q 2015 69 233 516 69 24 909 878 31 100 785 223 1,008 3Q 2015 58 214 203 310 97 866 833 32 191 849 208 1,056 4Q 2015 54 187 45 378 111 754 724 29 174 741 187 928 1Q 2016 37 132 32 279 98 546 520 27 163 600 109 709 Yr-on-Yr Chg. -49.8% -63.0% -96.1% 161.9% 257.3% -60.4% -60.9% -46.0% -47.2% -57.1% -62.1% -58.0% Mar-15 69 288 649 78 27 1,109 1,066 43 195 1,054 250 1,304 Apr-15 72 252 557 71 27 976 943 33 90 844 222 1,066 May-15 68 226 505 69 23 889 857 32 80 746 223 969 Jun-15 68 220 486 67 22 861 833 28 129 766 224 989 Jul-15 63 213 501 67 22 866 835 31 183 834 216 1,049 Aug-15 56 221 56 443 133 883 849 34 206 880 209 1,089 Sep-15 54 209 52 421 135 848 816 32 183 833 198 1,031 Oct-15 48 194 50 402 117 791 758 33 184 782 193 975 Nov-15 58 194 47 378 107 760 729 31 178 744 194 938 Dec-15 56 174 37 355 108 711 686 24 160 697 174 871 Jan-16 48 155 34 332 107 643 615 28 190 700 133 833 Feb-16 35 123 29 266 98 519 493 26 211 628 102 730 Mar-16 28 119 32 240 88 477 451 27 88 472 93 565 Yr-on-Yr Chg. -59.4% -58.7% -95.1% 207.7% 225.9% -56.9% -57.7% -37.6% -54.9% -55.2% -62.8% -56.6% % of Total 3 5.0% 21.1% 5.7% 42.5% 15.6% 84.4% 79.7% 4.7% 15.6% 83.5% 16.5% 100.0% Notes: 1. Excluding Mexico. 2. Includes drilling on inland waterways. 3. As of latest month. Source: Baker Hughes, Inc. Relevant Independent Objective

Page 24 Geographical Specifications 1. The World: OECD is comprised of countries from three regions: North America (Canada, Mexico, US); Europe (Austria, Belgium, Czech Republ ic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, UK); and Asia-Pacific (Australia, Japan, New Zealand, South Korea). OPEC is comprised of Persian Gulf (Iran, Iraq, Kuwait, Qatar, Saudi Arabia, United Arab Emirates) and non-persian Gulf countries (Algeria, Indonesia, Libya, Nigeria, Venezuela). Non-OECD is comprised of countries from three regions: Former Soviet Union (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kirghizstan, Moldova, Russia, Crude Oil Qualities Producing API Country or Gravity Region (@60 F) Sulfur Content (%) BBLs/Metric Tonne Crude Stream Tapis Blend Malaysia 44 0.1 7.910 Ekofisk Blend Norway 43 0.2 7.773 WTI Texas 40 0.3 7.640 GCS Gulf of Mexico 40 0.3 7.640 Oklahoma Sweet Oklahoma 40 0.3 7.640 Kansas Sweet Kansas 40 0.4 7.640 Wyoming Sweet Wyoming 40 0.2 7.640 ELS Alberta 40 0.5 7.640 Brent Blend United kingdom 38 0.8 7.551 Bonny Light Nigeria 37 0.1 7.506 Oman Blend Oman 36 0.8 7.462 Arabian Light Saudi Arabia 34 1.8 7.373 Minas Indonesia 34 0.1 7.373 Isthmus Mexico 34 1.5 7.373 Michigan Sour Michigan 34 1.7 7.373 WTS Texas 33 1.7 7.328 Urals Russia 32 1.7 7.284 Tia Juana Light Venezuela 32 1.2 7.284 Dubai U.A.E. 31 1.7 7.239 Lost Hills California 30 0.6 7.194 Cano Limon Colombia 28 0.6 7.105 Arabian Heavy Saudi Arabia 27 2.8 7.061 ANS Alaska 27 1.1 7.061 Oriente Ecuador 25 1.4 6.971 Hardisty Heavy Alberta 25 2.1 6.971 Maya Mexico 22 3.3 6.838 Kern River California 13 1.0 6.436 Tajikistan, Turkmenistan, Ukraine, Uzbekistan); Asia (including non-oecd Oceania); and non-asia (Africa, Middle East, Latin America, and non- OECD Europe). 2. United States: East (PADD I) New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont); Central Atlantic (Delaware, Maryland, New Jersey, New York, Pennsylvania, and the District of Columbia) and Lower Atlantic (Florida, Georgia, North Carolina, South Carolina, Virginia, and West Virginia). Mid -West (PADD II) Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin. South-Central (PADD III) Alabama, Arkansas, Louisiana, Mississippi, New Mexico and Texas. North-West (PADD IV) Colorado, Idaho, Montana, Idaho, Montana, Wyoming. West (PADD V) Alaska, Arizona, California, Hawaii, Nevada, Oregon, Washington. 3. Canada: East is comprised of Ontario, Manitoba, Quebec and the Maritime provinces (New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island). West is comprised of Alberta, British Columbia, Saskatchewan and the northern territories (NorthWest Territories, Nunavuut, and Yukon). Additional Notes 1. Petroleum and oil refer to crude oil and natural gas liquids (NGLs), whereas crude oil refers to its namesake and field condensates. Condensates derived from natural gas processing plants are classified as NGLs. 2. The spot price is for immediate delivery of crude oil or refined products at a specific location. Spot transactions are generally on a cargo by cargo basis. In contrast, a futures price is for delivery of a specified quantity of a commodity at a specified time and place in the future. 3. Crude oil sold Free-On-Board (FOB) is made available to the buyer at the loading port at a particular time, with transportation and insurance the responsibility of the buyer. Crude oil sold Cost-Insurance-Freight (CIF) is priced at a major destination point, with the seller responsible for the transportation and insurance to that point. A Delivered transaction is similar to a CIF transaction, except the buyer in the former pays based on the quantity and quality ascertained at the unloading port, whereas in a CIF transaction, the buyer accepts the quantity and quality as determined at the loading port. 4. Processing gain is the volume of which refinery output is greater than crude oil inputs. The difference is due to the processing of crude oil products, which in total have a lower specific gravity than crude oil. 5. Unaccounted for crude oil reconciles the difference between crude input to refineries and the sum of domestic production, net imports/exports, stock changes and documented losses (in the U.S.). 6. Totals may not equal the sum of their parts in the statistical tables due to rounding. For more information, please contact Dinara Millington at dmillington@ceri.ca. Canadian Energy Research Institute 150, 3512 33 Street NW Calgary, AB T2L 2A6