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ET Q q 0 0 0 rg BT 153.22 294.40 Td (in ) Tj ET Q q 0 0 0 rg BT 164.42 294.40 Td (reductions. ) Tj ET Q q 0 0 0 rg BT 218.61 294.40 Td (T) Tj ET Q q 0 0 0 rg BT 223.86 294.40 Td (argeted ) Tj ET Q q 0 0 0 rg BT 262.50 294.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 309.30 294.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 331.58 294.40 Td (reductions ) Tj ET Q q 0 0 0 rg BT 383.05 294.40 Td (from ) Tj ET Q q 0 0 0 rg BT 407.08 294.40 Td (2019 ) Tj ET Q q 0 0 0 rg BT 433.46 294.40 Td (levels ) Tj ET Q q 0 0 0 rg BT 463.33 294.40 Td (are ) Tj ET Q q 0 0 0 rg BT 481.53 294.40 Td (significant ) Tj ET Q q 0 0 0 rg BT 531.24 294.40 Td (in ) Tj ET Q q 0 0 0 rg BT 542.44 294.40 Td (2020, ) Tj ET Q q 0 0 0 rg BT 571.74 294.40 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 281.80 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 100.04 281.80 Td ($745) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 123.40 281.80 Td ( ) Tj ET Q q 0 0 0 rg BT 126.58 281.80 Td (million ) Tj ET Q q 0 0 0 rg BT 159.51 281.80 Td (and ) Tj ET Q q 0 0 0 rg BT 180.20 281.80 Td (the ) Tj ET Q q 0 0 0 rg BT 197.98 281.80 Td (Board ) Tj ET Q q 0 0 0 rg BT 229.17 281.80 Td (of ) Tj ET Q q 0 0 0 rg BT 241.10 281.80 Td (Directors ) Tj ET Q q 0 0 0 rg BT 286.29 281.80 Td (has ) Tj ET Q q 0 0 0 rg BT 306.39 281.80 Td (maintained ) Tj ET Q q 0 0 0 rg BT 360.94 281.80 Td (our ) Tj ET Q q 0 0 0 rg BT 379.29 281.80 Td (current ) Tj ET Q q 0 0 0 rg BT 415.14 281.80 Td (dividend ) Tj ET Q q 0 0 0 rg BT 457.43 281.80 Td (levels, ) Tj ET Q q 0 0 0 rg BT 490.37 281.80 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 560.09 281.80 Td (their ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 269.20 Td (confidence ) Tj ET Q q 0 0 0 rg BT 85.21 269.20 Td (in ) Tj ET Q q 0 0 0 rg BT 96.30 269.20 Td (the ) Tj ET Q q 0 0 0 rg BT 113.81 269.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 168.92 269.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 202.19 269.20 Td (and ) Tj ET Q q 0 0 0 rg BT 222.63 269.20 Td (plan ) Tj ET Q q 0 0 0 rg BT 245.40 269.20 Td (moving ) Tj ET Q q 0 0 0 rg BT 282.16 269.20 Td (forward." ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 248.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 79.84 248.60 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 124.33 248.60 Td (Chief ) Tj ET Q q 0 0 0 rg BT 152.24 248.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 197.65 248.60 Td (Of) Tj ET Q q 0 0 0 rg BT 208.54 248.60 Td (ficer) Tj ET Q q 0 0 0 rg BT 227.80 248.60 Td (, ) Tj ET Q q 0 0 0 rg BT 234.10 248.60 Td (Mark ) Tj ET Q q 0 0 0 rg BT 260.82 248.60 Td (Stainthorpe, ) Tj ET Q q 0 0 0 rg BT 320.84 248.60 Td (added, ) Tj ET Q q 0 0 0 rg BT 356.34 248.60 Td ("In ) Tj ET Q q 0 0 0 rg BT 372.21 248.60 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 407.12 248.60 Td (we ) Tj ET Q q 0 0 0 rg BT 423.93 248.60 Td (have ) Tj ET Q q 0 0 0 rg BT 450.09 248.60 Td (been ) Tj ET Q q 0 0 0 rg BT 476.84 248.60 Td (proactive ) Tj ET Q q 0 0 0 rg BT 522.83 248.60 Td (in ) Tj ET Q q 0 0 0 rg BT 534.39 248.60 Td (managing ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 236.00 Td (our ) Tj ET Q q 0 0 0 rg BT 49.60 236.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 89.31 236.00 Td (sheet ) Tj ET Q q 0 0 0 rg BT 117.92 236.00 Td (and ) Tj ET Q q 0 0 0 rg BT 138.37 236.00 Td (executing ) Tj ET Q q 0 0 0 rg BT 186.25 236.00 Td (on ) Tj ET Q q 0 0 0 rg BT 200.85 236.00 Td (our ) Tj ET Q q 0 0 0 rg BT 218.95 236.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 252.23 236.00 Td (flexibility) Tj ET Q q 0 0 0 rg BT 291.13 236.00 Td (, ) Tj ET Q q 0 0 0 rg BT 296.98 236.00 Td (given ) Tj ET Q q 0 0 0 rg BT 325.01 236.00 Td (the ) Tj ET Q q 0 0 0 rg BT 342.53 236.00 Td (volatility ) Tj ET Q q 0 0 0 rg BT 382.80 236.00 Td (in ) Tj ET Q q 0 0 0 rg BT 393.90 236.00 Td (commodity ) Tj ET Q q 0 0 0 rg BT 447.59 236.00 Td (prices. ) Tj ET Q q 0 0 0 rg BT 481.25 236.00 Td (T) Tj ET Q q 0 0 0 rg BT 486.50 236.00 Td (o ) Tj ET Q q 0 0 0 rg BT 495.27 236.00 Td (date, ) Tj ET Q q 0 0 0 rg BT 521.55 236.00 Td (including ) Tj ET Q q 0 0 0 rg BT 565.93 236.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 223.40 Td (most ) Tj ET Q q 0 0 0 rg BT 59.33 223.40 Td (recent ) Tj ET Q q 0 0 0 rg BT 93.60 223.40 Td (reduction ) Tj ET Q q 0 0 0 rg BT 141.87 223.40 Td (in ) Tj ET Q q 0 0 0 rg BT 155.12 223.40 Td (the ) Tj ET Q q 0 0 0 rg BT 174.80 223.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.23 223.40 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 270.19 223.40 Td (forecast, ) Tj ET Q q 0 0 0 rg BT 315.53 223.40 Td (we ) Tj ET Q q 0 0 0 rg BT 334.04 223.40 Td (have ) Tj ET Q q 0 0 0 rg BT 361.88 223.40 Td (reduced ) Tj ET Q q 0 0 0 rg BT 404.91 223.40 Td (our ) Tj ET Q q 0 0 0 rg BT 425.17 223.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 468.77 223.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 504.21 223.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 569.41 223.40 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 210.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 98.80 210.80 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 121.16 210.80 Td (billion ) Tj ET Q q 0 0 0 rg BT 149.94 210.80 Td (in ) Tj ET Q q 0 0 0 rg BT 160.05 210.80 Td (2020 ) Tj ET Q q 0 0 0 rg BT 185.34 210.80 Td (from ) Tj ET Q q 0 0 0 rg BT 208.27 210.80 Td (the ) Tj ET Q q 0 0 0 rg BT 224.80 210.80 Td (original ) Tj ET Q q 0 0 0 rg BT 260.58 210.80 Td (budget ) Tj ET Q q 0 0 0 rg BT 294.63 210.80 Td (announced ) Tj ET Q q 0 0 0 rg BT 348.53 210.80 Td (in ) Tj ET Q q 0 0 0 rg BT 358.63 210.80 Td (December ) Tj ET Q q 0 0 0 rg BT 409.00 210.80 Td (2019, ) Tj ET Q q 0 0 0 rg BT 437.20 210.80 Td (while ) Tj ET Q q 0 0 0 rg BT 463.06 210.80 Td (at ) Tj ET Q q 0 0 0 rg BT 473.75 210.80 Td (the ) Tj ET Q q 0 0 0 rg BT 490.28 210.80 Td (same ) Tj ET Q q 0 0 0 rg BT 517.88 210.80 Td (time ) Tj ET Q q 0 0 0 rg BT 539.65 210.80 Td (targeting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 198.20 Td (to ) Tj ET Q q 0 0 0 rg BT 43.07 198.20 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.58 198.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 114.66 198.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 127.98 198.20 Td (and ) Tj ET Q q 0 0 0 rg BT 148.32 198.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 183.24 198.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 202.99 198.20 Td (production ) Tj ET Q q 0 0 0 rg BT 254.84 198.20 Td (over ) Tj ET Q q 0 0 0 rg BT 278.08 198.20 Td (2019 ) Tj ET Q q 0 0 0 rg BT 304.26 198.20 Td (levels. ) Tj ET Q q 0 0 0 rg BT 336.84 198.20 Td (In ) Tj ET Q q 0 0 0 rg BT 348.41 198.20 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 382.75 198.20 Td (our ) Tj ET Q q 0 0 0 rg BT 400.74 198.20 Td (strong ) Tj ET Q q 0 0 0 rg BT 432.74 198.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 475.26 198.20 Td (funds ) Tj ET Q q 0 0 0 rg BT 503.76 198.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 525.25 198.20 Td (of ) Tj ET Q q 0 0 0 rg BT 536.83 198.20 Td (over ) Tj ET Q q 0 0 0 rg BT 560.07 198.20 Td ($1.3 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 185.60 Td (billion ) Tj ET Q q 0 0 0 rg BT 61.65 185.60 Td (was ) Tj ET Q q 0 0 0 rg BT 83.61 185.60 Td (in ) Tj ET Q q 0 0 0 rg BT 95.08 185.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 131.05 185.60 Td (of ) Tj ET Q q 0 0 0 rg BT 143.10 185.60 Td (our ) Tj ET Q q 0 0 0 rg BT 161.57 185.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 195.22 185.60 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 258.64 185.60 Td (and ) Tj ET Q q 0 0 0 rg BT 279.45 185.60 Td (dividend ) Tj ET Q q 0 0 0 rg BT 321.86 185.60 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 389.35 185.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 410.15 185.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 448.46 185.60 Td (at ) Tj ET Q q 0 0 0 rg BT 460.51 185.60 Td (the ) Tj ET Q q 0 0 0 rg BT 478.40 185.60 Td (end ) Tj ET Q q 0 0 0 rg BT 499.21 185.60 Td (of ) Tj ET Q q 0 0 0 rg BT 511.26 185.60 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 543.16 185.60 Td (remains ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 173.00 Td (robust ) Tj ET Q q 0 0 0 rg BT 63.08 173.00 Td (at ) Tj ET Q q 0 0 0 rg BT 74.22 173.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 141.98 173.00 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 164.81 173.00 Td (billion, ) Tj ET Q q 0 0 0 rg BT 196.97 173.00 Td (including ) Tj ET Q q 0 0 0 rg BT 240.81 173.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 308.57 173.00 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 331.40 173.00 Td (billion ) Tj ET Q q 0 0 0 rg BT 360.64 173.00 Td (in ) Tj ET Q q 0 0 0 rg BT 371.20 173.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 395.78 173.00 Td (reserves ) Tj ET Q q 0 0 0 rg BT 438.43 173.00 Td (and ) Tj ET Q q 0 0 0 rg BT 458.34 173.00 Td (our ) Tj ET Q q 0 0 0 rg BT 475.91 173.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 515.08 173.00 Td (sheet ) Tj ET Q q 0 0 0 rg BT 543.16 173.00 Td (remains ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 160.40 Td (resilient ) Tj ET Q q 0 0 0 rg BT 70.60 160.40 Td (through ) Tj ET Q q 0 0 0 rg BT 109.13 160.40 Td (this ) Tj ET Q q 0 0 0 rg BT 128.39 160.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 182.07 160.40 Td (price ) Tj ET Q q 0 0 0 rg BT 207.75 160.40 Td (cycle ) Tj ET Q q 0 0 0 rg BT 234.59 160.40 Td (and ) Tj ET Q q 0 0 0 rg BT 255.02 160.40 Td (supported ) Tj ET Q q 0 0 0 rg BT 304.64 160.40 Td (by ) Tj ET Q q 0 0 0 rg BT 318.65 160.40 Td (strong ) Tj ET Q q 0 0 0 rg BT 350.75 160.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 404.44 160.40 Td (grade ) Tj ET Q q 0 0 0 rg BT 434.22 160.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 462.81 160.40 Td (ratings.") Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 748.40 Td (COPORA) Tj ET Q q 0 0 0 rg BT 76.81 748.40 Td (TE ) Tj ET Q q 0 0 0 rg BT 93.14 748.40 Td (UPDA) Tj ET Q q 0 0 0 rg BT 122.12 748.40 Td (TE) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 729.80 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 82.85 729.80 Td (Response) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 708.93 cm /I2 Do Q q 0 0 0 rg BT 35.32 711.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 711.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.10 711.20 Td (Natural ) Tj ET Q q 0 0 0 rg BT 133.59 711.20 Td (has ) Tj ET Q q 0 0 0 rg BT 153.17 711.20 Td (taken ) Tj ET Q q 0 0 0 rg BT 181.50 711.20 Td (proactive ) Tj ET Q q 0 0 0 rg BT 226.75 711.20 Td (and ) Tj ET Q q 0 0 0 rg BT 246.91 711.20 Td (ef) Tj ET Q q 0 0 0 rg BT 255.48 711.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 288.47 711.20 Td (steps ) Tj ET Q q 0 0 0 rg BT 316.21 711.20 Td (to ) Tj ET Q q 0 0 0 rg BT 327.61 711.20 Td (ensure ) Tj ET Q q 0 0 0 rg BT 362.36 711.20 Td (the ) Tj ET Q q 0 0 0 rg BT 379.60 711.20 Td (safety ) Tj ET Q q 0 0 0 rg BT 410.26 711.20 Td (and ) Tj ET Q q 0 0 0 rg BT 430.43 711.20 Td (health ) Tj ET Q q 0 0 0 rg BT 461.68 711.20 Td (of ) Tj ET Q q 0 0 0 rg BT 473.08 711.20 Td (our ) Tj ET Q q 0 0 0 rg BT 490.90 711.20 Td (employees, ) Tj ET Q q 0 0 0 rg BT 547.24 711.20 Td (service ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 698.60 Td (providers ) Tj ET Q q 0 0 0 rg BT 94.73 698.60 Td (and ) Tj ET Q q 0 0 0 rg BT 114.29 698.60 Td (communities ) Tj ET Q q 0 0 0 rg BT 175.27 698.60 Td (where ) Tj ET Q q 0 0 0 rg BT 205.92 698.60 Td (we ) Tj ET Q q 0 0 0 rg BT 221.39 698.60 Td (work ) Tj ET Q q 0 0 0 rg BT 245.60 698.60 Td (during ) Tj ET Q q 0 0 0 rg BT 276.83 698.60 Td (the ) Tj ET Q q 0 0 0 rg BT 293.47 698.60 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 336.38 698.60 Td (of ) Tj ET Q q 0 0 0 rg BT 347.18 698.60 Td (the ) Tj ET Q q 0 0 0 rg BT 363.83 698.60 Td (novel ) Tj ET Q q 0 0 0 rg BT 390.97 698.60 Td (coronavirus ) Tj ET Q q 0 0 0 rg BT 447.29 698.60 Td (\("COVID-19"\), ) Tj ET Q q 0 0 0 rg BT 515.13 698.60 Td (some ) Tj ET Q q 0 0 0 rg BT 542.85 698.60 Td (of ) Tj ET Q q 0 0 0 rg BT 553.66 698.60 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 686.00 Td (are ) Tj ET Q q 0 0 0 rg BT 67.59 686.00 Td (over ) Tj ET Q q 0 0 0 rg BT 90.94 686.00 Td (and ) Tj ET Q q 0 0 0 rg BT 111.37 686.00 Td (above ) Tj ET Q q 0 0 0 rg BT 142.90 686.00 Td (guidance ) Tj ET Q q 0 0 0 rg BT 188.44 686.00 Td (from ) Tj ET Q q 0 0 0 rg BT 212.36 686.00 Td (the ) Tj ET Q q 0 0 0 rg BT 229.87 686.00 Td (Public ) Tj ET Q q 0 0 0 rg BT 261.39 686.00 Td (Health ) Tj ET Q q 0 0 0 rg BT 294.08 686.00 Td (Agency ) Tj ET Q q 0 0 0 rg BT 332.02 686.00 Td (of ) Tj ET Q q 0 0 0 rg BT 343.70 686.00 Td (Canada ) Tj ET Q q 0 0 0 rg BT 383.40 686.00 Td (and ) Tj ET Q q 0 0 0 rg BT 403.83 686.00 Td (provincial ) Tj ET Q q 0 0 0 rg BT 451.11 686.00 Td (health ) Tj ET Q q 0 0 0 rg BT 482.63 686.00 Td (authorities. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 667.40 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 667.40 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 114.84 667.40 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 158.33 667.40 Td (proactive ) Tj ET Q q 0 0 0 rg BT 203.32 667.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 251.81 667.40 Td (are ) Tj ET Q q 0 0 0 rg BT 269.38 667.40 Td (allowing ) Tj ET Q q 0 0 0 rg BT 309.70 667.40 Td (for ) Tj ET Q q 0 0 0 rg BT 324.34 667.40 Td (continued ) Tj ET Q q 0 0 0 rg BT 372.27 667.40 Td (ef) Tj ET Q q 0 0 0 rg BT 380.84 667.40 Td (fective ) Tj ET Q q 0 0 0 rg BT 413.57 667.40 Td (and ) Tj ET Q q 0 0 0 rg BT 433.48 667.40 Td (ef) Tj ET Q q 0 0 0 rg BT 442.04 667.40 Td (ficient ) Tj ET Q q 0 0 0 rg BT 471.86 667.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 523.28 667.40 Td (with ) Tj ET Q q 0 0 0 rg BT 544.34 667.40 Td (minimal ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 654.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 101.17 654.80 Td (to ) Tj ET Q q 0 0 0 rg BT 112.68 654.80 Td (the ) Tj ET Q q 0 0 0 rg BT 130.02 654.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 184.96 654.80 Td (operations ) Tj ET Q q 0 0 0 rg BT 236.74 654.80 Td (at ) Tj ET Q q 0 0 0 rg BT 248.25 654.80 Td (its ) Tj ET Q q 0 0 0 rg BT 261.50 654.80 Td (head ) Tj ET Q q 0 0 0 rg BT 287.60 654.80 Td (of) Tj ET Q q 0 0 0 rg BT 296.17 654.80 Td (fice ) Tj ET Q q 0 0 0 rg BT 315.26 654.80 Td (and ) Tj ET Q q 0 0 0 rg BT 335.52 654.80 Td (in ) Tj ET Q q 0 0 0 rg BT 346.44 654.80 Td (the ) Tj ET Q q 0 0 0 rg BT 363.78 654.80 Td (field, ) Tj ET Q q 0 0 0 rg BT 388.71 654.80 Td (both ) Tj ET Q q 0 0 0 rg BT 411.90 654.80 Td (Internationally ) Tj ET Q q 0 0 0 rg BT 480.02 654.80 Td (and ) Tj ET Q q 0 0 0 rg BT 500.29 654.80 Td (in ) Tj ET Q q 0 0 0 rg BT 511.20 654.80 Td (North ) Tj ET Q q 0 0 0 rg BT 539.08 654.80 Td (America. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 642.20 Td (Currently ) Tj ET Q q 0 0 0 rg BT 113.98 642.20 Td (the ) Tj ET Q q 0 0 0 rg BT 132.47 642.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.30 642.20 Td (has ) Tj ET Q q 0 0 0 rg BT 202.11 642.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 271.37 642.20 Td (6,000 ) Tj ET Q q 0 0 0 rg BT 301.53 642.20 Td (employees ) Tj ET Q q 0 0 0 rg BT 356.20 642.20 Td (working ) Tj ET Q q 0 0 0 rg BT 396.27 642.20 Td (remotely ) Tj ET Q q 0 0 0 rg BT 440.42 642.20 Td (and ) Tj ET Q q 0 0 0 rg BT 461.83 642.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 531.08 642.20 Td (4,000 ) Tj ET Q q 0 0 0 rg BT 561.24 642.20 Td (field ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 629.60 Td (personnel ) Tj ET Q q 0 0 0 rg BT 116.54 629.60 Td (working ) Tj ET Q q 0 0 0 rg BT 155.64 629.60 Td (under ) Tj ET Q q 0 0 0 rg BT 185.41 629.60 Td (safety ) Tj ET Q q 0 0 0 rg BT 216.34 629.60 Td (protocols ) Tj ET Q q 0 0 0 rg BT 261.87 629.60 Td (to ) Tj ET Q q 0 0 0 rg BT 273.54 629.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 316.15 629.60 Td (safe ) Tj ET Q q 0 0 0 rg BT 338.91 629.60 Td (reliable ) Tj ET Q q 0 0 0 rg BT 375.68 629.60 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 611.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 611.00 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 114.78 611.00 Td (Natural ) Tj ET Q q 0 0 0 rg BT 150.96 611.00 Td (has ) Tj ET Q q 0 0 0 rg BT 170.22 611.00 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 218.07 611.00 Td (response ) Tj ET Q q 0 0 0 rg BT 263.60 611.00 Td (and ) Tj ET Q q 0 0 0 rg BT 283.44 611.00 Td (business ) Tj ET Q q 0 0 0 rg BT 327.21 611.00 Td (continuity ) Tj ET Q q 0 0 0 rg BT 373.90 611.00 Td (plans ) Tj ET Q q 0 0 0 rg BT 401.33 611.00 Td (in ) Tj ET Q q 0 0 0 rg BT 411.83 611.00 Td (place ) Tj ET Q q 0 0 0 rg BT 439.26 611.00 Td (to ) Tj ET Q q 0 0 0 rg BT 450.35 611.00 Td (protect ) Tj ET Q q 0 0 0 rg BT 484.78 611.00 Td (the ) Tj ET Q q 0 0 0 rg BT 501.70 611.00 Td (health ) Tj ET Q q 0 0 0 rg BT 532.64 611.00 Td (and ) Tj ET Q q 0 0 0 rg BT 552.49 611.00 Td (safety ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 598.40 Td (of ) Tj ET Q q 0 0 0 rg BT 78.42 598.40 Td (our ) Tj ET Q q 0 0 0 rg BT 95.76 598.40 Td (personnel ) Tj ET Q q 0 0 0 rg BT 144.04 598.40 Td (while ) Tj ET Q q 0 0 0 rg BT 170.13 598.40 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 225.99 598.40 Td (safe, ) Tj ET Q q 0 0 0 rg BT 250.91 598.40 Td (reliable ) Tj ET Q q 0 0 0 rg BT 286.93 598.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 338.13 598.40 Td (and ) Tj ET Q q 0 0 0 rg BT 357.81 598.40 Td (supporting ) Tj ET Q q 0 0 0 rg BT 409.01 598.40 Td (the ) Tj ET Q q 0 0 0 rg BT 425.76 598.40 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 478.70 598.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 526.97 598.40 Td (being ) Tj ET Q q 0 0 0 rg BT 554.82 598.40 Td (taken ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 585.80 Td (by ) Tj ET Q q 0 0 0 rg BT 81.51 585.80 Td (public ) Tj ET Q q 0 0 0 rg BT 111.86 585.80 Td (health ) Tj ET Q q 0 0 0 rg BT 143.39 585.80 Td (of) Tj ET Q q 0 0 0 rg BT 151.96 585.80 Td (ficials ) Tj ET Q q 0 0 0 rg BT 181.13 585.80 Td (to ) Tj ET Q q 0 0 0 rg BT 192.80 585.80 Td (limit ) Tj ET Q q 0 0 0 rg BT 214.38 585.80 Td (the ) Tj ET Q q 0 0 0 rg BT 231.90 585.80 Td (spread ) Tj ET Q q 0 0 0 rg BT 266.92 585.80 Td (of ) Tj ET Q q 0 0 0 rg BT 278.60 585.80 Td (COVID-19. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 567.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 567.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 115.38 567.20 Td (Natural ) Tj ET Q q 0 0 0 rg BT 152.15 567.20 Td (monitors ) Tj ET Q q 0 0 0 rg BT 195.34 567.20 Td (government ) Tj ET Q q 0 0 0 rg BT 253.72 567.20 Td (updates ) Tj ET Q q 0 0 0 rg BT 294.01 567.20 Td (daily ) Tj ET Q q 0 0 0 rg BT 318.53 567.20 Td (and ) Tj ET Q q 0 0 0 rg BT 338.97 567.20 Td (follows ) Tj ET Q q 0 0 0 rg BT 373.99 567.20 Td (the ) Tj ET Q q 0 0 0 rg BT 391.52 567.20 Td (guidance ) Tj ET Q q 0 0 0 rg BT 437.06 567.20 Td (of ) Tj ET Q q 0 0 0 rg BT 448.75 567.20 Td (public ) Tj ET Q q 0 0 0 rg BT 479.11 567.20 Td (health ) Tj ET Q q 0 0 0 rg BT 510.64 567.20 Td (of) Tj ET Q q 0 0 0 rg BT 519.21 567.20 Td (ficials. ) Tj ET Q q 0 0 0 rg BT 550.73 567.20 Td (As ) Tj ET Q q 0 0 0 rg BT 565.90 567.20 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 554.60 Td (situation ) Tj ET Q q 0 0 0 rg BT 109.07 554.60 Td (with ) Tj ET Q q 0 0 0 rg BT 130.21 554.60 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 181.11 554.60 Td (evolves, ) Tj ET Q q 0 0 0 rg BT 222.09 554.60 Td (the ) Tj ET Q q 0 0 0 rg BT 239.15 554.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 286.56 554.60 Td (has ) Tj ET Q q 0 0 0 rg BT 305.95 554.60 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 354.54 554.60 Td (precautionary ) Tj ET Q q 0 0 0 rg BT 420.63 554.60 Td (measures ) Tj ET Q q 0 0 0 rg BT 469.20 554.60 Td (and ) Tj ET Q q 0 0 0 rg BT 489.18 554.60 Td (ensured ) Tj ET Q q 0 0 0 rg BT 529.59 554.60 Td (actions ) Tj ET Q q 0 0 0 rg BT 565.33 554.60 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 542.00 Td (implemented ) Tj ET Q q 0 0 0 rg BT 129.90 542.00 Td (and ) Tj ET Q q 0 0 0 rg BT 149.70 542.00 Td (followed. ) Tj ET Q q 0 0 0 rg BT 193.43 542.00 Td (Precautionary ) Tj ET Q q 0 0 0 rg BT 260.50 542.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 308.89 542.00 Td (are ) Tj ET Q q 0 0 0 rg BT 326.35 542.00 Td (currently ) Tj ET Q q 0 0 0 rg BT 368.89 542.00 Td (in ) Tj ET Q q 0 0 0 rg BT 379.35 542.00 Td (ef) Tj ET Q q 0 0 0 rg BT 387.92 542.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 407.13 542.00 Td (across ) Tj ET Q q 0 0 0 rg BT 440.33 542.00 Td (the ) Tj ET Q q 0 0 0 rg BT 457.22 542.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 511.69 542.00 Td (work ) Tj ET Q q 0 0 0 rg BT 536.15 542.00 Td (locations. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 529.40 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 115.37 529.40 Td (Natural ) Tj ET Q q 0 0 0 rg BT 152.14 529.40 Td (will ) Tj ET Q q 0 0 0 rg BT 169.64 529.40 Td (continue ) Tj ET Q q 0 0 0 rg BT 212.26 529.40 Td (to ) Tj ET Q q 0 0 0 rg BT 223.93 529.40 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 276.47 529.40 Td (these ) Tj ET Q q 0 0 0 rg BT 305.07 529.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 354.09 529.40 Td (at ) Tj ET Q q 0 0 0 rg BT 365.77 529.40 Td (the ) Tj ET Q q 0 0 0 rg BT 383.28 529.40 Td (advice ) Tj ET Q q 0 0 0 rg BT 416.55 529.40 Td (of ) Tj ET Q q 0 0 0 rg BT 428.23 529.40 Td (public ) Tj ET Q q 0 0 0 rg BT 458.58 529.40 Td (health ) Tj ET Q q 0 0 0 rg BT 490.11 529.40 Td (of) Tj ET Q q 0 0 0 rg BT 498.68 529.40 Td (ficials ) Tj ET Q q 0 0 0 rg BT 527.85 529.40 Td (as ) Tj ET Q q 0 0 0 rg BT 541.86 529.40 Td (needed.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 506.80 Td (Balance ) Tj ET Q q 0 0 0 rg BT 74.69 506.80 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 106.20 506.80 Td (Strength ) Tj ET Q q 0 0 0 rg BT 152.29 506.80 Td (and ) Tj ET Q q 0 0 0 rg BT 173.87 506.80 Td (Liquidity) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 486.93 cm /I3 Do Q q 0 0 0 rg BT 35.32 489.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 489.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.97 489.20 Td (Natural ) Tj ET Q q 0 0 0 rg BT 135.34 489.20 Td (is ) Tj ET Q q 0 0 0 rg BT 146.44 489.20 Td (in ) Tj ET Q q 0 0 0 rg BT 158.13 489.20 Td (a ) Tj ET Q q 0 0 0 rg BT 167.49 489.20 Td (robust ) Tj ET Q q 0 0 0 rg BT 200.20 489.20 Td (overall ) Tj ET Q q 0 0 0 rg BT 234.65 489.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.69 489.20 Td (position ) Tj ET Q q 0 0 0 rg BT 316.40 489.20 Td (with ) Tj ET Q q 0 0 0 rg BT 338.59 489.20 Td (strong ) Tj ET Q q 0 0 0 rg BT 371.30 489.20 Td (liquidity) Tj ET Q q 0 0 0 rg BT 405.54 489.20 Td (. ) Tj ET Q q 0 0 0 rg BT 411.74 489.20 Td (The ) Tj ET Q q 0 0 0 rg BT 433.35 489.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 481.81 489.20 Td (continues ) Tj ET Q q 0 0 0 rg BT 530.28 489.20 Td (to ) Tj ET Q q 0 0 0 rg BT 542.56 489.20 Td (manage ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 476.60 Td (ef) Tj ET Q q 0 0 0 rg BT 58.07 476.60 Td (fectively ) Tj ET Q q 0 0 0 rg BT 99.48 476.60 Td (through ) Tj ET Q q 0 0 0 rg BT 138.57 476.60 Td (the ) Tj ET Q q 0 0 0 rg BT 156.64 476.60 Td (current ) Tj ET Q q 0 0 0 rg BT 192.80 476.60 Td (short ) Tj ET Q q 0 0 0 rg BT 219.62 476.60 Td (term ) Tj ET Q q 0 0 0 rg BT 244.10 476.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 298.34 476.60 Td (price ) Tj ET Q q 0 0 0 rg BT 324.58 476.60 Td (environment. ) Tj ET Q q 0 0 0 rg BT 388.06 476.60 Td (As ) Tj ET Q q 0 0 0 rg BT 403.79 476.60 Td (at ) Tj ET Q q 0 0 0 rg BT 416.03 476.60 Td (March ) Tj ET Q q 0 0 0 rg BT 448.68 476.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 466.75 476.60 Td (2020, ) Tj ET Q q 0 0 0 rg BT 496.51 476.60 Td (the ) Tj ET Q q 0 0 0 rg BT 514.58 476.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 563.00 476.60 Td (had ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 464.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 117.17 464.00 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 139.90 464.00 Td (billion ) Tj ET Q q 0 0 0 rg BT 169.06 464.00 Td (of ) Tj ET Q q 0 0 0 rg BT 180.11 464.00 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 217.43 464.00 Td (available, ) Tj ET Q q 0 0 0 rg BT 264.10 464.00 Td (an ) Tj ET Q q 0 0 0 rg BT 278.08 464.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 320.07 464.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 331.13 464.00 Td ($1) Tj ET Q q 0 0 0 rg BT 342.03 464.00 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.71 464.00 Td ( ) Tj ET Q q 0 0 0 rg BT 356.01 464.00 Td (million ) Tj ET Q q 0 0 0 rg BT 388.07 464.00 Td (over ) Tj ET Q q 0 0 0 rg BT 410.80 464.00 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 441.70 464.00 Td (levels. ) Tj ET Q q 0 0 0 rg BT 473.77 464.00 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 514.59 464.00 Td (is ) Tj ET Q q 0 0 0 rg BT 524.48 464.00 Td (represented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 451.40 Td (by ) Tj ET Q q 0 0 0 rg BT 63.20 451.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 87.99 451.40 Td (and ) Tj ET Q q 0 0 0 rg BT 108.12 451.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 132.91 451.40 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 188.65 451.40 Td (of ) Tj ET Q q 0 0 0 rg BT 200.02 451.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 267.99 451.40 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 291.04 451.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 320.50 451.40 Td (and ) Tj ET Q q 0 0 0 rg BT 340.64 451.40 Td (committed ) Tj ET Q q 0 0 0 rg BT 391.68 451.40 Td (bank ) Tj ET Q q 0 0 0 rg BT 417.06 451.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 445.35 451.40 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 488.05 451.40 Td (The ) Tj ET Q q 0 0 0 rg BT 508.76 451.40 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 546.39 451.40 Td (is ) Tj ET Q q 0 0 0 rg BT 556.58 451.40 Td (more ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 438.80 Td (than ) Tj ET Q q 0 0 0 rg BT 72.85 438.80 Td (suf) Tj ET Q q 0 0 0 rg BT 86.67 438.80 Td (ficient ) Tj ET Q q 0 0 0 rg BT 117.02 438.80 Td (to ) Tj ET Q q 0 0 0 rg BT 128.69 438.80 Td (retire, ) Tj ET Q q 0 0 0 rg BT 158.45 438.80 Td (when ) Tj ET Q q 0 0 0 rg BT 186.47 438.80 Td (due, ) Tj ET Q q 0 0 0 rg BT 209.83 438.80 Td (any ) Tj ET Q q 0 0 0 rg BT 229.67 438.80 Td (upcoming ) Tj ET Q q 0 0 0 rg BT 278.12 438.80 Td (debt ) Tj ET Q q 0 0 0 rg BT 301.48 438.80 Td (maturities. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 418.93 cm /I4 Do Q q 0 0 0 rg BT 35.32 421.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 421.20 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 109.16 421.20 Td (to ) Tj ET Q q 0 0 0 rg BT 121.53 421.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 158.42 421.20 Td (end, ) Tj ET Q q 0 0 0 rg BT 182.47 421.20 Td (the ) Tj ET Q q 0 0 0 rg BT 200.68 421.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 256.48 421.20 Td ($750 ) Tj ET Q q 0 0 0 rg BT 283.45 421.20 Td (million ) Tj ET Q q 0 0 0 rg BT 316.83 421.20 Td (non-revolving ) Tj ET Q q 0 0 0 rg BT 383.48 421.20 Td (term ) Tj ET Q q 0 0 0 rg BT 408.09 421.20 Td (credit ) Tj ET Q q 0 0 0 rg BT 437.38 421.20 Td (facility) Tj ET Q q 0 0 0 rg BT 465.77 421.20 Td (, ) Tj ET Q q 0 0 0 rg BT 472.30 421.20 Td (originally ) Tj ET Q q 0 0 0 rg BT 517.35 421.20 Td (due ) Tj ET Q q 0 0 0 rg BT 538.49 421.20 Td (February ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (2021 ) Tj ET Q q 0 0 0 rg BT 75.78 408.60 Td (was ) Tj ET Q q 0 0 0 rg BT 97.37 408.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 145.81 408.60 Td (by ) Tj ET Q q 0 0 0 rg BT 159.82 408.60 Td ($250 ) Tj ET Q q 0 0 0 rg BT 186.10 408.60 Td (million ) Tj ET Q q 0 0 0 rg BT 218.77 408.60 Td (to ) Tj ET Q q 0 0 0 rg BT 230.45 408.60 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 265.48 408.60 Td (million ) Tj ET Q q 0 0 0 rg BT 298.16 408.60 Td (and ) Tj ET Q q 0 0 0 rg BT 318.60 408.60 Td (extended ) Tj ET Q q 0 0 0 rg BT 364.72 408.60 Td (to ) Tj ET Q q 0 0 0 rg BT 376.39 408.60 Td (February ) Tj ET Q q 0 0 0 rg BT 421.33 408.60 Td (2022, ) Tj ET Q q 0 0 0 rg BT 450.52 408.60 Td (further ) Tj ET Q q 0 0 0 rg BT 483.79 408.60 Td (increasing ) Tj ET Q q 0 0 0 rg BT 534.57 408.60 Td (liquidity) Tj ET Q q 0 0 0 rg BT 568.81 408.60 Td (.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 388.73 cm /I5 Do Q q 0 0 0 rg BT 35.32 391.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 391.00 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.26 391.00 Td (Natural ) Tj ET Q q 0 0 0 rg BT 133.92 391.00 Td (continues ) Tj ET Q q 0 0 0 rg BT 181.68 391.00 Td (to ) Tj ET Q q 0 0 0 rg BT 193.25 391.00 Td (maintain ) Tj ET Q q 0 0 0 rg BT 235.75 391.00 Td (strong ) Tj ET Q q 0 0 0 rg BT 267.74 391.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 321.32 391.00 Td (grade ) Tj ET Q q 0 0 0 rg BT 350.99 391.00 Td (credit ) Tj ET Q q 0 0 0 rg BT 379.47 391.00 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 416.53 391.00 Td (The ) Tj ET Q q 0 0 0 rg BT 437.44 391.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 485.18 391.00 Td (has ) Tj ET Q q 0 0 0 rg BT 504.92 391.00 Td (a ) Tj ET Q q 0 0 0 rg BT 513.57 391.00 Td (high ) Tj ET Q q 0 0 0 rg BT 536.23 391.00 Td (degree ) Tj ET Q q 0 0 0 rg BT 571.74 391.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.40 Td (communication ) Tj ET Q q 0 0 0 rg BT 124.58 378.40 Td (with ) Tj ET Q q 0 0 0 rg BT 147.71 378.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 177.85 378.40 Td (rating ) Tj ET Q q 0 0 0 rg BT 208.58 378.40 Td (agencies ) Tj ET Q q 0 0 0 rg BT 255.07 378.40 Td (to ) Tj ET Q q 0 0 0 rg BT 268.29 378.40 Td (ensure ) Tj ET Q q 0 0 0 rg BT 304.86 378.40 Td (they ) Tj ET Q q 0 0 0 rg BT 329.17 378.40 Td (understand ) Tj ET Q q 0 0 0 rg BT 386.18 378.40 Td (the ) Tj ET Q q 0 0 0 rg BT 405.23 378.40 Td (robust ) Tj ET Q q 0 0 0 rg BT 438.88 378.40 Td (and ) Tj ET Q q 0 0 0 rg BT 460.86 378.40 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 518.45 378.40 Td (nature ) Tj ET Q q 0 0 0 rg BT 552.68 378.40 Td (of ) Tj ET Q q 0 0 0 rg BT 565.90 378.40 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 365.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 104.61 365.80 Td (assets. ) Tj ET Q q 0 0 0 rg BT 140.60 365.80 Td (Their ) Tj ET Q q 0 0 0 rg BT 167.44 365.80 Td (understanding ) Tj ET Q q 0 0 0 rg BT 236.92 365.80 Td (is ) Tj ET Q q 0 0 0 rg BT 247.42 365.80 Td (evident ) Tj ET Q q 0 0 0 rg BT 284.20 365.80 Td (in ) Tj ET Q q 0 0 0 rg BT 295.29 365.80 Td (the ) Tj ET Q q 0 0 0 rg BT 312.80 365.80 Td (following ) Tj ET Q q 0 0 0 rg BT 356.58 365.80 Td (results:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 348.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 348.20 Td (On ) Tj ET Q q 0 0 0 rg BT 85.07 348.20 Td (March ) Tj ET Q q 0 0 0 rg BT 117.81 348.20 Td (20, ) Tj ET Q q 0 0 0 rg BT 135.97 348.20 Td (2020, ) Tj ET Q q 0 0 0 rg BT 165.81 348.20 Td (Moody? Tj ET Q q 0 0 0 rg BT 199.47 348.20 Td (s ) Tj ET Q q 0 0 0 rg BT 208.28 348.20 Td (Investors ) Tj ET Q q 0 0 0 rg BT 254.44 348.20 Td (Service, ) Tj ET Q q 0 0 0 rg BT 295.94 348.20 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 316.42 348.20 Td (\(揗oody? Tj ET Q q 0 0 0 rg BT 357.08 348.20 Td (s擻) ) Tj ET Q q 0 0 0 rg BT 372.88 348.20 Td (af) Tj ET Q q 0 0 0 rg BT 381.45 348.20 Td (firmed ) Tj ET Q q 0 0 0 rg BT 414.19 348.20 Td (the ) Tj ET Q q 0 0 0 rg BT 432.35 348.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 488.10 348.20 Td (long ) Tj ET Q q 0 0 0 rg BT 511.52 348.20 Td (term ) Tj ET Q q 0 0 0 rg BT 536.08 348.20 Td (and ) Tj ET Q q 0 0 0 rg BT 557.16 348.20 Td (short ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 335.60 Td (term ) Tj ET Q q 0 0 0 rg BT 91.42 335.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 145.11 335.60 Td (grade ) Tj ET Q q 0 0 0 rg BT 174.88 335.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 203.48 335.60 Td (ratings ) Tj ET Q q 0 0 0 rg BT 237.91 335.60 Td (of ) Tj ET Q q 0 0 0 rg BT 249.59 335.60 Td (Baa2 ) Tj ET Q q 0 0 0 rg BT 277.03 335.60 Td (and ) Tj ET Q q 0 0 0 rg BT 297.46 335.60 Td (P-2 ) Tj ET Q q 0 0 0 rg BT 316.72 335.60 Td (with ) Tj ET Q q 0 0 0 rg BT 338.31 335.60 Td (a ) Tj ET Q q 0 0 0 rg BT 347.07 335.60 Td (stable ) Tj ET Q q 0 0 0 rg BT 378.01 335.60 Td (outlook.? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 318.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 318.00 Td (On ) Tj ET Q q 0 0 0 rg BT 84.62 318.00 Td (March ) Tj ET Q q 0 0 0 rg BT 116.90 318.00 Td (26, ) Tj ET Q q 0 0 0 rg BT 134.61 318.00 Td (2020, ) Tj ET Q q 0 0 0 rg BT 163.99 318.00 Td (Standard ) Tj ET Q q 0 0 0 rg BT 209.72 318.00 Td (& ) Tj ET Q q 0 0 0 rg BT 219.83 318.00 Td (Poor) Tj ET Q q 0 0 0 rg BT 242.40 318.00 Td (? Tj ET Q q 0 0 0 rg BT 244.55 318.00 Td (s ) Tj ET Q q 0 0 0 rg BT 252.91 318.00 Td (Rating ) Tj ET Q q 0 0 0 rg BT 286.37 318.00 Td (Services ) Tj ET Q q 0 0 0 rg BT 329.74 318.00 Td (\(揝&P擻) ) Tj ET Q q 0 0 0 rg BT 367.85 318.00 Td (rating ) Tj ET Q q 0 0 0 rg BT 397.22 318.00 Td (action ) Tj ET Q q 0 0 0 rg BT 428.35 318.00 Td (on ) Tj ET Q q 0 0 0 rg BT 443.14 318.00 Td (the ) Tj ET Q q 0 0 0 rg BT 460.85 318.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 508.90 318.00 Td (resulted ) Tj ET Q q 0 0 0 rg BT 549.37 318.00 Td (in ) Tj ET Q q 0 0 0 rg BT 560.65 318.00 Td (long ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 305.40 Td (term ) Tj ET Q q 0 0 0 rg BT 91.42 305.40 Td (and ) Tj ET Q q 0 0 0 rg BT 111.85 305.40 Td (short ) Tj ET Q q 0 0 0 rg BT 138.12 305.40 Td (term ) Tj ET Q q 0 0 0 rg BT 162.03 305.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 215.73 305.40 Td (grade ) Tj ET Q q 0 0 0 rg BT 245.50 305.40 Td (credit ) Tj ET Q q 0 0 0 rg BT 274.09 305.40 Td (ratings ) Tj ET Q q 0 0 0 rg BT 308.53 305.40 Td (of ) Tj ET Q q 0 0 0 rg BT 320.20 305.40 Td (BBB ) Tj ET Q q 0 0 0 rg BT 344.13 305.40 Td (and ) Tj ET Q q 0 0 0 rg BT 363.99 305.40 Td (A-2 ) Tj ET Q q 0 0 0 rg BT 383.24 305.40 Td (with ) Tj ET Q q 0 0 0 rg BT 404.84 305.40 Td (a ) Tj ET Q q 0 0 0 rg BT 413.59 305.40 Td (stable ) Tj ET Q q 0 0 0 rg BT 444.53 305.40 Td (outlook.? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 287.80 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 287.80 Td (DBRS ) Tj ET Q q 0 0 0 rg BT 99.59 287.80 Td (Limited ) Tj ET Q q 0 0 0 rg BT 136.36 287.80 Td (\(揇BRS擻) ) Tj ET Q q 0 0 0 rg BT 182.43 287.80 Td (current ) Tj ET Q q 0 0 0 rg BT 218.03 287.80 Td (credit ) Tj ET Q q 0 0 0 rg BT 246.63 287.80 Td (rating ) Tj ET Q q 0 0 0 rg BT 275.81 287.80 Td (for ) Tj ET Q q 0 0 0 rg BT 290.98 287.80 Td (the ) Tj ET Q q 0 0 0 rg BT 308.50 287.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 356.35 287.80 Td (is ) Tj ET Q q 0 0 0 rg BT 366.85 287.80 Td (BBB ) Tj ET Q q 0 0 0 rg BT 390.78 287.80 Td (high.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 270.20 Td (Production ) Tj ET Q q 0 0 0 rg BT 89.83 270.20 Td (Flexibility) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 250.33 cm /I6 Do Q q 0 0 0 rg BT 35.32 252.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 252.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.53 252.60 Td (Natural? Tj ET Q q 0 0 0 rg BT 133.52 252.60 Td (s ) Tj ET Q q 0 0 0 rg BT 141.85 252.60 Td (vast ) Tj ET Q q 0 0 0 rg BT 164.19 252.60 Td (and ) Tj ET Q q 0 0 0 rg BT 184.78 252.60 Td (diverse ) Tj ET Q q 0 0 0 rg BT 221.71 252.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 249.88 252.60 Td (base ) Tj ET Q q 0 0 0 rg BT 275.73 252.60 Td (is ) Tj ET Q q 0 0 0 rg BT 286.39 252.60 Td (robust, ) Tj ET Q q 0 0 0 rg BT 321.57 252.60 Td (unique ) Tj ET Q q 0 0 0 rg BT 356.18 252.60 Td (and ) Tj ET Q q 0 0 0 rg BT 376.77 252.60 Td (sustainable. ) Tj ET Q q 0 0 0 rg BT 435.69 252.60 Td (The ) Tj ET Q q 0 0 0 rg BT 456.86 252.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 504.88 252.60 Td (has ) Tj ET Q q 0 0 0 rg BT 524.89 252.60 Td (a ) Tj ET Q q 0 0 0 rg BT 533.80 252.60 Td (significant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 240.00 Td (advantage ) Tj ET Q q 0 0 0 rg BT 102.89 240.00 Td (during ) Tj ET Q q 0 0 0 rg BT 136.43 240.00 Td (volatile ) Tj ET Q q 0 0 0 rg BT 173.46 240.00 Td (pricing ) Tj ET Q q 0 0 0 rg BT 208.74 240.00 Td (scenarios ) Tj ET Q q 0 0 0 rg BT 258.02 240.00 Td (because ) Tj ET Q q 0 0 0 rg BT 302.07 240.00 Td (its ) Tj ET Q q 0 0 0 rg BT 316.92 240.00 Td (long ) Tj ET Q q 0 0 0 rg BT 341.11 240.00 Td (life ) Tj ET Q q 0 0 0 rg BT 358.88 240.00 Td (low ) Tj ET Q q 0 0 0 rg BT 378.99 240.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 416.61 240.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 451.30 240.00 Td (have ) Tj ET Q q 0 0 0 rg BT 478.42 240.00 Td (low ) Tj ET Q q 0 0 0 rg BT 498.52 240.00 Td (sustaining ) Tj ET Q q 0 0 0 rg BT 550.15 240.00 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 227.40 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 116.31 227.40 Td (low ) Tj ET Q q 0 0 0 rg BT 134.68 227.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 181.08 227.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 208.20 227.40 Td (and ) Tj ET Q q 0 0 0 rg BT 228.34 227.40 Td (low ) Tj ET Q q 0 0 0 rg BT 246.71 227.40 Td (to ) Tj ET Q q 0 0 0 rg BT 258.08 227.40 Td (no ) Tj ET Q q 0 0 0 rg BT 272.37 227.40 Td (reservoir ) Tj ET Q q 0 0 0 rg BT 315.83 227.40 Td (risk. ) Tj ET Q q 0 0 0 rg BT 337.52 227.40 Td (This ) Tj ET Q q 0 0 0 rg BT 359.97 227.40 Td (results ) Tj ET Q q 0 0 0 rg BT 393.51 227.40 Td (in ) Tj ET Q q 0 0 0 rg BT 404.30 227.40 Td (the ) Tj ET Q q 0 0 0 rg BT 421.51 227.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 469.06 227.40 Td (producing ) Tj ET Q q 0 0 0 rg BT 517.80 227.40 Td (an ) Tj ET Q q 0 0 0 rg BT 532.09 227.40 Td (immaterial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 214.80 Td (percentage ) Tj ET Q q 0 0 0 rg BT 105.17 214.80 Td (of ) Tj ET Q q 0 0 0 rg BT 117.06 214.80 Td (its ) Tj ET Q q 0 0 0 rg BT 130.69 214.80 Td (total ) Tj ET Q q 0 0 0 rg BT 153.67 214.80 Td (proved ) Tj ET Q q 0 0 0 rg BT 188.90 214.80 Td (reserves ) Tj ET Q q 0 0 0 rg BT 232.30 214.80 Td (during ) Tj ET Q q 0 0 0 rg BT 264.62 214.80 Td (challenged ) Tj ET Q q 0 0 0 rg BT 318.54 214.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 372.43 214.80 Td (price ) Tj ET Q q 0 0 0 rg BT 398.32 214.80 Td (periods, ) Tj ET Q q 0 0 0 rg BT 438.81 214.80 Td (resulting ) Tj ET Q q 0 0 0 rg BT 481.63 214.80 Td (in ) Tj ET Q q 0 0 0 rg BT 492.93 214.80 Td (very ) Tj ET Q q 0 0 0 rg BT 515.90 214.80 Td (little ) Tj ET Q q 0 0 0 rg BT 537.70 214.80 Td (impact ) Tj ET Q q 0 0 0 rg BT 571.76 214.80 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.20 Td (net ) Tj ET Q q 0 0 0 rg BT 67.01 202.20 Td (asset ) Tj ET Q q 0 0 0 rg BT 95.03 202.20 Td (value, ) Tj ET Q q 0 0 0 rg BT 125.97 202.20 Td (thereby ) Tj ET Q q 0 0 0 rg BT 163.91 202.20 Td (preserving ) Tj ET Q q 0 0 0 rg BT 215.85 202.20 Td (value ) Tj ET Q q 0 0 0 rg BT 243.87 202.20 Td (for ) Tj ET Q q 0 0 0 rg BT 259.04 202.20 Td (all ) Tj ET Q q 0 0 0 rg BT 272.47 202.20 Td (of ) Tj ET Q q 0 0 0 rg BT 284.14 202.20 Td (the ) Tj ET Q q 0 0 0 rg BT 301.65 202.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 356.77 202.20 Td (stakeholders. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 182.33 cm /I7 Do Q q 0 0 0 rg BT 35.32 184.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 184.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.55 184.60 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 94.36 184.60 Td (the ) Tj ET Q q 0 0 0 rg BT 111.25 184.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.48 184.60 Td (ef) Tj ET Q q 0 0 0 rg BT 167.04 184.60 Td (fectively ) Tj ET Q q 0 0 0 rg BT 207.27 184.60 Td (executed ) Tj ET Q q 0 0 0 rg BT 252.17 184.60 Td (on ) Tj ET Q q 0 0 0 rg BT 266.14 184.60 Td (its ) Tj ET Q q 0 0 0 rg BT 278.93 184.60 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 332.58 184.60 Td (optimization ) Tj ET Q q 0 0 0 rg BT 390.90 184.60 Td (strategy ) Tj ET Q q 0 0 0 rg BT 430.54 184.60 Td (within ) Tj ET Q q 0 0 0 rg BT 459.68 184.60 Td (the ) Tj ET Q q 0 0 0 rg BT 476.56 184.60 Td (Government ) Tj ET Q q 0 0 0 rg BT 536.63 184.60 Td (of ) Tj ET Q q 0 0 0 rg BT 547.23 184.60 Td (Alberta ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 172.00 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 106.57 172.00 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 159.58 172.00 Td (and ) Tj ET Q q 0 0 0 rg BT 182.81 172.00 Td (achieved ) Tj ET Q q 0 0 0 rg BT 230.56 172.00 Td (maximum ) Tj ET Q q 0 0 0 rg BT 281.78 172.00 Td (allowable ) Tj ET Q q 0 0 0 rg BT 331.28 172.00 Td (production, ) Tj ET Q q 0 0 0 rg BT 388.95 172.00 Td (resulting ) Tj ET Q q 0 0 0 rg BT 434.36 172.00 Td (in ) Tj ET Q q 0 0 0 rg BT 448.25 172.00 Td (record ) Tj ET Q q 0 0 0 rg BT 483.73 172.00 Td (production ) Tj ET Q q 0 0 0 rg BT 538.48 172.00 Td (volumes. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 159.40 Td (Production ) Tj ET Q q 0 0 0 rg BT 102.44 159.40 Td (was ) Tj ET Q q 0 0 0 rg BT 123.85 159.40 Td (optimized ) Tj ET Q q 0 0 0 rg BT 171.52 159.40 Td (across ) Tj ET Q q 0 0 0 rg BT 205.18 159.40 Td (the ) Tj ET Q q 0 0 0 rg BT 222.52 159.40 Td (asset ) Tj ET Q q 0 0 0 rg BT 250.35 159.40 Td (base ) Tj ET Q q 0 0 0 rg BT 275.86 159.40 Td (to ) Tj ET Q q 0 0 0 rg BT 287.35 159.40 Td (produce ) Tj ET Q q 0 0 0 rg BT 328.03 159.40 Td (the ) Tj ET Q q 0 0 0 rg BT 345.37 159.40 Td (highest ) Tj ET Q q 0 0 0 rg BT 381.96 159.40 Td (value ) Tj ET Q q 0 0 0 rg BT 409.80 159.40 Td (products, ) Tj ET Q q 0 0 0 rg BT 455.73 159.40 Td (maximizing ) Tj ET Q q 0 0 0 rg BT 510.98 159.40 Td (the ) Tj ET Q q 0 0 0 rg BT 528.31 159.40 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 146.80 Td (netback ) Tj ET Q q 0 0 0 rg BT 89.19 146.80 Td (and ) Tj ET Q q 0 0 0 rg BT 109.63 146.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 152.25 146.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 180.85 146.80 Td (flow) Tj ET Q q 0 0 0 rg BT 198.95 146.80 Td (.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 126.93 cm /I8 Do Q q 0 0 0 rg BT 35.32 129.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 129.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.18 129.20 Td (Natural ) Tj ET Q q 0 0 0 rg BT 133.75 129.20 Td (continues ) Tj ET Q q 0 0 0 rg BT 181.43 129.20 Td (to ) Tj ET Q q 0 0 0 rg BT 192.91 129.20 Td (be ) Tj ET Q q 0 0 0 rg BT 207.31 129.20 Td (prudent ) Tj ET Q q 0 0 0 rg BT 245.65 129.20 Td (and ) Tj ET Q q 0 0 0 rg BT 265.89 129.20 Td (proactive ) Tj ET Q q 0 0 0 rg BT 311.22 129.20 Td (in ) Tj ET Q q 0 0 0 rg BT 322.12 129.20 Td (managing ) Tj ET Q q 0 0 0 rg BT 370.96 129.20 Td (its ) Tj ET Q q 0 0 0 rg BT 384.18 129.20 Td (production ) Tj ET Q q 0 0 0 rg BT 435.94 129.20 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 480.51 129.20 Td (The ) Tj ET Q q 0 0 0 rg BT 501.32 129.20 Td (current ) Tj ET Q q 0 0 0 rg BT 536.73 129.20 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 116.60 Td (plan ) Tj ET Q q 0 0 0 rg BT 72.40 116.60 Td (is ) Tj ET Q q 0 0 0 rg BT 83.04 116.60 Td (targeting ) Tj ET Q q 0 0 0 rg BT 126.95 116.60 Td (to ) Tj ET Q q 0 0 0 rg BT 138.76 116.60 Td (reduce ) Tj ET Q q 0 0 0 rg BT 173.91 116.60 Td (well ) Tj ET Q q 0 0 0 rg BT 195.05 116.60 Td (servicing ) Tj ET Q q 0 0 0 rg BT 239.53 116.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 274.67 116.60 Td (and ) Tj ET Q q 0 0 0 rg BT 295.24 116.60 Td (to ) Tj ET Q q 0 0 0 rg BT 307.05 116.60 Td (shut-in ) Tj ET Q q 0 0 0 rg BT 341.62 116.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 373.85 116.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 396.16 116.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 438.31 116.60 Td (in ) Tj ET Q q 0 0 0 rg BT 449.53 116.60 Td (North ) Tj ET Q q 0 0 0 rg BT 477.65 116.60 Td (America ) Tj ET Q q 0 0 0 rg BT 519.21 116.60 Td (Conventional ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 104.00 Td (E&P) Tj ET Q q 0 0 0 rg BT 70.32 104.00 Td ( ) Tj ET Q q 0 0 0 rg BT 73.94 104.00 Td (business. ) Tj ET Q q 0 0 0 rg BT 121.93 104.00 Td (In ) Tj ET Q q 0 0 0 rg BT 134.31 104.00 Td (addition ) Tj ET Q q 0 0 0 rg BT 174.71 104.00 Td (the ) Tj ET Q q 0 0 0 rg BT 192.93 104.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 241.49 104.00 Td (targets ) Tj ET Q q 0 0 0 rg BT 277.22 104.00 Td (to ) Tj ET Q q 0 0 0 rg BT 289.60 104.00 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 345.15 104.00 Td (curtail ) Tj ET Q q 0 0 0 rg BT 376.78 104.00 Td (production ) Tj ET Q q 0 0 0 rg BT 429.44 104.00 Td (in ) Tj ET Q q 0 0 0 rg BT 441.24 104.00 Td (its ) Tj ET Q q 0 0 0 rg BT 455.36 104.00 Td (thermal ) Tj ET Q q 0 0 0 rg BT 494.00 104.00 Td (in ) Tj ET Q q 0 0 0 rg BT 505.79 104.00 Td (situ ) Tj ET Q q 0 0 0 rg BT 525.75 104.00 Td (assets. ) Tj ET Q q 0 0 0 rg BT 562.41 104.00 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 91.40 Td (majority ) Tj ET Q q 0 0 0 rg BT 89.17 91.40 Td (of ) Tj ET Q q 0 0 0 rg BT 100.85 91.40 Td (these ) Tj ET Q q 0 0 0 rg BT 129.45 91.40 Td (volumes ) Tj ET Q q 0 0 0 rg BT 171.47 91.40 Td (can ) Tj ET Q q 0 0 0 rg BT 191.32 91.40 Td (be ) Tj ET Q q 0 0 0 rg BT 205.91 91.40 Td (brought ) Tj ET Q q 0 0 0 rg BT 244.44 91.40 Td (back ) Tj ET Q q 0 0 0 rg BT 269.54 91.40 Td (on ) Tj ET Q q 0 0 0 rg BT 284.14 91.40 Td (quickly ) Tj ET Q q 0 0 0 rg BT 319.15 91.40 Td (when ) Tj ET Q q 0 0 0 rg BT 347.17 91.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 400.85 91.40 Td (prices ) Tj ET Q q 0 0 0 rg BT 431.78 91.40 Td (recover) Tj ET Q q 0 0 0 rg BT 466.21 91.40 Td (. ) Tj ET Q q 0 0 0 rg BT 472.05 91.40 Td (Details ) Tj ET Q q 0 0 0 rg BT 507.06 91.40 Td (are ) Tj ET Q q 0 0 0 rg BT 525.16 91.40 Td (as ) Tj ET Q q 0 0 0 rg BT 539.16 91.40 Td (follows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.80 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 73.80 Td (North ) Tj ET Q q 0 0 0 rg BT 95.93 73.80 Td (America ) Tj ET Q q 0 0 0 rg BT 137.87 73.80 Td (Conventional ) Tj ET Q q 0 0 0 rg BT 202.60 73.80 Td (E&P) Tj ET Q q 0 0 0 rg BT 223.42 73.80 Td ( ) Tj ET Q q 0 0 0 rg BT 226.86 73.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 256.56 73.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 270.50 73.80 Td (production ) Tj ET Q q 0 0 0 rg BT 322.97 73.80 Td (volumes ) Tj ET Q q 0 0 0 rg BT 365.50 73.80 Td (are ) Tj ET Q q 0 0 0 rg BT 384.11 73.80 Td (targeted ) Tj ET Q q 0 0 0 rg BT 426.08 73.80 Td (to ) Tj ET Q q 0 0 0 rg BT 438.27 73.80 Td (be ) Tj ET Q q 0 0 0 rg BT 453.39 73.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 522.19 73.80 Td (36,000 ) Tj ET Q q 0 0 0 rg BT 557.74 73.80 Td (bbl/d ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 61.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 95.75 61.20 Td (in ) Tj ET Q q 0 0 0 rg BT 107.09 61.20 Td (May ) Tj ET Q q 0 0 0 rg BT 130.08 61.20 Td (2020 ) Tj ET Q q 0 0 0 rg BT 156.61 61.20 Td (than ) Tj ET Q q 0 0 0 rg BT 180.20 61.20 Td (it ) Tj ET Q q 0 0 0 rg BT 188.62 61.20 Td (would ) Tj ET Q q 0 0 0 rg BT 219.21 61.20 Td (be ) Tj ET Q q 0 0 0 rg BT 234.05 61.20 Td (in ) Tj ET Q q 0 0 0 rg BT 245.39 61.20 Td (a ) Tj ET Q q 0 0 0 rg BT 254.39 61.20 Td (more ) Tj ET Q q 0 0 0 rg BT 281.47 61.20 Td (normalized ) Tj ET Q q 0 0 0 rg BT 335.99 61.20 Td (price ) Tj ET Q q 0 0 0 rg BT 361.91 61.20 Td (environment, ) Tj ET Q q 0 0 0 rg BT 425.77 61.20 Td (as ) Tj ET Q q 0 0 0 rg BT 440.02 61.20 Td (the ) Tj ET Q q 0 0 0 rg BT 457.78 61.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 505.88 61.20 Td (has ) Tj ET Q q 0 0 0 rg BT 525.97 61.20 Td (shut-in ) Tj ET Q q 0 0 0 rg BT 560.65 61.20 Td (high ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 48.60 Td (variable ) Tj ET Q q 0 0 0 rg BT 107.19 48.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 129.36 48.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 171.38 48.60 Td (and ) Tj ET Q q 0 0 0 rg BT 191.82 48.60 Td (stopped ) Tj ET Q q 0 0 0 rg BT 232.10 48.60 Td (well ) Tj ET Q q 0 0 0 rg BT 253.11 48.60 Td (servicing ) Tj ET Q q 0 0 0 rg BT 297.46 48.60 Td (activities. ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 748.40 Td (Thermal ) Tj ET Q q 0 0 0 rg BT 108.11 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 118.39 748.40 Td (situ ) Tj ET Q q 0 0 0 rg BT 136.83 748.40 Td (production ) Tj ET Q q 0 0 0 rg BT 187.98 748.40 Td (volumes ) Tj ET Q q 0 0 0 rg BT 229.18 748.40 Td (are ) Tj ET Q q 0 0 0 rg BT 246.46 748.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 287.09 748.40 Td (to ) Tj ET Q q 0 0 0 rg BT 297.95 748.40 Td (be ) Tj ET Q q 0 0 0 rg BT 311.74 748.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 379.21 748.40 Td (38,000 ) Tj ET Q q 0 0 0 rg BT 413.43 748.40 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 438.30 748.40 Td (lower ) Tj ET Q q 0 0 0 rg BT 465.50 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 475.78 748.40 Td (May ) Tj ET Q q 0 0 0 rg BT 497.72 748.40 Td (2020 ) Tj ET Q q 0 0 0 rg BT 523.18 748.40 Td (than ) Tj ET Q q 0 0 0 rg BT 545.72 748.40 Td (it ) Tj ET Q q 0 0 0 rg BT 553.08 748.40 Td (would ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 735.80 Td (be ) Tj ET Q q 0 0 0 rg BT 82.06 735.80 Td (in ) Tj ET Q q 0 0 0 rg BT 93.11 735.80 Td (a ) Tj ET Q q 0 0 0 rg BT 101.82 735.80 Td (more ) Tj ET Q q 0 0 0 rg BT 128.63 735.80 Td (normalized ) Tj ET Q q 0 0 0 rg BT 182.86 735.80 Td (price ) Tj ET Q q 0 0 0 rg BT 208.50 735.80 Td (environment, ) Tj ET Q q 0 0 0 rg BT 272.08 735.80 Td (as ) Tj ET Q q 0 0 0 rg BT 286.04 735.80 Td (the ) Tj ET Q q 0 0 0 rg BT 303.52 735.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.33 735.80 Td (has ) Tj ET Q q 0 0 0 rg BT 371.14 735.80 Td (temporarily ) Tj ET Q q 0 0 0 rg BT 425.95 735.80 Td (slowed ) Tj ET Q q 0 0 0 rg BT 461.51 735.80 Td (down ) Tj ET Q q 0 0 0 rg BT 489.49 735.80 Td (production ) Tj ET Q q 0 0 0 rg BT 541.41 735.80 Td (volumes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 723.20 Td (and ) Tj ET Q q 0 0 0 rg BT 87.94 723.20 Td (is ) Tj ET Q q 0 0 0 rg BT 98.44 723.20 Td (conducting ) Tj ET Q q 0 0 0 rg BT 152.14 723.20 Td (planned ) Tj ET Q q 0 0 0 rg BT 192.43 723.20 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 255.48 723.20 Td (activities. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 703.33 cm /I9 Do Q q 0 0 0 rg BT 35.32 705.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (The ) Tj ET Q q 0 0 0 rg BT 70.45 705.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 125.49 705.60 Td (strength ) Tj ET Q q 0 0 0 rg BT 166.29 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 177.90 705.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 229.79 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 250.16 705.60 Td (diverse ) Tj ET Q q 0 0 0 rg BT 286.87 705.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 314.82 705.60 Td (base ) Tj ET Q q 0 0 0 rg BT 340.44 705.60 Td (allows ) Tj ET Q q 0 0 0 rg BT 372.47 705.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 420.28 705.60 Td (Natural ) Tj ET Q q 0 0 0 rg BT 456.98 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 468.59 705.60 Td (optimize ) Tj ET Q q 0 0 0 rg BT 510.55 705.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 553.66 705.60 Td (within ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 693.00 Td (its ) Tj ET Q q 0 0 0 rg BT 62.92 693.00 Td (Oil ) Tj ET Q q 0 0 0 rg BT 78.67 693.00 Td (Sands ) Tj ET Q q 0 0 0 rg BT 111.36 693.00 Td (Mining ) Tj ET Q q 0 0 0 rg BT 145.21 693.00 Td (and ) Tj ET Q q 0 0 0 rg BT 165.65 693.00 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 217.02 693.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 250.28 693.00 Td (as ) Tj ET Q q 0 0 0 rg BT 264.29 693.00 Td (follows:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 675.40 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 675.40 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 114.71 675.40 Td (Natural ) Tj ET Q q 0 0 0 rg BT 150.82 675.40 Td (has ) Tj ET Q q 0 0 0 rg BT 170.01 675.40 Td (planned ) Tj ET Q q 0 0 0 rg BT 209.64 675.40 Td (routine ) Tj ET Q q 0 0 0 rg BT 244.00 675.40 Td (de-coking ) Tj ET Q q 0 0 0 rg BT 291.79 675.40 Td (activities ) Tj ET Q q 0 0 0 rg BT 334.31 675.40 Td (at ) Tj ET Q q 0 0 0 rg BT 345.33 675.40 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 383.77 675.40 Td (that ) Tj ET Q q 0 0 0 rg BT 403.54 675.40 Td (were ) Tj ET Q q 0 0 0 rg BT 428.55 675.40 Td (deferred ) Tj ET Q q 0 0 0 rg BT 469.92 675.40 Td (from ) Tj ET Q q 0 0 0 rg BT 493.18 675.40 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 524.04 675.40 Td (to ) Tj ET Q q 0 0 0 rg BT 535.06 675.40 Td (May ) Tj ET Q q 0 0 0 rg BT 557.15 675.40 Td (2020 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 662.80 Td (which ) Tj ET Q q 0 0 0 rg BT 98.02 662.80 Td (will ) Tj ET Q q 0 0 0 rg BT 116.27 662.80 Td (result ) Tj ET Q q 0 0 0 rg BT 145.62 662.80 Td (in ) Tj ET Q q 0 0 0 rg BT 157.46 662.80 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 197.31 662.80 Td (volumes ) Tj ET Q q 0 0 0 rg BT 240.08 662.80 Td (being ) Tj ET Q q 0 0 0 rg BT 269.45 662.80 Td (50,000 ) Tj ET Q q 0 0 0 rg BT 305.23 662.80 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 331.68 662.80 Td (lower ) Tj ET Q q 0 0 0 rg BT 360.44 662.80 Td (than ) Tj ET Q q 0 0 0 rg BT 384.55 662.80 Td (normal ) Tj ET Q q 0 0 0 rg BT 420.31 662.80 Td (in ) Tj ET Q q 0 0 0 rg BT 432.16 662.80 Td (the ) Tj ET Q q 0 0 0 rg BT 450.43 662.80 Td (month, ) Tj ET Q q 0 0 0 rg BT 486.20 662.80 Td (running ) Tj ET Q q 0 0 0 rg BT 524.90 662.80 Td (at ) Tj ET Q q 0 0 0 rg BT 537.33 662.80 Td (restricted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 650.20 Td (rates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 632.60 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 632.60 Td (In ) Tj ET Q q 0 0 0 rg BT 79.56 632.60 Td (the ) Tj ET Q q 0 0 0 rg BT 97.46 632.60 Td (second ) Tj ET Q q 0 0 0 rg BT 134.63 632.60 Td (half ) Tj ET Q q 0 0 0 rg BT 154.86 632.60 Td (of ) Tj ET Q q 0 0 0 rg BT 166.93 632.60 Td (2020, ) Tj ET Q q 0 0 0 rg BT 196.51 632.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.41 632.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.66 632.60 Td (is ) Tj ET Q q 0 0 0 rg BT 273.54 632.60 Td (targeting ) Tj ET Q q 0 0 0 rg BT 317.71 632.60 Td (planned ) Tj ET Q q 0 0 0 rg BT 358.39 632.60 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 412.48 632.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 456.05 632.60 Td (at ) Tj ET Q q 0 0 0 rg BT 468.12 632.60 Td (both ) Tj ET Q q 0 0 0 rg BT 491.20 632.60 Td (AOSP) Tj ET Q q 0 0 0 rg BT 520.19 632.60 Td ( ) Tj ET Q q 0 0 0 rg BT 523.50 632.60 Td (and ) Tj ET Q q 0 0 0 rg BT 544.32 632.60 Td (Horizon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 620.00 Td (mines. ) Tj ET Q q 0 0 0 rg BT 100.89 620.00 Td (The ) Tj ET Q q 0 0 0 rg BT 121.62 620.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.19 620.00 Td (has ) Tj ET Q q 0 0 0 rg BT 188.76 620.00 Td (the ) Tj ET Q q 0 0 0 rg BT 205.99 620.00 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 248.31 620.00 Td (to ) Tj ET Q q 0 0 0 rg BT 259.70 620.00 Td (shift ) Tj ET Q q 0 0 0 rg BT 281.59 620.00 Td (timelines ) Tj ET Q q 0 0 0 rg BT 325.66 620.00 Td (to ) Tj ET Q q 0 0 0 rg BT 337.05 620.00 Td (ensure ) Tj ET Q q 0 0 0 rg BT 371.79 620.00 Td (minimal, ) Tj ET Q q 0 0 0 rg BT 413.52 620.00 Td (if ) Tj ET Q q 0 0 0 rg BT 421.40 620.00 Td (any ) Tj ET Q q 0 0 0 rg BT 440.97 620.00 Td (overlapping ) Tj ET Q q 0 0 0 rg BT 497.90 620.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 540.79 620.00 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 607.40 Td (the ) Tj ET Q q 0 0 0 rg BT 85.01 607.40 Td (two ) Tj ET Q q 0 0 0 rg BT 104.27 607.40 Td (sites, ) Tj ET Q q 0 0 0 rg BT 131.70 607.40 Td (maximizing ) Tj ET Q q 0 0 0 rg BT 187.13 607.40 Td (high ) Tj ET Q q 0 0 0 rg BT 209.90 607.40 Td (value ) Tj ET Q q 0 0 0 rg BT 237.92 607.40 Td (SCO ) Tj ET Q q 0 0 0 rg BT 263.59 607.40 Td (production ) Tj ET Q q 0 0 0 rg BT 315.54 607.40 Td (and ) Tj ET Q q 0 0 0 rg BT 335.98 607.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 382.68 607.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.78 607.40 Td (flows. ) Tj ET Q q 0 0 0 rg BT 437.54 607.40 Td (Details ) Tj ET Q q 0 0 0 rg BT 472.55 607.40 Td (are ) Tj ET Q q 0 0 0 rg BT 490.65 607.40 Td (as ) Tj ET Q q 0 0 0 rg BT 504.65 607.40 Td (follows:) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 587.53 cm /I10 Do Q q 0 0 0 rg BT 72.27 589.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 589.80 Td (At ) Tj ET Q q 0 0 0 rg BT 98.51 589.80 Td (the ) Tj ET Q q 0 0 0 rg BT 116.20 589.80 Td (non-operated ) Tj ET Q q 0 0 0 rg BT 181.76 589.80 Td (Scotford ) Tj ET Q q 0 0 0 rg BT 223.96 589.80 Td (Upgrader) Tj ET Q q 0 0 0 rg BT 267.15 589.80 Td (, ) Tj ET Q q 0 0 0 rg BT 273.16 589.80 Td (a ) Tj ET Q q 0 0 0 rg BT 282.09 589.80 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 335.97 589.80 Td (is ) Tj ET Q q 0 0 0 rg BT 346.65 589.80 Td (targeted ) Tj ET Q q 0 0 0 rg BT 388.27 589.80 Td (for ) Tj ET Q q 0 0 0 rg BT 403.62 589.80 Td (early ) Tj ET Q q 0 0 0 rg BT 429.47 589.80 Td (in ) Tj ET Q q 0 0 0 rg BT 440.73 589.80 Td (Q3/20, ) Tj ET Q q 0 0 0 rg BT 475.34 589.80 Td (at ) Tj ET Q q 0 0 0 rg BT 487.19 589.80 Td (which ) Tj ET Q q 0 0 0 rg BT 517.13 589.80 Td (time ) Tj ET Q q 0 0 0 rg BT 540.06 589.80 Td (the ) Tj ET Q q 0 0 0 rg BT 557.75 589.80 Td (plant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 577.20 Td (will ) Tj ET Q q 0 0 0 rg BT 101.80 577.20 Td (run ) Tj ET Q q 0 0 0 rg BT 118.69 577.20 Td (at ) Tj ET Q q 0 0 0 rg BT 129.16 577.20 Td (restricted ) Tj ET Q q 0 0 0 rg BT 174.05 577.20 Td (rates. ) Tj ET Q q 0 0 0 rg BT 201.92 577.20 Td (T) Tj ET Q q 0 0 0 rg BT 207.94 577.20 Td (iming ) Tj ET Q q 0 0 0 rg BT 234.75 577.20 Td (of ) Tj ET Q q 0 0 0 rg BT 245.22 577.20 Td (these ) Tj ET Q q 0 0 0 rg BT 272.62 577.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 314.60 577.20 Td (at ) Tj ET Q q 0 0 0 rg BT 325.07 577.20 Td (the ) Tj ET Q q 0 0 0 rg BT 341.04 577.20 Td (AOSP) Tj ET Q q 0 0 0 rg BT 370.02 577.20 Td ( ) Tj ET Q q 0 0 0 rg BT 371.74 577.20 Td (mines ) Tj ET Q q 0 0 0 rg BT 401.46 577.20 Td (are ) Tj ET Q q 0 0 0 rg BT 418.35 577.20 Td (aligned ) Tj ET Q q 0 0 0 rg BT 453.93 577.20 Td (with ) Tj ET Q q 0 0 0 rg BT 474.32 577.20 Td (the ) Tj ET Q q 0 0 0 rg BT 490.63 577.20 Td (planned ) Tj ET Q q 0 0 0 rg BT 529.72 577.20 Td (turnaround ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 564.60 Td (at ) Tj ET Q q 0 0 0 rg BT 96.43 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 113.20 564.60 Td (Scotford ) Tj ET Q q 0 0 0 rg BT 154.48 564.60 Td (Upgrader) Tj ET Q q 0 0 0 rg BT 197.67 564.60 Td (. ) Tj ET Q q 0 0 0 rg BT 202.76 564.60 Td (During ) Tj ET Q q 0 0 0 rg BT 235.87 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 252.64 564.60 Td (turnaround, ) Tj ET Q q 0 0 0 rg BT 308.52 564.60 Td (production ) Tj ET Q q 0 0 0 rg BT 359.72 564.60 Td (from ) Tj ET Q q 0 0 0 rg BT 382.47 564.60 Td (AOSP) Tj ET Q q 0 0 0 rg BT 411.45 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 413.63 564.60 Td (is ) Tj ET Q q 0 0 0 rg BT 423.38 564.60 Td (targeted ) Tj ET Q q 0 0 0 rg BT 464.08 564.60 Td (to ) Tj ET Q q 0 0 0 rg BT 475.01 564.60 Td (average ) Tj ET Q q 0 0 0 rg BT 515.13 564.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 583.42 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 586.33 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 598.00 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 609.67 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 621.34 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 633.01 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 564.60 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 564.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 552.00 Td (100,000 ) Tj ET Q q 0 0 0 rg BT 126.37 552.00 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 152.06 552.00 Td (net ) Tj ET Q q 0 0 0 rg BT 169.58 552.00 Td (lower ) Tj ET Q q 0 0 0 rg BT 197.59 552.00 Td (than ) Tj ET Q q 0 0 0 rg BT 220.94 552.00 Td (normal, ) Tj ET Q q 0 0 0 rg BT 258.87 552.00 Td (in ) Tj ET Q q 0 0 0 rg BT 269.96 552.00 Td (the ) Tj ET Q q 0 0 0 rg BT 287.48 552.00 Td (months ) Tj ET Q q 0 0 0 rg BT 324.83 552.00 Td (of ) Tj ET Q q 0 0 0 rg BT 336.50 552.00 Td (July ) Tj ET Q q 0 0 0 rg BT 358.09 552.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 384.37 552.00 Td (and ) Tj ET Q q 0 0 0 rg BT 404.23 552.00 Td (August ) Tj ET Q q 0 0 0 rg BT 439.83 552.00 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 532.13 cm /I11 Do Q q 0 0 0 rg BT 72.27 534.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 534.40 Td (At ) Tj ET Q q 0 0 0 rg BT 98.74 534.40 Td (Horizon, ) Tj ET Q q 0 0 0 rg BT 141.16 534.40 Td (the ) Tj ET Q q 0 0 0 rg BT 159.08 534.40 Td (planned ) Tj ET Q q 0 0 0 rg BT 199.77 534.40 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 253.88 534.40 Td (is ) Tj ET Q q 0 0 0 rg BT 264.78 534.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 306.63 534.40 Td (for ) Tj ET Q q 0 0 0 rg BT 322.20 534.40 Td (the ) Tj ET Q q 0 0 0 rg BT 340.12 534.40 Td (second ) Tj ET Q q 0 0 0 rg BT 377.30 534.40 Td (half ) Tj ET Q q 0 0 0 rg BT 397.55 534.40 Td (of ) Tj ET Q q 0 0 0 rg BT 409.62 534.40 Td (2020. ) Tj ET Q q 0 0 0 rg BT 439.22 534.40 Td (Monthly ) Tj ET Q q 0 0 0 rg BT 479.31 534.40 Td (average ) Tj ET Q q 0 0 0 rg BT 520.57 534.40 Td (production ) Tj ET Q q 0 0 0 rg BT 572.93 534.40 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 521.80 Td (targeted ) Tj ET Q q 0 0 0 rg BT 126.95 521.80 Td (to ) Tj ET Q q 0 0 0 rg BT 138.62 521.80 Td (be ) Tj ET Q q 0 0 0 rg BT 153.22 521.80 Td (impacted ) Tj ET Q q 0 0 0 rg BT 198.74 521.80 Td (by ) Tj ET Q q 0 0 0 rg BT 212.75 521.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 281.03 521.80 Td (80,000 ) Tj ET Q q 0 0 0 rg BT 316.07 521.80 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 341.76 521.80 Td (over ) Tj ET Q q 0 0 0 rg BT 365.10 521.80 Td (a ) Tj ET Q q 0 0 0 rg BT 373.86 521.80 Td (two ) Tj ET Q q 0 0 0 rg BT 393.12 521.80 Td (month ) Tj ET Q q 0 0 0 rg BT 425.22 521.80 Td (period ) Tj ET Q q 0 0 0 rg BT 457.32 521.80 Td (once ) Tj ET Q q 0 0 0 rg BT 483.01 521.80 Td (timing ) Tj ET Q q 0 0 0 rg BT 513.94 521.80 Td (is ) Tj ET Q q 0 0 0 rg BT 524.44 521.80 Td (finalized.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 501.93 cm /I12 Do Q q 0 0 0 rg BT 35.32 504.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 504.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 98.06 504.20 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 142.77 504.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 178.48 504.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 199.02 504.20 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 239.98 504.20 Td (is ) Tj ET Q q 0 0 0 rg BT 251.17 504.20 Td (significant, ) Tj ET Q q 0 0 0 rg BT 304.38 504.20 Td (providing ) Tj ET Q q 0 0 0 rg BT 350.60 504.20 Td (the ) Tj ET Q q 0 0 0 rg BT 368.80 504.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 417.35 504.20 Td (with ) Tj ET Q q 0 0 0 rg BT 439.63 504.20 Td (additional ) Tj ET Q q 0 0 0 rg BT 488.19 504.20 Td (production ) Tj ET Q q 0 0 0 rg BT 540.83 504.20 Td (flexibility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 491.60 Td (and ) Tj ET Q q 0 0 0 rg BT 70.23 491.60 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 133.58 491.60 Td (to ) Tj ET Q q 0 0 0 rg BT 145.55 491.60 Td (maximize ) Tj ET Q q 0 0 0 rg BT 193.10 491.60 Td (value ) Tj ET Q q 0 0 0 rg BT 221.42 491.60 Td (as ) Tj ET Q q 0 0 0 rg BT 235.73 491.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 266.95 491.60 Td (improve. ) Tj ET Q q 0 0 0 rg BT 310.22 491.60 Td (The ) Tj ET Q q 0 0 0 rg BT 331.53 491.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.68 491.60 Td (has ) Tj ET Q q 0 0 0 rg BT 399.83 491.60 Td (identified ) Tj ET Q q 0 0 0 rg BT 445.08 491.60 Td (a ) Tj ET Q q 0 0 0 rg BT 454.13 491.60 Td (number ) Tj ET Q q 0 0 0 rg BT 492.95 491.60 Td (of ) Tj ET Q q 0 0 0 rg BT 504.92 491.60 Td (highly ) Tj ET Q q 0 0 0 rg BT 535.57 491.60 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 479.00 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 111.72 479.00 Td (to ) Tj ET Q q 0 0 0 rg BT 122.57 479.00 Td (add ) Tj ET Q q 0 0 0 rg BT 142.18 479.00 Td (additional ) Tj ET Q q 0 0 0 rg BT 189.22 479.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 223.42 479.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 242.44 479.00 Td (volumes ) Tj ET Q q 0 0 0 rg BT 283.63 479.00 Td (at ) Tj ET Q q 0 0 0 rg BT 294.48 479.00 Td (less ) Tj ET Q q 0 0 0 rg BT 315.25 479.00 Td (than ) Tj ET Q q 0 0 0 rg BT 337.77 479.00 Td ($3,000 ) Tj ET Q q 0 0 0 rg BT 371.98 479.00 Td (per ) Tj ET Q q 0 0 0 rg BT 389.25 479.00 Td (flowing ) Tj ET Q q 0 0 0 rg BT 424.03 479.00 Td (BOE. ) Tj ET Q q 0 0 0 rg BT 451.07 479.00 Td (These ) Tj ET Q q 0 0 0 rg BT 482.35 479.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 524.70 479.00 Td (are ) Tj ET Q q 0 0 0 rg BT 541.97 479.00 Td (targeted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 466.40 Td (to ) Tj ET Q q 0 0 0 rg BT 60.72 466.40 Td (add ) Tj ET Q q 0 0 0 rg BT 80.70 466.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 148.53 466.40 Td (60 ) Tj ET Q q 0 0 0 rg BT 162.67 466.40 Td (MMcf/d ) Tj ET Q q 0 0 0 rg BT 199.55 466.40 Td (of ) Tj ET Q q 0 0 0 rg BT 210.77 466.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 245.34 466.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 264.74 466.40 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 309.22 466.40 Td (which ) Tj ET Q q 0 0 0 rg BT 338.52 466.40 Td (equates ) Tj ET Q q 0 0 0 rg BT 378.35 466.40 Td (to ) Tj ET Q q 0 0 0 rg BT 389.57 466.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 457.40 466.40 Td (35 ) Tj ET Q q 0 0 0 rg BT 471.55 466.40 Td (MMcf/d ) Tj ET Q q 0 0 0 rg BT 508.43 466.40 Td (for ) Tj ET Q q 0 0 0 rg BT 523.14 466.40 Td (2020 ) Tj ET Q q 0 0 0 rg BT 548.97 466.40 Td (annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 453.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 84.52 453.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 104.37 453.80 Td (production ) Tj ET Q q 0 0 0 rg BT 156.32 453.80 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 436.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 436.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 118.70 436.20 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 166.05 436.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 204.41 436.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 227.58 436.20 Td (volumes ) Tj ET Q q 0 0 0 rg BT 272.93 436.20 Td (provide ) Tj ET Q q 0 0 0 rg BT 313.61 436.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 366.55 436.20 Td (supportive ) Tj ET Q q 0 0 0 rg BT 421.25 436.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.28 436.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.71 436.20 Td (flow) Tj ET Q q 0 0 0 rg BT 517.80 436.20 Td (, ) Tj ET Q q 0 0 0 rg BT 526.96 436.20 Td (targeted ) Tj ET Q q 0 0 0 rg BT 571.74 436.20 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 423.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 135.78 423.60 Td ($700 ) Tj ET Q q 0 0 0 rg BT 162.06 423.60 Td (million ) Tj ET Q q 0 0 0 rg BT 194.74 423.60 Td (over ) Tj ET Q q 0 0 0 rg BT 218.08 423.60 Td (the ) Tj ET Q q 0 0 0 rg BT 235.59 423.60 Td (next ) Tj ET Q q 0 0 0 rg BT 258.36 423.60 Td (twelve ) Tj ET Q q 0 0 0 rg BT 291.04 423.60 Td (months ) Tj ET Q q 0 0 0 rg BT 328.39 423.60 Td (at ) Tj ET Q q 0 0 0 rg BT 339.49 423.60 Td (AECO ) Tj ET Q q 0 0 0 rg BT 372.16 423.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 406.01 423.60 Td (of ) Tj ET Q q 0 0 0 rg BT 417.69 423.60 Td ($2.50/GJ.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 403.73 cm /I13 Do Q q 0 0 0 rg BT 35.32 406.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 406.00 Td (Due ) Tj ET Q q 0 0 0 rg BT 70.92 406.00 Td (to ) Tj ET Q q 0 0 0 rg BT 81.83 406.00 Td (the ) Tj ET Q q 0 0 0 rg BT 98.58 406.00 Td (current ) Tj ET Q q 0 0 0 rg BT 133.42 406.00 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 186.94 406.00 Td (around ) Tj ET Q q 0 0 0 rg BT 221.79 406.00 Td (the ) Tj ET Q q 0 0 0 rg BT 238.54 406.00 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 289.13 406.00 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 339.73 406.00 Td (the ) Tj ET Q q 0 0 0 rg BT 356.48 406.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 403.58 406.00 Td (is ) Tj ET Q q 0 0 0 rg BT 413.31 406.00 Td (of) Tj ET Q q 0 0 0 rg BT 421.88 406.00 Td (ficially ) Tj ET Q q 0 0 0 rg BT 452.63 406.00 Td (removing ) Tj ET Q q 0 0 0 rg BT 497.97 406.00 Td (its ) Tj ET Q q 0 0 0 rg BT 510.62 406.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 536.14 406.00 Td (corporate ) Tj ET Q q 0 0 0 rg BT 583.41 406.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 393.40 Td (production ) Tj ET Q q 0 0 0 rg BT 100.61 393.40 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 148.22 393.40 Td (However) Tj ET Q q 0 0 0 rg BT 189.07 393.40 Td (, ) Tj ET Q q 0 0 0 rg BT 194.06 393.40 Td (if ) Tj ET Q q 0 0 0 rg BT 201.38 393.40 Td (the ) Tj ET Q q 0 0 0 rg BT 218.04 393.40 Td (current ) Tj ET Q q 0 0 0 rg BT 252.79 393.40 Td (strip ) Tj ET Q q 0 0 0 rg BT 274.70 393.40 Td (pricing ) Tj ET Q q 0 0 0 rg BT 307.70 393.40 Td (continues ) Tj ET Q q 0 0 0 rg BT 354.72 393.40 Td (for ) Tj ET Q q 0 0 0 rg BT 369.04 393.40 Td (the ) Tj ET Q q 0 0 0 rg BT 385.71 393.40 Td (remainder ) Tj ET Q q 0 0 0 rg BT 435.05 393.40 Td (of ) Tj ET Q q 0 0 0 rg BT 445.88 393.40 Td (2020, ) Tj ET Q q 0 0 0 rg BT 474.23 393.40 Td (the ) Tj ET Q q 0 0 0 rg BT 490.89 393.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 537.90 393.40 Td (forecasts ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 380.80 Td (that ) Tj ET Q q 0 0 0 rg BT 69.93 380.80 Td (targeted ) Tj ET Q q 0 0 0 rg BT 111.38 380.80 Td (production ) Tj ET Q q 0 0 0 rg BT 163.33 380.80 Td (will ) Tj ET Q q 0 0 0 rg BT 180.83 380.80 Td (meet ) Tj ET Q q 0 0 0 rg BT 207.09 380.80 Td (the ) Tj ET Q q 0 0 0 rg BT 224.61 380.80 Td (previous ) Tj ET Q q 0 0 0 rg BT 267.22 380.80 Td (issued ) Tj ET Q q 0 0 0 rg BT 300.49 380.80 Td (corporate ) Tj ET Q q 0 0 0 rg BT 347.76 380.80 Td (guidance ) Tj ET Q q 0 0 0 rg BT 393.30 380.80 Td (range.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 358.20 Td (Operating ) Tj ET Q q 0 0 0 rg BT 84.01 358.20 Td (Cost ) Tj ET Q q 0 0 0 rg BT 110.26 358.20 Td (Reductions) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 338.33 cm /I14 Do Q q 0 0 0 rg BT 35.32 340.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 340.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.70 340.60 Td (Natural ) Tj ET Q q 0 0 0 rg BT 132.79 340.60 Td (has ) Tj ET Q q 0 0 0 rg BT 151.97 340.60 Td (top ) Tj ET Q q 0 0 0 rg BT 168.81 340.60 Td (tier ) Tj ET Q q 0 0 0 rg BT 185.64 340.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 231.68 340.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 258.43 340.60 Td (and ) Tj ET Q q 0 0 0 rg BT 278.19 340.60 Td (as ) Tj ET Q q 0 0 0 rg BT 291.53 340.60 Td (a ) Tj ET Q q 0 0 0 rg BT 299.61 340.60 Td (result ) Tj ET Q q 0 0 0 rg BT 327.53 340.60 Td (of ) Tj ET Q q 0 0 0 rg BT 338.54 340.60 Td (the ) Tj ET Q q 0 0 0 rg BT 355.38 340.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 409.82 340.60 Td (culture ) Tj ET Q q 0 0 0 rg BT 443.58 340.60 Td (of ) Tj ET Q q 0 0 0 rg BT 454.58 340.60 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 507.62 340.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 555.40 340.60 Td (focus ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 328.00 Td (on ) Tj ET Q q 0 0 0 rg BT 64.11 328.00 Td (ef) Tj ET Q q 0 0 0 rg BT 72.68 328.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 105.96 328.00 Td (and ) Tj ET Q q 0 0 0 rg BT 126.41 328.00 Td (ef) Tj ET Q q 0 0 0 rg BT 134.98 328.00 Td (ficient ) Tj ET Q q 0 0 0 rg BT 165.34 328.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 217.31 328.00 Td (and ) Tj ET Q q 0 0 0 rg BT 237.76 328.00 Td (continuous ) Tj ET Q q 0 0 0 rg BT 291.48 328.00 Td (improvement, ) Tj ET Q q 0 0 0 rg BT 358.02 328.00 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 405.90 328.00 Td (Natural ) Tj ET Q q 0 0 0 rg BT 442.69 328.00 Td (is ) Tj ET Q q 0 0 0 rg BT 453.20 328.00 Td (targeting ) Tj ET Q q 0 0 0 rg BT 497.00 328.00 Td (to ) Tj ET Q q 0 0 0 rg BT 508.68 328.00 Td (lower ) Tj ET Q q 0 0 0 rg BT 536.71 328.00 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 315.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 76.92 315.40 Td (throughout ) Tj ET Q q 0 0 0 rg BT 130.05 315.40 Td (2020 ) Tj ET Q q 0 0 0 rg BT 156.33 315.40 Td (by ) Tj ET Q q 0 0 0 rg BT 170.34 315.40 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.62 315.40 Td ($745) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.98 315.40 Td ( ) Tj ET Q q 0 0 0 rg BT 264.90 315.40 Td (million ) Tj ET Q q 0 0 0 rg BT 297.57 315.40 Td (versus ) Tj ET Q q 0 0 0 rg BT 331.42 315.40 Td (2019 ) Tj ET Q q 0 0 0 rg BT 357.69 315.40 Td (levels.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 261.9 m 326 261.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 261.9 m 411 261.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 261.9 m 496 261.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 261.9 m 581 261.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 191.89999999999998 m 326 191.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50 177.89999999999998 m 326 177.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 191.89999999999998 m 411 191.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326 177.89999999999998 m 411 177.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 191.89999999999998 m 496 191.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411 177.89999999999998 m 496 177.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 191.89999999999998 m 581 191.89999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 177.89999999999998 m 581 177.89999999999998 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 266.66 Td (\($ million\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 384.10 266.66 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 469.10 277.16 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 451.65 266.66 Td (Forecast) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.50 287.66 Td (2020 ) Tj ET Q q 0 0 0 rg BT 536.59 287.66 Td (T) Tj ET Q q 0 0 0 rg BT 541.84 287.66 Td (argeted) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.60 277.16 Td (Operating Costs) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 540.10 266.66 Td (Savings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 251.76 Td (North ) Tj ET Q q 0 0 0 rg BT 80.80 251.76 Td (America Natural Gas) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.50 251.76 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.45 251.76 Td (610) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.50 251.76 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.45 251.76 Td (575) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 251.76 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.30 251.76 Td (35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 237.76 Td (North ) Tj ET Q q 0 0 0 rg BT 80.51 237.76 Td (America E&P) Tj ET Q q 0 0 0 rg BT 142.76 237.76 Td ( Liquids \(excluding ) Tj ET Q q 0 0 0 rg BT 232.46 237.76 Td (Thermal\) ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 277.39 242.76 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.70 237.76 Td (1,230) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.45 237.76 Td (930) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 237.76 Td (300) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 223.76 Td (Thermal In Situ ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 126.61 228.76 Td (\(1\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.45 223.76 Td (865) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.45 223.76 Td (795) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.30 223.76 Td (70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 209.76 Td (International) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.45 209.76 Td (500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.45 209.76 Td (410) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.30 209.76 Td (90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 195.76 Td (Oil Sands Mining and Upgrading) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.70 195.76 Td (3,275) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.70 195.76 Td (3,025) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 195.76 Td (250) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 181.76 Td (T) Tj ET Q q 0 0 0 rg BT 57.75 181.76 Td (otal ) Tj ET Q q 0 0 0 rg BT 77.41 181.76 Td (T) Tj ET Q q 0 0 0 rg BT 82.66 181.76 Td (argeted Operating Cost Savings) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 181.76 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 181.76 Td (745) Tj ET Q BT /F1 10.50 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 163.80 Td (\(1\) 2019 includes proforma full-year of Jackfish using an average of 100,000 bbl/d of production and pre-acquisition operating costs of $12.00/bbl and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 154.20 Td (Manatokan heavy crude oil using an average of 20,000 bbl/d of production and pre-acquisition operating costs of $16.00/bbl.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 134.33 cm /I15 Do Q q 0 0 0 rg BT 35.32 136.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 136.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.92 136.60 Td (previously ) Tj ET Q q 0 0 0 rg BT 113.36 136.60 Td (announced, ) Tj ET Q q 0 0 0 rg BT 170.41 136.60 Td (the ) Tj ET Q q 0 0 0 rg BT 187.17 136.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 234.28 136.60 Td (has ) Tj ET Q q 0 0 0 rg BT 253.38 136.60 Td (taken ) Tj ET Q q 0 0 0 rg BT 281.23 136.60 Td (proactive ) Tj ET Q q 0 0 0 rg BT 326.00 136.60 Td (steps ) Tj ET Q q 0 0 0 rg BT 353.27 136.60 Td (to ) Tj ET Q q 0 0 0 rg BT 364.19 136.60 Td (reduce ) Tj ET Q q 0 0 0 rg BT 398.46 136.60 Td (administrative ) Tj ET Q q 0 0 0 rg BT 465.41 136.60 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 515.30 136.60 Td (The ) Tj ET Q q 0 0 0 rg BT 535.56 136.60 Td (Company ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.00 Td (targets ) Tj ET Q q 0 0 0 rg BT 84.52 124.00 Td (an ) Tj ET Q q 0 0 0 rg BT 99.12 124.00 Td (approximate ) Tj ET Q q 0 0 0 rg BT 159.82 124.00 Td (reduction ) Tj ET Q q 0 0 0 rg BT 205.93 124.00 Td (of ) Tj ET Q q 0 0 0 rg BT 217.60 124.00 Td ($90 ) Tj ET Q q 0 0 0 rg BT 238.04 124.00 Td (million ) Tj ET Q q 0 0 0 rg BT 270.72 124.00 Td (in ) Tj ET Q q 0 0 0 rg BT 281.81 124.00 Td (G&A) Tj ET Q q 0 0 0 rg BT 303.40 124.00 Td ( ) Tj ET Q q 0 0 0 rg BT 306.32 124.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 355.93 124.00 Td (to ) Tj ET Q q 0 0 0 rg BT 367.60 124.00 Td (the ) Tj ET Q q 0 0 0 rg BT 385.12 124.00 Td (original ) Tj ET Q q 0 0 0 rg BT 421.89 124.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 448.17 124.00 Td (budget.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 101.40 Td (Capital ) Tj ET Q q 0 0 0 rg BT 69.43 101.40 Td (Flexibility) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 81.53 cm /I16 Do Q q 0 0 0 rg BT 35.32 83.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.80 Td (The ) Tj ET Q q 0 0 0 rg BT 71.95 83.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 121.25 83.80 Td (has ) Tj ET Q q 0 0 0 rg BT 142.54 83.80 Td (executed ) Tj ET Q q 0 0 0 rg BT 189.51 83.80 Td (on ) Tj ET Q q 0 0 0 rg BT 205.55 83.80 Td (additional ) Tj ET Q q 0 0 0 rg BT 254.86 83.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 289.57 83.80 Td (flexibility) Tj ET Q q 0 0 0 rg BT 328.47 83.80 Td (, ) Tj ET Q q 0 0 0 rg BT 335.75 83.80 Td (reducing ) Tj ET Q q 0 0 0 rg BT 380.39 83.80 Td (its ) Tj ET Q q 0 0 0 rg BT 395.24 83.80 Td (2020 ) Tj ET Q q 0 0 0 rg BT 422.96 83.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 457.67 83.80 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 516.91 83.80 Td (budget ) Tj ET Q q 0 0 0 rg BT 553.38 83.80 Td (by ) Tj ET Q q 0 0 0 rg BT 568.83 83.80 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 71.20 Td (additional ) Tj ET Q q 0 0 0 rg BT 96.34 71.20 Td ($280 ) Tj ET Q q 0 0 0 rg BT 121.58 71.20 Td (million ) Tj ET Q q 0 0 0 rg BT 153.22 71.20 Td (beyond ) Tj ET Q q 0 0 0 rg BT 189.56 71.20 Td (the ) Tj ET Q q 0 0 0 rg BT 206.04 71.20 Td (March ) Tj ET Q q 0 0 0 rg BT 237.09 71.20 Td (18, ) Tj ET Q q 0 0 0 rg BT 253.57 71.20 Td (2020 ) Tj ET Q q 0 0 0 rg BT 278.82 71.20 Td (update. ) Tj ET Q q 0 0 0 rg BT 315.73 71.20 Td (Capital ) Tj ET Q q 0 0 0 rg BT 350.30 71.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 412.31 71.20 Td (are ) Tj ET Q q 0 0 0 rg BT 429.37 71.20 Td (now ) Tj ET Q q 0 0 0 rg BT 450.52 71.20 Td (targeted ) Tj ET Q q 0 0 0 rg BT 490.93 71.20 Td (to ) Tj ET Q q 0 0 0 rg BT 501.57 71.20 Td (be ) Tj ET Q q 0 0 0 rg BT 515.13 71.20 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 58.60 Td ($2,680) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.62 58.60 Td ( ) Tj ET Q q 0 0 0 rg BT 84.69 58.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 120.44 58.60 Td (a ) Tj ET Q q 0 0 0 rg BT 129.36 58.60 Td ($1,370 ) Tj ET Q q 0 0 0 rg BT 164.55 58.60 Td (million ) Tj ET Q q 0 0 0 rg BT 197.39 58.60 Td (reduction ) Tj ET Q q 0 0 0 rg BT 243.66 58.60 Td (from ) Tj ET Q q 0 0 0 rg BT 267.73 58.60 Td (the ) Tj ET Q q 0 0 0 rg BT 285.41 58.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 340.68 58.60 Td (original ) Tj ET Q q 0 0 0 rg BT 377.61 58.60 Td (2020 ) Tj ET Q q 0 0 0 rg BT 404.04 58.60 Td (budget ) Tj ET Q q 0 0 0 rg BT 439.23 58.60 Td (released ) Tj ET Q q 0 0 0 rg BT 482.59 58.60 Td (in ) Tj ET Q q 0 0 0 rg BT 493.84 58.60 Td (December ) Tj ET Q q 0 0 0 rg BT 545.35 58.60 Td (2019. ) Tj ET Q q 0 0 0 rg BT 574.09 58.60 Td (A) Tj ET Q q 0 0 0 rg BT 580.51 58.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 46.00 Td (summary ) Tj ET Q q 0 0 0 rg BT 95.59 46.00 Td (of ) Tj ET Q q 0 0 0 rg BT 107.26 46.00 Td (the ) Tj ET Q q 0 0 0 rg BT 124.78 46.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 151.05 46.00 Td (targeted ) Tj ET Q q 0 0 0 rg BT 192.50 46.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 225.77 46.00 Td (budget ) Tj ET Q q 0 0 0 rg BT 260.81 46.00 Td (by ) Tj ET Q q 0 0 0 rg BT 274.81 46.00 Td (area ) Tj ET Q q 0 0 0 rg BT 298.75 46.00 Td (is ) Tj ET Q q 0 0 0 rg BT 309.25 46.00 Td (as ) Tj ET Q q 0 0 0 rg BT 323.25 46.00 Td (follows:) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 727.5 m 326 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 727.5 m 411 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 727.5 m 496 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 727.5 m 581 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 697.5 m 326 697.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50 682.5 m 326 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 697.5 m 411 697.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326 682.5 m 411 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 697.5 m 496 697.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411 682.5 m 496 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 697.5 m 581 697.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 682.5 m 581 682.5 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 732.26 Td (\($ million\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.00 742.76 Td (2020 Original) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 374.20 732.26 Td (Budget) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 430.00 742.76 Td (2020 Original) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.20 732.26 Td (Revision) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.20 742.76 Td (2020 Current) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 536.65 732.26 Td (Forecast) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 717.26 Td (Conventional/Unconventional) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.50 717.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.70 717.26 Td (1,550) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.50 717.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.45 717.26 Td (990) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 717.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 717.26 Td (875) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 702.26 Td (Long Life Low Decline) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.50 702.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.70 702.26 Td (2,500) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.50 702.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.70 702.26 Td (1,970) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 702.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.70 702.26 Td (1,805) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 687.26 Td (T) Tj ET Q q 0 0 0 rg BT 57.75 687.26 Td (otal) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.50 687.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.70 687.26 Td (4,050) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 413.50 687.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 465.70 687.26 Td (2,960) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 498.50 687.26 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.70 687.26 Td (2,680) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 662.13 cm /I17 Do Q q 0 0 0 rg BT 35.32 664.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 664.40 Td (2020 ) Tj ET Q q 0 0 0 rg BT 74.98 664.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 107.45 664.40 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 164.44 664.40 Td (requirements ) Tj ET Q q 0 0 0 rg BT 227.83 664.40 Td (are ) Tj ET Q q 0 0 0 rg BT 245.13 664.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 285.77 664.40 Td (to ) Tj ET Q q 0 0 0 rg BT 296.65 664.40 Td (be ) Tj ET Q q 0 0 0 rg BT 310.45 664.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 377.93 664.40 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 400.48 664.40 Td (billion ) Tj ET Q q 0 0 0 rg BT 429.45 664.40 Td (to ) Tj ET Q q 0 0 0 rg BT 440.32 664.40 Td (be ) Tj ET Q q 0 0 0 rg BT 454.12 664.40 Td (deployed ) Tj ET Q q 0 0 0 rg BT 498.86 664.40 Td (over ) Tj ET Q q 0 0 0 rg BT 521.40 664.40 Td (the ) Tj ET Q q 0 0 0 rg BT 538.12 664.40 Td (last ) Tj ET Q q 0 0 0 rg BT 556.57 664.40 Td (three ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 651.80 Td (quarters. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 630.98 cm /I18 Do Q q 0 0 0 rg BT 35.32 633.25 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 633.25 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.00 633.25 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 140.66 633.25 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 182.89 633.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.96 633.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 232.35 633.25 Td (to ) Tj ET Q q 0 0 0 rg BT 243.66 633.25 Td (be ) Tj ET Q q 0 0 0 rg BT 257.89 633.25 Td (nimble ) Tj ET Q q 0 0 0 rg BT 291.37 633.25 Td (was ) Tj ET Q q 0 0 0 rg BT 312.60 633.25 Td (evident ) Tj ET Q q 0 0 0 rg BT 349.00 633.25 Td (in ) Tj ET Q q 0 0 0 rg BT 359.73 633.25 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 390.88 633.25 Td (as ) Tj ET Q q 0 0 0 rg BT 404.52 633.25 Td (net ) Tj ET Q q 0 0 0 rg BT 421.67 633.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 454.57 633.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 517.25 633.25 Td (were ) Tj ET Q q 0 0 0 rg BT 542.56 633.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 583.42 633.25 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 620.65 Td (quickly ) Tj ET Q q 0 0 0 rg BT 84.51 620.65 Td (by ) Tj ET Q q 0 0 0 rg BT 98.52 620.65 Td (approximately ) Tj ET Q q 0 0 0 rg BT 166.80 620.65 Td ($200 ) Tj ET Q q 0 0 0 rg BT 193.08 620.65 Td (million ) Tj ET Q q 0 0 0 rg BT 225.76 620.65 Td (from ) Tj ET Q q 0 0 0 rg BT 249.67 620.65 Td (the ) Tj ET Q q 0 0 0 rg BT 267.19 620.65 Td (original ) Tj ET Q q 0 0 0 rg BT 303.96 620.65 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 335.48 620.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 368.75 620.65 Td (budget.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 598.05 Td (Dividend ) Tj ET Q q 0 0 0 rg BT 78.76 598.05 Td (Update) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 577.18 cm /I19 Do Q q 0 0 0 rg BT 35.32 579.45 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 579.45 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.08 579.45 Td (Natural? Tj ET Q q 0 0 0 rg BT 133.07 579.45 Td (s ) Tj ET Q q 0 0 0 rg BT 140.94 579.45 Td (business ) Tj ET Q q 0 0 0 rg BT 185.01 579.45 Td (is ) Tj ET Q q 0 0 0 rg BT 195.21 579.45 Td (unique, ) Tj ET Q q 0 0 0 rg BT 232.29 579.45 Td (robust ) Tj ET Q q 0 0 0 rg BT 264.09 579.45 Td (and ) Tj ET Q q 0 0 0 rg BT 284.23 579.45 Td (sustainable. ) Tj ET Q q 0 0 0 rg BT 342.73 579.45 Td (The ) Tj ET Q q 0 0 0 rg BT 363.44 579.45 Td (strength ) Tj ET Q q 0 0 0 rg BT 404.01 579.45 Td (of ) Tj ET Q q 0 0 0 rg BT 415.39 579.45 Td (the ) Tj ET Q q 0 0 0 rg BT 432.60 579.45 Td (Company's ) Tj ET Q q 0 0 0 rg BT 487.42 579.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 520.39 579.45 Td (and ) Tj ET Q q 0 0 0 rg BT 540.53 579.45 Td (its ) Tj ET Q q 0 0 0 rg BT 553.66 579.45 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 566.85 Td (to ) Tj ET Q q 0 0 0 rg BT 61.32 566.85 Td (generate ) Tj ET Q q 0 0 0 rg BT 105.84 566.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 155.60 566.85 Td (and ) Tj ET Q q 0 0 0 rg BT 176.19 566.85 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 232.37 566.85 Td (free ) Tj ET Q q 0 0 0 rg BT 253.53 566.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.78 566.85 Td (flow ) Tj ET Q q 0 0 0 rg BT 300.52 566.85 Td (over ) Tj ET Q q 0 0 0 rg BT 324.01 566.85 Td (the ) Tj ET Q q 0 0 0 rg BT 341.67 566.85 Td (long ) Tj ET Q q 0 0 0 rg BT 364.59 566.85 Td (term ) Tj ET Q q 0 0 0 rg BT 388.65 566.85 Td (combined ) Tj ET Q q 0 0 0 rg BT 437.25 566.85 Td (with ) Tj ET Q q 0 0 0 rg BT 458.99 566.85 Td (strong ) Tj ET Q q 0 0 0 rg BT 491.24 566.85 Td (liquidity) Tj ET Q q 0 0 0 rg BT 525.48 566.85 Td (, ) Tj ET Q q 0 0 0 rg BT 531.46 566.85 Td (production ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (flexibility) Tj ET Q q 0 0 0 rg BT 88.40 554.25 Td (, ) Tj ET Q q 0 0 0 rg BT 93.77 554.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 142.92 554.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.73 554.25 Td (reductions ) Tj ET Q q 0 0 0 rg BT 226.63 554.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.60 554.25 Td (targeted ) Tj ET Q q 0 0 0 rg BT 287.59 554.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 333.83 554.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 360.79 554.25 Td (savings ) Tj ET Q q 0 0 0 rg BT 398.85 554.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 441.58 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.63 554.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 489.11 554.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.32 554.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 544.78 554.25 Td (with ) Tj ET Q q 0 0 0 rg BT 565.91 554.25 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 541.65 Td (confidence ) Tj ET Q q 0 0 0 rg BT 103.21 541.65 Td (that ) Tj ET Q q 0 0 0 rg BT 123.64 541.65 Td (the ) Tj ET Q q 0 0 0 rg BT 141.15 541.65 Td (Company? Tj ET Q q 0 0 0 rg BT 188.24 541.65 Td (s ) Tj ET Q q 0 0 0 rg BT 196.40 541.65 Td (current ) Tj ET Q q 0 0 0 rg BT 232.00 541.65 Td (dividend ) Tj ET Q q 0 0 0 rg BT 274.03 541.65 Td (levels ) Tj ET Q q 0 0 0 rg BT 303.80 541.65 Td (can ) Tj ET Q q 0 0 0 rg BT 323.64 541.65 Td (be ) Tj ET Q q 0 0 0 rg BT 338.24 541.65 Td (sustained ) Tj ET Q q 0 0 0 rg BT 386.11 541.65 Td (through ) Tj ET Q q 0 0 0 rg BT 424.64 541.65 Td (the ) Tj ET Q q 0 0 0 rg BT 442.15 541.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 495.83 541.65 Td (price ) Tj ET Q q 0 0 0 rg BT 521.51 541.65 Td (cycle.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 523.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 523.00 Td (As ) Tj ET Q q 0 0 0 rg BT 83.61 523.00 Td (previously ) Tj ET Q q 0 0 0 rg BT 134.75 523.00 Td (announced, ) Tj ET Q q 0 0 0 rg BT 193.49 523.00 Td (on ) Tj ET Q q 0 0 0 rg BT 209.03 523.00 Td (March ) Tj ET Q q 0 0 0 rg BT 242.07 523.00 Td (5, ) Tj ET Q q 0 0 0 rg BT 254.68 523.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 281.90 523.00 Td (the ) Tj ET Q q 0 0 0 rg BT 300.36 523.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 349.16 523.00 Td (declared ) Tj ET Q q 0 0 0 rg BT 393.30 523.00 Td (a ) Tj ET Q q 0 0 0 rg BT 403.00 523.00 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 447.71 523.00 Td (dividend ) Tj ET Q q 0 0 0 rg BT 490.69 523.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 534.24 523.00 Td (of ) Tj ET Q q 0 0 0 rg BT 546.86 523.00 Td (13% ) Tj ET Q q 0 0 0 rg BT 571.73 523.00 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 510.45 Td ($0.425 ) Tj ET Q q 0 0 0 rg BT 102.87 510.45 Td (per ) Tj ET Q q 0 0 0 rg BT 121.30 510.45 Td (share, ) Tj ET Q q 0 0 0 rg BT 153.74 510.45 Td (paid ) Tj ET Q q 0 0 0 rg BT 176.84 510.45 Td (on ) Tj ET Q q 0 0 0 rg BT 191.13 510.45 Td (April ) Tj ET Q q 0 0 0 rg BT 215.39 510.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 227.40 510.45 Td (2020. ) Tj ET Q q 0 0 0 rg BT 256.72 510.45 Td (The ) Tj ET Q q 0 0 0 rg BT 278.07 510.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 321.01 510.45 Td (marks ) Tj ET Q q 0 0 0 rg BT 352.85 510.45 Td (the ) Tj ET Q q 0 0 0 rg BT 370.70 510.45 Td (20th ) Tj ET Q q 0 0 0 rg BT 394.39 510.45 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 453.09 510.45 Td (year ) Tj ET Q q 0 0 0 rg BT 476.77 510.45 Td (that ) Tj ET Q q 0 0 0 rg BT 497.54 510.45 Td (the ) Tj ET Q q 0 0 0 rg BT 515.39 510.45 Td (Company ) Tj ET Q q 0 0 0 rg BT 563.59 510.45 Td (has ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 497.85 Td (increased ) Tj ET Q q 0 0 0 rg BT 115.95 497.85 Td (its ) Tj ET Q q 0 0 0 rg BT 129.36 497.85 Td (dividend.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 479.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 128.56 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 142.33 479.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 180.61 479.25 Td (end, ) Tj ET Q q 0 0 0 rg BT 206.06 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.67 479.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 275.62 479.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 320.91 479.25 Td (a ) Tj ET Q q 0 0 0 rg BT 331.76 479.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 377.62 479.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 421.75 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.52 479.25 Td ($0.425 ) Tj ET Q q 0 0 0 rg BT 472.65 479.25 Td (per ) Tj ET Q q 0 0 0 rg BT 492.83 479.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 527.03 479.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 568.82 479.25 Td (on ) Tj ET Q q 0 0 0 rg BT 583.42 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 586.34 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 609.68 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 621.35 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 633.02 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 644.69 479.25 Td ( ) Tj ET Q q 0 0 0 rg BT 647.60 479.25 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 466.60 Td (July ) Tj ET Q q 0 0 0 rg BT 89.09 466.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 100.77 466.60 Td (2020.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 444.00 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 84.01 444.00 Td (Strengths) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 423.13 cm /I20 Do Q q 0 0 0 rg BT 35.32 425.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 425.40 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.45 425.40 Td (Natural ) Tj ET Q q 0 0 0 rg BT 132.30 425.40 Td (has ) Tj ET Q q 0 0 0 rg BT 151.23 425.40 Td (many ) Tj ET Q q 0 0 0 rg BT 178.90 425.40 Td (strengths ) Tj ET Q q 0 0 0 rg BT 224.09 425.40 Td (when ) Tj ET Q q 0 0 0 rg BT 251.19 425.40 Td (marketing ) Tj ET Q q 0 0 0 rg BT 299.29 425.40 Td (its ) Tj ET Q q 0 0 0 rg BT 311.78 425.40 Td (products ) Tj ET Q q 0 0 0 rg BT 354.05 425.40 Td (that ) Tj ET Q q 0 0 0 rg BT 373.57 425.40 Td (will ) Tj ET Q q 0 0 0 rg BT 390.15 425.40 Td (benefit ) Tj ET Q q 0 0 0 rg BT 423.67 425.40 Td (the ) Tj ET Q q 0 0 0 rg BT 440.26 425.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.20 425.40 Td (going ) Tj ET Q q 0 0 0 rg BT 514.89 425.40 Td (forward, ) Tj ET Q q 0 0 0 rg BT 554.82 425.40 Td (these ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 412.80 Td (include:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 394.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 394.20 Td (Balanced ) Tj ET Q q 0 0 0 rg BT 115.37 394.20 Td (and ) Tj ET Q q 0 0 0 rg BT 136.97 394.20 Td (diverse ) Tj ET Q q 0 0 0 rg BT 174.89 394.20 Td (product ) Tj ET Q q 0 0 0 rg BT 214.00 394.20 Td (mix ) Tj ET Q q 0 0 0 rg BT 234.41 394.20 Td (of ) Tj ET Q q 0 0 0 rg BT 247.25 394.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 283.43 394.20 Td (gas, ) Tj ET Q q 0 0 0 rg BT 307.36 394.20 Td (conventional ) Tj ET Q q 0 0 0 rg BT 370.40 394.20 Td (heavy ) Tj ET Q q 0 0 0 rg BT 402.50 394.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 432.85 394.20 Td (oil, ) Tj ET Q q 0 0 0 rg BT 450.35 394.20 Td (conventional ) Tj ET Q q 0 0 0 rg BT 513.39 394.20 Td (light ) Tj ET Q q 0 0 0 rg BT 536.74 394.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 567.08 394.20 Td (oil, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 381.60 Td (thermal ) Tj ET Q q 0 0 0 rg BT 105.43 381.60 Td (in ) Tj ET Q q 0 0 0 rg BT 116.52 381.60 Td (situ ) Tj ET Q q 0 0 0 rg BT 135.78 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 156.22 381.60 Td (SCO.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 363.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 363.00 Td (The ) Tj ET Q q 0 0 0 rg BT 88.65 363.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 143.90 363.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 179.06 363.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 199.04 363.00 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 239.45 363.00 Td (is ) Tj ET Q q 0 0 0 rg BT 250.09 363.00 Td (robust ) Tj ET Q q 0 0 0 rg BT 282.33 363.00 Td (with ) Tj ET Q q 0 0 0 rg BT 304.05 363.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 372.47 363.00 Td (1.4 ) Tj ET Q q 0 0 0 rg BT 390.13 363.00 Td (Bcf/d ) Tj ET Q q 0 0 0 rg BT 417.11 363.00 Td (of ) Tj ET Q q 0 0 0 rg BT 428.92 363.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 476.91 363.00 Td (production ) Tj ET Q q 0 0 0 rg BT 529.00 363.00 Td (exposed ) Tj ET Q q 0 0 0 rg BT 571.76 363.00 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 350.40 Td (an ) Tj ET Q q 0 0 0 rg BT 83.05 350.40 Td (improving ) Tj ET Q q 0 0 0 rg BT 132.44 350.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 168.42 350.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 189.22 350.40 Td (market, ) Tj ET Q q 0 0 0 rg BT 228.10 350.40 Td (supported ) Tj ET Q q 0 0 0 rg BT 278.68 350.40 Td (by ) Tj ET Q q 0 0 0 rg BT 293.64 350.40 Td (owned ) Tj ET Q q 0 0 0 rg BT 328.45 350.40 Td (and ) Tj ET Q q 0 0 0 rg BT 349.85 350.40 Td (controlled ) Tj ET Q q 0 0 0 rg BT 399.25 350.40 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 464.39 350.40 Td (and ) Tj ET Q q 0 0 0 rg BT 485.79 350.40 Td (low ) Tj ET Q q 0 0 0 rg BT 505.41 350.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 553.07 350.40 Td (costs. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 337.80 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 118.70 337.80 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 166.05 337.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 204.41 337.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 227.58 337.80 Td (volumes ) Tj ET Q q 0 0 0 rg BT 272.93 337.80 Td (provide ) Tj ET Q q 0 0 0 rg BT 313.61 337.80 Td (significant ) Tj ET Q q 0 0 0 rg BT 366.55 337.80 Td (supportive ) Tj ET Q q 0 0 0 rg BT 421.25 337.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.28 337.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.71 337.80 Td (flow) Tj ET Q q 0 0 0 rg BT 517.80 337.80 Td (, ) Tj ET Q q 0 0 0 rg BT 526.96 337.80 Td (targeted ) Tj ET Q q 0 0 0 rg BT 571.74 337.80 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 325.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 135.78 325.20 Td ($700 ) Tj ET Q q 0 0 0 rg BT 162.06 325.20 Td (million ) Tj ET Q q 0 0 0 rg BT 194.74 325.20 Td (over ) Tj ET Q q 0 0 0 rg BT 218.08 325.20 Td (the ) Tj ET Q q 0 0 0 rg BT 235.59 325.20 Td (next ) Tj ET Q q 0 0 0 rg BT 258.36 325.20 Td (twelve ) Tj ET Q q 0 0 0 rg BT 291.04 325.20 Td (months ) Tj ET Q q 0 0 0 rg BT 328.39 325.20 Td (at ) Tj ET Q q 0 0 0 rg BT 339.49 325.20 Td (AECO ) Tj ET Q q 0 0 0 rg BT 372.16 325.20 Td (pricing ) Tj ET Q q 0 0 0 rg BT 406.01 325.20 Td (of ) Tj ET Q q 0 0 0 rg BT 417.69 325.20 Td ($2.50/GJ.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 306.60 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 306.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 116.43 306.60 Td (Natural ) Tj ET Q q 0 0 0 rg BT 154.25 306.60 Td (has ) Tj ET Q q 0 0 0 rg BT 175.15 306.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 244.49 306.60 Td (3.6 ) Tj ET Q q 0 0 0 rg BT 263.06 306.60 Td (million ) Tj ET Q q 0 0 0 rg BT 296.79 306.60 Td (barrels ) Tj ET Q q 0 0 0 rg BT 332.85 306.60 Td (of ) Tj ET Q q 0 0 0 rg BT 345.58 306.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 375.82 306.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 390.30 306.60 Td (storage ) Tj ET Q q 0 0 0 rg BT 429.29 306.60 Td (at ) Tj ET Q q 0 0 0 rg BT 442.02 306.60 Td (major ) Tj ET Q q 0 0 0 rg BT 472.25 306.60 Td (hubs ) Tj ET Q q 0 0 0 rg BT 498.99 306.60 Td (in ) Tj ET Q q 0 0 0 rg BT 511.13 306.60 Td (Edmonton ) Tj ET Q q 0 0 0 rg BT 562.97 306.60 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 294.00 Td (Hardisty) Tj ET Q q 0 0 0 rg BT 105.23 294.00 Td (, ) Tj ET Q q 0 0 0 rg BT 109.66 294.00 Td (which ) Tj ET Q q 0 0 0 rg BT 138.02 294.00 Td (allows ) Tj ET Q q 0 0 0 rg BT 168.71 294.00 Td (the ) Tj ET Q q 0 0 0 rg BT 184.81 294.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.26 294.00 Td (to ) Tj ET Q q 0 0 0 rg BT 241.53 294.00 Td (adjust ) Tj ET Q q 0 0 0 rg BT 271.06 294.00 Td (monthly ) Tj ET Q q 0 0 0 rg BT 309.34 294.00 Td (sales, ) Tj ET Q q 0 0 0 rg BT 338.28 294.00 Td (manage ) Tj ET Q q 0 0 0 rg BT 377.74 294.00 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 415.45 294.00 Td (logistical ) Tj ET Q q 0 0 0 rg BT 457.23 294.00 Td (constraints, ) Tj ET Q q 0 0 0 rg BT 512.43 294.00 Td (and ) Tj ET Q q 0 0 0 rg BT 531.46 294.00 Td (production ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 281.40 Td (fluctuations, ) Tj ET Q q 0 0 0 rg BT 126.45 281.40 Td (as ) Tj ET Q q 0 0 0 rg BT 140.46 281.40 Td (well ) Tj ET Q q 0 0 0 rg BT 161.47 281.40 Td (as ) Tj ET Q q 0 0 0 rg BT 175.47 281.40 Td (pricing ) Tj ET Q q 0 0 0 rg BT 209.32 281.40 Td (dif) Tj ET Q q 0 0 0 rg BT 220.22 281.40 Td (ferences ) Tj ET Q q 0 0 0 rg BT 263.41 281.40 Td (from ) Tj ET Q q 0 0 0 rg BT 287.33 281.40 Td (month ) Tj ET Q q 0 0 0 rg BT 319.43 281.40 Td (to ) Tj ET Q q 0 0 0 rg BT 331.11 281.40 Td (month.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.80 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 262.80 Td (Market ) Tj ET Q q 0 0 0 rg BT 102.05 262.80 Td (egress ) Tj ET Q q 0 0 0 rg BT 136.04 262.80 Td (continues ) Tj ET Q q 0 0 0 rg BT 183.45 262.80 Td (to ) Tj ET Q q 0 0 0 rg BT 194.67 262.80 Td (improve ) Tj ET Q q 0 0 0 rg BT 234.48 262.80 Td (in ) Tj ET Q q 0 0 0 rg BT 245.12 262.80 Td (the ) Tj ET Q q 0 0 0 rg BT 262.18 262.80 Td (mid-term ) Tj ET Q q 0 0 0 rg BT 306.06 262.80 Td (as ) Tj ET Q q 0 0 0 rg BT 319.61 262.80 Td (the ) Tj ET Q q 0 0 0 rg BT 336.52 262.80 Td (T) Tj ET Q q 0 0 0 rg BT 342.54 262.80 Td (rans ) Tj ET Q q 0 0 0 rg BT 365.43 262.80 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 411.09 262.80 Td (Expansion ) Tj ET Q q 0 0 0 rg BT 462.59 262.80 Td (and ) Tj ET Q q 0 0 0 rg BT 482.58 262.80 Td (Keystone ) Tj ET Q q 0 0 0 rg BT 528.82 262.80 Td (XL) Tj ET Q q 0 0 0 rg BT 541.27 262.80 Td ( ) Tj ET Q q 0 0 0 rg BT 543.74 262.80 Td (projects ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 250.20 Td (are ) Tj ET Q q 0 0 0 rg BT 85.35 250.20 Td (progressing ) Tj ET Q q 0 0 0 rg BT 142.90 250.20 Td (with ) Tj ET Q q 0 0 0 rg BT 164.25 250.20 Td (construction, ) Tj ET Q q 0 0 0 rg BT 226.46 250.20 Td (on ) Tj ET Q q 0 0 0 rg BT 240.82 250.20 Td (which ) Tj ET Q q 0 0 0 rg BT 270.34 250.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 317.97 250.20 Td (Natural ) Tj ET Q q 0 0 0 rg BT 354.50 250.20 Td (has ) Tj ET Q q 0 0 0 rg BT 374.11 250.20 Td (94,000 ) Tj ET Q q 0 0 0 rg BT 408.90 250.20 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 434.35 250.20 Td (and ) Tj ET Q q 0 0 0 rg BT 454.55 250.20 Td (200,000 ) Tj ET Q q 0 0 0 rg BT 495.19 250.20 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 520.63 250.20 Td (of ) Tj ET Q q 0 0 0 rg BT 532.07 250.20 Td (committed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 237.60 Td (capacity ) Tj ET Q q 0 0 0 rg BT 107.98 237.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 162.64 237.60 Td (. ) Tj ET Q q 0 0 0 rg BT 167.51 237.60 Td (Combining ) Tj ET Q q 0 0 0 rg BT 219.66 237.60 Td (these ) Tj ET Q q 0 0 0 rg BT 247.30 237.60 Td (two ) Tj ET Q q 0 0 0 rg BT 265.60 237.60 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 303.75 237.60 Td (projects ) Tj ET Q q 0 0 0 rg BT 342.48 237.60 Td (and ) Tj ET Q q 0 0 0 rg BT 361.95 237.60 Td (including ) Tj ET Q q 0 0 0 rg BT 405.36 237.60 Td (Enbridge ) Tj ET Q q 0 0 0 rg BT 449.35 237.60 Td (Line ) Tj ET Q q 0 0 0 rg BT 471.15 237.60 Td (3 ) Tj ET Q q 0 0 0 rg BT 478.95 237.60 Td (replacement, ) Tj ET Q q 0 0 0 rg BT 541.61 237.60 Td (W) Tj ET Q q 0 0 0 rg BT 551.33 237.60 Td (estern ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 225.00 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 115.37 225.00 Td (egress ) Tj ET Q q 0 0 0 rg BT 149.81 225.00 Td (is ) Tj ET Q q 0 0 0 rg BT 160.31 225.00 Td (targeted ) Tj ET Q q 0 0 0 rg BT 201.75 225.00 Td (to ) Tj ET Q q 0 0 0 rg BT 213.43 225.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 256.04 225.00 Td (by ) Tj ET Q q 0 0 0 rg BT 270.04 225.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 338.33 225.00 Td (1.8 ) Tj ET Q q 0 0 0 rg BT 355.84 225.00 Td (MMbbl/d ) Tj ET Q q 0 0 0 rg BT 399.02 225.00 Td (in ) Tj ET Q q 0 0 0 rg BT 410.11 225.00 Td (the ) Tj ET Q q 0 0 0 rg BT 427.63 225.00 Td (mid-term.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 748.40 Td (QUARTERL) Tj ET Q q 0 0 0 rg BT 88.87 748.40 Td (Y) Tj ET Q q 0 0 0 rg BT 95.68 748.40 Td ( HIGHLIGHTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 691.9 m 210 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210 691.9 m 389 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 718.9 m 389 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 718.9 m 393 718.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 691.9 m 393 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 718.9 m 453 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393 718.9 m 453 718.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 691.9 m 453 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 691.9 m 457 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 691.9 m 517 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 691.9 m 521 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 691.9 m 581 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 691.9 m 389 673.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 691.9 m 453 673.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 691.9 m 453 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 691.9 m 457 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 691.9 m 517 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 691.9 m 521 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 673.9 m 389 655.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 673.9 m 453 655.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 655.9 m 389 637.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 655.9 m 453 637.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 637.9 m 389 619.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 637.9 m 453 619.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 619.9 m 389 601.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 619.9 m 453 601.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 601.9 m 389 583.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 601.9 m 453 583.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 583.9 m 389 565.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 583.9 m 453 565.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 565.9 m 389 547.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 565.9 m 453 547.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 547.9 m 389 529.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 547.9 m 453 529.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 529.9 m 389 511.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 529.9 m 453 511.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 511.9 m 389 493.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 511.9 m 389 493.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 511.9 m 453 493.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 493.9 m 389 475.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 493.9 m 389 475.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 493.9 m 453 475.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 475.9 m 389 457.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 475.9 m 453 457.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 475.9 m 453 457.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 457.9 m 389 439.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 457.9 m 389 439.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 457.9 m 453 439.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 457.9 m 453 439.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 439.9 m 389 421.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 439.9 m 453 421.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 439.9 m 453 421.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 421.9 m 389 403.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 421.9 m 453 403.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 421.9 m 453 403.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 385.9 m 210 385.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 210 385.9 m 389 385.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 403.9 m 389 385.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 385.9 m 393 385.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 403.9 m 453 385.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 385.9 m 453 385.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 403.9 m 453 385.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453 385.9 m 457 385.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 385.9 m 517 385.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 385.9 m 521 385.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 521 385.9 m 581 385.9 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.45 727.66 Td (Three Months Ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 696.66 Td (\($ millions, except per common share amounts\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.20 707.16 Td (Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.10 696.66 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.20 707.16 Td (Dec 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.10 696.66 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.80 707.16 Td (Mar 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.10 696.66 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 678.66 Td (Net \(loss\) earnings) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 678.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 419.20 678.66 Td (\(1,282) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.00 678.66 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 678.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.45 678.66 Td (597) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 678.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 678.66 Td (961) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.75 660.66 Td (Per common share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.50 660.66 Td (?basic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 660.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.05 660.66 Td (\(1.08) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.00 660.66 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 660.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.55 660.66 Td (0.50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 660.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 660.66 Td (0.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 642.66 Td (牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.50 642.66 Td (?diluted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 642.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.05 642.66 Td (\(1.08) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.00 642.66 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 642.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.55 642.66 Td (0.50) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 642.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 642.66 Td (0.80) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 624.66 Td (Adjusted net \(loss\) earnings from operations ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 243.45 629.66 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 624.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 427.95 624.66 Td (\(295) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.00 624.66 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 624.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.45 624.66 Td (686) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 624.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 624.66 Td (838) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.75 606.66 Td (Per common share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.50 606.66 Td (?basic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 606.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.05 606.66 Td (\(0.25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.00 606.66 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 606.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.55 606.66 Td (0.58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 606.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 606.66 Td (0.70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 588.66 Td (牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.50 588.66 Td (?diluted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 588.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.05 588.66 Td (\(0.25) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 449.00 588.66 Td (\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 588.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.55 588.66 Td (0.58) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 588.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 588.66 Td (0.70) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 570.66 Td (Cash flows from operating activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 570.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.70 570.66 Td (1,725) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 570.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 570.66 Td (2,454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 570.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 570.66 Td (996) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 552.66 Td (Adjusted funds flow ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 128.48 557.66 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 552.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.70 552.66 Td (1,337) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 552.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 552.66 Td (2,494) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 552.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.70 552.66 Td (2,240) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 117.75 534.66 Td (Per common share) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.50 534.66 Td (?basic) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 534.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.55 534.66 Td (1.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 534.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.55 534.66 Td (2.1) Tj ET Q q 0 0 0 rg BT 507.15 534.66 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 534.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 534.66 Td (1.87) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 516.66 Td (牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋牋? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 212.50 516.66 Td (?diluted) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 516.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 428.55 516.66 Td (1.13) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 516.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 492.55 516.66 Td (2.10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 516.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 516.66 Td (1.86) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 498.66 Td (Cash flows used in investing activities) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 498.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 431.45 498.66 Td (859) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 498.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.45 498.66 Td (854) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 498.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.70 498.66 Td (1,029) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 480.66 Td (Net capital expenditures ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 150.07 485.66 Td (\(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 480.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 431.45 480.66 Td (838) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 480.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 480.66 Td (1,056) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 480.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 480.66 Td (977) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 444.66 Td (Daily production, before royalties) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 426.66 Td (Natural gas \(MMcf/d\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.70 426.66 Td (1,440) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 426.66 Td (1,455) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.70 426.66 Td (1,510) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 408.66 Td (Crude oil and NGLs \(bbl/d\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 411.00 408.66 Td (938,676) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 475.00 408.66 Td (913,782) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.00 408.66 Td (783,512) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 52.50 390.66 Td (Equivalent production \(BOE/d\) ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 197.25 395.66 Td (\(4\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 402.25 390.66 Td (1,178,752) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.25 390.66 Td (1,156,276) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.25 390.66 Td (1,035,212) Tj ET Q BT /F1 10.50 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 373.80 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 373.80 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 79.14 373.80 Td (net ) Tj ET Q q 0 0 0 rg BT 93.26 373.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 126.96 373.80 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 149.52 373.80 Td (from ) Tj ET Q q 0 0 0 rg BT 168.52 373.80 Td (operations ) Tj ET Q q 0 0 0 rg BT 208.89 373.80 Td (is ) Tj ET Q q 0 0 0 rg BT 217.67 373.80 Td (a ) Tj ET Q q 0 0 0 rg BT 225.13 373.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 263.07 373.80 Td ( ) Tj ET Q q 0 0 0 rg BT 266.08 373.80 Td (measure ) Tj ET Q q 0 0 0 rg BT 300.21 373.80 Td (that ) Tj ET Q q 0 0 0 rg BT 316.56 373.80 Td (the ) Tj ET Q q 0 0 0 rg BT 330.68 373.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 367.93 373.80 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 395.38 373.80 Td (to ) Tj ET Q q 0 0 0 rg BT 405.06 373.80 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 438.31 373.80 Td (its ) Tj ET Q q 0 0 0 rg BT 449.32 373.80 Td (performance, ) Tj ET Q q 0 0 0 rg BT 499.46 373.80 Td (as ) Tj ET Q q 0 0 0 rg BT 510.91 373.80 Td (it ) Tj ET Q q 0 0 0 rg BT 517.92 373.80 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 569.39 373.80 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 364.20 Td (Company? Tj ET Q q 0 0 0 rg BT 80.87 364.20 Td (s ) Tj ET Q q 0 0 0 rg BT 87.56 364.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 110.71 364.20 Td (to ) Tj ET Q q 0 0 0 rg BT 120.07 364.20 Td (generate ) Tj ET Q q 0 0 0 rg BT 154.35 364.20 Td (after) Tj ET Q q 0 0 0 rg BT 170.21 364.20 Td (-tax ) Tj ET Q q 0 0 0 rg BT 186.24 364.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 222.29 364.20 Td (earnings ) Tj ET Q q 0 0 0 rg BT 255.67 364.20 Td (from ) Tj ET Q q 0 0 0 rg BT 274.36 364.20 Td (its ) Tj ET Q q 0 0 0 rg BT 285.06 364.20 Td (core ) Tj ET Q q 0 0 0 rg BT 303.31 364.20 Td (business ) Tj ET Q q 0 0 0 rg BT 337.58 364.20 Td (areas. ) Tj ET Q q 0 0 0 rg BT 362.50 364.20 Td (The ) Tj ET Q q 0 0 0 rg BT 378.98 364.20 Td (derivation ) Tj ET Q q 0 0 0 rg BT 416.36 364.20 Td (of ) Tj ET Q q 0 0 0 rg BT 425.73 364.20 Td (this ) Tj ET Q q 0 0 0 rg BT 440.87 364.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 474.68 364.20 Td (is ) Tj ET Q q 0 0 0 rg BT 483.15 364.20 Td (discussed ) Tj ET Q q 0 0 0 rg BT 521.42 364.20 Td (in ) Tj ET Q q 0 0 0 rg BT 530.34 364.20 Td (the ) Tj ET Q q 0 0 0 rg BT 544.15 364.20 Td ("Advisory" ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 354.60 Td (section ) Tj ET Q q 0 0 0 rg BT 72.57 354.60 Td (of ) Tj ET Q q 0 0 0 rg BT 81.46 354.60 Td (this ) Tj ET Q q 0 0 0 rg BT 96.14 354.60 Td (press ) Tj ET Q q 0 0 0 rg BT 117.92 354.60 Td (release.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 342.00 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 342.00 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 78.72 342.00 Td (funds ) Tj ET Q q 0 0 0 rg BT 100.89 342.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 117.71 342.00 Td (is ) Tj ET Q q 0 0 0 rg BT 126.07 342.00 Td (a ) Tj ET Q q 0 0 0 rg BT 133.12 342.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 171.06 342.00 Td ( ) Tj ET Q q 0 0 0 rg BT 173.65 342.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 207.37 342.00 Td (that ) Tj ET Q q 0 0 0 rg BT 223.30 342.00 Td (the ) Tj ET Q q 0 0 0 rg BT 237.02 342.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 273.85 342.00 Td (considers ) Tj ET Q q 0 0 0 rg BT 310.68 342.00 Td (key ) Tj ET Q q 0 0 0 rg BT 325.72 342.00 Td (to ) Tj ET Q q 0 0 0 rg BT 334.98 342.00 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 367.82 342.00 Td (its ) Tj ET Q q 0 0 0 rg BT 378.41 342.00 Td (performance ) Tj ET Q q 0 0 0 rg BT 425.91 342.00 Td (as ) Tj ET Q q 0 0 0 rg BT 436.96 342.00 Td (it ) Tj ET Q q 0 0 0 rg BT 443.55 342.00 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 494.61 342.00 Td (the ) Tj ET Q q 0 0 0 rg BT 508.32 342.00 Td (Company? Tj ET Q q 0 0 0 rg BT 544.19 342.00 Td (s ) Tj ET Q q 0 0 0 rg BT 550.78 342.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 573.83 342.00 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 332.40 Td (generate ) Tj ET Q q 0 0 0 rg BT 78.85 332.40 Td (the ) Tj ET Q q 0 0 0 rg BT 92.23 332.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 111.39 332.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 127.88 332.40 Td (necessary ) Tj ET Q q 0 0 0 rg BT 166.61 332.40 Td (to ) Tj ET Q q 0 0 0 rg BT 175.54 332.40 Td (fund ) Tj ET Q q 0 0 0 rg BT 193.38 332.40 Td (future ) Tj ET Q q 0 0 0 rg BT 216.10 332.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 242.37 332.40 Td (through ) Tj ET Q q 0 0 0 rg BT 271.77 332.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 297.16 332.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 338.11 332.40 Td (and ) Tj ET Q q 0 0 0 rg BT 353.72 332.40 Td (to ) Tj ET Q q 0 0 0 rg BT 362.65 332.40 Td (repay ) Tj ET Q q 0 0 0 rg BT 384.93 332.40 Td (debt. ) Tj ET Q q 0 0 0 rg BT 404.98 332.40 Td (The ) Tj ET Q q 0 0 0 rg BT 421.03 332.40 Td (derivation ) Tj ET Q q 0 0 0 rg BT 457.98 332.40 Td (of ) Tj ET Q q 0 0 0 rg BT 466.92 332.40 Td (this ) Tj ET Q q 0 0 0 rg BT 481.63 332.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 515.02 332.40 Td (is ) Tj ET Q q 0 0 0 rg BT 523.06 332.40 Td (discussed ) Tj ET Q q 0 0 0 rg BT 560.90 332.40 Td (in ) Tj ET Q q 0 0 0 rg BT 569.39 332.40 Td (the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 322.80 Td ("Advisory" ) Tj ET Q q 0 0 0 rg BT 83.58 322.80 Td (section ) Tj ET Q q 0 0 0 rg BT 111.15 322.80 Td (of ) Tj ET Q q 0 0 0 rg BT 120.04 322.80 Td (this ) Tj ET Q q 0 0 0 rg BT 134.71 322.80 Td (press ) Tj ET Q q 0 0 0 rg BT 156.50 322.80 Td (release.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 310.20 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 310.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 59.76 310.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 85.19 310.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 133.31 310.20 Td (is ) Tj ET Q q 0 0 0 rg BT 141.39 310.20 Td (a ) Tj ET Q q 0 0 0 rg BT 148.15 310.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 186.10 310.20 Td ( ) Tj ET Q q 0 0 0 rg BT 188.41 310.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 221.84 310.20 Td (that ) Tj ET Q q 0 0 0 rg BT 237.49 310.20 Td (the ) Tj ET Q q 0 0 0 rg BT 250.92 310.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 287.47 310.20 Td (considers ) Tj ET Q q 0 0 0 rg BT 324.02 310.20 Td (a ) Tj ET Q q 0 0 0 rg BT 330.77 310.20 Td (key ) Tj ET Q q 0 0 0 rg BT 345.53 310.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 378.96 310.20 Td (as ) Tj ET Q q 0 0 0 rg BT 389.72 310.20 Td (it ) Tj ET Q q 0 0 0 rg BT 396.03 310.20 Td (provides ) Tj ET Q q 0 0 0 rg BT 428.58 310.20 Td (an ) Tj ET Q q 0 0 0 rg BT 439.79 310.20 Td (understanding ) Tj ET Q q 0 0 0 rg BT 492.80 310.20 Td (of ) Tj ET Q q 0 0 0 rg BT 501.78 310.20 Td (the ) Tj ET Q q 0 0 0 rg BT 515.21 310.20 Td (Company? Tj ET Q q 0 0 0 rg BT 551.08 310.20 Td (s ) Tj ET Q q 0 0 0 rg BT 557.39 310.20 Td (capital ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 300.60 Td (spending ) Tj ET Q q 0 0 0 rg BT 79.25 300.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 111.69 300.60 Td (in ) Tj ET Q q 0 0 0 rg BT 119.69 300.60 Td (comparison ) Tj ET Q q 0 0 0 rg BT 162.82 300.60 Td (to ) Tj ET Q q 0 0 0 rg BT 171.26 300.60 Td (the ) Tj ET Q q 0 0 0 rg BT 184.15 300.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 225.69 300.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 251.49 300.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 276.39 300.60 Td (budget. ) Tj ET Q q 0 0 0 rg BT 304.85 300.60 Td (For ) Tj ET Q q 0 0 0 rg BT 318.62 300.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 354.64 300.60 Td (information ) Tj ET Q q 0 0 0 rg BT 395.99 300.60 Td (and ) Tj ET Q q 0 0 0 rg BT 411.11 300.60 Td (details, ) Tj ET Q q 0 0 0 rg BT 438.23 300.60 Td (refer ) Tj ET Q q 0 0 0 rg BT 456.45 300.60 Td (to ) Tj ET Q q 0 0 0 rg BT 464.90 300.60 Td (the ) Tj ET Q q 0 0 0 rg BT 477.79 300.60 Td (net ) Tj ET Q q 0 0 0 rg BT 490.68 300.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 515.58 300.60 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 563.16 300.60 Td (table ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 291.00 Td (in ) Tj ET Q q 0 0 0 rg BT 53.45 291.00 Td (the ) Tj ET Q q 0 0 0 rg BT 66.79 291.00 Td ("Advisory" ) Tj ET Q q 0 0 0 rg BT 105.37 291.00 Td (section ) Tj ET Q q 0 0 0 rg BT 132.94 291.00 Td (of ) Tj ET Q q 0 0 0 rg BT 141.84 291.00 Td (this ) Tj ET Q q 0 0 0 rg BT 156.51 291.00 Td (press ) Tj ET Q q 0 0 0 rg BT 178.29 291.00 Td (release.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 278.40 Td (\(4\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 278.40 Td (A) Tj ET Q q 0 0 0 rg BT 50.04 278.40 Td ( ) Tj ET Q q 0 0 0 rg BT 52.10 278.40 Td (barrel ) Tj ET Q q 0 0 0 rg BT 74.62 278.40 Td (of ) Tj ET Q q 0 0 0 rg BT 83.36 278.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 93.42 278.40 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 131.96 278.40 Td (\(揃OE擻) ) Tj ET Q q 0 0 0 rg BT 161.58 278.40 Td (is ) Tj ET Q q 0 0 0 rg BT 169.42 278.40 Td (derived ) Tj ET Q q 0 0 0 rg BT 197.72 278.40 Td (by ) Tj ET Q q 0 0 0 rg BT 208.23 278.40 Td (converting ) Tj ET Q q 0 0 0 rg BT 247.21 278.40 Td (six ) Tj ET Q q 0 0 0 rg BT 259.05 278.40 Td (thousand ) Tj ET Q q 0 0 0 rg BT 294.03 278.40 Td (cubic ) Tj ET Q q 0 0 0 rg BT 314.77 278.40 Td (feet ) Tj ET Q q 0 0 0 rg BT 330.18 278.40 Td (\(揗cf擻) ) Tj ET Q q 0 0 0 rg BT 355.78 278.40 Td (of ) Tj ET Q q 0 0 0 rg BT 364.52 278.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 391.04 278.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 406.01 278.40 Td (to ) Tj ET Q q 0 0 0 rg BT 414.74 278.40 Td (one ) Tj ET Q q 0 0 0 rg BT 430.15 278.40 Td (barrel ) Tj ET Q q 0 0 0 rg BT 452.67 278.40 Td (\(揵bl擻) ) Tj ET Q q 0 0 0 rg BT 476.07 278.40 Td (of ) Tj ET Q q 0 0 0 rg BT 484.80 278.40 Td (crude ) Tj ET Q q 0 0 0 rg BT 506.88 278.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 516.95 278.40 Td (\(6 ) Tj ET Q q 0 0 0 rg BT 526.12 278.40 Td (Mcf:1 ) Tj ET Q q 0 0 0 rg BT 547.75 278.40 Td (bbl\). ) Tj ET Q q 0 0 0 rg BT 565.37 278.40 Td (This ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 268.80 Td (conversion ) Tj ET Q q 0 0 0 rg BT 85.72 268.80 Td (may ) Tj ET Q q 0 0 0 rg BT 102.87 268.80 Td (be ) Tj ET Q q 0 0 0 rg BT 113.80 268.80 Td (misleading, ) Tj ET Q q 0 0 0 rg BT 156.30 268.80 Td (particularly ) Tj ET Q q 0 0 0 rg BT 197.02 268.80 Td (if ) Tj ET Q q 0 0 0 rg BT 203.05 268.80 Td (used ) Tj ET Q q 0 0 0 rg BT 222.43 268.80 Td (in ) Tj ET Q q 0 0 0 rg BT 230.70 268.80 Td (isolation, ) Tj ET Q q 0 0 0 rg BT 264.30 268.80 Td (since ) Tj ET Q q 0 0 0 rg BT 285.01 268.80 Td (the ) Tj ET Q q 0 0 0 rg BT 298.17 268.80 Td (6 ) Tj ET Q q 0 0 0 rg BT 304.65 268.80 Td (Mcf:1 ) Tj ET Q q 0 0 0 rg BT 326.25 268.80 Td (bbl ) Tj ET Q q 0 0 0 rg BT 338.96 268.80 Td (ratio ) Tj ET Q q 0 0 0 rg BT 356.56 268.80 Td (is ) Tj ET Q q 0 0 0 rg BT 364.37 268.80 Td (based ) Tj ET Q q 0 0 0 rg BT 388.20 268.80 Td (on ) Tj ET Q q 0 0 0 rg BT 399.13 268.80 Td (an ) Tj ET Q q 0 0 0 rg BT 410.06 268.80 Td (energy ) Tj ET Q q 0 0 0 rg BT 436.56 268.80 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 480.85 268.80 Td (conversion ) Tj ET Q q 0 0 0 rg BT 521.57 268.80 Td (method ) Tj ET Q q 0 0 0 rg BT 550.29 268.80 Td (primarily ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 259.20 Td (applicable ) Tj ET Q q 0 0 0 rg BT 82.95 259.20 Td (at ) Tj ET Q q 0 0 0 rg BT 91.55 259.20 Td (the ) Tj ET Q q 0 0 0 rg BT 104.59 259.20 Td (burner ) Tj ET Q q 0 0 0 rg BT 129.64 259.20 Td (tip ) Tj ET Q q 0 0 0 rg BT 140.01 259.20 Td (and ) Tj ET Q q 0 0 0 rg BT 155.28 259.20 Td (does ) Tj ET Q q 0 0 0 rg BT 174.55 259.20 Td (not ) Tj ET Q q 0 0 0 rg BT 187.60 259.20 Td (represent ) Tj ET Q q 0 0 0 rg BT 223.32 259.20 Td (a ) Tj ET Q q 0 0 0 rg BT 229.69 259.20 Td (value ) Tj ET Q q 0 0 0 rg BT 250.74 259.20 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 294.91 259.20 Td (at ) Tj ET Q q 0 0 0 rg BT 303.51 259.20 Td (the ) Tj ET Q q 0 0 0 rg BT 316.55 259.20 Td (wellhead. ) Tj ET Q q 0 0 0 rg BT 352.28 259.20 Td (In ) Tj ET Q q 0 0 0 rg BT 360.87 259.20 Td (comparing ) Tj ET Q q 0 0 0 rg BT 400.15 259.20 Td (the ) Tj ET Q q 0 0 0 rg BT 413.19 259.20 Td (value ) Tj ET Q q 0 0 0 rg BT 434.24 259.20 Td (ratio ) Tj ET Q q 0 0 0 rg BT 451.72 259.20 Td (using ) Tj ET Q q 0 0 0 rg BT 472.77 259.20 Td (current ) Tj ET Q q 0 0 0 rg BT 499.59 259.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 521.53 259.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 531.46 259.20 Td (prices ) Tj ET Q q 0 0 0 rg BT 554.72 259.20 Td (relative ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 249.60 Td (to ) Tj ET Q q 0 0 0 rg BT 53.89 249.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 80.58 249.60 Td (gas ) Tj ET Q q 0 0 0 rg BT 95.70 249.60 Td (prices, ) Tj ET Q q 0 0 0 rg BT 121.48 249.60 Td (the ) Tj ET Q q 0 0 0 rg BT 134.83 249.60 Td (6 ) Tj ET Q q 0 0 0 rg BT 141.50 249.60 Td (Mcf:1 ) Tj ET Q q 0 0 0 rg BT 163.28 249.60 Td (bbl ) Tj ET Q q 0 0 0 rg BT 176.18 249.60 Td (conversion ) Tj ET Q q 0 0 0 rg BT 217.09 249.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 234.88 249.60 Td (may ) Tj ET Q q 0 0 0 rg BT 252.21 249.60 Td (be ) Tj ET Q q 0 0 0 rg BT 263.33 249.60 Td (misleading ) Tj ET Q q 0 0 0 rg BT 303.80 249.60 Td (as ) Tj ET Q q 0 0 0 rg BT 314.47 249.60 Td (an ) Tj ET Q q 0 0 0 rg BT 325.59 249.60 Td (indication ) Tj ET Q q 0 0 0 rg BT 361.61 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 370.51 249.60 Td (value.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 231.73 cm /I21 Do Q q 0 0 0 rg BT 35.32 234.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 234.00 Td (A) Tj ET Q q 0 0 0 rg BT 55.92 234.00 Td ( ) Tj ET Q q 0 0 0 rg BT 58.84 234.00 Td (net ) Tj ET Q q 0 0 0 rg BT 76.36 234.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 97.95 234.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 109.62 234.00 Td ($1,282 ) Tj ET Q q 0 0 0 rg BT 144.66 234.00 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 174.41 234.00 Td ( ) Tj ET Q q 0 0 0 rg BT 177.33 234.00 Td (was ) Tj ET Q q 0 0 0 rg BT 198.92 234.00 Td (realized ) Tj ET Q q 0 0 0 rg BT 238.61 234.00 Td (in ) Tj ET Q q 0 0 0 rg BT 249.70 234.00 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 284.14 234.00 Td (while ) Tj ET Q q 0 0 0 rg BT 310.99 234.00 Td (the ) Tj ET Q q 0 0 0 rg BT 328.50 234.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 371.12 234.00 Td (net ) Tj ET Q q 0 0 0 rg BT 388.63 234.00 Td (loss ) Tj ET Q q 0 0 0 rg BT 410.22 234.00 Td (in ) Tj ET Q q 0 0 0 rg BT 421.31 234.00 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 452.84 234.00 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.43 234.00 Td ($295 ) Tj ET Q q 0 0 0 rg BT 500.70 234.00 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 530.46 234.00 Td (.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 216.13 cm /I22 Do Q q 0 0 0 rg BT 35.32 218.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 218.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 76.93 218.40 Td (flows ) Tj ET Q q 0 0 0 rg BT 103.77 218.40 Td (from ) Tj ET Q q 0 0 0 rg BT 127.69 218.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 174.39 218.40 Td (activities ) Tj ET Q q 0 0 0 rg BT 217.57 218.40 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 243.25 218.40 Td ($1,725 ) Tj ET Q q 0 0 0 rg BT 278.28 218.40 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 308.04 218.40 Td ( ) Tj ET Q q 0 0 0 rg BT 310.96 218.40 Td (in ) Tj ET Q q 0 0 0 rg BT 322.05 218.40 Td (Q1/20.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 200.53 cm /I23 Do Q q 0 0 0 rg BT 35.32 202.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 202.80 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.67 202.80 Td (Natural ) Tj ET Q q 0 0 0 rg BT 132.74 202.80 Td (generated ) Tj ET Q q 0 0 0 rg BT 182.25 202.80 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 225.32 202.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 267.24 202.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 295.15 202.80 Td (flow ) Tj ET Q q 0 0 0 rg BT 316.04 202.80 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.01 202.80 Td ($1,337 ) Tj ET Q q 0 0 0 rg BT 361.35 202.80 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.11 202.80 Td ( ) Tj ET Q q 0 0 0 rg BT 393.33 202.80 Td (in ) Tj ET Q q 0 0 0 rg BT 403.72 202.80 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 437.46 202.80 Td (which ) Tj ET Q q 0 0 0 rg BT 466.52 202.80 Td (was ) Tj ET Q q 0 0 0 rg BT 487.41 202.80 Td (negatively ) Tj ET Q q 0 0 0 rg BT 536.91 202.80 Td (impacted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 190.20 Td (by ) Tj ET Q q 0 0 0 rg BT 63.37 190.20 Td (charges ) Tj ET Q q 0 0 0 rg BT 103.51 190.20 Td (taken ) Tj ET Q q 0 0 0 rg BT 131.98 190.20 Td (in ) Tj ET Q q 0 0 0 rg BT 142.93 190.20 Td (the ) Tj ET Q q 0 0 0 rg BT 160.31 190.20 Td (first ) Tj ET Q q 0 0 0 rg BT 180.01 190.20 Td (quarter ) Tj ET Q q 0 0 0 rg BT 216.06 190.20 Td (of ) Tj ET Q q 0 0 0 rg BT 227.60 190.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 295.75 190.20 Td ($100 ) Tj ET Q q 0 0 0 rg BT 321.89 190.20 Td (million ) Tj ET Q q 0 0 0 rg BT 354.43 190.20 Td (including ) Tj ET Q q 0 0 0 rg BT 398.66 190.20 Td (the ) Tj ET Q q 0 0 0 rg BT 416.04 190.20 Td (impact ) Tj ET Q q 0 0 0 rg BT 449.75 190.20 Td (of ) Tj ET Q q 0 0 0 rg BT 461.29 190.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 529.44 190.20 Td ($50 ) Tj ET Q q 0 0 0 rg BT 549.74 190.20 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (of ) Tj ET Q q 0 0 0 rg BT 62.63 177.60 Td (product ) Tj ET Q q 0 0 0 rg BT 102.04 177.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 149.02 177.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 195.43 177.60 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 256.42 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 278.32 177.60 Td (an ) Tj ET Q q 0 0 0 rg BT 294.38 177.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 343.71 177.60 Td ($50 ) Tj ET Q q 0 0 0 rg BT 365.60 177.60 Td (million ) Tj ET Q q 0 0 0 rg BT 399.74 177.60 Td (related ) Tj ET Q q 0 0 0 rg BT 436.22 177.60 Td (to ) Tj ET Q q 0 0 0 rg BT 449.36 177.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 485.25 177.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 520.56 177.60 Td (mechanisms ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 165.00 Td (impacting ) Tj ET Q q 0 0 0 rg BT 97.06 165.00 Td (realized ) Tj ET Q q 0 0 0 rg BT 136.45 165.00 Td (pricing ) Tj ET Q q 0 0 0 rg BT 170.01 165.00 Td (in ) Tj ET Q q 0 0 0 rg BT 180.80 165.00 Td (the ) Tj ET Q q 0 0 0 rg BT 198.02 165.00 Td (North ) Tj ET Q q 0 0 0 rg BT 226.32 165.00 Td (Sea. ) Tj ET Q q 0 0 0 rg BT 250.37 165.00 Td (The ) Tj ET Q q 0 0 0 rg BT 271.08 165.00 Td (decrease ) Tj ET Q q 0 0 0 rg BT 316.90 165.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 328.28 165.00 Td ($1,157) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 360.40 165.00 Td ( ) Tj ET Q q 0 0 0 rg BT 363.02 165.00 Td (million ) Tj ET Q q 0 0 0 rg BT 395.40 165.00 Td (from ) Tj ET Q q 0 0 0 rg BT 419.02 165.00 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 450.24 165.00 Td (levels ) Tj ET Q q 0 0 0 rg BT 479.71 165.00 Td (was ) Tj ET Q q 0 0 0 rg BT 501.00 165.00 Td (also ) Tj ET Q q 0 0 0 rg BT 522.89 165.00 Td (due ) Tj ET Q q 0 0 0 rg BT 543.03 165.00 Td (to ) Tj ET Q q 0 0 0 rg BT 554.41 165.00 Td (lower ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 152.40 Td (netbacks ) Tj ET Q q 0 0 0 rg BT 94.46 152.40 Td (across ) Tj ET Q q 0 0 0 rg BT 128.32 152.40 Td (all ) Tj ET Q q 0 0 0 rg BT 141.75 152.40 Td (segments ) Tj ET Q q 0 0 0 rg BT 190.21 152.40 Td (driven ) Tj ET Q q 0 0 0 rg BT 221.74 152.40 Td (largely ) Tj ET Q q 0 0 0 rg BT 255.60 152.40 Td (by ) Tj ET Q q 0 0 0 rg BT 269.63 152.40 Td (lower ) Tj ET Q q 0 0 0 rg BT 297.65 152.40 Td (crude ) Tj ET Q q 0 0 0 rg BT 326.85 152.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 340.28 152.40 Td (and ) Tj ET Q q 0 0 0 rg BT 360.74 152.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 395.77 152.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 415.63 152.40 Td (pricing, ) Tj ET Q q 0 0 0 rg BT 452.42 152.40 Td (partially ) Tj ET Q q 0 0 0 rg BT 491.53 152.40 Td (of) Tj ET Q q 0 0 0 rg BT 500.10 152.40 Td (fset ) Tj ET Q q 0 0 0 rg BT 519.95 152.40 Td (by ) Tj ET Q q 0 0 0 rg BT 533.98 152.40 Td (increased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 139.80 Td (higher ) Tj ET Q q 0 0 0 rg BT 81.61 139.80 Td (value ) Tj ET Q q 0 0 0 rg BT 109.63 139.80 Td (Oil ) Tj ET Q q 0 0 0 rg BT 125.38 139.80 Td (Sands ) Tj ET Q q 0 0 0 rg BT 158.07 139.80 Td (Mining ) Tj ET Q q 0 0 0 rg BT 191.92 139.80 Td (and ) Tj ET Q q 0 0 0 rg BT 212.35 139.80 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 263.72 139.80 Td (production ) Tj ET Q q 0 0 0 rg BT 315.68 139.80 Td (volumes. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 124.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 124.20 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 112.62 124.20 Td (funds ) Tj ET Q q 0 0 0 rg BT 142.57 124.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 165.50 124.20 Td (was ) Tj ET Q q 0 0 0 rg BT 188.43 124.20 Td (in ) Tj ET Q q 0 0 0 rg BT 200.86 124.20 Td (excess ) Tj ET Q q 0 0 0 rg BT 237.80 124.20 Td (of ) Tj ET Q q 0 0 0 rg BT 250.81 124.20 Td (the ) Tj ET Q q 0 0 0 rg BT 269.67 124.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 326.12 124.20 Td (net ) Tj ET Q q 0 0 0 rg BT 344.97 124.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 379.58 124.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 443.97 124.20 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.98 124.20 Td ($838 ) Tj ET Q q 0 0 0 rg BT 484.60 124.20 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.36 124.20 Td ( ) Tj ET Q q 0 0 0 rg BT 518.62 124.20 Td (and ) Tj ET Q q 0 0 0 rg BT 540.39 124.20 Td (dividend ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 111.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 131.22 111.60 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.42 111.60 Td ($444 ) Tj ET Q q 0 0 0 rg BT 168.22 111.60 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.98 111.60 Td ( ) Tj ET Q q 0 0 0 rg BT 200.43 111.60 Td (in ) Tj ET Q q 0 0 0 rg BT 211.04 111.60 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 245.01 111.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 287.14 111.60 Td (in ) Tj ET Q q 0 0 0 rg BT 297.75 111.60 Td (free ) Tj ET Q q 0 0 0 rg BT 318.29 111.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 342.91 111.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 364.03 111.60 Td (generation ) Tj ET Q q 0 0 0 rg BT 416.10 111.60 Td (of ) Tj ET Q q 0 0 0 rg BT 427.30 111.60 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.14 111.60 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.82 111.60 Td ( ) Tj ET Q q 0 0 0 rg BT 447.26 111.60 Td (million ) Tj ET Q q 0 0 0 rg BT 479.46 111.60 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 524.51 111.60 Td (the ) Tj ET Q q 0 0 0 rg BT 541.55 111.60 Td (strength ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 99.00 Td (of ) Tj ET Q q 0 0 0 rg BT 79.17 99.00 Td (the ) Tj ET Q q 0 0 0 rg BT 96.69 99.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 151.80 99.00 Td (long ) Tj ET Q q 0 0 0 rg BT 174.57 99.00 Td (life ) Tj ET Q q 0 0 0 rg BT 190.91 99.00 Td (low ) Tj ET Q q 0 0 0 rg BT 209.58 99.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 245.78 99.00 Td (asset ) Tj ET Q q 0 0 0 rg BT 273.79 99.00 Td (base ) Tj ET Q q 0 0 0 rg BT 299.48 99.00 Td (and ) Tj ET Q q 0 0 0 rg BT 319.92 99.00 Td (its ) Tj ET Q q 0 0 0 rg BT 333.33 99.00 Td (ef) Tj ET Q q 0 0 0 rg BT 341.90 99.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 375.17 99.00 Td (and ) Tj ET Q q 0 0 0 rg BT 395.60 99.00 Td (ef) Tj ET Q q 0 0 0 rg BT 404.17 99.00 Td (ficient ) Tj ET Q q 0 0 0 rg BT 434.52 99.00 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 81.13 cm /I24 Do Q q 0 0 0 rg BT 35.32 83.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 83.40 Td (Cash flows used in investing activities were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 253.77 83.40 Td ($859 million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 309.80 83.40 Td ( in Q1/20.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 355.33 83.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 65.53 cm /I25 Do Q q 0 0 0 rg BT 35.32 67.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 67.80 Td (Despite ) Tj ET Q q 0 0 0 rg BT 87.50 67.80 Td (low ) Tj ET Q q 0 0 0 rg BT 105.65 67.80 Td (commodity ) Tj ET Q q 0 0 0 rg BT 158.81 67.80 Td (prices ) Tj ET Q q 0 0 0 rg BT 189.22 67.80 Td (at ) Tj ET Q q 0 0 0 rg BT 200.38 67.80 Td (March ) Tj ET Q q 0 0 0 rg BT 231.95 67.80 Td (31, ) Tj ET Q q 0 0 0 rg BT 248.94 67.80 Td (2020, ) Tj ET Q q 0 0 0 rg BT 277.62 67.80 Td (upon ) Tj ET Q q 0 0 0 rg BT 303.37 67.80 Td (review ) Tj ET Q q 0 0 0 rg BT 336.11 67.80 Td (of ) Tj ET Q q 0 0 0 rg BT 347.27 67.80 Td (the ) Tj ET Q q 0 0 0 rg BT 364.26 67.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 418.85 67.80 Td (stated ) Tj ET Q q 0 0 0 rg BT 449.85 67.80 Td (book ) Tj ET Q q 0 0 0 rg BT 475.02 67.80 Td (value ) Tj ET Q q 0 0 0 rg BT 502.52 67.80 Td (of ) Tj ET Q q 0 0 0 rg BT 513.68 67.80 Td (property) Tj ET Q q 0 0 0 rg BT 551.42 67.80 Td (, ) Tj ET Q q 0 0 0 rg BT 556.73 67.80 Td (plant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 55.20 Td (and ) Tj ET Q q 0 0 0 rg BT 69.94 55.20 Td (equipment ) Tj ET Q q 0 0 0 rg BT 121.89 55.20 Td (no ) Tj ET Q q 0 0 0 rg BT 136.49 55.20 Td (impairment ) Tj ET Q q 0 0 0 rg BT 191.34 55.20 Td (charge ) Tj ET Q q 0 0 0 rg BT 226.36 55.20 Td (was ) Tj ET Q q 0 0 0 rg BT 247.95 55.20 Td (required, ) Tj ET Q q 0 0 0 rg BT 292.31 55.20 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 337.84 55.20 Td (the ) Tj ET Q q 0 0 0 rg BT 355.35 55.20 Td (strength ) Tj ET Q q 0 0 0 rg BT 396.21 55.20 Td (of ) Tj ET Q q 0 0 0 rg BT 407.88 55.20 Td (the ) Tj ET Q q 0 0 0 rg BT 425.40 55.20 Td (asset ) Tj ET Q q 0 0 0 rg BT 453.41 55.20 Td (base.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 746.48 cm /I26 Do Q q 0 0 0 rg BT 35.32 748.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.56 748.75 Td (Natural ) Tj ET Q q 0 0 0 rg BT 132.51 748.75 Td (maintained ) Tj ET Q q 0 0 0 rg BT 185.98 748.75 Td (a ) Tj ET Q q 0 0 0 rg BT 193.92 748.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 225.20 748.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.83 748.75 Td (position ) Tj ET Q q 0 0 0 rg BT 304.12 748.75 Td (in ) Tj ET Q q 0 0 0 rg BT 314.40 748.75 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 345.10 748.75 Td (with ) Tj ET Q q 0 0 0 rg BT 365.88 748.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 414.67 748.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 451.79 748.75 Td (of ) Tj ET Q q 0 0 0 rg BT 462.65 748.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 530.12 748.75 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 552.66 748.75 Td (billion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 736.15 Td (including ) Tj ET Q q 0 0 0 rg BT 96.01 736.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 123.24 736.15 Td (balances ) Tj ET Q q 0 0 0 rg BT 170.33 736.15 Td (of ) Tj ET Q q 0 0 0 rg BT 184.15 736.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 254.57 736.15 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 280.07 736.15 Td (billion ) Tj ET Q q 0 0 0 rg BT 311.98 736.15 Td (and ) Tj ET Q q 0 0 0 rg BT 334.56 736.15 Td (committed ) Tj ET Q q 0 0 0 rg BT 388.04 736.15 Td (and ) Tj ET Q q 0 0 0 rg BT 410.62 736.15 Td (demand ) Tj ET Q q 0 0 0 rg BT 453.63 736.15 Td (bank ) Tj ET Q q 0 0 0 rg BT 481.45 736.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 512.19 736.15 Td (facilities ) Tj ET Q q 0 0 0 rg BT 554.59 736.15 Td (as ) Tj ET Q q 0 0 0 rg BT 570.74 736.15 Td (at ) Tj ET Q q 0 0 0 rg BT 582.42 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 585.33 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 588.25 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 591.17 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 594.09 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 597.00 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 599.92 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 602.84 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 605.76 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 608.67 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 611.59 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 617.43 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 620.34 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 623.26 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 626.18 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 629.10 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 736.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 723.55 Td (March ) Tj ET Q q 0 0 0 rg BT 81.59 723.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 99.10 723.55 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 705.68 cm /I27 Do Q q 0 0 0 rg BT 35.32 707.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 707.95 Td (Returns ) Tj ET Q q 0 0 0 rg BT 89.18 707.95 Td (to ) Tj ET Q q 0 0 0 rg BT 100.84 707.95 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 164.46 707.95 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.89 707.95 Td ($715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.25 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 225.16 707.95 Td (million ) Tj ET Q q 0 0 0 rg BT 257.83 707.95 Td (in ) Tj ET Q q 0 0 0 rg BT 268.91 707.95 Td (Q1/20, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.34 707.95 Td ($444 ) Tj ET Q q 0 0 0 rg BT 329.61 707.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.36 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 362.27 707.95 Td (by ) Tj ET Q q 0 0 0 rg BT 376.27 707.95 Td (way ) Tj ET Q q 0 0 0 rg BT 397.85 707.95 Td (of ) Tj ET Q q 0 0 0 rg BT 409.52 707.95 Td (dividends ) Tj ET Q q 0 0 0 rg BT 456.79 707.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.22 707.95 Td ($271 ) Tj ET Q q 0 0 0 rg BT 503.49 707.95 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.25 707.95 Td ( ) Tj ET Q q 0 0 0 rg BT 536.16 707.95 Td (by ) Tj ET Q q 0 0 0 rg BT 550.16 707.95 Td (way ) Tj ET Q q 0 0 0 rg BT 571.74 707.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 695.35 Td (share ) Tj ET Q q 0 0 0 rg BT 78.28 695.35 Td (repurchases. ) Tj ET Q q 0 0 0 rg BT 140.99 695.35 Td (As ) Tj ET Q q 0 0 0 rg BT 155.75 695.35 Td (previously ) Tj ET Q q 0 0 0 rg BT 205.53 695.35 Td (announced ) Tj ET Q q 0 0 0 rg BT 260.01 695.35 Td (on ) Tj ET Q q 0 0 0 rg BT 274.20 695.35 Td (March ) Tj ET Q q 0 0 0 rg BT 305.89 695.35 Td (18, ) Tj ET Q q 0 0 0 rg BT 322.99 695.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 351.78 695.35 Td (share ) Tj ET Q q 0 0 0 rg BT 380.56 695.35 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 440.85 695.35 Td (have ) Tj ET Q q 0 0 0 rg BT 466.13 695.35 Td (been ) Tj ET Q q 0 0 0 rg BT 492.00 695.35 Td (suspended ) Tj ET Q q 0 0 0 rg BT 545.89 695.35 Td (and ) Tj ET Q q 0 0 0 rg BT 565.92 695.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 682.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 80.81 682.75 Td (of ) Tj ET Q q 0 0 0 rg BT 92.85 682.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 138.14 682.75 Td (have ) Tj ET Q q 0 0 0 rg BT 164.20 682.75 Td (at ) Tj ET Q q 0 0 0 rg BT 176.24 682.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.13 682.75 Td (present ) Tj ET Q q 0 0 0 rg BT 232.44 682.75 Td (time ) Tj ET Q q 0 0 0 rg BT 255.56 682.75 Td (made ) Tj ET Q q 0 0 0 rg BT 285.11 682.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.00 682.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 344.81 682.75 Td (to ) Tj ET Q q 0 0 0 rg BT 356.85 682.75 Td (not ) Tj ET Q q 0 0 0 rg BT 374.74 682.75 Td (renew ) Tj ET Q q 0 0 0 rg BT 406.62 682.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.51 682.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 479.99 682.75 Td (NCIB ) Tj ET Q q 0 0 0 rg BT 508.36 682.75 Td (program, ) Tj ET Q q 0 0 0 rg BT 553.66 682.75 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 670.15 Td (expires ) Tj ET Q q 0 0 0 rg BT 86.27 670.15 Td (in ) Tj ET Q q 0 0 0 rg BT 97.36 670.15 Td (May ) Tj ET Q q 0 0 0 rg BT 120.11 670.15 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 652.28 cm /I28 Do Q q 0 0 0 rg BT 35.32 654.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 654.55 Td (The ) Tj ET Q q 0 0 0 rg BT 69.14 654.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 115.63 654.55 Td (ef) Tj ET Q q 0 0 0 rg BT 124.20 654.55 Td (fectively ) Tj ET Q q 0 0 0 rg BT 163.68 654.55 Td (executed ) Tj ET Q q 0 0 0 rg BT 207.84 654.55 Td (on ) Tj ET Q q 0 0 0 rg BT 221.07 654.55 Td (its ) Tj ET Q q 0 0 0 rg BT 233.12 654.55 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 286.02 654.55 Td (optimization ) Tj ET Q q 0 0 0 rg BT 343.60 654.55 Td (strategy) Tj ET Q q 0 0 0 rg BT 380.17 654.55 Td (, ) Tj ET Q q 0 0 0 rg BT 384.64 654.55 Td (producing ) Tj ET Q q 0 0 0 rg BT 432.30 654.55 Td (our ) Tj ET Q q 0 0 0 rg BT 449.03 654.55 Td (maximum ) Tj ET Q q 0 0 0 rg BT 496.08 654.55 Td (allowable ) Tj ET Q q 0 0 0 rg BT 541.41 654.55 Td (volumes ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 641.95 Td (under ) Tj ET Q q 0 0 0 rg BT 83.52 641.95 Td (the ) Tj ET Q q 0 0 0 rg BT 105.27 641.95 Td (Government ) Tj ET Q q 0 0 0 rg BT 170.21 641.95 Td (of ) Tj ET Q q 0 0 0 rg BT 184.71 641.95 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 225.14 641.95 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 283.65 641.95 Td (program, ) Tj ET Q q 0 0 0 rg BT 332.83 641.95 Td (achieving ) Tj ET Q q 0 0 0 rg BT 384.35 641.95 Td (record ) Tj ET Q q 0 0 0 rg BT 421.27 641.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 469.29 641.95 Td (production ) Tj ET Q q 0 0 0 rg BT 525.48 641.95 Td (volumes ) Tj ET Q q 0 0 0 rg BT 571.74 641.95 Td (of ) Tj ET Q q 0 0 0 rg BT 583.42 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 586.34 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 609.68 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 621.35 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 633.02 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 641.95 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 641.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 629.35 Td (1,178,752) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 96.21 629.35 Td ( ) Tj ET Q q 0 0 0 rg BT 99.13 629.35 Td (BOE/d ) Tj ET Q q 0 0 0 rg BT 132.98 629.35 Td (in ) Tj ET Q q 0 0 0 rg BT 144.07 629.35 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 178.51 629.35 Td (increases ) Tj ET Q q 0 0 0 rg BT 226.37 629.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 238.04 629.35 Td (14%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 259.06 629.35 Td ( ) Tj ET Q q 0 0 0 rg BT 261.98 629.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 282.41 629.35 Td (2%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 297.59 629.35 Td ( ) Tj ET Q q 0 0 0 rg BT 300.51 629.35 Td (from ) Tj ET Q q 0 0 0 rg BT 324.42 629.35 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 355.95 629.35 Td (and ) Tj ET Q q 0 0 0 rg BT 376.38 629.35 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 407.90 629.35 Td (levels ) Tj ET Q q 0 0 0 rg BT 437.67 629.35 Td (respectively) Tj ET Q q 0 0 0 rg BT 492.33 629.35 Td (. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 611.48 cm /I29 Do Q q 0 0 0 rg BT 35.32 613.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 613.75 Td (Record ) Tj ET Q q 0 0 0 rg BT 86.26 613.75 Td (liquids ) Tj ET Q q 0 0 0 rg BT 118.93 613.75 Td (production ) Tj ET Q q 0 0 0 rg BT 170.88 613.75 Td (was ) Tj ET Q q 0 0 0 rg BT 192.46 613.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 237.40 613.75 Td (by ) Tj ET Q q 0 0 0 rg BT 251.40 613.75 Td (the ) Tj ET Q q 0 0 0 rg BT 268.90 613.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 316.75 613.75 Td (in ) Tj ET Q q 0 0 0 rg BT 327.83 613.75 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 359.34 613.75 Td (with ) Tj ET Q q 0 0 0 rg BT 380.92 613.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 422.93 613.75 Td (reaching ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 466.11 613.75 Td (938,676) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.07 613.75 Td ( ) Tj ET Q q 0 0 0 rg BT 506.98 613.75 Td (bbl/d, ) Tj ET Q q 0 0 0 rg BT 535.57 613.75 Td (increases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 601.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 60.56 601.15 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 81.57 601.15 Td ( ) Tj ET Q q 0 0 0 rg BT 83.88 601.15 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 103.70 601.15 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 118.87 601.15 Td ( ) Tj ET Q q 0 0 0 rg BT 121.17 601.15 Td (from ) Tj ET Q q 0 0 0 rg BT 144.47 601.15 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 175.38 601.15 Td (and ) Tj ET Q q 0 0 0 rg BT 195.20 601.15 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 226.10 601.15 Td (levels ) Tj ET Q q 0 0 0 rg BT 255.25 601.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 309.91 601.15 Td (. ) Tj ET Q q 0 0 0 rg BT 314.98 601.15 Td (The ) Tj ET Q q 0 0 0 rg BT 335.37 601.15 Td (increases ) Tj ET Q q 0 0 0 rg BT 382.61 601.15 Td (from ) Tj ET Q q 0 0 0 rg BT 405.92 601.15 Td (previous ) Tj ET Q q 0 0 0 rg BT 447.90 601.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 484.64 601.15 Td (for ) Tj ET Q q 0 0 0 rg BT 499.20 601.15 Td (BOE's ) Tj ET Q q 0 0 0 rg BT 530.93 601.15 Td (and ) Tj ET Q q 0 0 0 rg BT 550.75 601.15 Td (liquids ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 588.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 92.09 588.55 Td (reflect ) Tj ET Q q 0 0 0 rg BT 123.60 588.55 Td (the ) Tj ET Q q 0 0 0 rg BT 141.11 588.55 Td (following:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 572.95 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 572.95 Td (Increased ) Tj ET Q q 0 0 0 rg BT 117.70 572.95 Td (production ) Tj ET Q q 0 0 0 rg BT 170.82 572.95 Td (from ) Tj ET Q q 0 0 0 rg BT 195.90 572.95 Td (the ) Tj ET Q q 0 0 0 rg BT 214.58 572.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 268.28 572.95 Td (of ) Tj ET Q q 0 0 0 rg BT 281.12 572.95 Td (thermal ) Tj ET Q q 0 0 0 rg BT 320.22 572.95 Td (in ) Tj ET Q q 0 0 0 rg BT 332.48 572.95 Td (situ ) Tj ET Q q 0 0 0 rg BT 352.90 572.95 Td (and ) Tj ET Q q 0 0 0 rg BT 374.51 572.95 Td (primary ) Tj ET Q q 0 0 0 rg BT 413.59 572.95 Td (heavy ) Tj ET Q q 0 0 0 rg BT 445.70 572.95 Td (crude ) Tj ET Q q 0 0 0 rg BT 476.05 572.95 Td (oil ) Tj ET Q q 0 0 0 rg BT 490.64 572.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 525.07 572.95 Td (from ) Tj ET Q q 0 0 0 rg BT 550.15 572.95 Td (Devon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 560.35 Td (Canada ) Tj ET Q q 0 0 0 rg BT 107.20 560.35 Td (when ) Tj ET Q q 0 0 0 rg BT 135.22 560.35 Td (compared ) Tj ET Q q 0 0 0 rg BT 184.83 560.35 Td (to ) Tj ET Q q 0 0 0 rg BT 196.50 560.35 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 228.03 560.35 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 544.75 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 544.75 Td (Increased ) Tj ET Q q 0 0 0 rg BT 118.03 544.75 Td (production ) Tj ET Q q 0 0 0 rg BT 171.48 544.75 Td (from ) Tj ET Q q 0 0 0 rg BT 196.89 544.75 Td (high ) Tj ET Q q 0 0 0 rg BT 221.15 544.75 Td (utilization ) Tj ET Q q 0 0 0 rg BT 269.34 544.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 297.10 544.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.03 544.75 Td (reliable ) Tj ET Q q 0 0 0 rg BT 357.30 544.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 410.75 544.75 Td (in ) Tj ET Q q 0 0 0 rg BT 423.34 544.75 Td (Oil ) Tj ET Q q 0 0 0 rg BT 440.58 544.75 Td (Sands ) Tj ET Q q 0 0 0 rg BT 474.77 544.75 Td (Mining ) Tj ET Q q 0 0 0 rg BT 510.11 544.75 Td (and ) Tj ET Q q 0 0 0 rg BT 532.05 544.75 Td (Upgrading ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 532.15 Td (following ) Tj ET Q q 0 0 0 rg BT 109.88 532.15 Td (a ) Tj ET Q q 0 0 0 rg BT 117.24 532.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 147.94 532.15 Td (ramp ) Tj ET Q q 0 0 0 rg BT 173.39 532.15 Td (up ) Tj ET Q q 0 0 0 rg BT 186.58 532.15 Td (at ) Tj ET Q q 0 0 0 rg BT 196.86 532.15 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 234.56 532.15 Td (after ) Tj ET Q q 0 0 0 rg BT 257.10 532.15 Td (the ) Tj ET Q q 0 0 0 rg BT 273.21 532.15 Td (successful ) Tj ET Q q 0 0 0 rg BT 323.75 532.15 Td (completion ) Tj ET Q q 0 0 0 rg BT 376.05 532.15 Td (of ) Tj ET Q q 0 0 0 rg BT 386.33 532.15 Td (the ) Tj ET Q q 0 0 0 rg BT 402.45 532.15 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 454.76 532.15 Td (in ) Tj ET Q q 0 0 0 rg BT 464.45 532.15 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 494.57 532.15 Td (and ) Tj ET Q q 0 0 0 rg BT 513.61 532.15 Td (the ) Tj ET Q q 0 0 0 rg BT 529.73 532.15 Td (completion ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 519.55 Td (of ) Tj ET Q q 0 0 0 rg BT 79.17 519.55 Td (the ) Tj ET Q q 0 0 0 rg BT 96.69 519.55 Td (proactive ) Tj ET Q q 0 0 0 rg BT 142.21 519.55 Td (piping ) Tj ET Q q 0 0 0 rg BT 173.16 519.55 Td (replacement ) Tj ET Q q 0 0 0 rg BT 233.86 519.55 Td (in ) Tj ET Q q 0 0 0 rg BT 244.95 519.55 Td (January ) Tj ET Q q 0 0 0 rg BT 285.22 519.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 314.41 519.55 Td (when ) Tj ET Q q 0 0 0 rg BT 342.43 519.55 Td (compared ) Tj ET Q q 0 0 0 rg BT 392.04 519.55 Td (to ) Tj ET Q q 0 0 0 rg BT 403.72 519.55 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 435.24 519.55 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.95 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 503.95 Td (Record ) Tj ET Q q 0 0 0 rg BT 104.94 503.95 Td (production ) Tj ET Q q 0 0 0 rg BT 157.56 503.95 Td (volumes ) Tj ET Q q 0 0 0 rg BT 200.25 503.95 Td (were ) Tj ET Q q 0 0 0 rg BT 226.60 503.95 Td (optimized ) Tj ET Q q 0 0 0 rg BT 275.13 503.95 Td (across ) Tj ET Q q 0 0 0 rg BT 309.65 503.95 Td (the ) Tj ET Q q 0 0 0 rg BT 327.84 503.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 356.52 503.95 Td (base ) Tj ET Q q 0 0 0 rg BT 382.88 503.95 Td (to ) Tj ET Q q 0 0 0 rg BT 395.23 503.95 Td (achieve ) Tj ET Q q 0 0 0 rg BT 435.01 503.95 Td (maximum ) Tj ET Q q 0 0 0 rg BT 484.10 503.95 Td (allowable ) Tj ET Q q 0 0 0 rg BT 531.47 503.95 Td (production ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 491.35 Td (under ) Tj ET Q q 0 0 0 rg BT 97.27 491.35 Td (the ) Tj ET Q q 0 0 0 rg BT 114.79 491.35 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 167.32 491.35 Td (Government ) Tj ET Q q 0 0 0 rg BT 228.01 491.35 Td (of ) Tj ET Q q 0 0 0 rg BT 239.11 491.35 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 275.29 491.35 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 329.56 491.35 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 379.77 491.35 Td (during ) Tj ET Q q 0 0 0 rg BT 411.88 491.35 Td (Q1/20.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 475.75 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 475.75 Td (Higher ) Tj ET Q q 0 0 0 rg BT 101.48 475.75 Td (value ) Tj ET Q q 0 0 0 rg BT 129.63 475.75 Td (SCO ) Tj ET Q q 0 0 0 rg BT 155.43 475.75 Td (was ) Tj ET Q q 0 0 0 rg BT 177.15 475.75 Td (maximized ) Tj ET Q q 0 0 0 rg BT 230.37 475.75 Td (in ) Tj ET Q q 0 0 0 rg BT 241.59 475.75 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 273.24 475.75 Td (with ) Tj ET Q q 0 0 0 rg BT 294.96 475.75 Td (conventional ) Tj ET Q q 0 0 0 rg BT 356.97 475.75 Td (crude ) Tj ET Q q 0 0 0 rg BT 386.28 475.75 Td (oil ) Tj ET Q q 0 0 0 rg BT 399.83 475.75 Td (and ) Tj ET Q q 0 0 0 rg BT 420.40 475.75 Td (thermal ) Tj ET Q q 0 0 0 rg BT 458.45 475.75 Td (in ) Tj ET Q q 0 0 0 rg BT 469.67 475.75 Td (situ ) Tj ET Q q 0 0 0 rg BT 489.06 475.75 Td (being ) Tj ET Q q 0 0 0 rg BT 517.80 475.75 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 560.53 475.75 Td (as ) Tj ET Q q 0 0 0 rg BT 574.67 475.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 463.15 Td (result ) Tj ET Q q 0 0 0 rg BT 96.09 463.15 Td (of ) Tj ET Q q 0 0 0 rg BT 107.77 463.15 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 160.30 463.15 Td (Government ) Tj ET Q q 0 0 0 rg BT 220.99 463.15 Td (of ) Tj ET Q q 0 0 0 rg BT 232.09 463.15 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 268.27 463.15 Td (curtailments.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 445.28 cm /I30 Do Q q 0 0 0 rg BT 72.27 447.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 447.55 Td (The ) Tj ET Q q 0 0 0 rg BT 106.46 447.55 Td (Company's ) Tj ET Q q 0 0 0 rg BT 161.52 447.55 Td (product ) Tj ET Q q 0 0 0 rg BT 199.41 447.55 Td (mix ) Tj ET Q q 0 0 0 rg BT 218.60 447.55 Td (was ) Tj ET Q q 0 0 0 rg BT 240.14 447.55 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 289.13 447.55 Td (in ) Tj ET Q q 0 0 0 rg BT 300.17 447.55 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 331.64 447.55 Td (as ) Tj ET Q q 0 0 0 rg BT 345.59 447.55 Td (light ) Tj ET Q q 0 0 0 rg BT 367.72 447.55 Td (crude ) Tj ET Q q 0 0 0 rg BT 396.85 447.55 Td (oil ) Tj ET Q q 0 0 0 rg BT 410.22 447.55 Td (and ) Tj ET Q q 0 0 0 rg BT 430.61 447.55 Td (SCO ) Tj ET Q q 0 0 0 rg BT 456.22 447.55 Td (represented ) Tj ET Q q 0 0 0 rg BT 515.13 447.55 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 434.95 Td (48% ) Tj ET Q q 0 0 0 rg BT 109.43 434.95 Td (of ) Tj ET Q q 0 0 0 rg BT 121.11 434.95 Td (total ) Tj ET Q q 0 0 0 rg BT 143.87 434.95 Td (corporate ) Tj ET Q q 0 0 0 rg BT 191.15 434.95 Td (production ) Tj ET Q q 0 0 0 rg BT 243.10 434.95 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 288.04 434.95 Td (a ) Tj ET Q q 0 0 0 rg BT 296.80 434.95 Td (12% ) Tj ET Q q 0 0 0 rg BT 320.73 434.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 363.34 434.95 Td (from ) Tj ET Q q 0 0 0 rg BT 387.25 434.95 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 418.78 434.95 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 417.08 cm /I31 Do Q q 0 0 0 rg BT 35.32 419.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 419.35 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.24 419.35 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 139.14 419.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 186.47 419.35 Td (focus ) Tj ET Q q 0 0 0 rg BT 213.35 419.35 Td (on ) Tj ET Q q 0 0 0 rg BT 226.82 419.35 Td (delivering ) Tj ET Q q 0 0 0 rg BT 273.56 419.35 Td (ef) Tj ET Q q 0 0 0 rg BT 282.12 419.35 Td (fective ) Tj ET Q q 0 0 0 rg BT 314.26 419.35 Td (and ) Tj ET Q q 0 0 0 rg BT 333.57 419.35 Td (ef) Tj ET Q q 0 0 0 rg BT 342.14 419.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 371.35 419.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 422.18 419.35 Td (and ) Tj ET Q q 0 0 0 rg BT 441.49 419.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 462.54 419.35 Td (control ) Tj ET Q q 0 0 0 rg BT 495.84 419.35 Td (was ) Tj ET Q q 0 0 0 rg BT 516.30 419.35 Td (demonstrated ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 406.75 Td (as ) Tj ET Q q 0 0 0 rg BT 63.30 406.75 Td (the ) Tj ET Q q 0 0 0 rg BT 80.60 406.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 135.50 406.75 Td (liquids ) Tj ET Q q 0 0 0 rg BT 167.98 406.75 Td (E&P) Tj ET Q q 0 0 0 rg BT 188.80 406.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.51 406.75 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 222.82 406.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.32 406.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 296.53 406.75 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.00 406.75 Td ($13.71) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.12 406.75 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 373.75 406.75 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.84 406.75 Td ($10.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.95 406.75 Td (/bbl\), ) Tj ET Q q 0 0 0 rg BT 450.01 406.75 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 458.55 406.75 Td (15%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.57 406.75 Td ( ) Tj ET Q q 0 0 0 rg BT 482.28 406.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 528.18 406.75 Td (from ) Tj ET Q q 0 0 0 rg BT 551.89 406.75 Td (Q1/19 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 394.15 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 376.28 cm /I32 Do Q q 0 0 0 rg BT 35.32 378.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 378.55 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.72 378.55 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 140.09 378.55 Td (North ) Tj ET Q q 0 0 0 rg BT 167.59 378.55 Td (America ) Tj ET Q q 0 0 0 rg BT 208.36 378.55 Td (E&P) Tj ET Q q 0 0 0 rg BT 229.18 378.55 Td ( ) Tj ET Q q 0 0 0 rg BT 231.45 378.55 Td (crude ) Tj ET Q q 0 0 0 rg BT 259.98 378.55 Td (oil ) Tj ET Q q 0 0 0 rg BT 272.75 378.55 Td (and ) Tj ET Q q 0 0 0 rg BT 292.54 378.55 Td (NGL) Tj ET Q q 0 0 0 rg BT 313.74 378.55 Td ( ) Tj ET Q q 0 0 0 rg BT 316.01 378.55 Td (production ) Tj ET Q q 0 0 0 rg BT 367.31 378.55 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 411.59 378.55 Td (excluding ) Tj ET Q q 0 0 0 rg BT 458.23 378.55 Td (thermal ) Tj ET Q q 0 0 0 rg BT 495.51 378.55 Td (in ) Tj ET Q q 0 0 0 rg BT 505.94 378.55 Td (situ, ) Tj ET Q q 0 0 0 rg BT 527.47 378.55 Td (was ) Tj ET Q q 0 0 0 rg BT 548.41 378.55 Td (slightly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 365.95 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 93.43 365.95 Td (in ) Tj ET Q q 0 0 0 rg BT 105.84 365.95 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 138.68 365.95 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.03 365.95 Td (228,574) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.99 365.95 Td ( ) Tj ET Q q 0 0 0 rg BT 231.23 365.95 Td (bbl/d, ) Tj ET Q q 0 0 0 rg BT 261.15 365.95 Td (comparable ) Tj ET Q q 0 0 0 rg BT 320.25 365.95 Td (to ) Tj ET Q q 0 0 0 rg BT 333.25 365.95 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 366.09 365.95 Td (and ) Tj ET Q q 0 0 0 rg BT 387.84 365.95 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.76 365.95 Td (8%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.94 365.95 Td ( ) Tj ET Q q 0 0 0 rg BT 423.17 365.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 470.61 365.95 Td (from ) Tj ET Q q 0 0 0 rg BT 495.84 365.95 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 528.69 365.95 Td (levels. ) Tj ET Q q 0 0 0 rg BT 562.41 365.95 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 353.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 95.61 353.35 Td (from ) Tj ET Q q 0 0 0 rg BT 119.52 353.35 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 151.04 353.35 Td (levels ) Tj ET Q q 0 0 0 rg BT 180.79 353.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 223.37 353.35 Td (reflects ) Tj ET Q q 0 0 0 rg BT 260.13 353.35 Td (optimizing ) Tj ET Q q 0 0 0 rg BT 310.31 353.35 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 364.58 353.35 Td (volumes ) Tj ET Q q 0 0 0 rg BT 406.59 353.35 Td (across ) Tj ET Q q 0 0 0 rg BT 440.43 353.35 Td (the ) Tj ET Q q 0 0 0 rg BT 457.94 353.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 485.94 353.35 Td (base ) Tj ET Q q 0 0 0 rg BT 511.63 353.35 Td (that ) Tj ET Q q 0 0 0 rg BT 532.05 353.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 572.32 353.35 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 340.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 97.95 340.75 Td (production ) Tj ET Q q 0 0 0 rg BT 149.90 340.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 191.92 340.75 Td (of ) Tj ET Q q 0 0 0 rg BT 203.59 340.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 235.70 340.75 Td (value ) Tj ET Q q 0 0 0 rg BT 263.72 340.75 Td (SCO.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 322.88 cm /I33 Do Q q 0 0 0 rg BT 35.32 325.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 325.15 Td (At ) Tj ET Q q 0 0 0 rg BT 62.86 325.15 Td (the ) Tj ET Q q 0 0 0 rg BT 80.89 325.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 136.52 325.15 Td (world ) Tj ET Q q 0 0 0 rg BT 165.05 325.15 Td (class ) Tj ET Q q 0 0 0 rg BT 192.41 325.15 Td (Oil ) Tj ET Q q 0 0 0 rg BT 208.69 325.15 Td (Sands ) Tj ET Q q 0 0 0 rg BT 241.90 325.15 Td (Mining ) Tj ET Q q 0 0 0 rg BT 276.27 325.15 Td (and ) Tj ET Q q 0 0 0 rg BT 297.22 325.15 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 349.11 325.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 382.90 325.15 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 427.19 325.15 Td (production ) Tj ET Q q 0 0 0 rg BT 479.66 325.15 Td (volumes ) Tj ET Q q 0 0 0 rg BT 522.20 325.15 Td (were ) Tj ET Q q 0 0 0 rg BT 548.39 325.15 Td (strong, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 312.55 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.40 312.55 Td (438,101) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.36 312.55 Td ( ) Tj ET Q q 0 0 0 rg BT 139.15 312.55 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 164.70 312.55 Td (of ) Tj ET Q q 0 0 0 rg BT 176.24 312.55 Td (SCO ) Tj ET Q q 0 0 0 rg BT 201.78 312.55 Td (in ) Tj ET Q q 0 0 0 rg BT 212.74 312.55 Td (Q1/20. ) Tj ET Q q 0 0 0 rg BT 247.05 312.55 Td (Increases ) Tj ET Q q 0 0 0 rg BT 295.36 312.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.90 312.55 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.07 312.55 Td ( ) Tj ET Q q 0 0 0 rg BT 324.86 312.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.16 312.55 Td (22%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.18 312.55 Td ( ) Tj ET Q q 0 0 0 rg BT 368.97 312.55 Td (of ) Tj ET Q q 0 0 0 rg BT 380.51 312.55 Td (high ) Tj ET Q q 0 0 0 rg BT 403.15 312.55 Td (value ) Tj ET Q q 0 0 0 rg BT 431.03 312.55 Td (SCO ) Tj ET Q q 0 0 0 rg BT 456.57 312.55 Td (production ) Tj ET Q q 0 0 0 rg BT 508.39 312.55 Td (over ) Tj ET Q q 0 0 0 rg BT 531.61 312.55 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 563.00 312.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 299.95 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 81.71 299.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 112.16 299.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 166.82 299.95 Td (, ) Tj ET Q q 0 0 0 rg BT 173.35 299.95 Td (were ) Tj ET Q q 0 0 0 rg BT 199.71 299.95 Td (due ) Tj ET Q q 0 0 0 rg BT 220.84 299.95 Td (to ) Tj ET Q q 0 0 0 rg BT 233.21 299.95 Td (high ) Tj ET Q q 0 0 0 rg BT 256.67 299.95 Td (utilization ) Tj ET Q q 0 0 0 rg BT 304.05 299.95 Td (rates ) Tj ET Q q 0 0 0 rg BT 331.00 299.95 Td (and ) Tj ET Q q 0 0 0 rg BT 352.13 299.95 Td (reliable ) Tj ET Q q 0 0 0 rg BT 389.59 299.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 442.23 299.95 Td (following ) Tj ET Q q 0 0 0 rg BT 486.70 299.95 Td (a ) Tj ET Q q 0 0 0 rg BT 496.14 299.95 Td (strong ) Tj ET Q q 0 0 0 rg BT 528.93 299.95 Td (ramp ) Tj ET Q q 0 0 0 rg BT 556.46 299.95 Td (up ) Tj ET Q q 0 0 0 rg BT 571.75 299.95 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 287.35 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 90.16 287.35 Td (after ) Tj ET Q q 0 0 0 rg BT 115.64 287.35 Td (the ) Tj ET Q q 0 0 0 rg BT 134.72 287.35 Td (successful ) Tj ET Q q 0 0 0 rg BT 188.21 287.35 Td (completion ) Tj ET Q q 0 0 0 rg BT 243.47 287.35 Td (of ) Tj ET Q q 0 0 0 rg BT 256.70 287.35 Td (the ) Tj ET Q q 0 0 0 rg BT 275.77 287.35 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 331.04 287.35 Td (in ) Tj ET Q q 0 0 0 rg BT 343.69 287.35 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 376.77 287.35 Td (and ) Tj ET Q q 0 0 0 rg BT 398.76 287.35 Td (the ) Tj ET Q q 0 0 0 rg BT 417.83 287.35 Td (completion ) Tj ET Q q 0 0 0 rg BT 473.09 287.35 Td (of ) Tj ET Q q 0 0 0 rg BT 486.32 287.35 Td (the ) Tj ET Q q 0 0 0 rg BT 505.40 287.35 Td (proactive ) Tj ET Q q 0 0 0 rg BT 552.48 287.35 Td (piping ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 274.75 Td (replacement ) Tj ET Q q 0 0 0 rg BT 110.61 274.75 Td (in ) Tj ET Q q 0 0 0 rg BT 122.11 274.75 Td (January ) Tj ET Q q 0 0 0 rg BT 162.79 274.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 192.39 274.75 Td (Production ) Tj ET Q q 0 0 0 rg BT 245.92 274.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 289.52 274.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.44 274.75 Td (Company? Tj ET Q q 0 0 0 rg BT 354.52 274.75 Td (s ) Tj ET Q q 0 0 0 rg BT 363.10 274.75 Td (optimization ) Tj ET Q q 0 0 0 rg BT 422.46 274.75 Td (of ) Tj ET Q q 0 0 0 rg BT 434.54 274.75 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 489.22 274.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 531.65 274.75 Td (across ) Tj ET Q q 0 0 0 rg BT 565.90 274.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 262.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 104.61 262.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 132.63 262.15 Td (base. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.55 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 246.55 Td (Industry ) Tj ET Q q 0 0 0 rg BT 107.52 246.55 Td (leading ) Tj ET Q q 0 0 0 rg BT 144.05 246.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 190.51 246.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 217.68 246.55 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.14 246.55 Td ($20.76) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.25 246.55 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 315.85 246.55 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.93 246.55 Td ($15.43) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.05 246.55 Td (/bbl\) ) Tj ET Q q 0 0 0 rg BT 389.14 246.55 Td (of ) Tj ET Q q 0 0 0 rg BT 400.57 246.55 Td (SCO ) Tj ET Q q 0 0 0 rg BT 425.99 246.55 Td (in ) Tj ET Q q 0 0 0 rg BT 436.83 246.55 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 471.02 246.55 Td (representing ) Tj ET Q q 0 0 0 rg BT 532.06 246.55 Td (decreases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 233.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 79.32 233.95 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.50 233.95 Td ( ) Tj ET Q q 0 0 0 rg BT 97.57 233.95 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 118.15 233.95 Td (17%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.17 233.95 Td ( ) Tj ET Q q 0 0 0 rg BT 142.24 233.95 Td (from ) Tj ET Q q 0 0 0 rg BT 166.30 233.95 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 197.98 233.95 Td (and ) Tj ET Q q 0 0 0 rg BT 218.56 233.95 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 250.23 233.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 280.15 233.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 334.81 233.95 Td (. ) Tj ET Q q 0 0 0 rg BT 340.59 233.95 Td (The ) Tj ET Q q 0 0 0 rg BT 361.75 233.95 Td (decreases ) Tj ET Q q 0 0 0 rg BT 413.26 233.95 Td (in ) Tj ET Q q 0 0 0 rg BT 424.50 233.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.36 233.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 498.93 233.95 Td (in ) Tj ET Q q 0 0 0 rg BT 510.17 233.95 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 541.84 233.95 Td (from ) Tj ET Q q 0 0 0 rg BT 565.91 233.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 221.35 Td (comparable ) Tj ET Q q 0 0 0 rg BT 126.49 221.35 Td (periods ) Tj ET Q q 0 0 0 rg BT 165.05 221.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 208.84 221.35 Td (reflects ) Tj ET Q q 0 0 0 rg BT 246.81 221.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 280.12 221.35 Td (utilization ) Tj ET Q q 0 0 0 rg BT 328.02 221.35 Td (rates ) Tj ET Q q 0 0 0 rg BT 355.48 221.35 Td (following ) Tj ET Q q 0 0 0 rg BT 400.47 221.35 Td (a ) Tj ET Q q 0 0 0 rg BT 410.43 221.35 Td (strong ) Tj ET Q q 0 0 0 rg BT 443.73 221.35 Td (ramp ) Tj ET Q q 0 0 0 rg BT 471.78 221.35 Td (up ) Tj ET Q q 0 0 0 rg BT 487.58 221.35 Td (at ) Tj ET Q q 0 0 0 rg BT 500.46 221.35 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 540.77 221.35 Td (after ) Tj ET Q q 0 0 0 rg BT 565.90 221.35 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 208.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 119.44 208.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 173.13 208.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.81 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 202.32 208.75 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 256.03 208.75 Td (in ) Tj ET Q q 0 0 0 rg BT 267.12 208.75 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 298.64 208.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.08 208.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.59 208.75 Td (proactive ) Tj ET Q q 0 0 0 rg BT 382.12 208.75 Td (piping ) Tj ET Q q 0 0 0 rg BT 413.06 208.75 Td (replacement ) Tj ET Q q 0 0 0 rg BT 473.76 208.75 Td (in ) Tj ET Q q 0 0 0 rg BT 484.85 208.75 Td (January ) Tj ET Q q 0 0 0 rg BT 525.13 208.75 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 190.88 cm /I34 Do Q q 0 0 0 rg BT 72.27 193.15 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 193.15 Td (Oil ) Tj ET Q q 0 0 0 rg BT 101.98 193.15 Td (Sands ) Tj ET Q q 0 0 0 rg BT 135.41 193.15 Td (Mining ) Tj ET Q q 0 0 0 rg BT 169.99 193.15 Td (and ) Tj ET Q q 0 0 0 rg BT 191.16 193.15 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 243.26 193.15 Td (achieved ) Tj ET Q q 0 0 0 rg BT 288.94 193.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 336.38 193.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 364.53 193.15 Td (of ) Tj ET Q q 0 0 0 rg BT 376.94 193.15 Td ($809 ) Tj ET Q q 0 0 0 rg BT 403.95 193.15 Td (million ) Tj ET Q q 0 0 0 rg BT 437.36 193.15 Td (in ) Tj ET Q q 0 0 0 rg BT 449.18 193.15 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 484.35 193.15 Td (a ) Tj ET Q q 0 0 0 rg BT 493.84 193.15 Td (5% ) Tj ET Q q 0 0 0 rg BT 512.67 193.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 559.52 193.15 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 180.55 Td ($856 ) Tj ET Q q 0 0 0 rg BT 112.65 180.55 Td (million ) Tj ET Q q 0 0 0 rg BT 146.20 180.55 Td (in ) Tj ET Q q 0 0 0 rg BT 158.17 180.55 Td (Q4/19. ) Tj ET Q q 0 0 0 rg BT 193.23 180.55 Td (The ) Tj ET Q q 0 0 0 rg BT 215.12 180.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 262.11 180.55 Td (in ) Tj ET Q q 0 0 0 rg BT 274.07 180.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 321.65 180.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 349.95 180.55 Td (on ) Tj ET Q q 0 0 0 rg BT 365.42 180.55 Td (a ) Tj ET Q q 0 0 0 rg BT 375.05 180.55 Td (total ) Tj ET Q q 0 0 0 rg BT 398.69 180.55 Td (and ) Tj ET Q q 0 0 0 rg BT 420.00 180.55 Td (per ) Tj ET Q q 0 0 0 rg BT 438.97 180.55 Td (barrel ) Tj ET Q q 0 0 0 rg BT 469.61 180.55 Td (basis ) Tj ET Q q 0 0 0 rg BT 497.92 180.55 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 565.91 180.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 167.95 Td (Company? Tj ET Q q 0 0 0 rg BT 132.58 167.95 Td (s ) Tj ET Q q 0 0 0 rg BT 140.75 167.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 189.21 167.95 Td (focus ) Tj ET Q q 0 0 0 rg BT 217.22 167.95 Td (on ) Tj ET Q q 0 0 0 rg BT 231.82 167.95 Td (ef) Tj ET Q q 0 0 0 rg BT 240.39 167.95 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 286.49 167.95 Td (and ) Tj ET Q q 0 0 0 rg BT 306.93 167.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 329.10 167.95 Td (control.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 150.08 cm /I35 Do Q q 0 0 0 rg BT 72.27 152.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 152.35 Td (The ) Tj ET Q q 0 0 0 rg BT 105.41 152.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 159.41 152.35 Td (Oil ) Tj ET Q q 0 0 0 rg BT 174.06 152.35 Td (Sands ) Tj ET Q q 0 0 0 rg BT 205.65 152.35 Td (Mining ) Tj ET Q q 0 0 0 rg BT 238.39 152.35 Td (and ) Tj ET Q q 0 0 0 rg BT 257.73 152.35 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 307.99 152.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 358.84 152.35 Td (are ) Tj ET Q q 0 0 0 rg BT 375.83 152.35 Td (top ) Tj ET Q q 0 0 0 rg BT 392.24 152.35 Td (tier) Tj ET Q q 0 0 0 rg BT 406.25 152.35 Td (, ) Tj ET Q q 0 0 0 rg BT 410.98 152.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.48 152.35 Td (in ) Tj ET Q q 0 0 0 rg BT 462.47 152.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 501.05 152.35 Td (leading ) Tj ET Q q 0 0 0 rg BT 536.73 152.35 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 139.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 116.42 139.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 164.88 139.75 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 209.48 139.75 Td (teams ) Tj ET Q q 0 0 0 rg BT 241.58 139.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 284.78 139.75 Td (to ) Tj ET Q q 0 0 0 rg BT 297.04 139.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 325.63 139.75 Td (on ) Tj ET Q q 0 0 0 rg BT 340.81 139.75 Td (ef) Tj ET Q q 0 0 0 rg BT 349.38 139.75 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 398.98 139.75 Td (innovation ) Tj ET Q q 0 0 0 rg BT 450.36 139.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.38 139.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 494.13 139.75 Td (control ) Tj ET Q q 0 0 0 rg BT 529.15 139.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 572.34 139.75 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 127.15 Td (targeted ) Tj ET Q q 0 0 0 rg BT 126.95 127.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.65 127.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 201.08 127.15 Td (to ) Tj ET Q q 0 0 0 rg BT 212.75 127.15 Td (be ) Tj ET Q q 0 0 0 rg BT 227.35 127.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 268.21 127.15 Td (further) Tj ET Q q 0 0 0 rg BT 297.98 127.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 111.55 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 111.55 Td (In ) Tj ET Q q 0 0 0 rg BT 79.25 111.55 Td (March ) Tj ET Q q 0 0 0 rg BT 111.41 111.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 140.68 111.55 Td (Oil ) Tj ET Q q 0 0 0 rg BT 156.50 111.55 Td (Sands ) Tj ET Q q 0 0 0 rg BT 189.26 111.55 Td (Mining ) Tj ET Q q 0 0 0 rg BT 223.19 111.55 Td (and ) Tj ET Q q 0 0 0 rg BT 243.70 111.55 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 295.14 111.55 Td (achieved ) Tj ET Q q 0 0 0 rg BT 340.16 111.55 Td (record ) Tj ET Q q 0 0 0 rg BT 372.91 111.55 Td (production ) Tj ET Q q 0 0 0 rg BT 424.94 111.55 Td (of ) Tj ET Q q 0 0 0 rg BT 436.69 111.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 505.04 111.55 Td (478,300 ) Tj ET Q q 0 0 0 rg BT 545.99 111.55 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 571.75 111.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 98.95 Td (SCO ) Tj ET Q q 0 0 0 rg BT 92.85 98.95 Td (as ) Tj ET Q q 0 0 0 rg BT 106.53 98.95 Td (a ) Tj ET Q q 0 0 0 rg BT 114.96 98.95 Td (result ) Tj ET Q q 0 0 0 rg BT 143.23 98.95 Td (of ) Tj ET Q q 0 0 0 rg BT 154.58 98.95 Td (high ) Tj ET Q q 0 0 0 rg BT 177.03 98.95 Td (utilization ) Tj ET Q q 0 0 0 rg BT 223.40 98.95 Td (and ) Tj ET Q q 0 0 0 rg BT 243.51 98.95 Td (safe, ) Tj ET Q q 0 0 0 rg BT 268.87 98.95 Td (steady ) Tj ET Q q 0 0 0 rg BT 302.40 98.95 Td (and ) Tj ET Q q 0 0 0 rg BT 322.51 98.95 Td (reliable ) Tj ET Q q 0 0 0 rg BT 358.96 98.95 Td (operations. ) Tj ET Q q 0 0 0 rg BT 412.99 98.95 Td (Additionally) Tj ET Q q 0 0 0 rg BT 465.91 98.95 Td (, ) Tj ET Q q 0 0 0 rg BT 471.42 98.95 Td (these ) Tj ET Q q 0 0 0 rg BT 499.70 98.95 Td (strong ) Tj ET Q q 0 0 0 rg BT 531.48 98.95 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 86.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 107.77 86.35 Td (in ) Tj ET Q q 0 0 0 rg BT 118.86 86.35 Td (low ) Tj ET Q q 0 0 0 rg BT 137.54 86.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.24 86.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 211.67 86.35 Td (of ) Tj ET Q q 0 0 0 rg BT 223.34 86.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 291.62 86.35 Td ($18.42/bbl ) Tj ET Q q 0 0 0 rg BT 343.59 86.35 Td (\(US$13.20/bbl\) ) Tj ET Q q 0 0 0 rg BT 417.13 86.35 Td (of ) Tj ET Q q 0 0 0 rg BT 428.81 86.35 Td (SCO ) Tj ET Q q 0 0 0 rg BT 454.48 86.35 Td (in ) Tj ET Q q 0 0 0 rg BT 465.57 86.35 Td (the ) Tj ET Q q 0 0 0 rg BT 483.08 86.35 Td (month.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.18 86.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 68.48 cm /I36 Do Q q 0 0 0 rg BT 72.27 70.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 70.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 138.42 70.75 Td (, ) Tj ET Q q 0 0 0 rg BT 145.03 70.75 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 184.89 70.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 230.61 70.75 Td (a ) Tj ET Q q 0 0 0 rg BT 240.14 70.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.52 70.75 Td (milestone ) Tj ET Q q 0 0 0 rg BT 339.14 70.75 Td (in ) Tj ET Q q 0 0 0 rg BT 351.00 70.75 Td (March ) Tj ET Q q 0 0 0 rg BT 383.86 70.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 413.82 70.75 Td (producing ) Tj ET Q q 0 0 0 rg BT 463.62 70.75 Td (its ) Tj ET Q q 0 0 0 rg BT 477.81 70.75 Td (500 ) Tj ET Q q 0 0 0 rg BT 499.02 70.75 Td (millionth ) Tj ET Q q 0 0 0 rg BT 541.22 70.75 Td (barrel ) Tj ET Q q 0 0 0 rg BT 571.75 70.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 58.15 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 138.61 58.15 Td (SCO.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 746.48 cm /I37 Do Q q 0 0 0 rg BT 35.32 748.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (Thermal ) Tj ET Q q 0 0 0 rg BT 91.22 748.75 Td (in ) Tj ET Q q 0 0 0 rg BT 102.61 748.75 Td (situ ) Tj ET Q q 0 0 0 rg BT 122.16 748.75 Td (oil ) Tj ET Q q 0 0 0 rg BT 135.88 748.75 Td (sands ) Tj ET Q q 0 0 0 rg BT 167.11 748.75 Td (production ) Tj ET Q q 0 0 0 rg BT 219.36 748.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 261.67 748.75 Td (were ) Tj ET Q q 0 0 0 rg BT 287.64 748.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 320.04 748.75 Td (in ) Tj ET Q q 0 0 0 rg BT 331.42 748.75 Td (Q1/20. ) Tj ET Q q 0 0 0 rg BT 366.16 748.75 Td (Including ) Tj ET Q q 0 0 0 rg BT 411.40 748.75 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 454.30 748.75 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 499.53 748.75 Td (production ) Tj ET Q q 0 0 0 rg BT 551.78 748.75 Td (in ) Tj ET Q q 0 0 0 rg BT 563.17 748.75 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 736.15 Td (segment ) Tj ET Q q 0 0 0 rg BT 92.01 736.15 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.02 736.15 Td (228,303) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 175.98 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 178.21 736.15 Td (bbl/d, ) Tj ET Q q 0 0 0 rg BT 206.13 736.15 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.21 736.15 Td (142%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.06 736.15 Td ( ) Tj ET Q q 0 0 0 rg BT 243.29 736.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 285.21 736.15 Td (over ) Tj ET Q q 0 0 0 rg BT 307.87 736.15 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 338.71 736.15 Td (levels, ) Tj ET Q q 0 0 0 rg BT 370.71 736.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 412.61 736.15 Td (as ) Tj ET Q q 0 0 0 rg BT 425.93 736.15 Td (a ) Tj ET Q q 0 0 0 rg BT 434.00 736.15 Td (result ) Tj ET Q q 0 0 0 rg BT 461.91 736.15 Td (of ) Tj ET Q q 0 0 0 rg BT 472.90 736.15 Td (the ) Tj ET Q q 0 0 0 rg BT 489.73 736.15 Td (Jackfish ) Tj ET Q q 0 0 0 rg BT 529.89 736.15 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 723.55 Td (and ) Tj ET Q q 0 0 0 rg BT 69.25 723.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 117.00 723.55 Td (production ) Tj ET Q q 0 0 0 rg BT 168.26 723.55 Td (from ) Tj ET Q q 0 0 0 rg BT 191.49 723.55 Td (Kirby ) Tj ET Q q 0 0 0 rg BT 217.64 723.55 Td (North ) Tj ET Q q 0 0 0 rg BT 245.54 723.55 Td (and ) Tj ET Q q 0 0 0 rg BT 265.29 723.55 Td (pad ) Tj ET Q q 0 0 0 rg BT 285.04 723.55 Td (additions ) Tj ET Q q 0 0 0 rg BT 329.30 723.55 Td (at ) Tj ET Q q 0 0 0 rg BT 340.28 723.55 Td (Primrose. ) Tj ET Q q 0 0 0 rg BT 387.43 723.55 Td (Production ) Tj ET Q q 0 0 0 rg BT 439.86 723.55 Td (decreased ) Tj ET Q q 0 0 0 rg BT 491.12 723.55 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 504.43 723.55 Td (12%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 525.45 723.55 Td ( ) Tj ET Q q 0 0 0 rg BT 527.68 723.55 Td (from ) Tj ET Q q 0 0 0 rg BT 550.90 723.55 Td (Q4/19 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 710.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 79.17 710.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 121.67 710.95 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 167.10 710.95 Td (the ) Tj ET Q q 0 0 0 rg BT 184.53 710.95 Td (optimization ) Tj ET Q q 0 0 0 rg BT 243.39 710.95 Td (of ) Tj ET Q q 0 0 0 rg BT 254.97 710.95 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 309.15 710.95 Td (volumes ) Tj ET Q q 0 0 0 rg BT 351.08 710.95 Td (across ) Tj ET Q q 0 0 0 rg BT 384.83 710.95 Td (the ) Tj ET Q q 0 0 0 rg BT 402.26 710.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 457.28 710.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 485.20 710.95 Td (base ) Tj ET Q q 0 0 0 rg BT 510.80 710.95 Td (that ) Tj ET Q q 0 0 0 rg BT 531.14 710.95 Td (resulted ) Tj ET Q q 0 0 0 rg BT 571.33 710.95 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 698.35 Td (increased ) Tj ET Q q 0 0 0 rg BT 98.45 698.35 Td (production ) Tj ET Q q 0 0 0 rg BT 150.91 698.35 Td (volumes ) Tj ET Q q 0 0 0 rg BT 193.44 698.35 Td (of ) Tj ET Q q 0 0 0 rg BT 205.62 698.35 Td (higher ) Tj ET Q q 0 0 0 rg BT 238.23 698.35 Td (value ) Tj ET Q q 0 0 0 rg BT 266.76 698.35 Td (SCO ) Tj ET Q q 0 0 0 rg BT 292.94 698.35 Td (and ) Tj ET Q q 0 0 0 rg BT 313.88 698.35 Td (planned ) Tj ET Q q 0 0 0 rg BT 354.68 698.35 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 408.90 698.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 452.58 698.35 Td (in ) Tj ET Q q 0 0 0 rg BT 464.18 698.35 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 496.21 698.35 Td (at ) Tj ET Q q 0 0 0 rg BT 508.39 698.35 Td (Jackfish, ) Tj ET Q q 0 0 0 rg BT 552.67 698.35 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 685.75 Td (was ) Tj ET Q q 0 0 0 rg BT 71.09 685.75 Td (successfully ) Tj ET Q q 0 0 0 rg BT 130.61 685.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 181.97 685.75 Td (in ) Tj ET Q q 0 0 0 rg BT 193.06 685.75 Td (mid-April ) Tj ET Q q 0 0 0 rg BT 237.40 685.75 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 670.15 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 670.15 Td (Thermal ) Tj ET Q q 0 0 0 rg BT 109.48 670.15 Td (in ) Tj ET Q q 0 0 0 rg BT 121.13 670.15 Td (situ ) Tj ET Q q 0 0 0 rg BT 140.94 670.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 188.20 670.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 216.17 670.15 Td (were ) Tj ET Q q 0 0 0 rg BT 242.41 670.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 275.06 670.15 Td (in ) Tj ET Q q 0 0 0 rg BT 286.71 670.15 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 318.78 670.15 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.37 670.15 Td ($1) Tj ET Q q 0 0 0 rg BT 379.27 670.15 Td (1.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.71 670.15 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 420.11 670.15 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.19 670.15 Td ($8.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.47 670.15 Td (/bbl\), ) Tj ET Q q 0 0 0 rg BT 491.29 670.15 Td (a ) Tj ET Q q 0 0 0 rg BT 500.60 670.15 Td (decrease ) Tj ET Q q 0 0 0 rg BT 547.27 670.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.50 670.15 Td (39%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 657.55 Td (from ) Tj ET Q q 0 0 0 rg BT 90.94 657.55 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 121.98 657.55 Td (levels, ) Tj ET Q q 0 0 0 rg BT 154.18 657.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 196.28 657.55 Td (as ) Tj ET Q q 0 0 0 rg BT 209.81 657.55 Td (a ) Tj ET Q q 0 0 0 rg BT 218.08 657.55 Td (result ) Tj ET Q q 0 0 0 rg BT 246.20 657.55 Td (of ) Tj ET Q q 0 0 0 rg BT 257.39 657.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 289.01 657.55 Td (production ) Tj ET Q q 0 0 0 rg BT 340.49 657.55 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 384.94 657.55 Td (synergies ) Tj ET Q q 0 0 0 rg BT 432.31 657.55 Td (captured ) Tj ET Q q 0 0 0 rg BT 475.61 657.55 Td (to ) Tj ET Q q 0 0 0 rg BT 486.81 657.55 Td (date ) Tj ET Q q 0 0 0 rg BT 509.68 657.55 Td (from ) Tj ET Q q 0 0 0 rg BT 533.12 657.55 Td (the ) Tj ET Q q 0 0 0 rg BT 550.15 657.55 Td (Devon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 644.95 Td (Canada ) Tj ET Q q 0 0 0 rg BT 107.20 644.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 135.21 644.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 187.75 644.95 Td (and ) Tj ET Q q 0 0 0 rg BT 208.18 644.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.70 644.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 280.81 644.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 329.27 644.95 Td (focus ) Tj ET Q q 0 0 0 rg BT 357.28 644.95 Td (on ) Tj ET Q q 0 0 0 rg BT 371.88 644.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 394.05 644.95 Td (control ) Tj ET Q q 0 0 0 rg BT 428.49 644.95 Td (and ) Tj ET Q q 0 0 0 rg BT 448.93 644.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 476.94 644.95 Td (energy ) Tj ET Q q 0 0 0 rg BT 511.96 644.95 Td (costs.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 748.40 Td (OPERA) Tj ET Q q 0 0 0 rg BT 68.06 748.40 Td (TIONS REVIEW ) Tj ET Q q 0 0 0 rg BT 147.01 748.40 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 203.40 748.40 Td (AL) Tj ET Q q 0 0 0 rg BT 217.21 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 219.74 748.40 Td (ALLOCA) Tj ET Q q 0 0 0 rg BT 262.70 748.40 Td (TION) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 730.80 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 78.98 730.80 Td (Natural ) Tj ET Q q 0 0 0 rg BT 115.35 730.80 Td (has ) Tj ET Q q 0 0 0 rg BT 134.81 730.80 Td (a ) Tj ET Q q 0 0 0 rg BT 143.17 730.80 Td (balanced ) Tj ET Q q 0 0 0 rg BT 188.32 730.80 Td (and ) Tj ET Q q 0 0 0 rg BT 208.36 730.80 Td (diverse ) Tj ET Q q 0 0 0 rg BT 244.74 730.80 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 284.62 730.80 Td (of ) Tj ET Q q 0 0 0 rg BT 295.90 730.80 Td (assets, ) Tj ET Q q 0 0 0 rg BT 331.69 730.80 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.88 730.80 Td (Canadian-based, ) Tj ET Q q 0 0 0 rg BT 456.38 730.80 Td (with ) Tj ET Q q 0 0 0 rg BT 477.58 730.80 Td (international ) Tj ET Q q 0 0 0 rg BT 537.32 730.80 Td (exposure ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 718.20 Td (in ) Tj ET Q q 0 0 0 rg BT 43.09 718.20 Td (the ) Tj ET Q q 0 0 0 rg BT 61.10 718.20 Td (UK ) Tj ET Q q 0 0 0 rg BT 79.10 718.20 Td (section ) Tj ET Q q 0 0 0 rg BT 115.79 718.20 Td (of ) Tj ET Q q 0 0 0 rg BT 127.96 718.20 Td (the ) Tj ET Q q 0 0 0 rg BT 145.98 718.20 Td (North ) Tj ET Q q 0 0 0 rg BT 175.07 718.20 Td (Sea ) Tj ET Q q 0 0 0 rg BT 197.17 718.20 Td (and ) Tj ET Q q 0 0 0 rg BT 218.10 718.20 Td (Of) Tj ET Q q 0 0 0 rg BT 229.00 718.20 Td (fshore ) Tj ET Q q 0 0 0 rg BT 260.92 718.20 Td (Africa. ) Tj ET Q q 0 0 0 rg BT 294.09 718.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 342.47 718.20 Td (Natural? Tj ET Q q 0 0 0 rg BT 378.46 718.20 Td (s ) Tj ET Q q 0 0 0 rg BT 387.12 718.20 Td (production ) Tj ET Q q 0 0 0 rg BT 439.58 718.20 Td (is ) Tj ET Q q 0 0 0 rg BT 450.58 718.20 Td (well ) Tj ET Q q 0 0 0 rg BT 472.08 718.20 Td (balanced ) Tj ET Q q 0 0 0 rg BT 518.12 718.20 Td (between ) Tj ET Q q 0 0 0 rg BT 561.23 718.20 Td (light ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 705.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 60.29 705.60 Td (oil, ) Tj ET Q q 0 0 0 rg BT 76.25 705.60 Td (medium ) Tj ET Q q 0 0 0 rg BT 116.12 705.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 144.92 705.60 Td (oil, ) Tj ET Q q 0 0 0 rg BT 160.87 705.60 Td (primary ) Tj ET Q q 0 0 0 rg BT 198.40 705.60 Td (heavy ) Tj ET Q q 0 0 0 rg BT 228.95 705.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 257.74 705.60 Td (oil, ) Tj ET Q q 0 0 0 rg BT 273.70 705.60 Td (Pelican ) Tj ET Q q 0 0 0 rg BT 310.66 705.60 Td (Lake ) Tj ET Q q 0 0 0 rg BT 335.96 705.60 Td (heavy ) Tj ET Q q 0 0 0 rg BT 366.51 705.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 395.30 705.60 Td (oil, ) Tj ET Q q 0 0 0 rg BT 411.26 705.60 Td (thermal ) Tj ET Q q 0 0 0 rg BT 448.80 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 459.50 705.60 Td (situ ) Tj ET Q q 0 0 0 rg BT 478.37 705.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 507.16 705.60 Td (oil, ) Tj ET Q q 0 0 0 rg BT 523.12 705.60 Td (bitumen ) Tj ET Q q 0 0 0 rg BT 563.00 705.60 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 693.00 Td (SCO ) Tj ET Q q 0 0 0 rg BT 57.41 693.00 Td (\(herein ) Tj ET Q q 0 0 0 rg BT 93.26 693.00 Td (collectively ) Tj ET Q q 0 0 0 rg BT 147.18 693.00 Td (referred ) Tj ET Q q 0 0 0 rg BT 187.11 693.00 Td (to ) Tj ET Q q 0 0 0 rg BT 199.02 693.00 Td (as ) Tj ET Q q 0 0 0 rg BT 213.27 693.00 Td (揷rude ) Tj ET Q q 0 0 0 rg BT 246.19 693.00 Td (oil擻), ) Tj ET Q q 0 0 0 rg BT 269.77 693.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 305.03 693.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 325.12 693.00 Td (and ) Tj ET Q q 0 0 0 rg BT 345.80 693.00 Td (NGLs. ) Tj ET Q q 0 0 0 rg BT 378.51 693.00 Td (This ) Tj ET Q q 0 0 0 rg BT 401.50 693.00 Td (balance ) Tj ET Q q 0 0 0 rg BT 441.44 693.00 Td (provides ) Tj ET Q q 0 0 0 rg BT 484.29 693.00 Td (optionality ) Tj ET Q q 0 0 0 rg BT 534.73 693.00 Td (for ) Tj ET Q q 0 0 0 rg BT 550.14 693.00 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 680.40 Td (investments, ) Tj ET Q q 0 0 0 rg BT 93.36 680.40 Td (maximizing ) Tj ET Q q 0 0 0 rg BT 148.79 680.40 Td (value ) Tj ET Q q 0 0 0 rg BT 176.81 680.40 Td (for ) Tj ET Q q 0 0 0 rg BT 191.98 680.40 Td (the ) Tj ET Q q 0 0 0 rg BT 209.49 680.40 Td (Company? Tj ET Q q 0 0 0 rg BT 256.58 680.40 Td (s ) Tj ET Q q 0 0 0 rg BT 264.74 680.40 Td (shareholders.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 662.80 Td (Underpinning ) Tj ET Q q 0 0 0 rg BT 97.09 662.80 Td (this ) Tj ET Q q 0 0 0 rg BT 116.56 662.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 144.79 662.80 Td (base ) Tj ET Q q 0 0 0 rg BT 170.69 662.80 Td (is ) Tj ET Q q 0 0 0 rg BT 181.40 662.80 Td (long ) Tj ET Q q 0 0 0 rg BT 204.38 662.80 Td (life ) Tj ET Q q 0 0 0 rg BT 220.93 662.80 Td (low ) Tj ET Q q 0 0 0 rg BT 239.81 662.80 Td (decline ) Tj ET Q q 0 0 0 rg BT 276.22 662.80 Td (production ) Tj ET Q q 0 0 0 rg BT 328.38 662.80 Td (from ) Tj ET Q q 0 0 0 rg BT 352.51 662.80 Td (the ) Tj ET Q q 0 0 0 rg BT 370.24 662.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 425.56 662.80 Td (Oil ) Tj ET Q q 0 0 0 rg BT 441.52 662.80 Td (Sands ) Tj ET Q q 0 0 0 rg BT 474.42 662.80 Td (Mining ) Tj ET Q q 0 0 0 rg BT 508.48 662.80 Td (and ) Tj ET Q q 0 0 0 rg BT 529.13 662.80 Td (Upgrading, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 650.20 Td (thermal ) Tj ET Q q 0 0 0 rg BT 69.19 650.20 Td (in ) Tj ET Q q 0 0 0 rg BT 80.05 650.20 Td (situ ) Tj ET Q q 0 0 0 rg BT 99.07 650.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 112.26 650.20 Td (sands ) Tj ET Q q 0 0 0 rg BT 142.96 650.20 Td (and ) Tj ET Q q 0 0 0 rg BT 163.16 650.20 Td (Pelican ) Tj ET Q q 0 0 0 rg BT 200.28 650.20 Td (Lake ) Tj ET Q q 0 0 0 rg BT 225.73 650.20 Td (heavy ) Tj ET Q q 0 0 0 rg BT 256.43 650.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 285.38 650.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 298.56 650.20 Td (assets. ) Tj ET Q q 0 0 0 rg BT 334.33 650.20 Td (The ) Tj ET Q q 0 0 0 rg BT 355.11 650.20 Td (combination ) Tj ET Q q 0 0 0 rg BT 414.41 650.20 Td (of ) Tj ET Q q 0 0 0 rg BT 425.85 650.20 Td (long ) Tj ET Q q 0 0 0 rg BT 448.38 650.20 Td (life ) Tj ET Q q 0 0 0 rg BT 464.49 650.20 Td (low ) Tj ET Q q 0 0 0 rg BT 482.92 650.20 Td (decline, ) Tj ET Q q 0 0 0 rg BT 521.80 650.20 Td (low ) Tj ET Q q 0 0 0 rg BT 540.23 650.20 Td (reserves ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 637.60 Td (replacement ) Tj ET Q q 0 0 0 rg BT 94.00 637.60 Td (cost, ) Tj ET Q q 0 0 0 rg BT 120.89 637.60 Td (and ) Tj ET Q q 0 0 0 rg BT 143.13 637.60 Td (ef) Tj ET Q q 0 0 0 rg BT 151.70 637.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 186.77 637.60 Td (and ) Tj ET Q q 0 0 0 rg BT 209.00 637.60 Td (ef) Tj ET Q q 0 0 0 rg BT 217.57 637.60 Td (ficient ) Tj ET Q q 0 0 0 rg BT 249.72 637.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 303.47 637.60 Td (results ) Tj ET Q q 0 0 0 rg BT 339.12 637.60 Td (in ) Tj ET Q q 0 0 0 rg BT 352.01 637.60 Td (substantial ) Tj ET Q q 0 0 0 rg BT 406.93 637.60 Td (and ) Tj ET Q q 0 0 0 rg BT 429.17 637.60 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 487.01 637.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 531.42 637.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 561.83 637.60 Td (flow ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 625.00 Td (throughout ) Tj ET Q q 0 0 0 rg BT 84.63 625.00 Td (the ) Tj ET Q q 0 0 0 rg BT 102.14 625.00 Td (commodity ) Tj ET Q q 0 0 0 rg BT 155.82 625.00 Td (price ) Tj ET Q q 0 0 0 rg BT 181.50 625.00 Td (cycle. ) Tj ET Q q 0 0 0 rg BT 211.26 625.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 607.40 Td (Augmenting ) Tj ET Q q 0 0 0 rg BT 89.06 607.40 Td (this, ) Tj ET Q q 0 0 0 rg BT 109.85 607.40 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 156.33 607.40 Td (Natural ) Tj ET Q q 0 0 0 rg BT 191.70 607.40 Td (maintains ) Tj ET Q q 0 0 0 rg BT 238.16 607.40 Td (a ) Tj ET Q q 0 0 0 rg BT 245.53 607.40 Td (substantial ) Tj ET Q q 0 0 0 rg BT 297.25 607.40 Td (inventory ) Tj ET Q q 0 0 0 rg BT 341.38 607.40 Td (of ) Tj ET Q q 0 0 0 rg BT 351.67 607.40 Td (low ) Tj ET Q q 0 0 0 rg BT 368.95 607.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 400.82 607.40 Td (exposure ) Tj ET Q q 0 0 0 rg BT 445.54 607.40 Td (projects ) Tj ET Q q 0 0 0 rg BT 483.83 607.40 Td (within ) Tj ET Q q 0 0 0 rg BT 512.20 607.40 Td (the ) Tj ET Q q 0 0 0 rg BT 528.33 607.40 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 594.80 Td (conventional ) Tj ET Q q 0 0 0 rg BT 93.74 594.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 122.12 594.80 Td (base. ) Tj ET Q q 0 0 0 rg BT 150.87 594.80 Td (These ) Tj ET Q q 0 0 0 rg BT 183.33 594.80 Td (projects ) Tj ET Q q 0 0 0 rg BT 223.38 594.80 Td (can ) Tj ET Q q 0 0 0 rg BT 243.59 594.80 Td (be ) Tj ET Q q 0 0 0 rg BT 258.55 594.80 Td (executed ) Tj ET Q q 0 0 0 rg BT 304.44 594.80 Td (quickly ) Tj ET Q q 0 0 0 rg BT 339.82 594.80 Td (and ) Tj ET Q q 0 0 0 rg BT 360.62 594.80 Td (with ) Tj ET Q q 0 0 0 rg BT 382.57 594.80 Td (the ) Tj ET Q q 0 0 0 rg BT 400.45 594.80 Td (right ) Tj ET Q q 0 0 0 rg BT 424.15 594.80 Td (economic ) Tj ET Q q 0 0 0 rg BT 472.37 594.80 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 525.85 594.80 Td (can ) Tj ET Q q 0 0 0 rg BT 546.06 594.80 Td (provide ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 582.20 Td (excellent ) Tj ET Q q 0 0 0 rg BT 76.11 582.20 Td (returns ) Tj ET Q q 0 0 0 rg BT 111.95 582.20 Td (and ) Tj ET Q q 0 0 0 rg BT 132.63 582.20 Td (maximize ) Tj ET Q q 0 0 0 rg BT 180.14 582.20 Td (value ) Tj ET Q q 0 0 0 rg BT 208.40 582.20 Td (for ) Tj ET Q q 0 0 0 rg BT 223.82 582.20 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 290.61 582.20 Td (Supporting ) Tj ET Q q 0 0 0 rg BT 344.56 582.20 Td (these ) Tj ET Q q 0 0 0 rg BT 373.41 582.20 Td (projects ) Tj ET Q q 0 0 0 rg BT 413.34 582.20 Td (is ) Tj ET Q q 0 0 0 rg BT 424.09 582.20 Td (the ) Tj ET Q q 0 0 0 rg BT 441.85 582.20 Td (Company? Tj ET Q q 0 0 0 rg BT 488.93 582.20 Td (s ) Tj ET Q q 0 0 0 rg BT 497.35 582.20 Td (undeveloped ) Tj ET Q q 0 0 0 rg BT 560.65 582.20 Td (land ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 569.60 Td (base ) Tj ET Q q 0 0 0 rg BT 57.48 569.60 Td (which ) Tj ET Q q 0 0 0 rg BT 87.53 569.60 Td (enables ) Tj ET Q q 0 0 0 rg BT 127.53 569.60 Td (large, ) Tj ET Q q 0 0 0 rg BT 157.00 569.60 Td (repeatable ) Tj ET Q q 0 0 0 rg BT 209.84 569.60 Td (drilling ) Tj ET Q q 0 0 0 rg BT 243.40 569.60 Td (programs ) Tj ET Q q 0 0 0 rg BT 290.95 569.60 Td (which ) Tj ET Q q 0 0 0 rg BT 321.01 569.60 Td (can ) Tj ET Q q 0 0 0 rg BT 341.15 569.60 Td (be ) Tj ET Q q 0 0 0 rg BT 356.04 569.60 Td (optimized ) Tj ET Q q 0 0 0 rg BT 404.19 569.60 Td (over ) Tj ET Q q 0 0 0 rg BT 427.82 569.60 Td (time. ) Tj ET Q q 0 0 0 rg BT 453.15 569.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 506.07 569.60 Td (, ) Tj ET Q q 0 0 0 rg BT 512.20 569.60 Td (by ) Tj ET Q q 0 0 0 rg BT 526.50 569.60 Td (owning ) Tj ET Q q 0 0 0 rg BT 562.98 569.60 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 557.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 78.87 557.00 Td (most ) Tj ET Q q 0 0 0 rg BT 105.20 557.00 Td (of ) Tj ET Q q 0 0 0 rg BT 117.54 557.00 Td (the ) Tj ET Q q 0 0 0 rg BT 135.71 557.00 Td (related ) Tj ET Q q 0 0 0 rg BT 171.40 557.00 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 239.17 557.00 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 287.71 557.00 Td (Natural ) Tj ET Q q 0 0 0 rg BT 325.14 557.00 Td (is ) Tj ET Q q 0 0 0 rg BT 336.30 557.00 Td (able ) Tj ET Q q 0 0 0 rg BT 359.73 557.00 Td (to ) Tj ET Q q 0 0 0 rg BT 372.07 557.00 Td (control ) Tj ET Q q 0 0 0 rg BT 407.17 557.00 Td (major ) Tj ET Q q 0 0 0 rg BT 437.00 557.00 Td (components ) Tj ET Q q 0 0 0 rg BT 497.79 557.00 Td (of ) Tj ET Q q 0 0 0 rg BT 510.12 557.00 Td (the ) Tj ET Q q 0 0 0 rg BT 528.30 557.00 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 544.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 77.84 544.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 104.90 544.40 Td (and ) Tj ET Q q 0 0 0 rg BT 124.98 544.40 Td (minimize ) Tj ET Q q 0 0 0 rg BT 168.95 544.40 Td (production ) Tj ET Q q 0 0 0 rg BT 220.54 544.40 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 288.44 544.40 Td (Low ) Tj ET Q q 0 0 0 rg BT 310.26 544.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 343.17 544.40 Td (exposure ) Tj ET Q q 0 0 0 rg BT 388.92 544.40 Td (projects ) Tj ET Q q 0 0 0 rg BT 428.24 544.40 Td (can ) Tj ET Q q 0 0 0 rg BT 447.72 544.40 Td (be ) Tj ET Q q 0 0 0 rg BT 461.95 544.40 Td (quickly ) Tj ET Q q 0 0 0 rg BT 496.60 544.40 Td (stopped ) Tj ET Q q 0 0 0 rg BT 536.52 544.40 Td (or ) Tj ET Q q 0 0 0 rg BT 548.42 544.40 Td (started ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 531.80 Td (depending ) Tj ET Q q 0 0 0 rg BT 83.47 531.80 Td (upon ) Tj ET Q q 0 0 0 rg BT 109.75 531.80 Td (success, ) Tj ET Q q 0 0 0 rg BT 153.51 531.80 Td (market ) Tj ET Q q 0 0 0 rg BT 188.52 531.80 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 241.64 531.80 Td (or ) Tj ET Q q 0 0 0 rg BT 253.89 531.80 Td (corporate ) Tj ET Q q 0 0 0 rg BT 301.17 531.80 Td (needs.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 514.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 78.34 514.20 Td (Natural? Tj ET Q q 0 0 0 rg BT 114.33 514.20 Td (s ) Tj ET Q q 0 0 0 rg BT 121.46 514.20 Td (balanced ) Tj ET Q q 0 0 0 rg BT 165.97 514.20 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 208.13 514.20 Td (built ) Tj ET Q q 0 0 0 rg BT 229.27 514.20 Td (with ) Tj ET Q q 0 0 0 rg BT 249.83 514.20 Td (both ) Tj ET Q q 0 0 0 rg BT 272.15 514.20 Td (long ) Tj ET Q q 0 0 0 rg BT 293.89 514.20 Td (life ) Tj ET Q q 0 0 0 rg BT 309.19 514.20 Td (low ) Tj ET Q q 0 0 0 rg BT 326.83 514.20 Td (decline ) Tj ET Q q 0 0 0 rg BT 361.99 514.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.22 514.20 Td (and ) Tj ET Q q 0 0 0 rg BT 413.62 514.20 Td (low ) Tj ET Q q 0 0 0 rg BT 431.26 514.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 463.50 514.20 Td (exposure ) Tj ET Q q 0 0 0 rg BT 508.58 514.20 Td (assets, ) Tj ET Q q 0 0 0 rg BT 543.73 514.20 Td (enables ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 501.60 Td (ef) Tj ET Q q 0 0 0 rg BT 40.07 501.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 73.33 501.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.60 501.60 Td (allocation, ) Tj ET Q q 0 0 0 rg BT 156.80 501.60 Td (production ) Tj ET Q q 0 0 0 rg BT 208.76 501.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 243.19 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 263.63 501.60 Td (value ) Tj ET Q q 0 0 0 rg BT 291.65 501.60 Td (creation.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 484.00 Td (Drilling ) Tj ET Q q 0 0 0 rg BT 70.20 484.00 Td (Activity) Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 454.5 m 386 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 454.5 m 451 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 454.5 m 321 439.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 454.5 m 386 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 454.5 m 451 439.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 454.5 m 451 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 454.5 m 451 439.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 424.5 m 321 424.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 439.5 m 321 424.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 439.5 m 451 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 424.5 m 451 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 424.5 m 516 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 424.5 m 581 424.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 424.5 m 321 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 424.5 m 386 424.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 424.5 m 451 406.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 424.5 m 451 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 424.5 m 516 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 424.5 m 581 424.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 406.5 m 321 388.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 406.5 m 451 388.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 370.5 m 321 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 388.5 m 321 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 370.5 m 386 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 388.5 m 451 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 370.5 m 451 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 370.5 m 516 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 370.5 m 581 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 370.5 m 321 352.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 370.5 m 451 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 334.5 m 321 334.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 352.5 m 321 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 334.5 m 386 334.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 352.5 m 451 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 334.5 m 451 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 334.5 m 516 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 334.5 m 581 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 316.5 m 321 316.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 334.5 m 321 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 316.5 m 386 316.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 334.5 m 451 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 316.5 m 451 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 316.5 m 516 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 316.5 m 581 316.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 298.5 m 321 298.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321 316.5 m 321 298.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321 298.5 m 386 298.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 316.5 m 451 298.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 298.5 m 451 298.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 298.5 m 516 298.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516 298.5 m 581 298.5 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 377.65 463.26 Td (Three Months Ended Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 373.80 444.26 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 503.30 444.26 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 429.26 Td (\(number of wells\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 345.15 429.26 Td (Gross) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.55 429.26 Td (Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.45 429.26 Td (Gross) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.15 429.26 Td (Net) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 411.26 Td (Crude oil) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.45 411.26 Td (37) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 411.26 Td (35) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.45 411.26 Td (30) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 411.31 Td (30) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 393.26 Td (Natural gas) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.45 393.26 Td (12) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 393.26 Td (1) Tj ET Q q 0 0 0 rg BT 435.29 393.26 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.45 393.26 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.30 393.26 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 375.26 Td (Dry) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 365.65 375.26 Td (? Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 430.65 375.26 Td (? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.30 375.26 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.30 375.26 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 357.26 Td (Subtotal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 364.45 357.26 Td (49) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 357.26 Td (46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.45 357.26 Td (41) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 357.31 Td (39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 339.26 Td (Stratigraphic test / service wells) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 358.60 339.26 Td (420) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.60 339.26 Td (367) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 339.26 Td (375) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.60 339.26 Td (332) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 321.26 Td (T) Tj ET Q q 0 0 0 rg BT 39.75 321.26 Td (otal) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 358.60 321.26 Td (469) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 423.60 321.26 Td (413) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 488.60 321.26 Td (416) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.60 321.26 Td (371) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 303.26 Td (Success rate \(excluding stratigraphic test / service wells\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 417.60 303.26 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.15 303.26 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.45 303.31 Td (97) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.15 303.26 Td (%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 274.13 cm /I38 Do Q q 0 0 0 rg BT 35.32 276.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.40 Td (The ) Tj ET Q q 0 0 0 rg BT 72.89 276.40 Td (Company's ) Tj ET Q q 0 0 0 rg BT 130.38 276.40 Td (total ) Tj ET Q q 0 0 0 rg BT 155.52 276.40 Td (crude ) Tj ET Q q 0 0 0 rg BT 187.08 276.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 202.88 276.40 Td (and ) Tj ET Q q 0 0 0 rg BT 225.69 276.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 263.09 276.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 285.32 276.40 Td (drilling ) Tj ET Q q 0 0 0 rg BT 320.96 276.40 Td (program ) Tj ET Q q 0 0 0 rg BT 365.35 276.40 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 379.41 276.40 Td (46) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.09 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 396.38 276.40 Td (net ) Tj ET Q q 0 0 0 rg BT 416.27 276.40 Td (wells ) Tj ET Q q 0 0 0 rg BT 444.91 276.40 Td (for ) Tj ET Q q 0 0 0 rg BT 462.45 276.40 Td (the ) Tj ET Q q 0 0 0 rg BT 482.35 276.40 Td (three ) Tj ET Q q 0 0 0 rg BT 511.57 276.40 Td (months ) Tj ET Q q 0 0 0 rg BT 551.30 276.40 Td (ended ) Tj ET Q q 0 0 0 rg BT 583.42 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 586.34 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 609.68 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 621.35 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 633.02 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 644.69 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 647.60 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 650.52 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 653.44 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 656.35 276.40 Td ( ) Tj ET Q q 0 0 0 rg BT 659.27 276.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.80 Td (March ) Tj ET Q q 0 0 0 rg BT 81.59 263.80 Td (31, ) Tj ET Q q 0 0 0 rg BT 99.10 263.80 Td (2020, ) Tj ET Q q 0 0 0 rg BT 128.30 263.80 Td (excluding ) Tj ET Q q 0 0 0 rg BT 175.58 263.80 Td (strat/service ) Tj ET Q q 0 0 0 rg BT 235.10 263.80 Td (wells, ) Tj ET Q q 0 0 0 rg BT 264.27 263.80 Td (represents ) Tj ET Q q 0 0 0 rg BT 316.80 263.80 Td (an ) Tj ET Q q 0 0 0 rg BT 331.40 263.80 Td (increase ) Tj ET Q q 0 0 0 rg BT 374.00 263.80 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 385.68 263.80 Td (7) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.52 263.80 Td ( ) Tj ET Q q 0 0 0 rg BT 394.43 263.80 Td (net ) Tj ET Q q 0 0 0 rg BT 411.95 263.80 Td (wells ) Tj ET Q q 0 0 0 rg BT 438.21 263.80 Td (from ) Tj ET Q q 0 0 0 rg BT 462.12 263.80 Td (the ) Tj ET Q q 0 0 0 rg BT 479.64 263.80 Td (same ) Tj ET Q q 0 0 0 rg BT 508.23 263.80 Td (period ) Tj ET Q q 0 0 0 rg BT 540.34 263.80 Td (in ) Tj ET Q q 0 0 0 rg BT 551.43 263.80 Td (2019. ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 246.20 Td (North ) Tj ET Q q 0 0 0 rg BT 62.02 246.20 Td (America Exploration and Production) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 174.70000000000005 m 386 174.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 201.70000000000005 m 386 174.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 201.70000000000005 m 451 174.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 201.70000000000005 m 451 201.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 174.70000000000005 m 451 174.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 174.70000000000005 m 516 174.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 174.70000000000005 m 581 174.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 174.70000000000005 m 386 174.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 156.70000000000005 m 386 156.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 174.70000000000005 m 386 156.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 174.70000000000005 m 451 156.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 174.70000000000005 m 451 174.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 156.70000000000005 m 451 156.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 174.70000000000005 m 516 174.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 156.70000000000005 m 516 156.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 174.70000000000005 m 581 174.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 156.70000000000005 m 581 156.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 156.70000000000005 m 386 138.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 156.70000000000005 m 451 138.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 156.70000000000005 m 451 156.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 156.70000000000005 m 516 156.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 156.70000000000005 m 581 156.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 138.70000000000005 m 386 120.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 138.70000000000005 m 451 120.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 120.70000000000005 m 451 120.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 120.70000000000005 m 516 120.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 120.70000000000005 m 581 120.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 120.70000000000005 m 386 120.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 102.70000000000005 m 386 102.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 120.70000000000005 m 386 102.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 120.70000000000005 m 451 102.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 120.70000000000005 m 451 120.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 102.70000000000005 m 451 102.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 120.70000000000005 m 451 102.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 120.70000000000005 m 516 120.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 102.70000000000005 m 516 102.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 120.70000000000005 m 581 120.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516 102.70000000000005 m 581 102.70000000000005 l s BT /F3 10.50 Tf ET q 0 0 0 rg BT 34.50 225.41 Td (Crude oil and NGLs ?excluding Thermal In Situ Oil Sands) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.95 210.46 Td (Three Months Ended) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.20 189.96 Td (Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.10 179.46 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.20 189.96 Td (Dec 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 179.46 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.80 189.96 Td (Mar 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.10 179.46 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 161.46 Td (Crude oil and NGLs production \(bbl/d\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.15 161.46 Td (228,574) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.15 161.46 Td (247,184) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.15 161.46 Td (225,291) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 143.46 Td (Net wells targeting crude oil) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 143.46 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.30 143.46 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 143.51 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 125.46 Td (Net successful wells drilled) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 125.46 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.30 125.46 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 125.51 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 107.46 Td (Success rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 417.60 107.46 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.15 107.46 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.60 107.46 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.15 107.46 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.60 107.46 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.15 107.46 Td (%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 83.33 cm /I39 Do Q q 0 0 0 rg BT 35.32 85.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 85.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.72 85.60 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 140.09 85.60 Td (North ) Tj ET Q q 0 0 0 rg BT 167.59 85.60 Td (America ) Tj ET Q q 0 0 0 rg BT 208.36 85.60 Td (E&P) Tj ET Q q 0 0 0 rg BT 229.18 85.60 Td ( ) Tj ET Q q 0 0 0 rg BT 231.45 85.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 259.98 85.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 272.75 85.60 Td (and ) Tj ET Q q 0 0 0 rg BT 292.54 85.60 Td (NGL) Tj ET Q q 0 0 0 rg BT 313.74 85.60 Td ( ) Tj ET Q q 0 0 0 rg BT 316.01 85.60 Td (production ) Tj ET Q q 0 0 0 rg BT 367.31 85.60 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 411.59 85.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 458.23 85.60 Td (thermal ) Tj ET Q q 0 0 0 rg BT 495.51 85.60 Td (in ) Tj ET Q q 0 0 0 rg BT 505.94 85.60 Td (situ, ) Tj ET Q q 0 0 0 rg BT 527.47 85.60 Td (was ) Tj ET Q q 0 0 0 rg BT 548.41 85.60 Td (slightly ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 73.00 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 93.43 73.00 Td (in ) Tj ET Q q 0 0 0 rg BT 105.84 73.00 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 138.68 73.00 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 189.03 73.00 Td (228,574) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 226.99 73.00 Td ( ) Tj ET Q q 0 0 0 rg BT 231.23 73.00 Td (bbl/d, ) Tj ET Q q 0 0 0 rg BT 261.15 73.00 Td (comparable ) Tj ET Q q 0 0 0 rg BT 320.25 73.00 Td (to ) Tj ET Q q 0 0 0 rg BT 333.25 73.00 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 366.09 73.00 Td (and ) Tj ET Q q 0 0 0 rg BT 387.84 73.00 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 403.76 73.00 Td (8%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.94 73.00 Td ( ) Tj ET Q q 0 0 0 rg BT 423.17 73.00 Td (decrease ) Tj ET Q q 0 0 0 rg BT 470.61 73.00 Td (from ) Tj ET Q q 0 0 0 rg BT 495.84 73.00 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 528.69 73.00 Td (levels. ) Tj ET Q q 0 0 0 rg BT 562.41 73.00 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 60.40 Td (decrease ) Tj ET Q q 0 0 0 rg BT 95.61 60.40 Td (from ) Tj ET Q q 0 0 0 rg BT 119.52 60.40 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 151.04 60.40 Td (levels ) Tj ET Q q 0 0 0 rg BT 180.79 60.40 Td (primarily ) Tj ET Q q 0 0 0 rg BT 223.37 60.40 Td (reflects ) Tj ET Q q 0 0 0 rg BT 260.13 60.40 Td (optimizing ) Tj ET Q q 0 0 0 rg BT 310.31 60.40 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 364.58 60.40 Td (volumes ) Tj ET Q q 0 0 0 rg BT 406.59 60.40 Td (across ) Tj ET Q q 0 0 0 rg BT 440.43 60.40 Td (the ) Tj ET Q q 0 0 0 rg BT 457.94 60.40 Td (asset ) Tj ET Q q 0 0 0 rg BT 485.94 60.40 Td (base ) Tj ET Q q 0 0 0 rg BT 511.63 60.40 Td (that ) Tj ET Q q 0 0 0 rg BT 532.05 60.40 Td (resulted ) Tj ET Q q 0 0 0 rg BT 572.32 60.40 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 47.80 Td (increased ) Tj ET Q q 0 0 0 rg BT 97.95 47.80 Td (production ) Tj ET Q q 0 0 0 rg BT 149.90 47.80 Td (volumes ) Tj ET Q q 0 0 0 rg BT 191.92 47.80 Td (of ) Tj ET Q q 0 0 0 rg BT 203.59 47.80 Td (higher ) Tj ET Q q 0 0 0 rg BT 235.70 47.80 Td (value ) Tj ET Q q 0 0 0 rg BT 263.72 47.80 Td (SCO.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.45 17.45 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 748.40 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 748.40 Td (Primary ) Tj ET Q q 0 0 0 rg BT 106.47 748.40 Td (heavy ) Tj ET Q q 0 0 0 rg BT 137.30 748.40 Td (crude ) Tj ET Q q 0 0 0 rg BT 166.37 748.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 179.68 748.40 Td (production ) Tj ET Q q 0 0 0 rg BT 231.52 748.40 Td (was ) Tj ET Q q 0 0 0 rg BT 253.00 748.40 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 295.49 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 306.47 748.40 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 340.80 748.40 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 389.72 748.40 Td (82,122) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 421.84 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 424.64 748.40 Td (bbl/d, ) Tj ET Q q 0 0 0 rg BT 453.14 748.40 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 461.78 748.40 Td (20%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.80 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 485.60 748.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 528.10 748.40 Td (from ) Tj ET Q q 0 0 0 rg BT 551.90 748.40 Td (Q1/19 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 735.80 Td (levels ) Tj ET Q q 0 0 0 rg BT 96.33 735.80 Td (and ) Tj ET Q q 0 0 0 rg BT 115.84 735.80 Td (a ) Tj ET Q q 0 0 0 rg BT 123.67 735.80 Td (decrease ) Tj ET Q q 0 0 0 rg BT 168.86 735.80 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.60 735.80 Td (13%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.62 735.80 Td ( ) Tj ET Q q 0 0 0 rg BT 202.61 735.80 Td (from ) Tj ET Q q 0 0 0 rg BT 225.60 735.80 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 256.19 735.80 Td (levels. ) Tj ET Q q 0 0 0 rg BT 287.81 735.80 Td (The ) Tj ET Q q 0 0 0 rg BT 307.89 735.80 Td (decrease ) Tj ET Q q 0 0 0 rg BT 353.08 735.80 Td (from ) Tj ET Q q 0 0 0 rg BT 376.07 735.80 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 406.66 735.80 Td (was ) Tj ET Q q 0 0 0 rg BT 427.32 735.80 Td (mainly ) Tj ET Q q 0 0 0 rg BT 459.65 735.80 Td (as ) Tj ET Q q 0 0 0 rg BT 472.73 735.80 Td (a ) Tj ET Q q 0 0 0 rg BT 480.56 735.80 Td (result ) Tj ET Q q 0 0 0 rg BT 508.23 735.80 Td (of ) Tj ET Q q 0 0 0 rg BT 518.97 735.80 Td (the ) Tj ET Q q 0 0 0 rg BT 535.56 735.80 Td (execution ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 723.20 Td (of ) Tj ET Q q 0 0 0 rg BT 79.45 723.20 Td (the ) Tj ET Q q 0 0 0 rg BT 97.24 723.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 152.62 723.20 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 207.17 723.20 Td (optimization ) Tj ET Q q 0 0 0 rg BT 266.39 723.20 Td (strategy ) Tj ET Q q 0 0 0 rg BT 306.93 723.20 Td (and) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 324.45 723.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.64 723.20 Td (temporary ) Tj ET Q q 0 0 0 rg BT 378.10 723.20 Td (shut-ins ) Tj ET Q q 0 0 0 rg BT 418.05 723.20 Td (and ) Tj ET Q q 0 0 0 rg BT 438.76 723.20 Td (deferral ) Tj ET Q q 0 0 0 rg BT 477.56 723.20 Td (of ) Tj ET Q q 0 0 0 rg BT 489.51 723.20 Td (well ) Tj ET Q q 0 0 0 rg BT 510.79 723.20 Td (servicing ) Tj ET Q q 0 0 0 rg BT 555.41 723.20 Td (given ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 710.60 Td (current ) Tj ET Q q 0 0 0 rg BT 102.18 710.60 Td (market ) Tj ET Q q 0 0 0 rg BT 136.26 710.60 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 188.33 710.60 Td (The ) Tj ET Q q 0 0 0 rg BT 208.42 710.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 250.11 710.60 Td (from ) Tj ET Q q 0 0 0 rg BT 273.11 710.60 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 303.71 710.60 Td (was ) Tj ET Q q 0 0 0 rg BT 324.38 710.60 Td (as ) Tj ET Q q 0 0 0 rg BT 337.46 710.60 Td (a ) Tj ET Q q 0 0 0 rg BT 345.30 710.60 Td (result ) Tj ET Q q 0 0 0 rg BT 372.98 710.60 Td (of ) Tj ET Q q 0 0 0 rg BT 383.73 710.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 430.68 710.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 471.78 710.60 Td (from ) Tj ET Q q 0 0 0 rg BT 494.78 710.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.37 710.60 Td (Devon ) Tj ET Q q 0 0 0 rg BT 543.72 710.60 Td (Canada ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 698.00 Td (asset ) Tj ET Q q 0 0 0 rg BT 95.51 698.00 Td (acquisition.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 678.13 cm /I40 Do Q q 0 0 0 rg BT 72.27 680.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 680.40 Td (Operating ) Tj ET Q q 0 0 0 rg BT 136.36 680.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 165.61 680.40 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.11 680.40 Td ($18.68) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 211.22 680.40 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 232.90 680.40 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 250.98 680.40 Td ($13.89) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 283.10 680.40 Td (/bbl\) ) Tj ET Q q 0 0 0 rg BT 308.27 680.40 Td (were ) Tj ET Q q 0 0 0 rg BT 335.77 680.40 Td (realized ) Tj ET Q q 0 0 0 rg BT 377.29 680.40 Td (in ) Tj ET Q q 0 0 0 rg BT 390.20 680.40 Td (the ) Tj ET Q q 0 0 0 rg BT 409.54 680.40 Td (Company's ) Tj ET Q q 0 0 0 rg BT 466.48 680.40 Td (primary ) Tj ET Q q 0 0 0 rg BT 506.22 680.40 Td (heavy ) Tj ET Q q 0 0 0 rg BT 538.99 680.40 Td (crude ) Tj ET Q q 0 0 0 rg BT 570.00 680.40 Td (oil ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 667.80 Td (operations ) Tj ET Q q 0 0 0 rg BT 137.45 667.80 Td (in ) Tj ET Q q 0 0 0 rg BT 148.54 667.80 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 182.98 667.80 Td (an ) Tj ET Q q 0 0 0 rg BT 197.58 667.80 Td (increase ) Tj ET Q q 0 0 0 rg BT 240.19 667.80 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 251.86 667.80 Td (8%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 267.04 667.80 Td ( ) Tj ET Q q 0 0 0 rg BT 269.96 667.80 Td (from ) Tj ET Q q 0 0 0 rg BT 293.87 667.80 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 325.40 667.80 Td (levels.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 650.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 650.20 Td (Pelican ) Tj ET Q q 0 0 0 rg BT 104.85 650.20 Td (Lake ) Tj ET Q q 0 0 0 rg BT 130.53 650.20 Td (production ) Tj ET Q q 0 0 0 rg BT 182.48 650.20 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 229.18 650.20 Td (57,986) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 261.29 650.20 Td ( ) Tj ET Q q 0 0 0 rg BT 264.21 650.20 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 289.89 650.20 Td (in ) Tj ET Q q 0 0 0 rg BT 300.97 650.20 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 335.40 650.20 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 344.16 650.20 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.33 650.20 Td ( ) Tj ET Q q 0 0 0 rg BT 362.24 650.20 Td (decrease ) Tj ET Q q 0 0 0 rg BT 408.35 650.20 Td (from ) Tj ET Q q 0 0 0 rg BT 432.26 650.20 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 463.78 650.20 Td (levels ) Tj ET Q q 0 0 0 rg BT 493.54 650.20 Td (and ) Tj ET Q q 0 0 0 rg BT 513.97 650.20 Td (comparable ) Tj ET Q q 0 0 0 rg BT 571.75 650.20 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 637.60 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 99.02 637.60 Td (levels, ) Tj ET Q q 0 0 0 rg BT 131.70 637.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 163.80 637.60 Td (results ) Tj ET Q q 0 0 0 rg BT 197.65 637.60 Td (that ) Tj ET Q q 0 0 0 rg BT 218.08 637.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 249.59 637.60 Td (the ) Tj ET Q q 0 0 0 rg BT 267.11 637.60 Td (low ) Tj ET Q q 0 0 0 rg BT 285.78 637.60 Td (annual ) Tj ET Q q 0 0 0 rg BT 320.23 637.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 356.42 637.60 Td (of ) Tj ET Q q 0 0 0 rg BT 368.10 637.60 Td (this ) Tj ET Q q 0 0 0 rg BT 387.35 637.60 Td (long ) Tj ET Q q 0 0 0 rg BT 410.13 637.60 Td (life ) Tj ET Q q 0 0 0 rg BT 426.47 637.60 Td (asset.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 617.73 cm /I41 Do Q q 0 0 0 rg BT 72.27 620.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 620.00 Td (At ) Tj ET Q q 0 0 0 rg BT 97.38 620.00 Td (Pelican ) Tj ET Q q 0 0 0 rg BT 133.77 620.00 Td (Lake, ) Tj ET Q q 0 0 0 rg BT 161.42 620.00 Td (the ) Tj ET Q q 0 0 0 rg BT 177.97 620.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 224.87 620.00 Td (continues ) Tj ET Q q 0 0 0 rg BT 271.78 620.00 Td (to ) Tj ET Q q 0 0 0 rg BT 282.49 620.00 Td (demonstrate ) Tj ET Q q 0 0 0 rg BT 342.82 620.00 Td (ef) Tj ET Q q 0 0 0 rg BT 351.38 620.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 383.69 620.00 Td (and ) Tj ET Q q 0 0 0 rg BT 403.17 620.00 Td (ef) Tj ET Q q 0 0 0 rg BT 411.73 620.00 Td (ficient ) Tj ET Q q 0 0 0 rg BT 441.12 620.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 492.12 620.00 Td (as ) Tj ET Q q 0 0 0 rg BT 505.16 620.00 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 535.73 620.00 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 607.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 113.06 607.40 Td (decreased ) Tj ET Q q 0 0 0 rg BT 165.14 607.40 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.28 607.40 Td (8%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 194.46 607.40 Td ( ) Tj ET Q q 0 0 0 rg BT 197.51 607.40 Td (from ) Tj ET Q q 0 0 0 rg BT 221.56 607.40 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 253.21 607.40 Td (levels, ) Tj ET Q q 0 0 0 rg BT 286.03 607.40 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 335.19 607.40 Td ($6.18) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 361.47 607.40 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 381.45 607.40 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.53 607.40 Td ($4.59) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 425.81 607.40 Td (/bbl\) ) Tj ET Q q 0 0 0 rg BT 449.29 607.40 Td (in ) Tj ET Q q 0 0 0 rg BT 460.51 607.40 Td (the ) Tj ET Q q 0 0 0 rg BT 478.16 607.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 510.85 607.40 Td (, ) Tj ET Q q 0 0 0 rg BT 516.82 607.40 Td (primarily ) Tj ET Q q 0 0 0 rg BT 559.53 607.40 Td (as ) Tj ET Q q 0 0 0 rg BT 573.67 607.40 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 594.80 Td (result ) Tj ET Q q 0 0 0 rg BT 114.09 594.80 Td (of ) Tj ET Q q 0 0 0 rg BT 125.77 594.80 Td (the ) Tj ET Q q 0 0 0 rg BT 143.28 594.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 198.40 594.80 Td (focus ) Tj ET Q q 0 0 0 rg BT 226.41 594.80 Td (on ) Tj ET Q q 0 0 0 rg BT 241.01 594.80 Td (cost ) Tj ET Q q 0 0 0 rg BT 263.18 594.80 Td (control.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 577.20 Td (North ) Tj ET Q q 0 0 0 rg BT 95.25 577.20 Td (American ) Tj ET Q q 0 0 0 rg BT 142.19 577.20 Td (light ) Tj ET Q q 0 0 0 rg BT 164.04 577.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 192.90 577.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 206.00 577.20 Td (and ) Tj ET Q q 0 0 0 rg BT 226.10 577.20 Td (NGL) Tj ET Q q 0 0 0 rg BT 247.31 577.20 Td ( ) Tj ET Q q 0 0 0 rg BT 249.90 577.20 Td (production ) Tj ET Q q 0 0 0 rg BT 301.52 577.20 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 347.90 577.20 Td (88,466) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 380.01 577.20 Td ( ) Tj ET Q q 0 0 0 rg BT 382.60 577.20 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 407.96 577.20 Td (in ) Tj ET Q q 0 0 0 rg BT 418.73 577.20 Td (Q1/20, ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 452.84 584.84 15.18 -9.85 re f /GS0 gs q 0 0 0 rg BT 452.84 577.20 Td (7%) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 468.01 584.84 22.70 -9.85 re f /GS0 gs q 0 0 0 rg BT 468.01 577.20 Td ( ) Tj ET Q q 0 0 0 rg BT 470.60 577.20 Td (and ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 490.71 584.84 15.18 -9.85 re f /GS0 gs q 0 0 0 rg BT 490.71 577.20 Td (6%) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 505.89 584.84 77.54 -9.85 re f /GS0 gs q 0 0 0 rg BT 505.89 577.20 Td ( ) Tj ET Q q 0 0 0 rg BT 508.48 577.20 Td (decreases ) Tj ET Q q 0 0 0 rg BT 559.52 577.20 Td (from ) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 67.50 572.24 448.71 -9.85 re f /GS0 gs q 0 0 0 rg BT 67.50 564.60 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 99.09 564.60 Td (and ) Tj ET Q q 0 0 0 rg BT 119.59 564.60 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 151.18 564.60 Td (levels ) Tj ET Q q 0 0 0 rg BT 181.01 564.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 235.67 564.60 Td (, ) Tj ET Q q 0 0 0 rg BT 241.57 564.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 284.23 564.60 Td (as ) Tj ET Q q 0 0 0 rg BT 298.30 564.60 Td (a ) Tj ET Q q 0 0 0 rg BT 307.13 564.60 Td (result ) Tj ET Q q 0 0 0 rg BT 335.79 564.60 Td (of ) Tj ET Q q 0 0 0 rg BT 347.53 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 365.11 564.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 420.29 564.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 462.96 564.60 Td (decision ) Tj ET Q q 0 0 0 rg BT 504.47 564.60 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 516.21 564.60 Td (defer ) Tj ET Q q 0 0 0 rg BT 543.13 564.60 Td (planned ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 552.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 111.33 552.00 Td (in ) Tj ET Q q 0 0 0 rg BT 123.07 552.00 Td (response ) Tj ET Q q 0 0 0 rg BT 169.83 552.00 Td (to ) Tj ET Q q 0 0 0 rg BT 182.15 552.00 Td (current ) Tj ET Q q 0 0 0 rg BT 218.40 552.00 Td (market ) Tj ET Q q 0 0 0 rg BT 254.05 552.00 Td (conditions) Tj ET Q BT /F1 10.50 Tf ET 1 1 1 rg /GS0 gs 301.34 559.64 93.06 -9.85 re f /GS0 gs q 0 0 0 rg BT 301.34 552.00 Td ( ) Tj ET Q q 0 0 0 rg BT 304.90 552.00 Td (combined ) Tj ET Q q 0 0 0 rg BT 354.00 552.00 Td (with ) Tj ET Q q 0 0 0 rg BT 376.23 552.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 394.40 552.00 Td (execution ) Tj ET Q q 0 0 0 rg BT 442.91 552.00 Td (of ) Tj ET Q q 0 0 0 rg BT 455.23 552.00 Td (the ) Tj ET Q q 0 0 0 rg BT 473.40 552.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 529.16 552.00 Td (curtailment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 539.40 Td (optimization ) Tj ET Q q 0 0 0 rg BT 126.45 539.40 Td (strategy) Tj ET Q q 0 0 0 rg BT 163.02 539.40 Td (.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 519.53 cm /I42 Do Q q 0 0 0 rg BT 72.27 521.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 521.80 Td (In ) Tj ET Q q 0 0 0 rg BT 97.85 521.80 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 132.96 521.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 180.34 521.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 208.44 521.80 Td (were ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 234.80 521.80 Td ($15.99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 266.91 521.80 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 287.44 521.80 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 305.52 521.80 Td ($1) Tj ET Q q 0 0 0 rg BT 316.42 521.80 Td (1.89) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 336.86 521.80 Td (/bbl\) ) Tj ET Q q 0 0 0 rg BT 360.88 521.80 Td (in ) Tj ET Q q 0 0 0 rg BT 372.64 521.80 Td (the ) Tj ET Q q 0 0 0 rg BT 390.83 521.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 446.62 521.80 Td (North ) Tj ET Q q 0 0 0 rg BT 475.17 521.80 Td (America ) Tj ET Q q 0 0 0 rg BT 517.28 521.80 Td (light ) Tj ET Q q 0 0 0 rg BT 540.13 521.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 569.99 521.80 Td (oil ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 509.20 Td (and ) Tj ET Q q 0 0 0 rg BT 105.94 509.20 Td (NGL) Tj ET Q q 0 0 0 rg BT 127.14 509.20 Td ( ) Tj ET Q q 0 0 0 rg BT 130.06 509.20 Td (areas, ) Tj ET Q q 0 0 0 rg BT 162.16 509.20 Td (comparable ) Tj ET Q q 0 0 0 rg BT 219.94 509.20 Td (with ) Tj ET Q q 0 0 0 rg BT 241.53 509.20 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 273.05 509.20 Td (levels, ) Tj ET Q q 0 0 0 rg BT 305.73 509.20 Td (strong ) Tj ET Q q 0 0 0 rg BT 337.83 509.20 Td (results ) Tj ET Q q 0 0 0 rg BT 371.68 509.20 Td (given ) Tj ET Q q 0 0 0 rg BT 399.70 509.20 Td (lower ) Tj ET Q q 0 0 0 rg BT 427.71 509.20 Td (production.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 432.7 m 386 432.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 459.7 m 386 432.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 459.7 m 451 432.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 459.7 m 451 459.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 432.7 m 386 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 414.7 m 386 414.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 432.7 m 386 414.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 432.7 m 451 414.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 432.7 m 451 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 414.7 m 451 414.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 432.7 m 516 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 414.7 m 516 414.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 432.7 m 581 432.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 414.7 m 581 414.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 414.7 m 386 414.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 414.7 m 386 396.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 414.7 m 451 396.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 414.7 m 516 414.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 396.7 m 386 378.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 396.7 m 451 378.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 378.7 m 516 378.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 378.7 m 386 378.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 360.7 m 386 360.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 378.7 m 386 360.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 378.7 m 451 360.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 378.7 m 451 378.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 360.7 m 451 360.7 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 378.7 m 451 360.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 378.7 m 516 378.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 360.7 m 516 360.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 378.7 m 581 378.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516 360.7 m 581 360.7 l s BT /F3 10.50 Tf ET q 0 0 0 rg BT 34.50 483.41 Td (Thermal In Situ Oil Sands) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.95 468.46 Td (Three Months Ended) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.20 447.96 Td (Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.10 437.46 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.20 447.96 Td (Dec 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 437.46 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.80 447.96 Td (Mar 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.10 437.46 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 419.46 Td (Bitumen production \(bbl/d\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 403.15 419.46 Td (228,303) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 468.15 419.46 Td (259,387) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.00 419.46 Td (94,146) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 401.46 Td (Net wells targeting bitumen) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.30 401.46 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.30 401.46 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.65 401.46 Td (? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 383.46 Td (Net successful wells drilled) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.30 383.46 Td (6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.30 383.46 Td (3) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.65 383.46 Td (? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 365.46 Td (Success rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 417.60 365.46 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.15 365.46 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.60 365.46 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.15 365.46 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.65 365.46 Td (? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.15 365.46 Td (%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 336.33 cm /I43 Do Q q 0 0 0 rg BT 35.32 338.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 338.60 Td (Thermal ) Tj ET Q q 0 0 0 rg BT 91.28 338.60 Td (in ) Tj ET Q q 0 0 0 rg BT 102.73 338.60 Td (situ ) Tj ET Q q 0 0 0 rg BT 122.35 338.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 136.13 338.60 Td (sands ) Tj ET Q q 0 0 0 rg BT 167.42 338.60 Td (production ) Tj ET Q q 0 0 0 rg BT 219.73 338.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 262.11 338.60 Td (were ) Tj ET Q q 0 0 0 rg BT 288.14 338.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 320.60 338.60 Td (in ) Tj ET Q q 0 0 0 rg BT 332.05 338.60 Td (Q1/20. ) Tj ET Q q 0 0 0 rg BT 366.85 338.60 Td (Including ) Tj ET Q q 0 0 0 rg BT 412.15 338.60 Td (curtailed ) Tj ET Q q 0 0 0 rg BT 455.12 338.60 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 500.41 338.60 Td (production ) Tj ET Q q 0 0 0 rg BT 552.72 338.60 Td (in ) Tj ET Q q 0 0 0 rg BT 564.17 338.60 Td (this ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 326.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 92.06 326.00 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 138.14 326.00 Td (228,303) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 176.10 326.00 Td ( ) Tj ET Q q 0 0 0 rg BT 178.39 326.00 Td (bbl/d, ) Tj ET Q q 0 0 0 rg BT 206.37 326.00 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 214.50 326.00 Td (142%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 241.35 326.00 Td ( ) Tj ET Q q 0 0 0 rg BT 243.64 326.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 285.62 326.00 Td (over ) Tj ET Q q 0 0 0 rg BT 308.34 326.00 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 339.23 326.00 Td (levels, ) Tj ET Q q 0 0 0 rg BT 371.29 326.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 413.25 326.00 Td (as ) Tj ET Q q 0 0 0 rg BT 426.63 326.00 Td (a ) Tj ET Q q 0 0 0 rg BT 434.76 326.00 Td (result ) Tj ET Q q 0 0 0 rg BT 462.72 326.00 Td (of ) Tj ET Q q 0 0 0 rg BT 473.77 326.00 Td (the ) Tj ET Q q 0 0 0 rg BT 490.66 326.00 Td (Jackfish ) Tj ET Q q 0 0 0 rg BT 530.88 326.00 Td (acquisition ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 313.40 Td (and ) Tj ET Q q 0 0 0 rg BT 69.31 313.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 117.13 313.40 Td (production ) Tj ET Q q 0 0 0 rg BT 168.45 313.40 Td (from ) Tj ET Q q 0 0 0 rg BT 191.74 313.40 Td (Kirby ) Tj ET Q q 0 0 0 rg BT 217.95 313.40 Td (North ) Tj ET Q q 0 0 0 rg BT 245.92 313.40 Td (and ) Tj ET Q q 0 0 0 rg BT 265.73 313.40 Td (pad ) Tj ET Q q 0 0 0 rg BT 285.54 313.40 Td (additions ) Tj ET Q q 0 0 0 rg BT 329.86 313.40 Td (at ) Tj ET Q q 0 0 0 rg BT 340.90 313.40 Td (Primrose. ) Tj ET Q q 0 0 0 rg BT 388.12 313.40 Td (Production ) Tj ET Q q 0 0 0 rg BT 440.61 313.40 Td (decreased ) Tj ET Q q 0 0 0 rg BT 491.93 313.40 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 505.31 313.40 Td (12%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 526.33 313.40 Td ( ) Tj ET Q q 0 0 0 rg BT 528.61 313.40 Td (from ) Tj ET Q q 0 0 0 rg BT 551.90 313.40 Td (Q4/19 ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 300.80 Td (levels ) Tj ET Q q 0 0 0 rg BT 79.24 300.80 Td (primarily ) Tj ET Q q 0 0 0 rg BT 121.80 300.80 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 167.30 300.80 Td (the ) Tj ET Q q 0 0 0 rg BT 184.80 300.80 Td (optimization ) Tj ET Q q 0 0 0 rg BT 243.72 300.80 Td (of ) Tj ET Q q 0 0 0 rg BT 255.37 300.80 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 309.62 300.80 Td (volumes ) Tj ET Q q 0 0 0 rg BT 351.61 300.80 Td (across ) Tj ET Q q 0 0 0 rg BT 385.44 300.80 Td (the ) Tj ET Q q 0 0 0 rg BT 402.93 300.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 458.02 300.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 486.01 300.80 Td (base ) Tj ET Q q 0 0 0 rg BT 511.67 300.80 Td (that ) Tj ET Q q 0 0 0 rg BT 532.08 300.80 Td (resulted ) Tj ET Q q 0 0 0 rg BT 572.33 300.80 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 288.20 Td (increased ) Tj ET Q q 0 0 0 rg BT 98.52 288.20 Td (production ) Tj ET Q q 0 0 0 rg BT 151.05 288.20 Td (volumes ) Tj ET Q q 0 0 0 rg BT 193.64 288.20 Td (of ) Tj ET Q q 0 0 0 rg BT 205.89 288.20 Td (higher ) Tj ET Q q 0 0 0 rg BT 238.57 288.20 Td (value ) Tj ET Q q 0 0 0 rg BT 267.16 288.20 Td (SCO ) Tj ET Q q 0 0 0 rg BT 293.41 288.20 Td (and ) Tj ET Q q 0 0 0 rg BT 314.42 288.20 Td (planned ) Tj ET Q q 0 0 0 rg BT 355.28 288.20 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 409.56 288.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 453.32 288.20 Td (in ) Tj ET Q q 0 0 0 rg BT 464.98 288.20 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 497.08 288.20 Td (at ) Tj ET Q q 0 0 0 rg BT 509.33 288.20 Td (Jackfish, ) Tj ET Q q 0 0 0 rg BT 553.67 288.20 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 275.60 Td (was ) Tj ET Q q 0 0 0 rg BT 71.09 275.60 Td (successfully ) Tj ET Q q 0 0 0 rg BT 130.61 275.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 181.97 275.60 Td (in ) Tj ET Q q 0 0 0 rg BT 193.06 275.60 Td (mid-April ) Tj ET Q q 0 0 0 rg BT 237.40 275.60 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 258.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 258.00 Td (Thermal ) Tj ET Q q 0 0 0 rg BT 109.48 258.00 Td (in ) Tj ET Q q 0 0 0 rg BT 121.13 258.00 Td (situ ) Tj ET Q q 0 0 0 rg BT 140.94 258.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 188.20 258.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 216.17 258.00 Td (were ) Tj ET Q q 0 0 0 rg BT 242.41 258.00 Td (strong ) Tj ET Q q 0 0 0 rg BT 275.06 258.00 Td (in ) Tj ET Q q 0 0 0 rg BT 286.71 258.00 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 318.78 258.00 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 368.37 258.00 Td ($1) Tj ET Q q 0 0 0 rg BT 379.27 258.00 Td (1.02) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 399.71 258.00 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 420.11 258.00 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.19 258.00 Td ($8.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 464.47 258.00 Td (/bbl\), ) Tj ET Q q 0 0 0 rg BT 491.29 258.00 Td (a ) Tj ET Q q 0 0 0 rg BT 500.60 258.00 Td (decrease ) Tj ET Q q 0 0 0 rg BT 547.27 258.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.50 258.00 Td (39%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 245.40 Td (from ) Tj ET Q q 0 0 0 rg BT 90.94 245.40 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 121.98 245.40 Td (levels, ) Tj ET Q q 0 0 0 rg BT 154.18 245.40 Td (primarily ) Tj ET Q q 0 0 0 rg BT 196.28 245.40 Td (as ) Tj ET Q q 0 0 0 rg BT 209.81 245.40 Td (a ) Tj ET Q q 0 0 0 rg BT 218.08 245.40 Td (result ) Tj ET Q q 0 0 0 rg BT 246.20 245.40 Td (of ) Tj ET Q q 0 0 0 rg BT 257.39 245.40 Td (higher ) Tj ET Q q 0 0 0 rg BT 289.01 245.40 Td (production ) Tj ET Q q 0 0 0 rg BT 340.49 245.40 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 384.94 245.40 Td (synergies ) Tj ET Q q 0 0 0 rg BT 432.31 245.40 Td (captured ) Tj ET Q q 0 0 0 rg BT 475.61 245.40 Td (to ) Tj ET Q q 0 0 0 rg BT 486.81 245.40 Td (date ) Tj ET Q q 0 0 0 rg BT 509.68 245.40 Td (from ) Tj ET Q q 0 0 0 rg BT 533.12 245.40 Td (the ) Tj ET Q q 0 0 0 rg BT 550.15 245.40 Td (Devon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 232.80 Td (Canada ) Tj ET Q q 0 0 0 rg BT 107.20 232.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 135.21 232.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 187.75 232.80 Td (and ) Tj ET Q q 0 0 0 rg BT 208.18 232.80 Td (the ) Tj ET Q q 0 0 0 rg BT 225.70 232.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 280.81 232.80 Td (continued ) Tj ET Q q 0 0 0 rg BT 329.27 232.80 Td (focus ) Tj ET Q q 0 0 0 rg BT 357.28 232.80 Td (on ) Tj ET Q q 0 0 0 rg BT 371.88 232.80 Td (cost ) Tj ET Q q 0 0 0 rg BT 394.05 232.80 Td (control ) Tj ET Q q 0 0 0 rg BT 428.49 232.80 Td (and ) Tj ET Q q 0 0 0 rg BT 448.93 232.80 Td (lower ) Tj ET Q q 0 0 0 rg BT 476.94 232.80 Td (energy ) Tj ET Q q 0 0 0 rg BT 511.96 232.80 Td (costs.) Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 183.29999999999995 m 386 156.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 183.29999999999995 m 451 156.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 183.29999999999995 m 451 183.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 156.29999999999995 m 451 156.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 183.29999999999995 m 451 156.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 156.29999999999995 m 516 156.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 156.29999999999995 m 581 156.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 156.29999999999995 m 386 156.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 138.29999999999995 m 386 138.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 156.29999999999995 m 386 138.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 156.29999999999995 m 451 138.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 156.29999999999995 m 451 156.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 138.29999999999995 m 451 138.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 156.29999999999995 m 451 138.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 156.29999999999995 m 516 156.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 138.29999999999995 m 516 138.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 156.29999999999995 m 581 156.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 138.29999999999995 m 581 138.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 138.29999999999995 m 386 120.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 138.29999999999995 m 451 120.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 120.29999999999995 m 386 102.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 120.29999999999995 m 451 102.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 102.29999999999995 m 451 102.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 102.29999999999995 m 516 102.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 102.29999999999995 m 581 102.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 102.29999999999995 m 386 84.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 102.29999999999995 m 386 102.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 84.29999999999995 m 386 84.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 102.29999999999995 m 386 84.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 102.29999999999995 m 451 84.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 102.29999999999995 m 451 102.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 84.29999999999995 m 451 84.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 102.29999999999995 m 516 102.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 84.29999999999995 m 516 84.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 102.29999999999995 m 581 102.29999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516 84.29999999999995 m 581 84.29999999999995 l s BT /F3 10.50 Tf ET q 0 0 0 rg BT 34.50 207.01 Td (North ) Tj ET Q q 0 0 0 rg BT 62.70 207.01 Td (America Natural Gas) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.95 192.06 Td (Three Months Ended) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.20 171.56 Td (Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.10 161.06 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.20 171.56 Td (Dec 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 161.06 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.80 171.56 Td (Mar 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.10 161.06 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 143.06 Td (Natural gas production \(MMcf/d\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.85 143.06 Td (1,407) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.85 143.06 Td (1,41) Tj ET Q q 0 0 0 rg BT 500.29 143.06 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 143.06 Td (1,454) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 125.06 Td (Net wells targeting natural gas) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 125.06 Td (1) Tj ET Q q 0 0 0 rg BT 435.29 125.06 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.30 125.06 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.30 125.06 Td (9) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 107.06 Td (Net successful wells drilled) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 107.06 Td (1) Tj ET Q q 0 0 0 rg BT 435.29 107.06 Td (1) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.30 107.06 Td (4) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.30 107.06 Td (8) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 89.06 Td (Success rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 417.60 89.06 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.15 89.06 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.60 89.06 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.15 89.06 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.45 89.11 Td (89) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.15 89.06 Td (%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 59.93 cm /I44 Do Q q 0 0 0 rg BT 35.32 62.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 62.20 Td (North ) Tj ET Q q 0 0 0 rg BT 76.43 62.20 Td (America ) Tj ET Q q 0 0 0 rg BT 116.51 62.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 150.18 62.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 168.68 62.20 Td (production ) Tj ET Q q 0 0 0 rg BT 219.28 62.20 Td (was ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 239.52 62.20 Td (1,407) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 265.80 62.20 Td ( ) Tj ET Q q 0 0 0 rg BT 267.37 62.20 Td (MMcf/d ) Tj ET Q q 0 0 0 rg BT 303.35 62.20 Td (in ) Tj ET Q q 0 0 0 rg BT 313.09 62.20 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 346.18 62.20 Td (a ) Tj ET Q q 0 0 0 rg BT 353.59 62.20 Td (decrease ) Tj ET Q q 0 0 0 rg BT 398.35 62.20 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 408.67 62.20 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 423.85 62.20 Td ( ) Tj ET Q q 0 0 0 rg BT 425.42 62.20 Td (from ) Tj ET Q q 0 0 0 rg BT 447.98 62.20 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 478.15 62.20 Td (levels ) Tj ET Q q 0 0 0 rg BT 506.57 62.20 Td (and ) Tj ET Q q 0 0 0 rg BT 525.65 62.20 Td (comparable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 49.60 Td (to ) Tj ET Q q 0 0 0 rg BT 61.05 49.60 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 92.44 49.60 Td (levels, ) Tj ET Q q 0 0 0 rg BT 125.00 49.60 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 170.39 49.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 202.37 49.60 Td (base ) Tj ET Q q 0 0 0 rg BT 227.93 49.60 Td (production, ) Tj ET Q q 0 0 0 rg BT 282.67 49.60 Td (high ) Tj ET Q q 0 0 0 rg BT 305.32 49.60 Td (reliability ) Tj ET Q q 0 0 0 rg BT 348.95 49.60 Td (and ) Tj ET Q q 0 0 0 rg BT 369.26 49.60 Td (minimal ) Tj ET Q q 0 0 0 rg BT 408.23 49.60 Td (declines ) Tj ET Q q 0 0 0 rg BT 449.54 49.60 Td (given ) Tj ET Q q 0 0 0 rg BT 477.44 49.60 Td (the ) Tj ET Q q 0 0 0 rg BT 494.82 49.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 537.30 49.60 Td (reduction ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 37.00 Td (of ) Tj ET Q q 0 0 0 rg BT 61.17 37.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 94.45 37.00 Td (allocated ) Tj ET Q q 0 0 0 rg BT 139.40 37.00 Td (to ) Tj ET Q q 0 0 0 rg BT 151.07 37.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 186.09 37.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 205.94 37.00 Td (activities.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.95 17.45 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 746.48 cm /I45 Do Q q 0 0 0 rg BT 35.32 748.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (North ) Tj ET Q q 0 0 0 rg BT 77.46 748.75 Td (America ) Tj ET Q q 0 0 0 rg BT 118.81 748.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 153.76 748.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 173.54 748.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 220.17 748.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 247.52 748.75 Td (were ) Tj ET Q q 0 0 0 rg BT 273.12 748.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 305.15 748.75 Td (in ) Tj ET Q q 0 0 0 rg BT 316.17 748.75 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 350.54 748.75 Td (a ) Tj ET Q q 0 0 0 rg BT 359.22 748.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 405.26 748.75 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 416.86 748.75 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 432.04 748.75 Td ( ) Tj ET Q q 0 0 0 rg BT 434.88 748.75 Td (from ) Tj ET Q q 0 0 0 rg BT 458.73 748.75 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 490.18 748.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 519.87 748.75 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 531.47 748.75 Td ($1.24) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 557.75 748.75 Td (/Mcf. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 736.15 Td (These ) Tj ET Q q 0 0 0 rg BT 82.00 736.15 Td (results ) Tj ET Q q 0 0 0 rg BT 116.25 736.15 Td (demonstrate ) Tj ET Q q 0 0 0 rg BT 177.94 736.15 Td (the ) Tj ET Q q 0 0 0 rg BT 195.86 736.15 Td (strength ) Tj ET Q q 0 0 0 rg BT 237.12 736.15 Td (of ) Tj ET Q q 0 0 0 rg BT 249.20 736.15 Td (the ) Tj ET Q q 0 0 0 rg BT 267.12 736.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 322.63 736.15 Td (strategy ) Tj ET Q q 0 0 0 rg BT 363.30 736.15 Td (to ) Tj ET Q q 0 0 0 rg BT 375.38 736.15 Td (own ) Tj ET Q q 0 0 0 rg BT 397.96 736.15 Td (and ) Tj ET Q q 0 0 0 rg BT 418.80 736.15 Td (control ) Tj ET Q q 0 0 0 rg BT 453.64 736.15 Td (its ) Tj ET Q q 0 0 0 rg BT 467.46 736.15 Td (infrastructure, ) Tj ET Q q 0 0 0 rg BT 534.98 736.15 Td (continued ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 723.55 Td (focus ) Tj ET Q q 0 0 0 rg BT 77.51 723.55 Td (on ) Tj ET Q q 0 0 0 rg BT 92.11 723.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 114.29 723.55 Td (control ) Tj ET Q q 0 0 0 rg BT 148.72 723.55 Td (and ) Tj ET Q q 0 0 0 rg BT 169.16 723.55 Td (executing ) Tj ET Q q 0 0 0 rg BT 217.02 723.55 Td (on ) Tj ET Q q 0 0 0 rg BT 231.62 723.55 Td (ef) Tj ET Q q 0 0 0 rg BT 240.19 723.55 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 286.29 723.55 Td (across ) Tj ET Q q 0 0 0 rg BT 320.14 723.55 Td (the ) Tj ET Q q 0 0 0 rg BT 337.65 723.55 Td (entire ) Tj ET Q q 0 0 0 rg BT 366.84 723.55 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.85 723.55 Td (base.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 705.95 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 705.95 Td (At ) Tj ET Q q 0 0 0 rg BT 80.36 705.95 Td (the ) Tj ET Q q 0 0 0 rg BT 97.89 705.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 153.02 705.95 Td (high ) Tj ET Q q 0 0 0 rg BT 175.80 705.95 Td (value ) Tj ET Q q 0 0 0 rg BT 203.84 705.95 Td (Septimus ) Tj ET Q q 0 0 0 rg BT 250.54 705.95 Td (Montney ) Tj ET Q q 0 0 0 rg BT 293.75 705.95 Td (liquids ) Tj ET Q q 0 0 0 rg BT 326.46 705.95 Td (rich ) Tj ET Q q 0 0 0 rg BT 346.31 705.95 Td (area, ) Tj ET Q q 0 0 0 rg BT 373.18 705.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 419.90 705.95 Td (costs ) Tj ET Q q 0 0 0 rg BT 447.34 705.95 Td (were ) Tj ET Q q 0 0 0 rg BT 473.03 705.95 Td (strong ) Tj ET Q q 0 0 0 rg BT 505.15 705.95 Td (in ) Tj ET Q q 0 0 0 rg BT 516.26 705.95 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 550.72 705.95 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.49 705.95 Td (17%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 693.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 113.61 693.35 Td (from ) Tj ET Q q 0 0 0 rg BT 137.53 693.35 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 169.05 693.35 Td (levels, ) Tj ET Q q 0 0 0 rg BT 201.73 693.35 Td (averaging ) Tj ET Q q 0 0 0 rg BT 250.77 693.35 Td ($0.30/Mcfe.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 673.48 cm /I46 Do Q q 0 0 0 rg BT 35.32 675.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 675.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 98.06 675.75 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 142.77 675.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 178.48 675.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 199.02 675.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 239.98 675.75 Td (is ) Tj ET Q q 0 0 0 rg BT 251.17 675.75 Td (significant, ) Tj ET Q q 0 0 0 rg BT 304.38 675.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 350.60 675.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.80 675.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 417.35 675.75 Td (with ) Tj ET Q q 0 0 0 rg BT 439.63 675.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 488.19 675.75 Td (production ) Tj ET Q q 0 0 0 rg BT 540.83 675.75 Td (flexibility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 663.15 Td (and ) Tj ET Q q 0 0 0 rg BT 70.23 663.15 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 133.58 663.15 Td (to ) Tj ET Q q 0 0 0 rg BT 145.55 663.15 Td (maximize ) Tj ET Q q 0 0 0 rg BT 193.10 663.15 Td (value ) Tj ET Q q 0 0 0 rg BT 221.42 663.15 Td (as ) Tj ET Q q 0 0 0 rg BT 235.73 663.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 266.95 663.15 Td (improve. ) Tj ET Q q 0 0 0 rg BT 310.22 663.15 Td (The ) Tj ET Q q 0 0 0 rg BT 331.53 663.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.68 663.15 Td (has ) Tj ET Q q 0 0 0 rg BT 399.83 663.15 Td (identified ) Tj ET Q q 0 0 0 rg BT 445.08 663.15 Td (a ) Tj ET Q q 0 0 0 rg BT 454.13 663.15 Td (number ) Tj ET Q q 0 0 0 rg BT 492.95 663.15 Td (of ) Tj ET Q q 0 0 0 rg BT 504.92 663.15 Td (highly ) Tj ET Q q 0 0 0 rg BT 535.57 663.15 Td (economic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 650.55 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 111.72 650.55 Td (to ) Tj ET Q q 0 0 0 rg BT 122.57 650.55 Td (add ) Tj ET Q q 0 0 0 rg BT 142.18 650.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 189.22 650.55 Td (natural ) Tj ET Q q 0 0 0 rg BT 223.42 650.55 Td (gas ) Tj ET Q q 0 0 0 rg BT 242.44 650.55 Td (volumes ) Tj ET Q q 0 0 0 rg BT 283.63 650.55 Td (at ) Tj ET Q q 0 0 0 rg BT 294.48 650.55 Td (less ) Tj ET Q q 0 0 0 rg BT 315.25 650.55 Td (than ) Tj ET Q q 0 0 0 rg BT 337.77 650.55 Td ($3,000 ) Tj ET Q q 0 0 0 rg BT 371.98 650.55 Td (per ) Tj ET Q q 0 0 0 rg BT 389.25 650.55 Td (flowing ) Tj ET Q q 0 0 0 rg BT 424.03 650.55 Td (BOE. ) Tj ET Q q 0 0 0 rg BT 451.07 650.55 Td (These ) Tj ET Q q 0 0 0 rg BT 482.35 650.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 524.70 650.55 Td (are ) Tj ET Q q 0 0 0 rg BT 541.97 650.55 Td (targeted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 637.95 Td (to ) Tj ET Q q 0 0 0 rg BT 60.72 637.95 Td (add ) Tj ET Q q 0 0 0 rg BT 80.70 637.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 148.53 637.95 Td (60 ) Tj ET Q q 0 0 0 rg BT 162.67 637.95 Td (MMcf/d ) Tj ET Q q 0 0 0 rg BT 199.55 637.95 Td (of ) Tj ET Q q 0 0 0 rg BT 210.77 637.95 Td (natural ) Tj ET Q q 0 0 0 rg BT 245.34 637.95 Td (gas ) Tj ET Q q 0 0 0 rg BT 264.74 637.95 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 309.22 637.95 Td (which ) Tj ET Q q 0 0 0 rg BT 338.52 637.95 Td (equates ) Tj ET Q q 0 0 0 rg BT 378.35 637.95 Td (to ) Tj ET Q q 0 0 0 rg BT 389.57 637.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 457.40 637.95 Td (35 ) Tj ET Q q 0 0 0 rg BT 471.55 637.95 Td (MMcf/d ) Tj ET Q q 0 0 0 rg BT 508.43 637.95 Td (for ) Tj ET Q q 0 0 0 rg BT 523.14 637.95 Td (2020 ) Tj ET Q q 0 0 0 rg BT 548.97 637.95 Td (annual ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 625.35 Td (natural ) Tj ET Q q 0 0 0 rg BT 84.52 625.35 Td (gas ) Tj ET Q q 0 0 0 rg BT 104.37 625.35 Td (production ) Tj ET Q q 0 0 0 rg BT 156.32 625.35 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 607.75 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 607.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 118.70 607.75 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 166.05 607.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 204.41 607.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 227.58 607.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 272.93 607.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 313.61 607.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 366.55 607.75 Td (supportive ) Tj ET Q q 0 0 0 rg BT 421.25 607.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.28 607.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.71 607.75 Td (flow) Tj ET Q q 0 0 0 rg BT 517.80 607.75 Td (, ) Tj ET Q q 0 0 0 rg BT 526.96 607.75 Td (targeted ) Tj ET Q q 0 0 0 rg BT 571.74 607.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 595.15 Td (approximately ) Tj ET Q q 0 0 0 rg BT 135.78 595.15 Td ($700 ) Tj ET Q q 0 0 0 rg BT 162.06 595.15 Td (million ) Tj ET Q q 0 0 0 rg BT 194.74 595.15 Td (over ) Tj ET Q q 0 0 0 rg BT 218.08 595.15 Td (the ) Tj ET Q q 0 0 0 rg BT 235.59 595.15 Td (next ) Tj ET Q q 0 0 0 rg BT 258.36 595.15 Td (twelve ) Tj ET Q q 0 0 0 rg BT 291.04 595.15 Td (months ) Tj ET Q q 0 0 0 rg BT 328.39 595.15 Td (at ) Tj ET Q q 0 0 0 rg BT 339.49 595.15 Td (AECO ) Tj ET Q q 0 0 0 rg BT 372.16 595.15 Td (pricing ) Tj ET Q q 0 0 0 rg BT 406.01 595.15 Td (of ) Tj ET Q q 0 0 0 rg BT 417.69 595.15 Td ($2.50/GJ.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 575.28 cm /I47 Do Q q 0 0 0 rg BT 35.32 577.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.55 Td (In ) Tj ET Q q 0 0 0 rg BT 62.51 577.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 93.04 577.55 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 142.26 577.55 Td (Natural ) Tj ET Q q 0 0 0 rg BT 180.36 577.55 Td (targets ) Tj ET Q q 0 0 0 rg BT 216.72 577.55 Td (to ) Tj ET Q q 0 0 0 rg BT 229.73 577.55 Td (use ) Tj ET Q q 0 0 0 rg BT 250.91 577.55 Td (the ) Tj ET Q q 0 0 0 rg BT 269.77 577.55 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 321.90 577.55 Td (of ) Tj ET Q q 0 0 0 rg BT 334.91 577.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 404.53 577.55 Td (47% ) Tj ET Q q 0 0 0 rg BT 429.80 577.55 Td (of ) Tj ET Q q 0 0 0 rg BT 442.81 577.55 Td (corporate ) Tj ET Q q 0 0 0 rg BT 491.43 577.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 527.22 577.55 Td (natural ) Tj ET Q q 0 0 0 rg BT 563.58 577.55 Td (gas ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 564.95 Td (production ) Tj ET Q q 0 0 0 rg BT 100.82 564.95 Td (within ) Tj ET Q q 0 0 0 rg BT 129.96 564.95 Td (its ) Tj ET Q q 0 0 0 rg BT 142.74 564.95 Td (operations, ) Tj ET Q q 0 0 0 rg BT 196.98 564.95 Td (providing ) Tj ET Q q 0 0 0 rg BT 241.88 564.95 Td (a ) Tj ET Q q 0 0 0 rg BT 250.01 564.95 Td (natural ) Tj ET Q q 0 0 0 rg BT 284.40 564.95 Td (hedge ) Tj ET Q q 0 0 0 rg BT 315.89 564.95 Td (from ) Tj ET Q q 0 0 0 rg BT 339.17 564.95 Td (W) Tj ET Q q 0 0 0 rg BT 348.89 564.95 Td (estern ) Tj ET Q q 0 0 0 rg BT 380.36 564.95 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 427.61 564.95 Td (natural ) Tj ET Q q 0 0 0 rg BT 462.00 564.95 Td (gas ) Tj ET Q q 0 0 0 rg BT 481.22 564.95 Td (prices. ) Tj ET Q q 0 0 0 rg BT 513.97 564.95 Td (Approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.35 Td (40% ) Tj ET Q q 0 0 0 rg BT 73.68 552.35 Td (is ) Tj ET Q q 0 0 0 rg BT 84.43 552.35 Td (targeted ) Tj ET Q q 0 0 0 rg BT 126.12 552.35 Td (to ) Tj ET Q q 0 0 0 rg BT 138.04 552.35 Td (be ) Tj ET Q q 0 0 0 rg BT 152.89 552.35 Td (exported ) Tj ET Q q 0 0 0 rg BT 196.91 552.35 Td (to ) Tj ET Q q 0 0 0 rg BT 208.84 552.35 Td (other ) Tj ET Q q 0 0 0 rg BT 235.93 552.35 Td (North ) Tj ET Q q 0 0 0 rg BT 264.15 552.35 Td (American ) Tj ET Q q 0 0 0 rg BT 311.66 552.35 Td (markets ) Tj ET Q q 0 0 0 rg BT 352.16 552.35 Td (and ) Tj ET Q q 0 0 0 rg BT 372.85 552.35 Td (sold ) Tj ET Q q 0 0 0 rg BT 395.27 552.35 Td (internationally) Tj ET Q q 0 0 0 rg BT 459.29 552.35 Td (, ) Tj ET Q q 0 0 0 rg BT 465.37 552.35 Td (while ) Tj ET Q q 0 0 0 rg BT 492.46 552.35 Td (the ) Tj ET Q q 0 0 0 rg BT 510.22 552.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 559.49 552.35 Td (13% ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 539.75 Td (is ) Tj ET Q q 0 0 0 rg BT 60.00 539.75 Td (targeted ) Tj ET Q q 0 0 0 rg BT 101.45 539.75 Td (to ) Tj ET Q q 0 0 0 rg BT 113.12 539.75 Td (be ) Tj ET Q q 0 0 0 rg BT 127.72 539.75 Td (exposed ) Tj ET Q q 0 0 0 rg BT 170.34 539.75 Td (to ) Tj ET Q q 0 0 0 rg BT 181.43 539.75 Td (AECO/Station ) Tj ET Q q 0 0 0 rg BT 249.72 539.75 Td (2 ) Tj ET Q q 0 0 0 rg BT 258.47 539.75 Td (pricing.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 517.15 Td (International ) Tj ET Q q 0 0 0 rg BT 97.43 517.15 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 158.10 517.15 Td (and ) Tj ET Q q 0 0 0 rg BT 179.69 517.15 Td (Production) Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 487.65 m 386 460.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 487.65 m 451 460.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 487.65 m 451 487.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 460.65 m 451 460.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 487.65 m 451 460.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 460.65 m 516 460.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 460.65 m 581 460.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 460.65 m 386 460.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 460.65 m 386 442.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 460.65 m 451 460.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 460.65 m 451 442.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 460.65 m 516 460.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 460.65 m 581 460.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 442.65 m 386 424.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 442.65 m 451 424.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 442.65 m 451 424.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 406.65 m 386 406.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 424.65 m 386 406.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 424.65 m 451 406.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 406.65 m 451 406.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 424.65 m 451 406.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 406.65 m 516 406.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 406.65 m 581 406.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 406.65 m 386 388.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 406.65 m 451 388.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 406.65 m 451 388.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 388.65 m 386 370.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 388.65 m 451 370.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 388.65 m 451 370.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 352.65 m 386 352.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 370.65 m 386 352.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 370.65 m 451 352.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 352.65 m 451 352.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 370.65 m 451 352.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 352.65 m 516 352.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 352.65 m 581 352.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 352.65 m 386 334.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 352.65 m 451 334.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 352.65 m 451 334.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 334.65 m 386 316.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 334.65 m 451 316.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 316.65 m 451 316.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 334.65 m 451 316.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 316.65 m 516 316.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 316.65 m 581 316.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 316.65 m 386 316.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 298.65 m 386 298.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 316.65 m 386 298.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 316.65 m 451 298.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 316.65 m 451 316.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 298.65 m 451 298.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 316.65 m 451 298.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 316.65 m 516 316.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 298.65 m 516 298.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 316.65 m 581 316.65 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516 298.65 m 581 298.65 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.95 496.41 Td (Three Months Ended) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 408.20 475.91 Td (Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 418.10 465.41 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 473.20 475.91 Td (Dec 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 483.10 465.41 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.80 475.91 Td (Mar 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.10 465.41 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 447.41 Td (Crude oil production \(bbl/d\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 429.41 Td (North Sea) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.00 429.41 Td (27,755) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 429.41 Td (30,860) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.00 429.41 Td (25,714) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 411.41 Td (Of) Tj ET Q q 0 0 0 rg BT 58.99 411.41 Td (fshore ) Tj ET Q q 0 0 0 rg BT 90.71 411.41 Td (Africa) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.00 411.41 Td (15,943) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 411.41 Td (18,495) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.00 411.41 Td (22,155) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 393.41 Td (Natural gas production \(MMcf/d\)) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 375.41 Td (North Sea) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 375.41 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.45 375.41 Td (25) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 375.46 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 357.41 Td (Of) Tj ET Q q 0 0 0 rg BT 58.90 357.41 Td (fshore ) Tj ET Q q 0 0 0 rg BT 90.42 357.41 Td (Africa) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 429.45 357.41 Td (10) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.45 357.41 Td (19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 559.45 357.46 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 339.41 Td (Net wells targeting crude oil) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.55 339.41 Td (1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.65 339.41 Td (? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 339.41 Td (1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 321.41 Td (Net successful wells drilled) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 426.55 321.41 Td (1.0) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 495.65 321.41 Td (? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 556.55 321.41 Td (1.6) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 303.41 Td (Success rate) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 417.60 303.41 Td (100) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 435.15 303.41 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.65 303.41 Td (? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 500.15 303.41 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 547.60 303.41 Td (100) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.15 303.41 Td (%) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 274.28 cm /I48 Do Q q 0 0 0 rg BT 35.32 276.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 276.55 Td (International ) Tj ET Q q 0 0 0 rg BT 110.86 276.55 Td (E&P) Tj ET Q q 0 0 0 rg BT 131.68 276.55 Td ( ) Tj ET Q q 0 0 0 rg BT 135.24 276.55 Td (crude ) Tj ET Q q 0 0 0 rg BT 165.07 276.55 Td (oil ) Tj ET Q q 0 0 0 rg BT 179.13 276.55 Td (production ) Tj ET Q q 0 0 0 rg BT 231.73 276.55 Td (volumes ) Tj ET Q q 0 0 0 rg BT 274.39 276.55 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 321.74 276.55 Td (43,698) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 353.85 276.55 Td ( ) Tj ET Q q 0 0 0 rg BT 357.42 276.55 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 383.75 276.55 Td (in ) Tj ET Q q 0 0 0 rg BT 395.48 276.55 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 430.57 276.55 Td (decreases ) Tj ET Q q 0 0 0 rg BT 482.57 276.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 494.89 276.55 Td (9%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 510.07 276.55 Td ( ) Tj ET Q q 0 0 0 rg BT 513.63 276.55 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.71 276.55 Td (1) Tj ET Q q 0 0 0 rg BT 539.77 276.55 Td (1%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.95 276.55 Td ( ) Tj ET Q q 0 0 0 rg BT 558.51 276.55 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 263.95 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 80.42 263.95 Td (and ) Tj ET Q q 0 0 0 rg BT 100.26 263.95 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 131.19 263.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 160.35 263.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 215.01 263.95 Td (. ) Tj ET Q q 0 0 0 rg BT 220.10 263.95 Td (The ) Tj ET Q q 0 0 0 rg BT 240.51 263.95 Td (decreases ) Tj ET Q q 0 0 0 rg BT 291.28 263.95 Td (were ) Tj ET Q q 0 0 0 rg BT 316.35 263.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 358.34 263.95 Td (due ) Tj ET Q q 0 0 0 rg BT 378.18 263.95 Td (to ) Tj ET Q q 0 0 0 rg BT 389.26 263.95 Td (natural ) Tj ET Q q 0 0 0 rg BT 423.68 263.95 Td (field ) Tj ET Q q 0 0 0 rg BT 445.27 263.95 Td (declines, ) Tj ET Q q 0 0 0 rg BT 489.03 263.95 Td (planned ) Tj ET Q q 0 0 0 rg BT 528.72 263.95 Td (turnaround ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 251.35 Td (activities ) Tj ET Q q 0 0 0 rg BT 93.57 251.35 Td (at ) Tj ET Q q 0 0 0 rg BT 106.13 251.35 Td (Espoir ) Tj ET Q q 0 0 0 rg BT 139.70 251.35 Td (partially ) Tj ET Q q 0 0 0 rg BT 179.69 251.35 Td (of) Tj ET Q q 0 0 0 rg BT 188.26 251.35 Td (fset ) Tj ET Q q 0 0 0 rg BT 208.99 251.35 Td (by ) Tj ET Q q 0 0 0 rg BT 223.89 251.35 Td (strong ) Tj ET Q q 0 0 0 rg BT 256.88 251.35 Td (performance ) Tj ET Q q 0 0 0 rg BT 319.63 251.35 Td (from ) Tj ET Q q 0 0 0 rg BT 344.44 251.35 Td (the ) Tj ET Q q 0 0 0 rg BT 362.84 251.35 Td (2019 ) Tj ET Q q 0 0 0 rg BT 390.01 251.35 Td (drilling ) Tj ET Q q 0 0 0 rg BT 424.16 251.35 Td (program ) Tj ET Q q 0 0 0 rg BT 467.07 251.35 Td (in ) Tj ET Q q 0 0 0 rg BT 479.05 251.35 Td (the ) Tj ET Q q 0 0 0 rg BT 497.45 251.35 Td (North ) Tj ET Q q 0 0 0 rg BT 526.94 251.35 Td (Sea ) Tj ET Q q 0 0 0 rg BT 549.43 251.35 Td (and ) Tj ET Q q 0 0 0 rg BT 570.75 251.35 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 238.75 Td (Baobab.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.15 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 221.15 Td (In ) Tj ET Q q 0 0 0 rg BT 79.67 221.15 Td (the ) Tj ET Q q 0 0 0 rg BT 97.67 221.15 Td (North ) Tj ET Q q 0 0 0 rg BT 126.76 221.15 Td (Sea, ) Tj ET Q q 0 0 0 rg BT 151.77 221.15 Td (crude ) Tj ET Q q 0 0 0 rg BT 181.44 221.15 Td (oil ) Tj ET Q q 0 0 0 rg BT 195.36 221.15 Td (production ) Tj ET Q q 0 0 0 rg BT 247.80 221.15 Td (volumes ) Tj ET Q q 0 0 0 rg BT 290.31 221.15 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 302.48 221.15 Td (27,755) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 334.60 221.15 Td ( ) Tj ET Q q 0 0 0 rg BT 338.00 221.15 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 364.18 221.15 Td (were ) Tj ET Q q 0 0 0 rg BT 390.35 221.15 Td (achieved ) Tj ET Q q 0 0 0 rg BT 435.79 221.15 Td (in ) Tj ET Q q 0 0 0 rg BT 447.38 221.15 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 482.31 221.15 Td (an ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 497.40 221.15 Td (8%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 512.57 221.15 Td ( ) Tj ET Q q 0 0 0 rg BT 515.98 221.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 559.08 221.15 Td (over ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 208.55 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 98.94 208.55 Td (levels ) Tj ET Q q 0 0 0 rg BT 128.62 208.55 Td (and ) Tj ET Q q 0 0 0 rg BT 148.97 208.55 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 157.65 208.55 Td (10%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 178.67 208.55 Td ( ) Tj ET Q q 0 0 0 rg BT 181.50 208.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 227.53 208.55 Td (from ) Tj ET Q q 0 0 0 rg BT 251.37 208.55 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 282.81 208.55 Td (levels. ) Tj ET Q q 0 0 0 rg BT 315.22 208.55 Td (The ) Tj ET Q q 0 0 0 rg BT 336.15 208.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 378.67 208.55 Td (from ) Tj ET Q q 0 0 0 rg BT 402.51 208.55 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 433.95 208.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 476.45 208.55 Td (reflected ) Tj ET Q q 0 0 0 rg BT 519.56 208.55 Td (the ) Tj ET Q q 0 0 0 rg BT 536.99 208.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 570.75 208.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 195.95 Td (added ) Tj ET Q q 0 0 0 rg BT 100.35 195.95 Td (production ) Tj ET Q q 0 0 0 rg BT 153.04 195.95 Td (from ) Tj ET Q q 0 0 0 rg BT 177.70 195.95 Td (the ) Tj ET Q q 0 0 0 rg BT 195.95 195.95 Td (2019 ) Tj ET Q q 0 0 0 rg BT 222.96 195.95 Td (drilling ) Tj ET Q q 0 0 0 rg BT 256.96 195.95 Td (program, ) Tj ET Q q 0 0 0 rg BT 302.63 195.95 Td (partially ) Tj ET Q q 0 0 0 rg BT 342.47 195.95 Td (of) Tj ET Q q 0 0 0 rg BT 351.04 195.95 Td (fset ) Tj ET Q q 0 0 0 rg BT 371.62 195.95 Td (by ) Tj ET Q q 0 0 0 rg BT 386.36 195.95 Td (natural ) Tj ET Q q 0 0 0 rg BT 422.12 195.95 Td (field ) Tj ET Q q 0 0 0 rg BT 445.04 195.95 Td (declines. ) Tj ET Q q 0 0 0 rg BT 489.90 195.95 Td (The ) Tj ET Q q 0 0 0 rg BT 511.64 195.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 558.49 195.95 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 183.35 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 99.02 183.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 141.61 183.35 Td (reflects ) Tj ET Q q 0 0 0 rg BT 178.37 183.35 Td (natural ) Tj ET Q q 0 0 0 rg BT 213.39 183.35 Td (field ) Tj ET Q q 0 0 0 rg BT 235.57 183.35 Td (declines. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 163.48 cm /I49 Do Q q 0 0 0 rg BT 72.27 165.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 165.75 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 115.88 165.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 161.44 165.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 187.72 165.75 Td (in ) Tj ET Q q 0 0 0 rg BT 197.66 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.04 165.75 Td (North ) Tj ET Q q 0 0 0 rg BT 241.49 165.75 Td (Sea ) Tj ET Q q 0 0 0 rg BT 261.94 165.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 312.75 165.75 Td (by ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 325.61 165.75 Td (25%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 346.63 165.75 Td ( ) Tj ET Q q 0 0 0 rg BT 348.40 165.75 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 367.70 165.75 Td (12%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 388.71 165.75 Td ( ) Tj ET Q q 0 0 0 rg BT 390.49 165.75 Td (from ) Tj ET Q q 0 0 0 rg BT 413.26 165.75 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 443.64 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 462.93 165.75 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 493.31 165.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 521.93 165.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 576.59 165.75 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 153.15 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 135.11 153.15 Td ($29.73) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 167.22 153.15 Td (/bbl. ) Tj ET Q q 0 0 0 rg BT 190.33 153.15 Td (The ) Tj ET Q q 0 0 0 rg BT 211.92 153.15 Td (decreases ) Tj ET Q q 0 0 0 rg BT 263.85 153.15 Td (from ) Tj ET Q q 0 0 0 rg BT 288.34 153.15 Td (the ) Tj ET Q q 0 0 0 rg BT 306.43 153.15 Td (comparable ) Tj ET Q q 0 0 0 rg BT 364.78 153.15 Td (periods ) Tj ET Q q 0 0 0 rg BT 402.71 153.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 445.86 153.15 Td (reflect ) Tj ET Q q 0 0 0 rg BT 477.95 153.15 Td (reduced ) Tj ET Q q 0 0 0 rg BT 519.38 153.15 Td (maintenance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 140.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 128.45 140.55 Td (in ) Tj ET Q q 0 0 0 rg BT 139.31 140.55 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 170.60 140.55 Td (due ) Tj ET Q q 0 0 0 rg BT 190.81 140.55 Td (to ) Tj ET Q q 0 0 0 rg BT 202.26 140.55 Td (COVID-19. ) Tj ET Q q 0 0 0 rg BT 256.12 140.55 Td (The ) Tj ET Q q 0 0 0 rg BT 276.90 140.55 Td (decrease ) Tj ET Q q 0 0 0 rg BT 322.78 140.55 Td (from ) Tj ET Q q 0 0 0 rg BT 346.47 140.55 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 377.77 140.55 Td (also ) Tj ET Q q 0 0 0 rg BT 399.72 140.55 Td (reflects ) Tj ET Q q 0 0 0 rg BT 436.25 140.55 Td (the ) Tj ET Q q 0 0 0 rg BT 453.53 140.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 487.15 140.55 Td (of ) Tj ET Q q 0 0 0 rg BT 498.59 140.55 Td (higher ) Tj ET Q q 0 0 0 rg BT 530.47 140.55 Td (production ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 127.95 Td (volumes ) Tj ET Q q 0 0 0 rg BT 127.52 127.95 Td (in ) Tj ET Q q 0 0 0 rg BT 138.61 127.95 Td (Q1/20. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 110.35 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 110.35 Td (Of) Tj ET Q q 0 0 0 rg BT 78.40 110.35 Td (fshore ) Tj ET Q q 0 0 0 rg BT 109.81 110.35 Td (Africa ) Tj ET Q q 0 0 0 rg BT 139.44 110.35 Td (crude ) Tj ET Q q 0 0 0 rg BT 168.50 110.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 181.79 110.35 Td (production ) Tj ET Q q 0 0 0 rg BT 233.61 110.35 Td (volumes ) Tj ET Q q 0 0 0 rg BT 275.50 110.35 Td (in ) Tj ET Q q 0 0 0 rg BT 286.46 110.35 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 317.85 110.35 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 364.43 110.35 Td (15,943) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 396.54 110.35 Td ( ) Tj ET Q q 0 0 0 rg BT 399.33 110.35 Td (bbl/d, ) Tj ET Q q 0 0 0 rg BT 427.81 110.35 Td (decreases ) Tj ET Q q 0 0 0 rg BT 479.04 110.35 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 490.59 110.35 Td (28%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 511.60 110.35 Td ( ) Tj ET Q q 0 0 0 rg BT 514.39 110.35 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 534.70 110.35 Td (14%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 555.72 110.35 Td ( ) Tj ET Q q 0 0 0 rg BT 558.50 110.35 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 97.75 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 98.68 97.75 Td (and ) Tj ET Q q 0 0 0 rg BT 118.78 97.75 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 149.97 97.75 Td (levels ) Tj ET Q q 0 0 0 rg BT 179.39 97.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 234.05 97.75 Td (. ) Tj ET Q q 0 0 0 rg BT 239.38 97.75 Td (The ) Tj ET Q q 0 0 0 rg BT 260.06 97.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 305.83 97.75 Td (in ) Tj ET Q q 0 0 0 rg BT 316.59 97.75 Td (production ) Tj ET Q q 0 0 0 rg BT 368.20 97.75 Td (from ) Tj ET Q q 0 0 0 rg BT 391.78 97.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.96 97.75 Td (comparable ) Tj ET Q q 0 0 0 rg BT 466.41 97.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 503.43 97.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 545.67 97.75 Td (reflects ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 85.15 Td (planned ) Tj ET Q q 0 0 0 rg BT 107.79 85.15 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 161.50 85.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 204.68 85.15 Td (at ) Tj ET Q q 0 0 0 rg BT 216.35 85.15 Td (Espoir ) Tj ET Q q 0 0 0 rg BT 249.03 85.15 Td (and ) Tj ET Q q 0 0 0 rg BT 269.47 85.15 Td (natural ) Tj ET Q q 0 0 0 rg BT 304.49 85.15 Td (field ) Tj ET Q q 0 0 0 rg BT 326.67 85.15 Td (declines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.20 85.15 Td (.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 65.28 cm /I50 Do Q q 0 0 0 rg BT 72.27 67.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 67.55 Td (Of) Tj ET Q q 0 0 0 rg BT 96.40 67.55 Td (fshore ) Tj ET Q q 0 0 0 rg BT 128.15 67.55 Td (Africa ) Tj ET Q q 0 0 0 rg BT 158.21 67.55 Td (crude ) Tj ET Q q 0 0 0 rg BT 187.68 67.55 Td (oil ) Tj ET Q q 0 0 0 rg BT 201.40 67.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 248.40 67.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 276.12 67.55 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 323.12 67.55 Td ($1) Tj ET Q q 0 0 0 rg BT 334.02 67.55 Td (1.88) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 354.46 67.55 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 374.60 67.55 Td (\() Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 378.10 67.55 Td (US$8.83) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 418.96 67.55 Td (/bbl\) ) Tj ET Q q 0 0 0 rg BT 442.60 67.55 Td (in ) Tj ET Q q 0 0 0 rg BT 453.98 67.55 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 488.72 67.55 Td (an ) Tj ET Q q 0 0 0 rg BT 503.61 67.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 546.51 67.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 558.48 67.55 Td (21%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 579.50 67.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 54.95 Td (from ) Tj ET Q q 0 0 0 rg BT 108.04 54.95 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 138.19 54.95 Td (and ) Tj ET Q q 0 0 0 rg BT 157.25 54.95 Td (a ) Tj ET Q q 0 0 0 rg BT 164.64 54.95 Td (decrease ) Tj ET Q q 0 0 0 rg BT 209.38 54.95 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 219.68 54.95 Td (29%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 240.69 54.95 Td ( ) Tj ET Q q 0 0 0 rg BT 242.23 54.95 Td (from ) Tj ET Q q 0 0 0 rg BT 264.78 54.95 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 294.93 54.95 Td (levels. ) Tj ET Q q 0 0 0 rg BT 326.13 54.95 Td (The ) Tj ET Q q 0 0 0 rg BT 345.77 54.95 Td (increase ) Tj ET Q q 0 0 0 rg BT 387.00 54.95 Td (from ) Tj ET Q q 0 0 0 rg BT 409.54 54.95 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 439.69 54.95 Td (was ) Tj ET Q q 0 0 0 rg BT 459.91 54.95 Td (primarily ) Tj ET Q q 0 0 0 rg BT 501.12 54.95 Td (due ) Tj ET Q q 0 0 0 rg BT 520.18 54.95 Td (to ) Tj ET Q q 0 0 0 rg BT 530.48 54.95 Td (decreased ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 42.35 Td (production ) Tj ET Q q 0 0 0 rg BT 137.59 42.35 Td (volumes) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 176.69 42.35 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 179.74 42.35 Td (and ) Tj ET Q q 0 0 0 rg BT 200.32 42.35 Td (natural ) Tj ET Q q 0 0 0 rg BT 235.48 42.35 Td (field ) Tj ET Q q 0 0 0 rg BT 257.80 42.35 Td (declines. ) Tj ET Q q 0 0 0 rg BT 302.09 42.35 Td (The ) Tj ET Q q 0 0 0 rg BT 323.24 42.35 Td (decrease ) Tj ET Q q 0 0 0 rg BT 369.49 42.35 Td (from ) Tj ET Q q 0 0 0 rg BT 393.55 42.35 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 425.21 42.35 Td (was ) Tj ET Q q 0 0 0 rg BT 446.93 42.35 Td (primarily ) Tj ET Q q 0 0 0 rg BT 489.65 42.35 Td (due ) Tj ET Q q 0 0 0 rg BT 510.23 42.35 Td (to ) Tj ET Q q 0 0 0 rg BT 522.04 42.35 Td (the ) Tj ET Q q 0 0 0 rg BT 539.69 42.35 Td (timing ) Tj ET Q q 0 0 0 rg BT 570.76 42.35 Td (of ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 300.30 17.45 Td (1) Tj ET Q q 0 0 0 rg BT 304.64 17.45 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 748.40 Td (liftings ) Tj ET Q q 0 0 0 rg BT 118.22 748.40 Td (from ) Tj ET Q q 0 0 0 rg BT 142.19 748.40 Td (various ) Tj ET Q q 0 0 0 rg BT 178.99 748.40 Td (fields ) Tj ET Q q 0 0 0 rg BT 206.47 748.40 Td (that ) Tj ET Q q 0 0 0 rg BT 226.94 748.40 Td (have ) Tj ET Q q 0 0 0 rg BT 252.67 748.40 Td (dif) Tj ET Q q 0 0 0 rg BT 263.57 748.40 Td (ferent ) Tj ET Q q 0 0 0 rg BT 293.39 748.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 315.60 748.40 Td (structures, ) Tj ET Q q 0 0 0 rg BT 367.58 748.40 Td (partially ) Tj ET Q q 0 0 0 rg BT 406.72 748.40 Td (of) Tj ET Q q 0 0 0 rg BT 415.29 748.40 Td (fset ) Tj ET Q q 0 0 0 rg BT 435.17 748.40 Td (by ) Tj ET Q q 0 0 0 rg BT 449.22 748.40 Td (lower ) Tj ET Q q 0 0 0 rg BT 477.28 748.40 Td (production ) Tj ET Q q 0 0 0 rg BT 529.27 748.40 Td (volumes ) Tj ET Q q 0 0 0 rg BT 571.33 748.40 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 735.80 Td (Q1/20. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 715.93 cm /I51 Do Q q 0 0 0 rg BT 72.27 718.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 718.20 Td (Following ) Tj ET Q q 0 0 0 rg BT 131.95 718.20 Td (the ) Tj ET Q q 0 0 0 rg BT 148.65 718.20 Td (previously ) Tj ET Q q 0 0 0 rg BT 198.02 718.20 Td (announced ) Tj ET Q q 0 0 0 rg BT 252.09 718.20 Td (discovery ) Tj ET Q q 0 0 0 rg BT 298.53 718.20 Td (of ) Tj ET Q q 0 0 0 rg BT 309.39 718.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 358.18 718.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 377.21 718.20 Td (condensate ) Tj ET Q q 0 0 0 rg BT 433.60 718.20 Td (in ) Tj ET Q q 0 0 0 rg BT 443.87 718.20 Td (South ) Tj ET Q q 0 0 0 rg BT 473.00 718.20 Td (Africa, ) Tj ET Q q 0 0 0 rg BT 504.85 718.20 Td (where ) Tj ET Q q 0 0 0 rg BT 535.55 718.20 Td (Canadian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 705.60 Td (Natural ) Tj ET Q q 0 0 0 rg BT 122.27 705.60 Td (has ) Tj ET Q q 0 0 0 rg BT 142.12 705.60 Td (a ) Tj ET Q q 0 0 0 rg BT 150.88 705.60 Td (20% ) Tj ET Q q 0 0 0 rg BT 174.82 705.60 Td (working ) Tj ET Q q 0 0 0 rg BT 213.92 705.60 Td (interest, ) Tj ET Q q 0 0 0 rg BT 254.19 705.60 Td (preparation ) Tj ET Q q 0 0 0 rg BT 310.23 705.60 Td (is ) Tj ET Q q 0 0 0 rg BT 320.74 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 331.83 705.60 Td (progress ) Tj ET Q q 0 0 0 rg BT 375.60 705.60 Td (by ) Tj ET Q q 0 0 0 rg BT 389.61 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 407.13 705.60 Td (operator ) Tj ET Q q 0 0 0 rg BT 449.16 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 464.34 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.85 705.60 Td (2020 ) Tj ET Q q 0 0 0 rg BT 508.13 705.60 Td (drilling ) Tj ET Q q 0 0 0 rg BT 541.40 705.60 Td (program ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 693.00 Td (including ) Tj ET Q q 0 0 0 rg BT 129.87 693.00 Td (contingency ) Tj ET Q q 0 0 0 rg BT 188.82 693.00 Td (plans ) Tj ET Q q 0 0 0 rg BT 216.84 693.00 Td (to ) Tj ET Q q 0 0 0 rg BT 228.52 693.00 Td (manage ) Tj ET Q q 0 0 0 rg BT 269.38 693.00 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 320.73 693.00 Td (related ) Tj ET Q q 0 0 0 rg BT 355.75 693.00 Td (disruption.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 670.40 Td (North ) Tj ET Q q 0 0 0 rg BT 62.02 670.40 Td (America Oil Sands Mining and Upgrading) Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 640.9 m 386 613.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 640.9 m 451 613.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 640.9 m 451 640.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 613.9 m 451 613.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 640.9 m 451 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 613.9 m 516 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 613.9 m 581 613.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 613.9 m 386 613.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 595.9 m 386 595.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386 613.9 m 386 595.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451 613.9 m 451 595.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 613.9 m 451 613.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 595.9 m 451 595.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 613.9 m 516 613.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 595.9 m 516 595.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 613.9 m 581 613.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516 595.9 m 581 595.9 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.95 649.66 Td (Three Months Ended) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 414.20 629.16 Td (Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 424.10 618.66 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 479.20 629.16 Td (Dec 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.10 618.66 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.80 629.16 Td (Mar 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 554.10 618.66 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 602.21 Td (Synthetic crude oil production \(bbl/d\) ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 207.85 607.21 Td (\(1\) \(2\) ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 409.00 600.66 Td (438,101) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.00 600.66 Td (357,856) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 539.00 600.66 Td (416,206) Tj ET Q BT /F1 10.50 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 583.80 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 583.80 Td (SCO ) Tj ET Q q 0 0 0 rg BT 64.56 583.80 Td (production ) Tj ET Q q 0 0 0 rg BT 104.14 583.80 Td (before ) Tj ET Q q 0 0 0 rg BT 129.05 583.80 Td (royalties ) Tj ET Q q 0 0 0 rg BT 161.06 583.80 Td (and ) Tj ET Q q 0 0 0 rg BT 176.63 583.80 Td (excludes ) Tj ET Q q 0 0 0 rg BT 210.43 583.80 Td (volumes ) Tj ET Q q 0 0 0 rg BT 242.44 583.80 Td (consumed ) Tj ET Q q 0 0 0 rg BT 281.57 583.80 Td (internally ) Tj ET Q q 0 0 0 rg BT 315.81 583.80 Td (as ) Tj ET Q q 0 0 0 rg BT 326.48 583.80 Td (diesel. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 571.20 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 571.20 Td (Consists ) Tj ET Q q 0 0 0 rg BT 77.90 571.20 Td (of ) Tj ET Q q 0 0 0 rg BT 86.79 571.20 Td (heavy ) Tj ET Q q 0 0 0 rg BT 110.36 571.20 Td (and ) Tj ET Q q 0 0 0 rg BT 125.93 571.20 Td (light ) Tj ET Q q 0 0 0 rg BT 142.83 571.20 Td (synthetic ) Tj ET Q q 0 0 0 rg BT 176.63 571.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 198.86 571.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 209.09 571.20 Td (products.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 551.33 cm /I52 Do Q q 0 0 0 rg BT 35.32 553.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 553.60 Td (At ) Tj ET Q q 0 0 0 rg BT 62.86 553.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.89 553.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 136.52 553.60 Td (world ) Tj ET Q q 0 0 0 rg BT 165.05 553.60 Td (class ) Tj ET Q q 0 0 0 rg BT 192.41 553.60 Td (Oil ) Tj ET Q q 0 0 0 rg BT 208.69 553.60 Td (Sands ) Tj ET Q q 0 0 0 rg BT 241.90 553.60 Td (Mining ) Tj ET Q q 0 0 0 rg BT 276.27 553.60 Td (and ) Tj ET Q q 0 0 0 rg BT 297.22 553.60 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 349.11 553.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 382.90 553.60 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 427.19 553.60 Td (production ) Tj ET Q q 0 0 0 rg BT 479.66 553.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 522.20 553.60 Td (were ) Tj ET Q q 0 0 0 rg BT 548.39 553.60 Td (strong, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 541.00 Td (averaging ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 98.40 541.00 Td (438,101) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 136.36 541.00 Td ( ) Tj ET Q q 0 0 0 rg BT 139.15 541.00 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 164.70 541.00 Td (of ) Tj ET Q q 0 0 0 rg BT 176.24 541.00 Td (SCO ) Tj ET Q q 0 0 0 rg BT 201.78 541.00 Td (in ) Tj ET Q q 0 0 0 rg BT 212.74 541.00 Td (Q1/20. ) Tj ET Q q 0 0 0 rg BT 247.05 541.00 Td (Increases ) Tj ET Q q 0 0 0 rg BT 295.36 541.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 306.90 541.00 Td (5%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 322.07 541.00 Td ( ) Tj ET Q q 0 0 0 rg BT 324.86 541.00 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 345.16 541.00 Td (22%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.18 541.00 Td ( ) Tj ET Q q 0 0 0 rg BT 368.97 541.00 Td (of ) Tj ET Q q 0 0 0 rg BT 380.51 541.00 Td (high ) Tj ET Q q 0 0 0 rg BT 403.15 541.00 Td (value ) Tj ET Q q 0 0 0 rg BT 431.03 541.00 Td (SCO ) Tj ET Q q 0 0 0 rg BT 456.57 541.00 Td (production ) Tj ET Q q 0 0 0 rg BT 508.39 541.00 Td (over ) Tj ET Q q 0 0 0 rg BT 531.61 541.00 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 563.00 541.00 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 528.40 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 81.71 528.40 Td (levels ) Tj ET Q q 0 0 0 rg BT 112.16 528.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 166.82 528.40 Td (, ) Tj ET Q q 0 0 0 rg BT 173.35 528.40 Td (were ) Tj ET Q q 0 0 0 rg BT 199.71 528.40 Td (due ) Tj ET Q q 0 0 0 rg BT 220.84 528.40 Td (to ) Tj ET Q q 0 0 0 rg BT 233.21 528.40 Td (high ) Tj ET Q q 0 0 0 rg BT 256.67 528.40 Td (utilization ) Tj ET Q q 0 0 0 rg BT 304.05 528.40 Td (rates ) Tj ET Q q 0 0 0 rg BT 331.00 528.40 Td (and ) Tj ET Q q 0 0 0 rg BT 352.13 528.40 Td (reliable ) Tj ET Q q 0 0 0 rg BT 389.59 528.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 442.23 528.40 Td (following ) Tj ET Q q 0 0 0 rg BT 486.70 528.40 Td (a ) Tj ET Q q 0 0 0 rg BT 496.14 528.40 Td (strong ) Tj ET Q q 0 0 0 rg BT 528.93 528.40 Td (ramp ) Tj ET Q q 0 0 0 rg BT 556.46 528.40 Td (up ) Tj ET Q q 0 0 0 rg BT 571.75 528.40 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 515.80 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 90.16 515.80 Td (after ) Tj ET Q q 0 0 0 rg BT 115.64 515.80 Td (the ) Tj ET Q q 0 0 0 rg BT 134.72 515.80 Td (successful ) Tj ET Q q 0 0 0 rg BT 188.21 515.80 Td (completion ) Tj ET Q q 0 0 0 rg BT 243.47 515.80 Td (of ) Tj ET Q q 0 0 0 rg BT 256.70 515.80 Td (the ) Tj ET Q q 0 0 0 rg BT 275.77 515.80 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 331.04 515.80 Td (in ) Tj ET Q q 0 0 0 rg BT 343.69 515.80 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 376.77 515.80 Td (and ) Tj ET Q q 0 0 0 rg BT 398.76 515.80 Td (the ) Tj ET Q q 0 0 0 rg BT 417.83 515.80 Td (completion ) Tj ET Q q 0 0 0 rg BT 473.09 515.80 Td (of ) Tj ET Q q 0 0 0 rg BT 486.32 515.80 Td (the ) Tj ET Q q 0 0 0 rg BT 505.40 515.80 Td (proactive ) Tj ET Q q 0 0 0 rg BT 552.48 515.80 Td (piping ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 503.20 Td (replacement ) Tj ET Q q 0 0 0 rg BT 110.61 503.20 Td (in ) Tj ET Q q 0 0 0 rg BT 122.11 503.20 Td (January ) Tj ET Q q 0 0 0 rg BT 162.79 503.20 Td (2020. ) Tj ET Q q 0 0 0 rg BT 192.39 503.20 Td (Production ) Tj ET Q q 0 0 0 rg BT 245.92 503.20 Td (reflected ) Tj ET Q q 0 0 0 rg BT 289.52 503.20 Td (the ) Tj ET Q q 0 0 0 rg BT 307.44 503.20 Td (Company? Tj ET Q q 0 0 0 rg BT 354.52 503.20 Td (s ) Tj ET Q q 0 0 0 rg BT 363.10 503.20 Td (optimization ) Tj ET Q q 0 0 0 rg BT 422.46 503.20 Td (of ) Tj ET Q q 0 0 0 rg BT 434.54 503.20 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 489.22 503.20 Td (volumes ) Tj ET Q q 0 0 0 rg BT 531.65 503.20 Td (across ) Tj ET Q q 0 0 0 rg BT 565.90 503.20 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 490.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 77.51 490.60 Td (base. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 473.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 473.00 Td (Industry ) Tj ET Q q 0 0 0 rg BT 107.52 473.00 Td (leading ) Tj ET Q q 0 0 0 rg BT 144.05 473.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 190.51 473.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 217.68 473.00 Td (averaged ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 264.14 473.00 Td ($20.76) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 296.25 473.00 Td (/bbl ) Tj ET Q q 0 0 0 rg BT 315.85 473.00 Td (\(US) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 333.93 473.00 Td ($15.43) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 366.05 473.00 Td (/bbl\) ) Tj ET Q q 0 0 0 rg BT 389.14 473.00 Td (of ) Tj ET Q q 0 0 0 rg BT 400.57 473.00 Td (SCO ) Tj ET Q q 0 0 0 rg BT 425.99 473.00 Td (in ) Tj ET Q q 0 0 0 rg BT 436.83 473.00 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 471.02 473.00 Td (representing ) Tj ET Q q 0 0 0 rg BT 532.06 473.00 Td (decreases ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 460.40 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 79.32 460.40 Td (3%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 94.50 460.40 Td ( ) Tj ET Q q 0 0 0 rg BT 97.57 460.40 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 118.15 460.40 Td (17%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 139.17 460.40 Td ( ) Tj ET Q q 0 0 0 rg BT 142.24 460.40 Td (from ) Tj ET Q q 0 0 0 rg BT 166.30 460.40 Td (Q1/19 ) Tj ET Q q 0 0 0 rg BT 197.98 460.40 Td (and ) Tj ET Q q 0 0 0 rg BT 218.56 460.40 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 250.23 460.40 Td (levels ) Tj ET Q q 0 0 0 rg BT 280.15 460.40 Td (respectively) Tj ET Q q 0 0 0 rg BT 334.81 460.40 Td (. ) Tj ET Q q 0 0 0 rg BT 340.59 460.40 Td (The ) Tj ET Q q 0 0 0 rg BT 361.75 460.40 Td (decreases ) Tj ET Q q 0 0 0 rg BT 413.26 460.40 Td (in ) Tj ET Q q 0 0 0 rg BT 424.50 460.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.36 460.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 498.93 460.40 Td (in ) Tj ET Q q 0 0 0 rg BT 510.17 460.40 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 541.84 460.40 Td (from ) Tj ET Q q 0 0 0 rg BT 565.91 460.40 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 447.80 Td (comparable ) Tj ET Q q 0 0 0 rg BT 126.49 447.80 Td (periods ) Tj ET Q q 0 0 0 rg BT 165.05 447.80 Td (primarily ) Tj ET Q q 0 0 0 rg BT 208.84 447.80 Td (reflects ) Tj ET Q q 0 0 0 rg BT 246.81 447.80 Td (higher ) Tj ET Q q 0 0 0 rg BT 280.12 447.80 Td (utilization ) Tj ET Q q 0 0 0 rg BT 328.02 447.80 Td (rates ) Tj ET Q q 0 0 0 rg BT 355.48 447.80 Td (following ) Tj ET Q q 0 0 0 rg BT 400.47 447.80 Td (a ) Tj ET Q q 0 0 0 rg BT 410.43 447.80 Td (strong ) Tj ET Q q 0 0 0 rg BT 443.73 447.80 Td (ramp ) Tj ET Q q 0 0 0 rg BT 471.78 447.80 Td (up ) Tj ET Q q 0 0 0 rg BT 487.58 447.80 Td (at ) Tj ET Q q 0 0 0 rg BT 500.46 447.80 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 540.77 447.80 Td (after ) Tj ET Q q 0 0 0 rg BT 565.90 447.80 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 435.20 Td (successful ) Tj ET Q q 0 0 0 rg BT 119.44 435.20 Td (completion ) Tj ET Q q 0 0 0 rg BT 173.13 435.20 Td (of ) Tj ET Q q 0 0 0 rg BT 184.81 435.20 Td (the ) Tj ET Q q 0 0 0 rg BT 202.32 435.20 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 256.03 435.20 Td (in ) Tj ET Q q 0 0 0 rg BT 267.12 435.20 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 298.64 435.20 Td (and ) Tj ET Q q 0 0 0 rg BT 319.08 435.20 Td (the ) Tj ET Q q 0 0 0 rg BT 336.59 435.20 Td (proactive ) Tj ET Q q 0 0 0 rg BT 382.12 435.20 Td (piping ) Tj ET Q q 0 0 0 rg BT 413.06 435.20 Td (replacement ) Tj ET Q q 0 0 0 rg BT 473.76 435.20 Td (in ) Tj ET Q q 0 0 0 rg BT 484.85 435.20 Td (January ) Tj ET Q q 0 0 0 rg BT 525.13 435.20 Td (2020. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 415.33 cm /I53 Do Q q 0 0 0 rg BT 72.27 417.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 417.60 Td (Oil ) Tj ET Q q 0 0 0 rg BT 101.98 417.60 Td (Sands ) Tj ET Q q 0 0 0 rg BT 135.41 417.60 Td (Mining ) Tj ET Q q 0 0 0 rg BT 169.99 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 191.16 417.60 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 243.26 417.60 Td (achieved ) Tj ET Q q 0 0 0 rg BT 288.94 417.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 336.38 417.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 364.53 417.60 Td (of ) Tj ET Q q 0 0 0 rg BT 376.94 417.60 Td ($809 ) Tj ET Q q 0 0 0 rg BT 403.95 417.60 Td (million ) Tj ET Q q 0 0 0 rg BT 437.36 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 449.18 417.60 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 484.35 417.60 Td (a ) Tj ET Q q 0 0 0 rg BT 493.84 417.60 Td (5% ) Tj ET Q q 0 0 0 rg BT 512.67 417.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 559.52 417.60 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 405.00 Td ($856 ) Tj ET Q q 0 0 0 rg BT 112.65 405.00 Td (million ) Tj ET Q q 0 0 0 rg BT 146.20 405.00 Td (in ) Tj ET Q q 0 0 0 rg BT 158.17 405.00 Td (Q4/19. ) Tj ET Q q 0 0 0 rg BT 193.23 405.00 Td (The ) Tj ET Q q 0 0 0 rg BT 215.12 405.00 Td (decrease ) Tj ET Q q 0 0 0 rg BT 262.11 405.00 Td (in ) Tj ET Q q 0 0 0 rg BT 274.07 405.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 321.65 405.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 349.95 405.00 Td (on ) Tj ET Q q 0 0 0 rg BT 365.42 405.00 Td (a ) Tj ET Q q 0 0 0 rg BT 375.05 405.00 Td (total ) Tj ET Q q 0 0 0 rg BT 398.69 405.00 Td (and ) Tj ET Q q 0 0 0 rg BT 420.00 405.00 Td (per ) Tj ET Q q 0 0 0 rg BT 438.97 405.00 Td (barrel ) Tj ET Q q 0 0 0 rg BT 469.61 405.00 Td (basis ) Tj ET Q q 0 0 0 rg BT 497.92 405.00 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 565.91 405.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 392.40 Td (Company? Tj ET Q q 0 0 0 rg BT 132.58 392.40 Td (s ) Tj ET Q q 0 0 0 rg BT 140.75 392.40 Td (continued ) Tj ET Q q 0 0 0 rg BT 189.21 392.40 Td (focus ) Tj ET Q q 0 0 0 rg BT 217.22 392.40 Td (on ) Tj ET Q q 0 0 0 rg BT 231.82 392.40 Td (ef) Tj ET Q q 0 0 0 rg BT 240.39 392.40 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 286.49 392.40 Td (and ) Tj ET Q q 0 0 0 rg BT 306.93 392.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 329.10 392.40 Td (control.) Tj ET Q BT /F2 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 372.53 cm /I54 Do Q q 0 0 0 rg BT 72.27 374.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 374.80 Td (The ) Tj ET Q q 0 0 0 rg BT 105.41 374.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 159.41 374.80 Td (Oil ) Tj ET Q q 0 0 0 rg BT 174.06 374.80 Td (Sands ) Tj ET Q q 0 0 0 rg BT 205.65 374.80 Td (Mining ) Tj ET Q q 0 0 0 rg BT 238.39 374.80 Td (and ) Tj ET Q q 0 0 0 rg BT 257.73 374.80 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 307.99 374.80 Td (operations ) Tj ET Q q 0 0 0 rg BT 358.84 374.80 Td (are ) Tj ET Q q 0 0 0 rg BT 375.83 374.80 Td (top ) Tj ET Q q 0 0 0 rg BT 392.24 374.80 Td (tier) Tj ET Q q 0 0 0 rg BT 406.25 374.80 Td (, ) Tj ET Q q 0 0 0 rg BT 410.98 374.80 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.48 374.80 Td (in ) Tj ET Q q 0 0 0 rg BT 462.47 374.80 Td (industry ) Tj ET Q q 0 0 0 rg BT 501.05 374.80 Td (leading ) Tj ET Q q 0 0 0 rg BT 536.73 374.80 Td (operating ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 362.20 Td (costs. ) Tj ET Q q 0 0 0 rg BT 114.76 362.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 161.54 362.20 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 204.48 362.20 Td (teams ) Tj ET Q q 0 0 0 rg BT 234.91 362.20 Td (continue ) Tj ET Q q 0 0 0 rg BT 276.44 362.20 Td (to ) Tj ET Q q 0 0 0 rg BT 287.03 362.20 Td (focus ) Tj ET Q q 0 0 0 rg BT 313.96 362.20 Td (on ) Tj ET Q q 0 0 0 rg BT 327.47 362.20 Td (ef) Tj ET Q q 0 0 0 rg BT 336.04 362.20 Td (ficiencies, ) Tj ET Q q 0 0 0 rg BT 383.97 362.20 Td (innovation ) Tj ET Q q 0 0 0 rg BT 433.68 362.20 Td (and ) Tj ET Q q 0 0 0 rg BT 453.03 362.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 474.12 362.20 Td (control ) Tj ET Q q 0 0 0 rg BT 507.47 362.20 Td (targeting ) Tj ET Q q 0 0 0 rg BT 550.16 362.20 Td (further ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 349.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 132.20 349.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 159.63 349.60 Td (reductions ) Tj ET Q q 0 0 0 rg BT 210.99 349.60 Td (throughout ) Tj ET Q q 0 0 0 rg BT 264.12 349.60 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 332.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 332.00 Td (In ) Tj ET Q q 0 0 0 rg BT 79.25 332.00 Td (March ) Tj ET Q q 0 0 0 rg BT 111.41 332.00 Td (2020, ) Tj ET Q q 0 0 0 rg BT 140.68 332.00 Td (Oil ) Tj ET Q q 0 0 0 rg BT 156.50 332.00 Td (Sands ) Tj ET Q q 0 0 0 rg BT 189.26 332.00 Td (Mining ) Tj ET Q q 0 0 0 rg BT 223.19 332.00 Td (and ) Tj ET Q q 0 0 0 rg BT 243.70 332.00 Td (Upgrading ) Tj ET Q q 0 0 0 rg BT 295.14 332.00 Td (achieved ) Tj ET Q q 0 0 0 rg BT 340.16 332.00 Td (record ) Tj ET Q q 0 0 0 rg BT 372.91 332.00 Td (production ) Tj ET Q q 0 0 0 rg BT 424.94 332.00 Td (of ) Tj ET Q q 0 0 0 rg BT 436.69 332.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 505.04 332.00 Td (478,300 ) Tj ET Q q 0 0 0 rg BT 545.99 332.00 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 571.75 332.00 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 319.40 Td (SCO ) Tj ET Q q 0 0 0 rg BT 94.01 319.40 Td (as ) Tj ET Q q 0 0 0 rg BT 108.85 319.40 Td (a ) Tj ET Q q 0 0 0 rg BT 118.45 319.40 Td (result ) Tj ET Q q 0 0 0 rg BT 147.88 319.40 Td (of ) Tj ET Q q 0 0 0 rg BT 160.39 319.40 Td (high ) Tj ET Q q 0 0 0 rg BT 183.99 319.40 Td (utilization, ) Tj ET Q q 0 0 0 rg BT 234.44 319.40 Td (safe, ) Tj ET Q q 0 0 0 rg BT 260.96 319.40 Td (steady ) Tj ET Q q 0 0 0 rg BT 295.65 319.40 Td (and ) Tj ET Q q 0 0 0 rg BT 316.92 319.40 Td (reliable ) Tj ET Q q 0 0 0 rg BT 354.53 319.40 Td (operations. ) Tj ET Q q 0 0 0 rg BT 409.49 319.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 462.42 319.40 Td (, ) Tj ET Q q 0 0 0 rg BT 469.09 319.40 Td (these ) Tj ET Q q 0 0 0 rg BT 498.53 319.40 Td (strong ) Tj ET Q q 0 0 0 rg BT 531.47 319.40 Td (operations ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 306.80 Td (resulted ) Tj ET Q q 0 0 0 rg BT 107.77 306.80 Td (in ) Tj ET Q q 0 0 0 rg BT 118.86 306.80 Td (low ) Tj ET Q q 0 0 0 rg BT 137.54 306.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.24 306.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 211.67 306.80 Td (of ) Tj ET Q q 0 0 0 rg BT 223.34 306.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 291.62 306.80 Td ($18.42/bbl ) Tj ET Q q 0 0 0 rg BT 343.59 306.80 Td (\(US$13.20/bbl\) ) Tj ET Q q 0 0 0 rg BT 417.13 306.80 Td (of ) Tj ET Q q 0 0 0 rg BT 428.81 306.80 Td (SCO ) Tj ET Q q 0 0 0 rg BT 454.48 306.80 Td (in ) Tj ET Q q 0 0 0 rg BT 465.57 306.80 Td (the ) Tj ET Q q 0 0 0 rg BT 483.08 306.80 Td (month.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 515.18 306.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 286.93 cm /I55 Do Q q 0 0 0 rg BT 72.27 289.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 289.20 Td (Additionally) Tj ET Q q 0 0 0 rg BT 138.42 289.20 Td (, ) Tj ET Q q 0 0 0 rg BT 145.03 289.20 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 184.89 289.20 Td (achieved ) Tj ET Q q 0 0 0 rg BT 230.61 289.20 Td (a ) Tj ET Q q 0 0 0 rg BT 240.14 289.20 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.52 289.20 Td (milestone ) Tj ET Q q 0 0 0 rg BT 339.14 289.20 Td (in ) Tj ET Q q 0 0 0 rg BT 351.00 289.20 Td (March ) Tj ET Q q 0 0 0 rg BT 383.86 289.20 Td (2020, ) Tj ET Q q 0 0 0 rg BT 413.82 289.20 Td (producing ) Tj ET Q q 0 0 0 rg BT 463.62 289.20 Td (its ) Tj ET Q q 0 0 0 rg BT 477.81 289.20 Td (500 ) Tj ET Q q 0 0 0 rg BT 499.02 289.20 Td (millionth ) Tj ET Q q 0 0 0 rg BT 541.22 289.20 Td (barrel ) Tj ET Q q 0 0 0 rg BT 571.75 289.20 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 276.60 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 138.61 276.60 Td (SCO.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 256.73 cm /I56 Do Q q 0 0 0 rg BT 72.27 259.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 259.00 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 133.22 259.00 Td (Natural ) Tj ET Q q 0 0 0 rg BT 169.83 259.00 Td (has ) Tj ET Q q 0 0 0 rg BT 189.53 259.00 Td (planned ) Tj ET Q q 0 0 0 rg BT 229.67 259.00 Td (routine ) Tj ET Q q 0 0 0 rg BT 264.54 259.00 Td (de-coking ) Tj ET Q q 0 0 0 rg BT 312.83 259.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 355.86 259.00 Td (at ) Tj ET Q q 0 0 0 rg BT 367.38 259.00 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 406.33 259.00 Td (that ) Tj ET Q q 0 0 0 rg BT 426.61 259.00 Td (were ) Tj ET Q q 0 0 0 rg BT 452.14 259.00 Td (deferred ) Tj ET Q q 0 0 0 rg BT 494.01 259.00 Td (from ) Tj ET Q q 0 0 0 rg BT 517.78 259.00 Td (Q1/20 ) Tj ET Q q 0 0 0 rg BT 549.15 259.00 Td (to ) Tj ET Q q 0 0 0 rg BT 560.67 259.00 Td (May ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 246.40 Td (2020 ) Tj ET Q q 0 0 0 rg BT 112.64 246.40 Td (which ) Tj ET Q q 0 0 0 rg BT 143.26 246.40 Td (will ) Tj ET Q q 0 0 0 rg BT 161.62 246.40 Td (result ) Tj ET Q q 0 0 0 rg BT 191.08 246.40 Td (in ) Tj ET Q q 0 0 0 rg BT 203.03 246.40 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 242.99 246.40 Td (volumes ) Tj ET Q q 0 0 0 rg BT 285.86 246.40 Td (being ) Tj ET Q q 0 0 0 rg BT 315.33 246.40 Td (50,000 ) Tj ET Q q 0 0 0 rg BT 351.23 246.40 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 377.78 246.40 Td (lower ) Tj ET Q q 0 0 0 rg BT 406.65 246.40 Td (than ) Tj ET Q q 0 0 0 rg BT 430.86 246.40 Td (normal ) Tj ET Q q 0 0 0 rg BT 466.73 246.40 Td (in ) Tj ET Q q 0 0 0 rg BT 478.68 246.40 Td (the ) Tj ET Q q 0 0 0 rg BT 497.06 246.40 Td (month, ) Tj ET Q q 0 0 0 rg BT 532.94 246.40 Td (running ) Tj ET Q q 0 0 0 rg BT 571.75 246.40 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 233.80 Td (restricted ) Tj ET Q q 0 0 0 rg BT 131.60 233.80 Td (rates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 216.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 216.20 Td (In ) Tj ET Q q 0 0 0 rg BT 79.56 216.20 Td (the ) Tj ET Q q 0 0 0 rg BT 97.46 216.20 Td (second ) Tj ET Q q 0 0 0 rg BT 134.63 216.20 Td (half ) Tj ET Q q 0 0 0 rg BT 154.86 216.20 Td (of ) Tj ET Q q 0 0 0 rg BT 166.93 216.20 Td (2020, ) Tj ET Q q 0 0 0 rg BT 196.51 216.20 Td (the ) Tj ET Q q 0 0 0 rg BT 214.41 216.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 262.66 216.20 Td (is ) Tj ET Q q 0 0 0 rg BT 273.54 216.20 Td (targeting ) Tj ET Q q 0 0 0 rg BT 317.71 216.20 Td (planned ) Tj ET Q q 0 0 0 rg BT 358.39 216.20 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 412.48 216.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 456.05 216.20 Td (at ) Tj ET Q q 0 0 0 rg BT 468.12 216.20 Td (both ) Tj ET Q q 0 0 0 rg BT 491.20 216.20 Td (AOSP) Tj ET Q q 0 0 0 rg BT 520.19 216.20 Td ( ) Tj ET Q q 0 0 0 rg BT 523.50 216.20 Td (and ) Tj ET Q q 0 0 0 rg BT 544.32 216.20 Td (Horizon ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 203.60 Td (mines. ) Tj ET Q q 0 0 0 rg BT 100.89 203.60 Td (The ) Tj ET Q q 0 0 0 rg BT 121.62 203.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.19 203.60 Td (has ) Tj ET Q q 0 0 0 rg BT 188.76 203.60 Td (the ) Tj ET Q q 0 0 0 rg BT 205.99 203.60 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 248.31 203.60 Td (to ) Tj ET Q q 0 0 0 rg BT 259.70 203.60 Td (shift ) Tj ET Q q 0 0 0 rg BT 281.59 203.60 Td (timelines ) Tj ET Q q 0 0 0 rg BT 325.66 203.60 Td (to ) Tj ET Q q 0 0 0 rg BT 337.05 203.60 Td (ensure ) Tj ET Q q 0 0 0 rg BT 371.79 203.60 Td (minimal, ) Tj ET Q q 0 0 0 rg BT 413.52 203.60 Td (if ) Tj ET Q q 0 0 0 rg BT 421.40 203.60 Td (any ) Tj ET Q q 0 0 0 rg BT 440.97 203.60 Td (overlapping ) Tj ET Q q 0 0 0 rg BT 497.90 203.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 540.79 203.60 Td (between ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 191.00 Td (the ) Tj ET Q q 0 0 0 rg BT 85.01 191.00 Td (two ) Tj ET Q q 0 0 0 rg BT 104.27 191.00 Td (sites, ) Tj ET Q q 0 0 0 rg BT 131.70 191.00 Td (maximizing ) Tj ET Q q 0 0 0 rg BT 187.13 191.00 Td (high ) Tj ET Q q 0 0 0 rg BT 209.90 191.00 Td (value ) Tj ET Q q 0 0 0 rg BT 237.92 191.00 Td (SCO ) Tj ET Q q 0 0 0 rg BT 263.59 191.00 Td (production ) Tj ET Q q 0 0 0 rg BT 315.54 191.00 Td (and ) Tj ET Q q 0 0 0 rg BT 335.98 191.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 382.68 191.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.78 191.00 Td (flows. ) Tj ET Q q 0 0 0 rg BT 437.54 191.00 Td (Details ) Tj ET Q q 0 0 0 rg BT 472.55 191.00 Td (are ) Tj ET Q q 0 0 0 rg BT 490.65 191.00 Td (as ) Tj ET Q q 0 0 0 rg BT 504.65 191.00 Td (follows:) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 171.13 cm /I57 Do Q q 0 0 0 rg BT 72.27 173.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 173.40 Td (At ) Tj ET Q q 0 0 0 rg BT 98.51 173.40 Td (the ) Tj ET Q q 0 0 0 rg BT 116.20 173.40 Td (non-operated ) Tj ET Q q 0 0 0 rg BT 181.76 173.40 Td (Scotford ) Tj ET Q q 0 0 0 rg BT 223.96 173.40 Td (Upgrader) Tj ET Q q 0 0 0 rg BT 267.15 173.40 Td (, ) Tj ET Q q 0 0 0 rg BT 273.16 173.40 Td (a ) Tj ET Q q 0 0 0 rg BT 282.09 173.40 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 335.97 173.40 Td (is ) Tj ET Q q 0 0 0 rg BT 346.65 173.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 388.27 173.40 Td (for ) Tj ET Q q 0 0 0 rg BT 403.62 173.40 Td (early ) Tj ET Q q 0 0 0 rg BT 429.47 173.40 Td (in ) Tj ET Q q 0 0 0 rg BT 440.73 173.40 Td (Q3/20, ) Tj ET Q q 0 0 0 rg BT 475.34 173.40 Td (at ) Tj ET Q q 0 0 0 rg BT 487.19 173.40 Td (which ) Tj ET Q q 0 0 0 rg BT 517.13 173.40 Td (time ) Tj ET Q q 0 0 0 rg BT 540.06 173.40 Td (the ) Tj ET Q q 0 0 0 rg BT 557.75 173.40 Td (plant ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 160.80 Td (will ) Tj ET Q q 0 0 0 rg BT 101.80 160.80 Td (run ) Tj ET Q q 0 0 0 rg BT 118.69 160.80 Td (at ) Tj ET Q q 0 0 0 rg BT 129.16 160.80 Td (restricted ) Tj ET Q q 0 0 0 rg BT 174.05 160.80 Td (rates. ) Tj ET Q q 0 0 0 rg BT 201.92 160.80 Td (T) Tj ET Q q 0 0 0 rg BT 207.94 160.80 Td (iming ) Tj ET Q q 0 0 0 rg BT 234.75 160.80 Td (of ) Tj ET Q q 0 0 0 rg BT 245.22 160.80 Td (these ) Tj ET Q q 0 0 0 rg BT 272.62 160.80 Td (activities ) Tj ET Q q 0 0 0 rg BT 314.60 160.80 Td (at ) Tj ET Q q 0 0 0 rg BT 325.07 160.80 Td (the ) Tj ET Q q 0 0 0 rg BT 341.04 160.80 Td (AOSP) Tj ET Q q 0 0 0 rg BT 370.02 160.80 Td ( ) Tj ET Q q 0 0 0 rg BT 371.74 160.80 Td (mines ) Tj ET Q q 0 0 0 rg BT 401.46 160.80 Td (are ) Tj ET Q q 0 0 0 rg BT 418.35 160.80 Td (aligned ) Tj ET Q q 0 0 0 rg BT 453.93 160.80 Td (with ) Tj ET Q q 0 0 0 rg BT 474.32 160.80 Td (the ) Tj ET Q q 0 0 0 rg BT 490.63 160.80 Td (planned ) Tj ET Q q 0 0 0 rg BT 529.72 160.80 Td (turnaround ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 148.20 Td (at ) Tj ET Q q 0 0 0 rg BT 96.43 148.20 Td (the ) Tj ET Q q 0 0 0 rg BT 113.20 148.20 Td (Scotford ) Tj ET Q q 0 0 0 rg BT 154.48 148.20 Td (Upgrader) Tj ET Q q 0 0 0 rg BT 197.67 148.20 Td (. ) Tj ET Q q 0 0 0 rg BT 202.76 148.20 Td (During ) Tj ET Q q 0 0 0 rg BT 235.87 148.20 Td (the ) Tj ET Q q 0 0 0 rg BT 252.64 148.20 Td (turnaround, ) Tj ET Q q 0 0 0 rg BT 308.52 148.20 Td (production ) Tj ET Q q 0 0 0 rg BT 359.72 148.20 Td (from ) Tj ET Q q 0 0 0 rg BT 382.47 148.20 Td (AOSP) Tj ET Q q 0 0 0 rg BT 411.45 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 413.63 148.20 Td (is ) Tj ET Q q 0 0 0 rg BT 423.38 148.20 Td (targeted ) Tj ET Q q 0 0 0 rg BT 464.08 148.20 Td (to ) Tj ET Q q 0 0 0 rg BT 475.01 148.20 Td (average ) Tj ET Q q 0 0 0 rg BT 515.13 148.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 583.42 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 586.33 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 598.00 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 609.67 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 621.34 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 633.01 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 148.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 135.60 Td (100,000 ) Tj ET Q q 0 0 0 rg BT 126.37 135.60 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 152.06 135.60 Td (net ) Tj ET Q q 0 0 0 rg BT 169.58 135.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 197.59 135.60 Td (than ) Tj ET Q q 0 0 0 rg BT 220.94 135.60 Td (normal, ) Tj ET Q q 0 0 0 rg BT 258.87 135.60 Td (in ) Tj ET Q q 0 0 0 rg BT 269.96 135.60 Td (the ) Tj ET Q q 0 0 0 rg BT 287.48 135.60 Td (months ) Tj ET Q q 0 0 0 rg BT 324.83 135.60 Td (of ) Tj ET Q q 0 0 0 rg BT 336.50 135.60 Td (July ) Tj ET Q q 0 0 0 rg BT 358.09 135.60 Td (2020 ) Tj ET Q q 0 0 0 rg BT 384.37 135.60 Td (and ) Tj ET Q q 0 0 0 rg BT 404.23 135.60 Td (August ) Tj ET Q q 0 0 0 rg BT 439.83 135.60 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 4.77 0 0 10.55 67.50 115.73 cm /I58 Do Q q 0 0 0 rg BT 72.27 118.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 118.00 Td (At ) Tj ET Q q 0 0 0 rg BT 98.74 118.00 Td (Horizon, ) Tj ET Q q 0 0 0 rg BT 141.16 118.00 Td (the ) Tj ET Q q 0 0 0 rg BT 159.08 118.00 Td (planned ) Tj ET Q q 0 0 0 rg BT 199.77 118.00 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 253.88 118.00 Td (is ) Tj ET Q q 0 0 0 rg BT 264.78 118.00 Td (targeted ) Tj ET Q q 0 0 0 rg BT 306.63 118.00 Td (for ) Tj ET Q q 0 0 0 rg BT 322.20 118.00 Td (the ) Tj ET Q q 0 0 0 rg BT 340.12 118.00 Td (second ) Tj ET Q q 0 0 0 rg BT 377.30 118.00 Td (half ) Tj ET Q q 0 0 0 rg BT 397.55 118.00 Td (of ) Tj ET Q q 0 0 0 rg BT 409.62 118.00 Td (2020. ) Tj ET Q q 0 0 0 rg BT 439.22 118.00 Td (Monthly ) Tj ET Q q 0 0 0 rg BT 479.31 118.00 Td (average ) Tj ET Q q 0 0 0 rg BT 520.57 118.00 Td (production ) Tj ET Q q 0 0 0 rg BT 572.93 118.00 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 85.50 105.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 126.95 105.40 Td (to ) Tj ET Q q 0 0 0 rg BT 138.62 105.40 Td (be ) Tj ET Q q 0 0 0 rg BT 153.22 105.40 Td (impacted ) Tj ET Q q 0 0 0 rg BT 198.74 105.40 Td (by ) Tj ET Q q 0 0 0 rg BT 212.75 105.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 281.03 105.40 Td (80,000 ) Tj ET Q q 0 0 0 rg BT 316.07 105.40 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 341.76 105.40 Td (over ) Tj ET Q q 0 0 0 rg BT 365.10 105.40 Td (a ) Tj ET Q q 0 0 0 rg BT 373.86 105.40 Td (two ) Tj ET Q q 0 0 0 rg BT 393.12 105.40 Td (month ) Tj ET Q q 0 0 0 rg BT 425.22 105.40 Td (period ) Tj ET Q q 0 0 0 rg BT 457.32 105.40 Td (once ) Tj ET Q q 0 0 0 rg BT 483.01 105.40 Td (timing ) Tj ET Q q 0 0 0 rg BT 513.94 105.40 Td (is ) Tj ET Q q 0 0 0 rg BT 524.44 105.40 Td (finalized.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.95 17.45 Td (12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 748.40 Td (MARKETING) Tj ET Q 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393 718.9 m 453 718.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 691.9 m 389 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 718.9 m 389 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 718.9 m 393 718.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 691.9 m 393 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 718.9 m 453 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393 718.9 m 453 718.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 691.9 m 453 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453 691.9 m 457 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 691.9 m 517 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 691.9 m 521 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 691.9 m 581 691.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 691.9 m 389 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 691.9 m 389 673.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 691.9 m 453 673.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521 691.9 m 581 691.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 673.9 m 389 655.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 673.9 m 453 655.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 655.9 m 389 637.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 655.9 m 453 637.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 637.9 m 389 619.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 637.9 m 453 619.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 619.9 m 389 601.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 619.9 m 453 601.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 601.9 m 389 583.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 601.9 m 453 583.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 583.9 m 389 565.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 583.9 m 453 565.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 565.9 m 389 547.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 565.9 m 453 547.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 32 529.9 m 389 529.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389 547.9 m 389 529.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 529.9 m 393 529.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453 547.9 m 453 529.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 529.9 m 453 529.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453 529.9 m 457 529.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 529.9 m 517 529.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 529.9 m 521 529.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 521 529.9 m 581 529.9 l s BT /F1 10.50 Tf ET q 0 0 0 rg BT 437.45 727.66 Td (Three Months Ended) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 410.20 707.16 Td (Mar 31) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 420.10 696.66 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 474.20 707.16 Td (Dec 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 484.10 696.66 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 538.80 707.16 Td (Mar 31) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 548.10 696.66 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 678.66 Td (Crude oil and NGLs pricing) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 660.66 Td (WTI benchmark price \(US$/bbl\) ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 197.96 665.66 Td (\(1\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 660.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 660.66 Td (46.08) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 660.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.85 660.66 Td (56.96) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 660.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 660.66 Td (54.90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 642.66 Td (WCS heavy dif) Tj ET Q q 0 0 0 rg BT 117.25 642.66 Td (ferential as a percentage of WTI \(%\) ) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 288.83 647.66 Td (\(2\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 425.45 642.66 Td (44) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 437.15 642.66 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 489.45 642.66 Td (28) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 501.15 642.66 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 553.45 642.71 Td (23) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 565.15 642.66 Td (%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 624.66 Td (SCO price \(US$/bbl\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 143.70 629.66 Td ( ) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 624.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 624.66 Td (43.39) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 624.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.85 624.66 Td (56.32) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 624.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 624.66 Td (52.19) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 606.66 Td (Condensate benchmark pricing \(US$/bbl\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 606.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 606.66 Td (45.54) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 606.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.85 606.66 Td (52.99) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 606.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 606.66 Td (50.49) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 588.66 Td (A) Tj ET Q q 0 0 0 rg BT 54.81 588.66 Td (verage realized pricing before risk management \(C$/bbl\)) Tj ET Q BT /F1 10.50 Tf ET BT /F1 6.82 Tf ET q 0 0 0 rg BT 316.87 593.66 Td ( \(3\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 588.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 416.85 588.66 Td (25.90) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 588.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 480.85 588.66 Td (49.60) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 588.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 544.85 588.66 Td (53.98) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 34.50 570.66 Td (Natural gas pricing) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 552.66 Td (AECO benchmark price \(C$/GJ\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 552.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.70 552.66 Td (2.03) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 552.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 552.66 Td (2.21) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 552.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.70 552.71 Td (1.84) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 48.00 534.66 Td (A) Tj ET Q q 0 0 0 rg BT 54.81 534.66 Td (verage realized pricing before risk management \(C$/Mcf\)) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 395.50 534.66 Td ($) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 422.70 534.66 Td (2.22) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.50 534.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 486.70 534.66 Td (2.64) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 523.50 534.66 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 550.70 534.71 Td (3.09) Tj ET Q BT /F1 10.50 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 520.80 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 520.80 Td (W) Tj ET Q q 0 0 0 rg BT 52.41 520.80 Td (est ) Tj ET Q q 0 0 0 rg BT 65.30 520.80 Td (T) Tj ET Q q 0 0 0 rg BT 69.45 520.80 Td (exas ) Tj ET Q q 0 0 0 rg BT 88.57 520.80 Td (Intermediate ) Tj ET Q q 0 0 0 rg BT 135.27 520.80 Td (\(揥TI擻).) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 508.20 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 508.20 Td (W) Tj ET Q q 0 0 0 rg BT 52.41 508.20 Td (estern ) Tj ET Q q 0 0 0 rg BT 76.86 508.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 113.34 508.20 Td (Select ) Tj ET Q q 0 0 0 rg BT 137.79 508.20 Td (\(揥CS擻).) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 31.50 495.60 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 495.60 Td (A) Tj ET Q q 0 0 0 rg BT 50.19 495.60 Td (verage ) Tj ET Q q 0 0 0 rg BT 76.88 495.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 99.11 495.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 109.34 495.60 Td (and ) Tj ET Q q 0 0 0 rg BT 124.91 495.60 Td (NGL) Tj ET Q q 0 0 0 rg BT 141.21 495.60 Td ( ) Tj ET Q q 0 0 0 rg BT 143.43 495.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 169.22 495.60 Td (excludes ) Tj ET Q q 0 0 0 rg BT 203.02 495.60 Td (SCO. ) Tj ET Q q 0 0 0 rg BT 224.80 495.60 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 251.48 495.60 Td (is ) Tj ET Q q 0 0 0 rg BT 259.48 495.60 Td (net ) Tj ET Q q 0 0 0 rg BT 272.82 495.60 Td (of ) Tj ET Q q 0 0 0 rg BT 281.71 495.60 Td (blending ) Tj ET Q q 0 0 0 rg BT 314.19 495.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 335.08 495.60 Td (and ) Tj ET Q q 0 0 0 rg BT 350.65 495.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 386.68 495.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 401.34 495.60 Td (management ) Tj ET Q q 0 0 0 rg BT 450.26 495.60 Td (activities.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 475.73 cm /I59 Do Q q 0 0 0 rg BT 35.32 478.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 478.00 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.86 478.00 Td (Natural ) Tj ET Q q 0 0 0 rg BT 133.12 478.00 Td (has ) Tj ET Q q 0 0 0 rg BT 152.45 478.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 220.23 478.00 Td (3.6 ) Tj ET Q q 0 0 0 rg BT 237.23 478.00 Td (million ) Tj ET Q q 0 0 0 rg BT 269.39 478.00 Td (barrels ) Tj ET Q q 0 0 0 rg BT 303.90 478.00 Td (of ) Tj ET Q q 0 0 0 rg BT 315.06 478.00 Td (crude ) Tj ET Q q 0 0 0 rg BT 343.73 478.00 Td (oil ) Tj ET Q q 0 0 0 rg BT 356.64 478.00 Td (storage ) Tj ET Q q 0 0 0 rg BT 394.07 478.00 Td (at ) Tj ET Q q 0 0 0 rg BT 405.24 478.00 Td (major ) Tj ET Q q 0 0 0 rg BT 433.90 478.00 Td (hubs ) Tj ET Q q 0 0 0 rg BT 459.07 478.00 Td (in ) Tj ET Q q 0 0 0 rg BT 469.65 478.00 Td (Edmonton ) Tj ET Q q 0 0 0 rg BT 519.93 478.00 Td (and ) Tj ET Q q 0 0 0 rg BT 539.85 478.00 Td (Hardisty) Tj ET Q q 0 0 0 rg BT 577.58 478.00 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 465.40 Td (which ) Tj ET Q q 0 0 0 rg BT 78.04 465.40 Td (allows ) Tj ET Q q 0 0 0 rg BT 108.92 465.40 Td (the ) Tj ET Q q 0 0 0 rg BT 125.22 465.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.85 465.40 Td (to ) Tj ET Q q 0 0 0 rg BT 182.31 465.40 Td (adjust ) Tj ET Q q 0 0 0 rg BT 212.03 465.40 Td (monthly ) Tj ET Q q 0 0 0 rg BT 250.49 465.40 Td (sales, ) Tj ET Q q 0 0 0 rg BT 279.62 465.40 Td (manage ) Tj ET Q q 0 0 0 rg BT 319.26 465.40 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 357.16 465.40 Td (logistical ) Tj ET Q q 0 0 0 rg BT 399.13 465.40 Td (constraints, ) Tj ET Q q 0 0 0 rg BT 454.52 465.40 Td (and ) Tj ET Q q 0 0 0 rg BT 473.74 465.40 Td (production ) Tj ET Q q 0 0 0 rg BT 524.47 465.40 Td (fluctuations, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 452.80 Td (as ) Tj ET Q q 0 0 0 rg BT 63.51 452.80 Td (well ) Tj ET Q q 0 0 0 rg BT 84.51 452.80 Td (as ) Tj ET Q q 0 0 0 rg BT 98.52 452.80 Td (pricing ) Tj ET Q q 0 0 0 rg BT 132.37 452.80 Td (dif) Tj ET Q q 0 0 0 rg BT 143.27 452.80 Td (ferences ) Tj ET Q q 0 0 0 rg BT 186.46 452.80 Td (from ) Tj ET Q q 0 0 0 rg BT 210.38 452.80 Td (month ) Tj ET Q q 0 0 0 rg BT 242.48 452.80 Td (to ) Tj ET Q q 0 0 0 rg BT 254.16 452.80 Td (month.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 432.93 cm /I60 Do Q q 0 0 0 rg BT 35.32 435.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 435.20 Td (Market ) Tj ET Q q 0 0 0 rg BT 84.08 435.20 Td (egress ) Tj ET Q q 0 0 0 rg BT 118.08 435.20 Td (continues ) Tj ET Q q 0 0 0 rg BT 165.51 435.20 Td (to ) Tj ET Q q 0 0 0 rg BT 176.76 435.20 Td (improve ) Tj ET Q q 0 0 0 rg BT 216.59 435.20 Td (in ) Tj ET Q q 0 0 0 rg BT 227.25 435.20 Td (the ) Tj ET Q q 0 0 0 rg BT 244.33 435.20 Td (mid-term ) Tj ET Q q 0 0 0 rg BT 288.23 435.20 Td (as ) Tj ET Q q 0 0 0 rg BT 301.81 435.20 Td (the ) Tj ET Q q 0 0 0 rg BT 318.73 435.20 Td (T) Tj ET Q q 0 0 0 rg BT 324.75 435.20 Td (rans ) Tj ET Q q 0 0 0 rg BT 347.67 435.20 Td (Mountain ) Tj ET Q q 0 0 0 rg BT 393.35 435.20 Td (Expansion ) Tj ET Q q 0 0 0 rg BT 444.87 435.20 Td (and ) Tj ET Q q 0 0 0 rg BT 464.88 435.20 Td (Keystone ) Tj ET Q q 0 0 0 rg BT 511.14 435.20 Td (XL) Tj ET Q q 0 0 0 rg BT 523.59 435.20 Td ( ) Tj ET Q q 0 0 0 rg BT 526.08 435.20 Td (projects ) Tj ET Q q 0 0 0 rg BT 565.33 435.20 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 422.60 Td (progressing ) Tj ET Q q 0 0 0 rg BT 106.69 422.60 Td (with ) Tj ET Q q 0 0 0 rg BT 127.68 422.60 Td (construction, ) Tj ET Q q 0 0 0 rg BT 189.54 422.60 Td (on ) Tj ET Q q 0 0 0 rg BT 203.54 422.60 Td (which ) Tj ET Q q 0 0 0 rg BT 232.70 422.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 279.98 422.60 Td (Natural ) Tj ET Q q 0 0 0 rg BT 316.15 422.60 Td (has ) Tj ET Q q 0 0 0 rg BT 335.40 422.60 Td (94,000 ) Tj ET Q q 0 0 0 rg BT 369.84 422.60 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 394.93 422.60 Td (and ) Tj ET Q q 0 0 0 rg BT 414.78 422.60 Td (200,000 ) Tj ET Q q 0 0 0 rg BT 455.05 422.60 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 480.15 422.60 Td (of ) Tj ET Q q 0 0 0 rg BT 491.22 422.60 Td (committed ) Tj ET Q q 0 0 0 rg BT 541.98 422.60 Td (capacity ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 410.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 104.16 410.00 Td (. ) Tj ET Q q 0 0 0 rg BT 109.92 410.00 Td (Combining ) Tj ET Q q 0 0 0 rg BT 162.96 410.00 Td (these ) Tj ET Q q 0 0 0 rg BT 191.49 410.00 Td (two ) Tj ET Q q 0 0 0 rg BT 210.68 410.00 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 249.72 410.00 Td (projects ) Tj ET Q q 0 0 0 rg BT 289.33 410.00 Td (and ) Tj ET Q q 0 0 0 rg BT 309.70 410.00 Td (including ) Tj ET Q q 0 0 0 rg BT 353.99 410.00 Td (Enbridge ) Tj ET Q q 0 0 0 rg BT 398.87 410.00 Td (Line ) Tj ET Q q 0 0 0 rg BT 421.56 410.00 Td (3 ) Tj ET Q q 0 0 0 rg BT 430.25 410.00 Td (replacement, ) Tj ET Q q 0 0 0 rg BT 493.79 410.00 Td (W) Tj ET Q q 0 0 0 rg BT 503.51 410.00 Td (estern ) Tj ET Q q 0 0 0 rg BT 535.54 410.00 Td (Canadian ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 397.40 Td (egress ) Tj ET Q q 0 0 0 rg BT 83.93 397.40 Td (is ) Tj ET Q q 0 0 0 rg BT 94.43 397.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 135.88 397.40 Td (to ) Tj ET Q q 0 0 0 rg BT 147.56 397.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 190.16 397.40 Td (by ) Tj ET Q q 0 0 0 rg BT 204.17 397.40 Td (approximately ) Tj ET Q q 0 0 0 rg BT 272.45 397.40 Td (1.8 ) Tj ET Q q 0 0 0 rg BT 289.97 397.40 Td (MMbbl/d ) Tj ET Q q 0 0 0 rg BT 333.15 397.40 Td (in ) Tj ET Q q 0 0 0 rg BT 344.24 397.40 Td (the ) Tj ET Q q 0 0 0 rg BT 361.75 397.40 Td (mid-term.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 377.53 cm /I61 Do Q q 0 0 0 rg BT 35.32 379.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 379.80 Td (Base ) Tj ET Q q 0 0 0 rg BT 76.96 379.80 Td (Keystone ) Tj ET Q q 0 0 0 rg BT 124.28 379.80 Td (export ) Tj ET Q q 0 0 0 rg BT 156.99 379.80 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 196.72 379.80 Td (optimization ) Tj ET Q q 0 0 0 rg BT 256.28 379.80 Td (expansion ) Tj ET Q q 0 0 0 rg BT 307.68 379.80 Td (of ) Tj ET Q q 0 0 0 rg BT 319.97 379.80 Td (approximately ) Tj ET Q q 0 0 0 rg BT 388.87 379.80 Td (50,000 ) Tj ET Q q 0 0 0 rg BT 424.52 379.80 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 450.82 379.80 Td (was ) Tj ET Q q 0 0 0 rg BT 473.02 379.80 Td (recently ) Tj ET Q q 0 0 0 rg BT 513.32 379.80 Td (announced. ) Tj ET Q q 0 0 0 rg BT 571.74 379.80 Td (In ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 367.20 Td (Q3/19, ) Tj ET Q q 0 0 0 rg BT 83.16 367.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 130.26 367.20 Td (Natural ) Tj ET Q q 0 0 0 rg BT 166.25 367.20 Td (committed ) Tj ET Q q 0 0 0 rg BT 216.82 367.20 Td (to ) Tj ET Q q 0 0 0 rg BT 227.72 367.20 Td (approximately ) Tj ET Q q 0 0 0 rg BT 295.23 367.20 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 329.48 367.20 Td (bbl/d ) Tj ET Q q 0 0 0 rg BT 354.40 367.20 Td (of ) Tj ET Q q 0 0 0 rg BT 365.29 367.20 Td (the ) Tj ET Q q 0 0 0 rg BT 382.03 367.20 Td (expansion, ) Tj ET Q q 0 0 0 rg BT 434.96 367.20 Td (which ) Tj ET Q q 0 0 0 rg BT 463.95 367.20 Td (is ) Tj ET Q q 0 0 0 rg BT 473.67 367.20 Td (targeted ) Tj ET Q q 0 0 0 rg BT 514.35 367.20 Td (to ) Tj ET Q q 0 0 0 rg BT 525.24 367.20 Td (be ) Tj ET Q q 0 0 0 rg BT 539.07 367.20 Td (available ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 354.60 Td (in ) Tj ET Q q 0 0 0 rg BT 60.59 354.60 Td (2020.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 332.00 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 87.89 332.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.81 332.00 Td (REVIEW ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 314.40 Td (The ) Tj ET Q q 0 0 0 rg BT 52.90 314.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 101.15 314.40 Td (continues ) Tj ET Q q 0 0 0 rg BT 149.41 314.40 Td (to ) Tj ET Q q 0 0 0 rg BT 161.48 314.40 Td (implement ) Tj ET Q q 0 0 0 rg BT 213.22 314.40 Td (proven ) Tj ET Q q 0 0 0 rg BT 248.64 314.40 Td (strategies ) Tj ET Q q 0 0 0 rg BT 297.47 314.40 Td (and ) Tj ET Q q 0 0 0 rg BT 318.30 314.40 Td (its ) Tj ET Q q 0 0 0 rg BT 332.11 314.40 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 384.45 314.40 Td (approach ) Tj ET Q q 0 0 0 rg BT 431.54 314.40 Td (to ) Tj ET Q q 0 0 0 rg BT 443.61 314.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 477.27 314.40 Td (allocation. ) Tj ET Q q 0 0 0 rg BT 527.21 314.40 Td (As ) Tj ET Q q 0 0 0 rg BT 542.77 314.40 Td (a ) Tj ET Q q 0 0 0 rg BT 551.92 314.40 Td (result, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 301.80 Td (the ) Tj ET Q q 0 0 0 rg BT 49.97 301.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 92.37 301.80 Td (position ) Tj ET Q q 0 0 0 rg BT 132.43 301.80 Td (of ) Tj ET Q q 0 0 0 rg BT 145.06 301.80 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 193.89 301.80 Td (Natural ) Tj ET Q q 0 0 0 rg BT 231.61 301.80 Td (remains ) Tj ET Q q 0 0 0 rg BT 272.83 301.80 Td (strong. ) Tj ET Q q 0 0 0 rg BT 308.80 301.80 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 357.63 301.80 Td (Natural? Tj ET Q q 0 0 0 rg BT 393.62 301.80 Td (s ) Tj ET Q q 0 0 0 rg BT 402.74 301.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 446.31 301.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 475.87 301.80 Td (flow ) Tj ET Q q 0 0 0 rg BT 498.42 301.80 Td (generation, ) Tj ET Q q 0 0 0 rg BT 554.83 301.80 Td (credit ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 289.20 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 76.11 289.20 Td (US ) Tj ET Q q 0 0 0 rg BT 95.04 289.20 Td (commercial ) Tj ET Q q 0 0 0 rg BT 153.06 289.20 Td (paper ) Tj ET Q q 0 0 0 rg BT 184.26 289.20 Td (program, ) Tj ET Q q 0 0 0 rg BT 230.62 289.20 Td (access ) Tj ET Q q 0 0 0 rg BT 267.65 289.20 Td (to ) Tj ET Q q 0 0 0 rg BT 280.75 289.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 315.45 289.20 Td (markets, ) Tj ET Q q 0 0 0 rg BT 360.05 289.20 Td (diverse ) Tj ET Q q 0 0 0 rg BT 398.24 289.20 Td (asset ) Tj ET Q q 0 0 0 rg BT 427.68 289.20 Td (base ) Tj ET Q q 0 0 0 rg BT 454.80 289.20 Td (and ) Tj ET Q q 0 0 0 rg BT 476.66 289.20 Td (related ) Tj ET Q q 0 0 0 rg BT 513.11 289.20 Td (flexible ) Tj ET Q q 0 0 0 rg BT 550.15 289.20 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 276.60 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 88.40 276.60 Td (programs ) Tj ET Q q 0 0 0 rg BT 134.78 276.60 Td (all ) Tj ET Q q 0 0 0 rg BT 147.31 276.60 Td (support ) Tj ET Q q 0 0 0 rg BT 184.36 276.60 Td (a ) Tj ET Q q 0 0 0 rg BT 192.22 276.60 Td (flexible ) Tj ET Q q 0 0 0 rg BT 226.94 276.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.49 276.60 Td (position ) Tj ET Q q 0 0 0 rg BT 305.71 276.60 Td (and ) Tj ET Q q 0 0 0 rg BT 325.25 276.60 Td (provide ) Tj ET Q q 0 0 0 rg BT 361.72 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 378.34 276.60 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 433.49 276.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 474.04 276.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 522.17 276.60 Td (for ) Tj ET Q q 0 0 0 rg BT 536.45 276.60 Td (the ) Tj ET Q q 0 0 0 rg BT 553.07 276.60 Td (near-, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 264.00 Td (mid- ) Tj ET Q q 0 0 0 rg BT 54.83 264.00 Td (and ) Tj ET Q q 0 0 0 rg BT 75.27 264.00 Td (long-term. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 244.13 cm /I62 Do Q q 0 0 0 rg BT 35.32 246.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 246.40 Td (The ) Tj ET Q q 0 0 0 rg BT 75.59 246.40 Td (Company? Tj ET Q q 0 0 0 rg BT 122.67 246.40 Td (s ) Tj ET Q q 0 0 0 rg BT 135.92 246.40 Td (strategy ) Tj ET Q q 0 0 0 rg BT 181.27 246.40 Td (is ) Tj ET Q q 0 0 0 rg BT 196.85 246.40 Td (to ) Tj ET Q q 0 0 0 rg BT 213.61 246.40 Td (maintain ) Tj ET Q q 0 0 0 rg BT 261.29 246.40 Td (a ) Tj ET Q q 0 0 0 rg BT 275.13 246.40 Td (diverse ) Tj ET Q q 0 0 0 rg BT 316.98 246.40 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 362.33 246.40 Td (balanced ) Tj ET Q q 0 0 0 rg BT 412.96 246.40 Td (across ) Tj ET Q q 0 0 0 rg BT 451.88 246.40 Td (various ) Tj ET Q q 0 0 0 rg BT 493.73 246.40 Td (commodity ) Tj ET Q q 0 0 0 rg BT 552.49 246.40 Td (types. ) Tj ET Q q 0 0 0 rg BT 583.42 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 586.34 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 609.68 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 621.35 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 633.02 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 644.69 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 647.60 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 650.52 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 653.44 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 656.36 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 659.27 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 662.19 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 665.11 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 668.03 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 670.94 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 673.86 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 676.78 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 679.70 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 682.61 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 685.53 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 688.45 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 691.37 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 694.28 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 697.20 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 700.12 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 703.04 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 705.95 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 708.87 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 711.79 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 714.71 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 717.62 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 720.54 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 723.46 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 726.38 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 729.29 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 732.21 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 735.13 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 738.05 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 740.96 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 743.88 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 746.80 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 749.72 246.40 Td ( ) Tj ET Q q 0 0 0 rg BT 752.63 246.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 233.80 Td (The ) Tj ET Q q 0 0 0 rg BT 69.88 233.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.10 233.80 Td (achieved ) Tj ET Q q 0 0 0 rg BT 161.42 233.80 Td (production ) Tj ET Q q 0 0 0 rg BT 212.74 233.80 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 223.78 233.80 Td (1,178,752) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 270.49 233.80 Td ( ) Tj ET Q q 0 0 0 rg BT 272.77 233.80 Td (BOE/d ) Tj ET Q q 0 0 0 rg BT 305.99 233.80 Td (in ) Tj ET Q q 0 0 0 rg BT 316.45 233.80 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 350.25 233.80 Td (with ) Tj ET Q q 0 0 0 rg BT 371.21 233.80 Td (approximately ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 438.86 233.80 Td (98%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 459.87 233.80 Td ( ) Tj ET Q q 0 0 0 rg BT 462.16 233.80 Td (of ) Tj ET Q q 0 0 0 rg BT 473.20 233.80 Td (total ) Tj ET Q q 0 0 0 rg BT 495.33 233.80 Td (production ) Tj ET Q q 0 0 0 rg BT 546.65 233.80 Td (located ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 221.20 Td (in ) Tj ET Q q 0 0 0 rg BT 60.59 221.20 Td (G7 ) Tj ET Q q 0 0 0 rg BT 77.52 221.20 Td (countries. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 201.33 cm /I63 Do Q q 0 0 0 rg BT 35.32 203.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 203.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 96.67 203.60 Td (Natural ) Tj ET Q q 0 0 0 rg BT 132.74 203.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 182.25 203.60 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 225.32 203.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 267.24 203.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 295.15 203.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 316.04 203.60 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 327.01 203.60 Td ($1,337 ) Tj ET Q q 0 0 0 rg BT 361.35 203.60 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 391.11 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 393.33 203.60 Td (in ) Tj ET Q q 0 0 0 rg BT 403.72 203.60 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 437.46 203.60 Td (which ) Tj ET Q q 0 0 0 rg BT 466.52 203.60 Td (was ) Tj ET Q q 0 0 0 rg BT 487.41 203.60 Td (negatively ) Tj ET Q q 0 0 0 rg BT 536.91 203.60 Td (impacted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 191.00 Td (by ) Tj ET Q q 0 0 0 rg BT 63.37 191.00 Td (charges ) Tj ET Q q 0 0 0 rg BT 103.51 191.00 Td (taken ) Tj ET Q q 0 0 0 rg BT 131.98 191.00 Td (in ) Tj ET Q q 0 0 0 rg BT 142.93 191.00 Td (the ) Tj ET Q q 0 0 0 rg BT 160.31 191.00 Td (first ) Tj ET Q q 0 0 0 rg BT 180.01 191.00 Td (quarter ) Tj ET Q q 0 0 0 rg BT 216.06 191.00 Td (of ) Tj ET Q q 0 0 0 rg BT 227.60 191.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 295.75 191.00 Td ($100 ) Tj ET Q q 0 0 0 rg BT 321.89 191.00 Td (million ) Tj ET Q q 0 0 0 rg BT 354.43 191.00 Td (including ) Tj ET Q q 0 0 0 rg BT 398.66 191.00 Td (the ) Tj ET Q q 0 0 0 rg BT 416.04 191.00 Td (impact ) Tj ET Q q 0 0 0 rg BT 449.75 191.00 Td (of ) Tj ET Q q 0 0 0 rg BT 461.29 191.00 Td (approximately ) Tj ET Q q 0 0 0 rg BT 529.44 191.00 Td ($50 ) Tj ET Q q 0 0 0 rg BT 549.74 191.00 Td (million ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 178.40 Td (of ) Tj ET Q q 0 0 0 rg BT 62.63 178.40 Td (product ) Tj ET Q q 0 0 0 rg BT 102.04 178.40 Td (inventory ) Tj ET Q q 0 0 0 rg BT 149.02 178.40 Td (valuation ) Tj ET Q q 0 0 0 rg BT 195.43 178.40 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 256.42 178.40 Td (and ) Tj ET Q q 0 0 0 rg BT 278.32 178.40 Td (an ) Tj ET Q q 0 0 0 rg BT 294.38 178.40 Td (additional ) Tj ET Q q 0 0 0 rg BT 343.71 178.40 Td ($50 ) Tj ET Q q 0 0 0 rg BT 365.60 178.40 Td (million ) Tj ET Q q 0 0 0 rg BT 399.74 178.40 Td (related ) Tj ET Q q 0 0 0 rg BT 436.22 178.40 Td (to ) Tj ET Q q 0 0 0 rg BT 449.36 178.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 485.25 178.40 Td (pricing ) Tj ET Q q 0 0 0 rg BT 520.56 178.40 Td (mechanisms ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 165.80 Td (impacting ) Tj ET Q q 0 0 0 rg BT 97.36 165.80 Td (realized ) Tj ET Q q 0 0 0 rg BT 137.05 165.80 Td (pricing ) Tj ET Q q 0 0 0 rg BT 170.90 165.80 Td (in ) Tj ET Q q 0 0 0 rg BT 181.99 165.80 Td (the ) Tj ET Q q 0 0 0 rg BT 199.50 165.80 Td (North ) Tj ET Q q 0 0 0 rg BT 228.10 165.80 Td (Sea. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 148.20 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 148.20 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 112.62 148.20 Td (funds ) Tj ET Q q 0 0 0 rg BT 142.57 148.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 165.50 148.20 Td (was ) Tj ET Q q 0 0 0 rg BT 188.43 148.20 Td (in ) Tj ET Q q 0 0 0 rg BT 200.86 148.20 Td (excess ) Tj ET Q q 0 0 0 rg BT 237.80 148.20 Td (of ) Tj ET Q q 0 0 0 rg BT 250.81 148.20 Td (the ) Tj ET Q q 0 0 0 rg BT 269.67 148.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 326.12 148.20 Td (net ) Tj ET Q q 0 0 0 rg BT 344.97 148.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 379.58 148.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 443.97 148.20 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.98 148.20 Td ($838 ) Tj ET Q q 0 0 0 rg BT 484.60 148.20 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 514.36 148.20 Td ( ) Tj ET Q q 0 0 0 rg BT 518.62 148.20 Td (and ) Tj ET Q q 0 0 0 rg BT 540.39 148.20 Td (dividend ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 135.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 131.22 135.60 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 142.42 135.60 Td ($444 ) Tj ET Q q 0 0 0 rg BT 168.22 135.60 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 197.98 135.60 Td ( ) Tj ET Q q 0 0 0 rg BT 200.43 135.60 Td (in ) Tj ET Q q 0 0 0 rg BT 211.04 135.60 Td (Q1/20, ) Tj ET Q q 0 0 0 rg BT 245.01 135.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 287.14 135.60 Td (in ) Tj ET Q q 0 0 0 rg BT 297.75 135.60 Td (free ) Tj ET Q q 0 0 0 rg BT 318.29 135.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 342.91 135.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 364.03 135.60 Td (generation ) Tj ET Q q 0 0 0 rg BT 416.10 135.60 Td (of ) Tj ET Q q 0 0 0 rg BT 427.30 135.60 Td ($) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.14 135.60 Td (55) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 444.82 135.60 Td ( ) Tj ET Q q 0 0 0 rg BT 447.26 135.60 Td (million ) Tj ET Q q 0 0 0 rg BT 479.46 135.60 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 524.51 135.60 Td (the ) Tj ET Q q 0 0 0 rg BT 541.55 135.60 Td (strength ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 123.00 Td (of ) Tj ET Q q 0 0 0 rg BT 79.17 123.00 Td (the ) Tj ET Q q 0 0 0 rg BT 96.69 123.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 151.80 123.00 Td (long ) Tj ET Q q 0 0 0 rg BT 174.57 123.00 Td (life ) Tj ET Q q 0 0 0 rg BT 190.91 123.00 Td (low ) Tj ET Q q 0 0 0 rg BT 209.58 123.00 Td (decline ) Tj ET Q q 0 0 0 rg BT 245.78 123.00 Td (asset ) Tj ET Q q 0 0 0 rg BT 273.79 123.00 Td (base ) Tj ET Q q 0 0 0 rg BT 299.48 123.00 Td (and ) Tj ET Q q 0 0 0 rg BT 319.92 123.00 Td (its ) Tj ET Q q 0 0 0 rg BT 333.33 123.00 Td (ef) Tj ET Q q 0 0 0 rg BT 341.90 123.00 Td (fective ) Tj ET Q q 0 0 0 rg BT 375.17 123.00 Td (and ) Tj ET Q q 0 0 0 rg BT 395.60 123.00 Td (ef) Tj ET Q q 0 0 0 rg BT 404.17 123.00 Td (ficient ) Tj ET Q q 0 0 0 rg BT 434.52 123.00 Td (operations.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 103.13 cm /I64 Do Q q 0 0 0 rg BT 35.32 105.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 105.40 Td (Returns ) Tj ET Q q 0 0 0 rg BT 89.18 105.40 Td (to ) Tj ET Q q 0 0 0 rg BT 100.84 105.40 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 164.46 105.40 Td (totaled ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 198.89 105.40 Td ($715) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 222.25 105.40 Td ( ) Tj ET Q q 0 0 0 rg BT 225.16 105.40 Td (million ) Tj ET Q q 0 0 0 rg BT 257.83 105.40 Td (in ) Tj ET Q q 0 0 0 rg BT 268.91 105.40 Td (Q1/20, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 303.34 105.40 Td ($444 ) Tj ET Q q 0 0 0 rg BT 329.61 105.40 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 359.36 105.40 Td ( ) Tj ET Q q 0 0 0 rg BT 362.27 105.40 Td (by ) Tj ET Q q 0 0 0 rg BT 376.27 105.40 Td (way ) Tj ET Q q 0 0 0 rg BT 397.85 105.40 Td (of ) Tj ET Q q 0 0 0 rg BT 409.52 105.40 Td (dividends ) Tj ET Q q 0 0 0 rg BT 456.79 105.40 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 477.22 105.40 Td ($271 ) Tj ET Q q 0 0 0 rg BT 503.49 105.40 Td (million) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 533.25 105.40 Td ( ) Tj ET Q q 0 0 0 rg BT 536.16 105.40 Td (by ) Tj ET Q q 0 0 0 rg BT 550.16 105.40 Td (way ) Tj ET Q q 0 0 0 rg BT 571.74 105.40 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 92.80 Td (share ) Tj ET Q q 0 0 0 rg BT 78.47 92.80 Td (repurchases. ) Tj ET Q q 0 0 0 rg BT 141.34 92.80 Td (As ) Tj ET Q q 0 0 0 rg BT 156.30 92.80 Td (previously ) Tj ET Q q 0 0 0 rg BT 206.28 92.80 Td (announced ) Tj ET Q q 0 0 0 rg BT 260.96 92.80 Td (on ) Tj ET Q q 0 0 0 rg BT 275.34 92.80 Td (March ) Tj ET Q q 0 0 0 rg BT 307.22 92.80 Td (18, ) Tj ET Q q 0 0 0 rg BT 324.52 92.80 Td (2020 ) Tj ET Q q 0 0 0 rg BT 350.59 92.80 Td (share ) Tj ET Q q 0 0 0 rg BT 379.56 92.80 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 440.05 92.80 Td (have ) Tj ET Q q 0 0 0 rg BT 465.53 92.80 Td (been ) Tj ET Q q 0 0 0 rg BT 491.59 92.80 Td (suspended ) Tj ET Q q 0 0 0 rg BT 545.68 92.80 Td (and ) Tj ET Q q 0 0 0 rg BT 565.91 92.80 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 80.20 Td (Board ) Tj ET Q q 0 0 0 rg BT 80.81 80.20 Td (of ) Tj ET Q q 0 0 0 rg BT 92.85 80.20 Td (Directors ) Tj ET Q q 0 0 0 rg BT 138.14 80.20 Td (have ) Tj ET Q q 0 0 0 rg BT 164.20 80.20 Td (at ) Tj ET Q q 0 0 0 rg BT 176.24 80.20 Td (the ) Tj ET Q q 0 0 0 rg BT 194.13 80.20 Td (present ) Tj ET Q q 0 0 0 rg BT 232.44 80.20 Td (time ) Tj ET Q q 0 0 0 rg BT 255.56 80.20 Td (made ) Tj ET Q q 0 0 0 rg BT 285.11 80.20 Td (the ) Tj ET Q q 0 0 0 rg BT 303.00 80.20 Td (decision ) Tj ET Q q 0 0 0 rg BT 344.81 80.20 Td (to ) Tj ET Q q 0 0 0 rg BT 356.85 80.20 Td (not ) Tj ET Q q 0 0 0 rg BT 374.74 80.20 Td (renew ) Tj ET Q q 0 0 0 rg BT 406.62 80.20 Td (the ) Tj ET Q q 0 0 0 rg BT 424.51 80.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 479.99 80.20 Td (NCIB ) Tj ET Q q 0 0 0 rg BT 508.36 80.20 Td (program, ) Tj ET Q q 0 0 0 rg BT 553.66 80.20 Td (which ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 67.60 Td (expires ) Tj ET Q q 0 0 0 rg BT 86.27 67.60 Td (in ) Tj ET Q q 0 0 0 rg BT 97.36 67.60 Td (May ) Tj ET Q q 0 0 0 rg BT 120.11 67.60 Td (2020.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 50.00 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 50.00 Td (Share ) Tj ET Q q 0 0 0 rg BT 97.81 50.00 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 157.88 50.00 Td (for ) Tj ET Q q 0 0 0 rg BT 172.43 50.00 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 230.17 50.00 Td (from ) Tj ET Q q 0 0 0 rg BT 253.46 50.00 Td (January ) Tj ET Q q 0 0 0 rg BT 293.11 50.00 Td (1, ) Tj ET Q q 0 0 0 rg BT 304.16 50.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 329.81 50.00 Td (and ) Tj ET Q q 0 0 0 rg BT 349.62 50.00 Td (March ) Tj ET Q q 0 0 0 rg BT 381.08 50.00 Td (10, ) Tj ET Q q 0 0 0 rg BT 397.97 50.00 Td (2020 ) Tj ET Q q 0 0 0 rg BT 423.62 50.00 Td (totaled ) Tj ET Q q 0 0 0 rg BT 457.44 50.00 Td (6,970,000 ) Tj ET Q q 0 0 0 rg BT 506.44 50.00 Td (common ) Tj ET Q q 0 0 0 rg BT 549.00 50.00 Td (shares ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 37.40 Td (at ) Tj ET Q q 0 0 0 rg BT 79.17 37.40 Td (a ) Tj ET Q q 0 0 0 rg BT 87.93 37.40 Td (weighted ) Tj ET Q q 0 0 0 rg BT 132.88 37.40 Td (average ) Tj ET Q q 0 0 0 rg BT 173.75 37.40 Td (share ) Tj ET Q q 0 0 0 rg BT 202.93 37.40 Td (price ) Tj ET Q q 0 0 0 rg BT 228.61 37.40 Td (of ) Tj ET Q q 0 0 0 rg BT 240.28 37.40 Td ($38.84. ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.95 17.45 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 746.48 cm /I65 Do Q q 0 0 0 rg BT 35.32 748.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 748.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.96 748.75 Td (Natural ) Tj ET Q q 0 0 0 rg BT 135.31 748.75 Td (is ) Tj ET Q q 0 0 0 rg BT 146.40 748.75 Td (confident ) Tj ET Q q 0 0 0 rg BT 192.52 748.75 Td (that ) Tj ET Q q 0 0 0 rg BT 213.53 748.75 Td (it ) Tj ET Q q 0 0 0 rg BT 222.29 748.75 Td (can ) Tj ET Q q 0 0 0 rg BT 242.72 748.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 285.91 748.75 Td (a ) Tj ET Q q 0 0 0 rg BT 295.26 748.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 327.94 748.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 362.38 748.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 404.41 748.75 Td (position ) Tj ET Q q 0 0 0 rg BT 444.10 748.75 Td (and ) Tj ET Q q 0 0 0 rg BT 465.12 748.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 497.81 748.75 Td (liquidity) Tj ET Q q 0 0 0 rg BT 532.05 748.75 Td (, ) Tj ET Q q 0 0 0 rg BT 538.47 748.75 Td (while ) Tj ET Q q 0 0 0 rg BT 565.90 748.75 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 736.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 97.40 736.15 Td (manages ) Tj ET Q q 0 0 0 rg BT 143.56 736.15 Td (ef) Tj ET Q q 0 0 0 rg BT 152.13 736.15 Td (fectively ) Tj ET Q q 0 0 0 rg BT 193.02 736.15 Td (through ) Tj ET Q q 0 0 0 rg BT 231.60 736.15 Td (the ) Tj ET Q q 0 0 0 rg BT 249.16 736.15 Td (current ) Tj ET Q q 0 0 0 rg BT 284.80 736.15 Td (short ) Tj ET Q q 0 0 0 rg BT 311.11 736.15 Td (term ) Tj ET Q q 0 0 0 rg BT 335.07 736.15 Td (commodity ) Tj ET Q q 0 0 0 rg BT 388.80 736.15 Td (price ) Tj ET Q q 0 0 0 rg BT 414.52 736.15 Td (environment. ) Tj ET Q q 0 0 0 rg BT 477.59 736.15 Td (As ) Tj ET Q q 0 0 0 rg BT 492.81 736.15 Td (at ) Tj ET Q q 0 0 0 rg BT 504.53 736.15 Td (March ) Tj ET Q q 0 0 0 rg BT 536.67 736.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 554.23 736.15 Td (2020, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 723.55 Td (the ) Tj ET Q q 0 0 0 rg BT 67.96 723.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 116.77 723.55 Td (had ) Tj ET Q q 0 0 0 rg BT 138.16 723.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 207.39 723.55 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 231.70 723.55 Td (billion ) Tj ET Q q 0 0 0 rg BT 262.42 723.55 Td (of ) Tj ET Q q 0 0 0 rg BT 275.04 723.55 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 313.93 723.55 Td (available, ) Tj ET Q q 0 0 0 rg BT 362.16 723.55 Td (an ) Tj ET Q q 0 0 0 rg BT 377.71 723.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 421.27 723.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 433.89 723.55 Td ($1) Tj ET Q q 0 0 0 rg BT 444.79 723.55 Td (16) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 456.47 723.55 Td ( ) Tj ET Q q 0 0 0 rg BT 460.34 723.55 Td (million ) Tj ET Q q 0 0 0 rg BT 493.96 723.55 Td (over ) Tj ET Q q 0 0 0 rg BT 518.26 723.55 Td (Q4/19 ) Tj ET Q q 0 0 0 rg BT 550.73 723.55 Td (levels. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 710.95 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 90.35 710.95 Td (is ) Tj ET Q q 0 0 0 rg BT 100.26 710.95 Td (represented ) Tj ET Q q 0 0 0 rg BT 158.62 710.95 Td (by ) Tj ET Q q 0 0 0 rg BT 172.03 710.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.53 710.95 Td (and ) Tj ET Q q 0 0 0 rg BT 216.38 710.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 240.88 710.95 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 296.33 710.95 Td (of ) Tj ET Q q 0 0 0 rg BT 307.41 710.95 Td (approximately ) Tj ET Q q 0 0 0 rg BT 375.10 710.95 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 397.86 710.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 427.03 710.95 Td (and ) Tj ET Q q 0 0 0 rg BT 446.87 710.95 Td (committed ) Tj ET Q q 0 0 0 rg BT 497.63 710.95 Td (and ) Tj ET Q q 0 0 0 rg BT 517.47 710.95 Td (demand ) Tj ET Q q 0 0 0 rg BT 557.74 710.95 Td (bank ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 698.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 78.09 698.35 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 121.09 698.35 Td (The ) Tj ET Q q 0 0 0 rg BT 142.10 698.35 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 180.03 698.35 Td (is ) Tj ET Q q 0 0 0 rg BT 190.53 698.35 Td (more ) Tj ET Q q 0 0 0 rg BT 217.37 698.35 Td (than ) Tj ET Q q 0 0 0 rg BT 240.73 698.35 Td (suf) Tj ET Q q 0 0 0 rg BT 254.55 698.35 Td (ficient ) Tj ET Q q 0 0 0 rg BT 284.89 698.35 Td (to ) Tj ET Q q 0 0 0 rg BT 296.57 698.35 Td (retire, ) Tj ET Q q 0 0 0 rg BT 326.33 698.35 Td (when ) Tj ET Q q 0 0 0 rg BT 354.35 698.35 Td (due, ) Tj ET Q q 0 0 0 rg BT 377.70 698.35 Td (any ) Tj ET Q q 0 0 0 rg BT 397.55 698.35 Td (upcoming ) Tj ET Q q 0 0 0 rg BT 446.00 698.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 469.35 698.35 Td (maturities. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 680.75 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 680.75 Td (Debt ) Tj ET Q q 0 0 0 rg BT 92.60 680.75 Td (to ) Tj ET Q q 0 0 0 rg BT 104.27 680.75 Td (book ) Tj ET Q q 0 0 0 rg BT 129.96 680.75 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 193.58 680.75 Td (and ) Tj ET Q q 0 0 0 rg BT 214.02 680.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 237.37 680.75 Td (to ) Tj ET Q q 0 0 0 rg BT 249.05 680.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 291.67 680.75 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 329.01 680.75 Td ( ) Tj ET Q q 0 0 0 rg BT 331.93 680.75 Td (remained ) Tj ET Q q 0 0 0 rg BT 378.62 680.75 Td (strong ) Tj ET Q q 0 0 0 rg BT 410.72 680.75 Td (at ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 422.40 680.75 Td (39.4%) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 452.17 680.75 Td ( ) Tj ET Q q 0 0 0 rg BT 455.09 680.75 Td (and ) Tj ET Q q 0 0 0 rg BT 475.53 680.75 Td (2.6x ) Tj ET Q q 0 0 0 rg BT 498.29 680.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 552.95 680.75 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 663.15 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 663.15 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 125.88 663.15 Td (to ) Tj ET Q q 0 0 0 rg BT 136.96 663.15 Td (quarter ) Tj ET Q q 0 0 0 rg BT 172.56 663.15 Td (end, ) Tj ET Q q 0 0 0 rg BT 195.32 663.15 Td (the ) Tj ET Q q 0 0 0 rg BT 212.25 663.15 Td (Company's ) Tj ET Q q 0 0 0 rg BT 266.77 663.15 Td ($750 ) Tj ET Q q 0 0 0 rg BT 292.46 663.15 Td (million ) Tj ET Q q 0 0 0 rg BT 324.54 663.15 Td (non-revolving ) Tj ET Q q 0 0 0 rg BT 389.91 663.15 Td (term ) Tj ET Q q 0 0 0 rg BT 413.24 663.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 441.24 663.15 Td (facility) Tj ET Q q 0 0 0 rg BT 469.64 663.15 Td (, ) Tj ET Q q 0 0 0 rg BT 474.88 663.15 Td (originally ) Tj ET Q q 0 0 0 rg BT 518.65 663.15 Td (due ) Tj ET Q q 0 0 0 rg BT 538.49 663.15 Td (February ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 650.55 Td (2021 ) Tj ET Q q 0 0 0 rg BT 93.78 650.55 Td (was ) Tj ET Q q 0 0 0 rg BT 115.37 650.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 163.81 650.55 Td (by ) Tj ET Q q 0 0 0 rg BT 177.82 650.55 Td ($250 ) Tj ET Q q 0 0 0 rg BT 204.10 650.55 Td (million ) Tj ET Q q 0 0 0 rg BT 236.77 650.55 Td (to ) Tj ET Q q 0 0 0 rg BT 248.45 650.55 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 283.48 650.55 Td (million ) Tj ET Q q 0 0 0 rg BT 316.16 650.55 Td (and ) Tj ET Q q 0 0 0 rg BT 336.60 650.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 382.72 650.55 Td (to ) Tj ET Q q 0 0 0 rg BT 394.39 650.55 Td (February ) Tj ET Q q 0 0 0 rg BT 439.33 650.55 Td (2022, ) Tj ET Q q 0 0 0 rg BT 468.52 650.55 Td (increasing ) Tj ET Q q 0 0 0 rg BT 519.30 650.55 Td (liquidity) Tj ET Q q 0 0 0 rg BT 553.54 650.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 632.95 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 632.95 Td (In ) Tj ET Q q 0 0 0 rg BT 79.78 632.95 Td (addition ) Tj ET Q q 0 0 0 rg BT 120.08 632.95 Td (to ) Tj ET Q q 0 0 0 rg BT 132.35 632.95 Td (the ) Tj ET Q q 0 0 0 rg BT 150.47 632.95 Td (Company's ) Tj ET Q q 0 0 0 rg BT 206.18 632.95 Td (strong ) Tj ET Q q 0 0 0 rg BT 238.88 632.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 282.10 632.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 311.31 632.95 Td (flow) Tj ET Q q 0 0 0 rg BT 329.40 632.95 Td (, ) Tj ET Q q 0 0 0 rg BT 335.84 632.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 369.71 632.95 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 412.91 632.95 Td (and ) Tj ET Q q 0 0 0 rg BT 433.94 632.95 Td (access ) Tj ET Q q 0 0 0 rg BT 470.14 632.95 Td (to ) Tj ET Q q 0 0 0 rg BT 482.42 632.95 Td (debt ) Tj ET Q q 0 0 0 rg BT 506.37 632.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 540.25 632.95 Td (markets, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 620.35 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 116.23 620.35 Td (Natural ) Tj ET Q q 0 0 0 rg BT 153.85 620.35 Td (has ) Tj ET Q q 0 0 0 rg BT 174.55 620.35 Td (additional ) Tj ET Q q 0 0 0 rg BT 223.28 620.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.58 620.35 Td (levers ) Tj ET Q q 0 0 0 rg BT 297.37 620.35 Td (at ) Tj ET Q q 0 0 0 rg BT 309.90 620.35 Td (its ) Tj ET Q q 0 0 0 rg BT 324.17 620.35 Td (disposal ) Tj ET Q q 0 0 0 rg BT 366.47 620.35 Td (to ) Tj ET Q q 0 0 0 rg BT 379.00 620.35 Td (ef) Tj ET Q q 0 0 0 rg BT 387.57 620.35 Td (fectively ) Tj ET Q q 0 0 0 rg BT 429.27 620.35 Td (manage ) Tj ET Q q 0 0 0 rg BT 470.99 620.35 Td (its ) Tj ET Q q 0 0 0 rg BT 485.26 620.35 Td (liquidity) Tj ET Q q 0 0 0 rg BT 519.50 620.35 Td (. ) Tj ET Q q 0 0 0 rg BT 525.95 620.35 Td (The ) Tj ET Q q 0 0 0 rg BT 547.82 620.35 Td (current ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 607.75 Td (approximate ) Tj ET Q q 0 0 0 rg BT 129.17 607.75 Td (value ) Tj ET Q q 0 0 0 rg BT 158.16 607.75 Td (of ) Tj ET Q q 0 0 0 rg BT 170.81 607.75 Td (these ) Tj ET Q q 0 0 0 rg BT 200.38 607.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 242.79 607.75 Td (levers ) Tj ET Q q 0 0 0 rg BT 274.69 607.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 317.10 607.75 Td (third ) Tj ET Q q 0 0 0 rg BT 341.42 607.75 Td (party ) Tj ET Q q 0 0 0 rg BT 368.65 607.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 400.56 607.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 460.47 607.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.11 607.75 Td ($300 ) Tj ET Q q 0 0 0 rg BT 500.36 607.75 Td (million ) Tj ET Q q 0 0 0 rg BT 534.01 607.75 Td (and ) Tj ET Q q 0 0 0 rg BT 555.41 607.75 Td (cross ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 595.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 110.68 595.15 Td (swaps ) Tj ET Q q 0 0 0 rg BT 143.36 595.15 Td (with ) Tj ET Q q 0 0 0 rg BT 164.95 595.15 Td (a ) Tj ET Q q 0 0 0 rg BT 173.71 595.15 Td (total ) Tj ET Q q 0 0 0 rg BT 196.47 595.15 Td (value ) Tj ET Q q 0 0 0 rg BT 224.49 595.15 Td (of ) Tj ET Q q 0 0 0 rg BT 236.17 595.15 Td ($360 ) Tj ET Q q 0 0 0 rg BT 262.45 595.15 Td (million.) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 575.28 cm /I66 Do Q q 0 0 0 rg BT 35.32 577.55 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 577.55 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 99.25 577.55 Td (Natural ) Tj ET Q q 0 0 0 rg BT 137.90 577.55 Td (continues ) Tj ET Q q 0 0 0 rg BT 187.64 577.55 Td (to ) Tj ET Q q 0 0 0 rg BT 201.20 577.55 Td (maintain ) Tj ET Q q 0 0 0 rg BT 245.68 577.55 Td (strong ) Tj ET Q q 0 0 0 rg BT 279.66 577.55 Td (investment ) Tj ET Q q 0 0 0 rg BT 335.23 577.55 Td (credit ) Tj ET Q q 0 0 0 rg BT 365.70 577.55 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 404.62 577.55 Td (The ) Tj ET Q q 0 0 0 rg BT 427.51 577.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.24 577.55 Td (has ) Tj ET Q q 0 0 0 rg BT 498.97 577.55 Td (a ) Tj ET Q q 0 0 0 rg BT 509.61 577.55 Td (high ) Tj ET Q q 0 0 0 rg BT 534.25 577.55 Td (degree ) Tj ET Q q 0 0 0 rg BT 571.75 577.55 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 564.95 Td (communication ) Tj ET Q q 0 0 0 rg BT 124.58 564.95 Td (with ) Tj ET Q q 0 0 0 rg BT 147.71 564.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 177.85 564.95 Td (rating ) Tj ET Q q 0 0 0 rg BT 208.58 564.95 Td (agencies ) Tj ET Q q 0 0 0 rg BT 255.07 564.95 Td (to ) Tj ET Q q 0 0 0 rg BT 268.29 564.95 Td (ensure ) Tj ET Q q 0 0 0 rg BT 304.86 564.95 Td (they ) Tj ET Q q 0 0 0 rg BT 329.17 564.95 Td (understand ) Tj ET Q q 0 0 0 rg BT 386.18 564.95 Td (the ) Tj ET Q q 0 0 0 rg BT 405.23 564.95 Td (robust ) Tj ET Q q 0 0 0 rg BT 438.88 564.95 Td (and ) Tj ET Q q 0 0 0 rg BT 460.86 564.95 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 518.45 564.95 Td (nature ) Tj ET Q q 0 0 0 rg BT 552.68 564.95 Td (of ) Tj ET Q q 0 0 0 rg BT 565.90 564.95 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 552.35 Td (Company's ) Tj ET Q q 0 0 0 rg BT 104.61 552.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 140.60 552.35 Td (Their ) Tj ET Q q 0 0 0 rg BT 167.44 552.35 Td (understanding ) Tj ET Q q 0 0 0 rg BT 236.92 552.35 Td (is ) Tj ET Q q 0 0 0 rg BT 247.42 552.35 Td (evident ) Tj ET Q q 0 0 0 rg BT 284.20 552.35 Td (in ) Tj ET Q q 0 0 0 rg BT 295.29 552.35 Td (the ) Tj ET Q q 0 0 0 rg BT 312.80 552.35 Td (following ) Tj ET Q q 0 0 0 rg BT 356.58 552.35 Td (results:) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 534.75 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 534.75 Td (On ) Tj ET Q q 0 0 0 rg BT 85.07 534.75 Td (March ) Tj ET Q q 0 0 0 rg BT 117.81 534.75 Td (20, ) Tj ET Q q 0 0 0 rg BT 135.97 534.75 Td (2020, ) Tj ET Q q 0 0 0 rg BT 165.81 534.75 Td (Moody? Tj ET Q q 0 0 0 rg BT 199.47 534.75 Td (s ) Tj ET Q q 0 0 0 rg BT 208.28 534.75 Td (Investors ) Tj ET Q q 0 0 0 rg BT 254.44 534.75 Td (Service, ) Tj ET Q q 0 0 0 rg BT 295.94 534.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 316.42 534.75 Td (\(揗oody? Tj ET Q q 0 0 0 rg BT 357.08 534.75 Td (s擻) ) Tj ET Q q 0 0 0 rg BT 372.88 534.75 Td (af) Tj ET Q q 0 0 0 rg BT 381.45 534.75 Td (firmed ) Tj ET Q q 0 0 0 rg BT 414.19 534.75 Td (the ) Tj ET Q q 0 0 0 rg BT 432.35 534.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 488.10 534.75 Td (long ) Tj ET Q q 0 0 0 rg BT 511.52 534.75 Td (term ) Tj ET Q q 0 0 0 rg BT 536.08 534.75 Td (and ) Tj ET Q q 0 0 0 rg BT 557.16 534.75 Td (short ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 522.15 Td (term ) Tj ET Q q 0 0 0 rg BT 91.42 522.15 Td (investment ) Tj ET Q q 0 0 0 rg BT 145.11 522.15 Td (grade ) Tj ET Q q 0 0 0 rg BT 174.88 522.15 Td (credit ) Tj ET Q q 0 0 0 rg BT 203.48 522.15 Td (ratings ) Tj ET Q q 0 0 0 rg BT 237.91 522.15 Td (of ) Tj ET Q q 0 0 0 rg BT 249.59 522.15 Td (Baa2 ) Tj ET Q q 0 0 0 rg BT 277.03 522.15 Td (and ) Tj ET Q q 0 0 0 rg BT 297.46 522.15 Td (P-2 ) Tj ET Q q 0 0 0 rg BT 316.72 522.15 Td (with ) Tj ET Q q 0 0 0 rg BT 338.31 522.15 Td (a ) Tj ET Q q 0 0 0 rg BT 347.07 522.15 Td (stable ) Tj ET Q q 0 0 0 rg BT 378.01 522.15 Td (outlook.? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 504.55 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 504.55 Td (On ) Tj ET Q q 0 0 0 rg BT 84.62 504.55 Td (March ) Tj ET Q q 0 0 0 rg BT 116.90 504.55 Td (26, ) Tj ET Q q 0 0 0 rg BT 134.61 504.55 Td (2020, ) Tj ET Q q 0 0 0 rg BT 163.99 504.55 Td (Standard ) Tj ET Q q 0 0 0 rg BT 209.72 504.55 Td (& ) Tj ET Q q 0 0 0 rg BT 219.83 504.55 Td (Poor) Tj ET Q q 0 0 0 rg BT 242.40 504.55 Td (? Tj ET Q q 0 0 0 rg BT 244.55 504.55 Td (s ) Tj ET Q q 0 0 0 rg BT 252.91 504.55 Td (Rating ) Tj ET Q q 0 0 0 rg BT 286.37 504.55 Td (Services ) Tj ET Q q 0 0 0 rg BT 329.74 504.55 Td (\(揝&P擻) ) Tj ET Q q 0 0 0 rg BT 367.85 504.55 Td (rating ) Tj ET Q q 0 0 0 rg BT 397.22 504.55 Td (action ) Tj ET Q q 0 0 0 rg BT 428.35 504.55 Td (on ) Tj ET Q q 0 0 0 rg BT 443.14 504.55 Td (the ) Tj ET Q q 0 0 0 rg BT 460.85 504.55 Td (Company ) Tj ET Q q 0 0 0 rg BT 508.90 504.55 Td (resulted ) Tj ET Q q 0 0 0 rg BT 549.37 504.55 Td (in ) Tj ET Q q 0 0 0 rg BT 560.65 504.55 Td (long ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 491.95 Td (term ) Tj ET Q q 0 0 0 rg BT 91.42 491.95 Td (and ) Tj ET Q q 0 0 0 rg BT 111.85 491.95 Td (short ) Tj ET Q q 0 0 0 rg BT 138.12 491.95 Td (term ) Tj ET Q q 0 0 0 rg BT 162.03 491.95 Td (investment ) Tj ET Q q 0 0 0 rg BT 215.73 491.95 Td (grade ) Tj ET Q q 0 0 0 rg BT 245.50 491.95 Td (credit ) Tj ET Q q 0 0 0 rg BT 274.09 491.95 Td (ratings ) Tj ET Q q 0 0 0 rg BT 308.53 491.95 Td (of ) Tj ET Q q 0 0 0 rg BT 320.20 491.95 Td (BBB ) Tj ET Q q 0 0 0 rg BT 344.13 491.95 Td (and ) Tj ET Q q 0 0 0 rg BT 363.99 491.95 Td (A-2 ) Tj ET Q q 0 0 0 rg BT 383.24 491.95 Td (with ) Tj ET Q q 0 0 0 rg BT 404.84 491.95 Td (a ) Tj ET Q q 0 0 0 rg BT 413.59 491.95 Td (stable ) Tj ET Q q 0 0 0 rg BT 444.53 491.95 Td (outlook.? Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 474.35 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 474.35 Td (DBRS ) Tj ET Q q 0 0 0 rg BT 99.59 474.35 Td (Limited ) Tj ET Q q 0 0 0 rg BT 136.36 474.35 Td (\(揇BRS擻) ) Tj ET Q q 0 0 0 rg BT 182.43 474.35 Td (current ) Tj ET Q q 0 0 0 rg BT 218.03 474.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 246.63 474.35 Td (rating ) Tj ET Q q 0 0 0 rg BT 275.81 474.35 Td (for ) Tj ET Q q 0 0 0 rg BT 290.98 474.35 Td (the ) Tj ET Q q 0 0 0 rg BT 308.50 474.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 356.35 474.35 Td (is ) Tj ET Q q 0 0 0 rg BT 366.85 474.35 Td (BBB ) Tj ET Q q 0 0 0 rg BT 390.78 474.35 Td (high. ) Tj ET Q BT /F1 10.50 Tf ET /GS0 gs q 3.82 0 0 10.55 31.50 454.48 cm /I67 Do Q q 0 0 0 rg BT 35.32 456.75 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 97.08 456.75 Td (Natural? Tj ET Q q 0 0 0 rg BT 133.07 456.75 Td (s ) Tj ET Q q 0 0 0 rg BT 140.94 456.75 Td (business ) Tj ET Q q 0 0 0 rg BT 185.01 456.75 Td (is ) Tj ET Q q 0 0 0 rg BT 195.21 456.75 Td (unique, ) Tj ET Q q 0 0 0 rg BT 232.29 456.75 Td (robust ) Tj ET Q q 0 0 0 rg BT 264.09 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 284.23 456.75 Td (sustainable. ) Tj ET Q q 0 0 0 rg BT 342.73 456.75 Td (The ) Tj ET Q q 0 0 0 rg BT 363.44 456.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 404.01 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 415.39 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 432.60 456.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 487.42 456.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 520.39 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 540.53 456.75 Td (its ) Tj ET Q q 0 0 0 rg BT 553.66 456.75 Td (ability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 444.15 Td (to ) Tj ET Q q 0 0 0 rg BT 61.32 444.15 Td (generate ) Tj ET Q q 0 0 0 rg BT 105.84 444.15 Td (significant ) Tj ET Q q 0 0 0 rg BT 155.60 444.15 Td (and ) Tj ET Q q 0 0 0 rg BT 176.19 444.15 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 232.37 444.15 Td (free ) Tj ET Q q 0 0 0 rg BT 253.53 444.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.78 444.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 300.52 444.15 Td (over ) Tj ET Q q 0 0 0 rg BT 324.01 444.15 Td (the ) Tj ET Q q 0 0 0 rg BT 341.67 444.15 Td (long ) Tj ET Q q 0 0 0 rg BT 364.59 444.15 Td (term ) Tj ET Q q 0 0 0 rg BT 388.65 444.15 Td (combined ) Tj ET Q q 0 0 0 rg BT 437.25 444.15 Td (with ) Tj ET Q q 0 0 0 rg BT 458.99 444.15 Td (strong ) Tj ET Q q 0 0 0 rg BT 491.24 444.15 Td (liquidity) Tj ET Q q 0 0 0 rg BT 525.48 444.15 Td (, ) Tj ET Q q 0 0 0 rg BT 531.46 444.15 Td (production ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 431.55 Td (flexibility) Tj ET Q q 0 0 0 rg BT 88.40 431.55 Td (, ) Tj ET Q q 0 0 0 rg BT 93.77 431.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 142.92 431.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.73 431.55 Td (reductions ) Tj ET Q q 0 0 0 rg BT 226.63 431.55 Td (and ) Tj ET Q q 0 0 0 rg BT 246.60 431.55 Td (targeted ) Tj ET Q q 0 0 0 rg BT 287.59 431.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 333.83 431.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 360.79 431.55 Td (savings ) Tj ET Q q 0 0 0 rg BT 398.85 431.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 441.58 431.55 Td (the ) Tj ET Q q 0 0 0 rg BT 458.63 431.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 489.11 431.55 Td (of ) Tj ET Q q 0 0 0 rg BT 500.32 431.55 Td (Directors ) Tj ET Q q 0 0 0 rg BT 544.78 431.55 Td (with ) Tj ET Q q 0 0 0 rg BT 565.91 431.55 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 418.95 Td (confidence ) Tj ET Q q 0 0 0 rg BT 103.21 418.95 Td (that ) Tj ET Q q 0 0 0 rg BT 123.64 418.95 Td (the ) Tj ET Q q 0 0 0 rg BT 141.15 418.95 Td (Company? Tj ET Q q 0 0 0 rg BT 188.24 418.95 Td (s ) Tj ET Q q 0 0 0 rg BT 196.40 418.95 Td (current ) Tj ET Q q 0 0 0 rg BT 232.00 418.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 274.03 418.95 Td (levels ) Tj ET Q q 0 0 0 rg BT 303.80 418.95 Td (can ) Tj ET Q q 0 0 0 rg BT 323.64 418.95 Td (be ) Tj ET Q q 0 0 0 rg BT 338.24 418.95 Td (sustained ) Tj ET Q q 0 0 0 rg BT 386.11 418.95 Td (through ) Tj ET Q q 0 0 0 rg BT 424.64 418.95 Td (the ) Tj ET Q q 0 0 0 rg BT 442.15 418.95 Td (commodity ) Tj ET Q q 0 0 0 rg BT 495.83 418.95 Td (price ) Tj ET Q q 0 0 0 rg BT 521.51 418.95 Td (cycle.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 401.35 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 401.35 Td (On ) Tj ET Q q 0 0 0 rg BT 85.00 401.35 Td (March ) Tj ET Q q 0 0 0 rg BT 117.67 401.35 Td (5, ) Tj ET Q q 0 0 0 rg BT 129.93 401.35 Td (2020, ) Tj ET Q q 0 0 0 rg BT 159.70 401.35 Td (the ) Tj ET Q q 0 0 0 rg BT 177.80 401.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.23 401.35 Td (declared ) Tj ET Q q 0 0 0 rg BT 270.01 401.35 Td (a ) Tj ET Q q 0 0 0 rg BT 279.35 401.35 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 323.70 401.35 Td (dividend ) Tj ET Q q 0 0 0 rg BT 366.31 401.35 Td (increase ) Tj ET Q q 0 0 0 rg BT 409.49 401.35 Td (of ) Tj ET Q q 0 0 0 rg BT 421.75 401.35 Td (13% ) Tj ET Q q 0 0 0 rg BT 446.26 401.35 Td (to ) Tj ET Q q 0 0 0 rg BT 458.52 401.35 Td ($0.425 ) Tj ET Q q 0 0 0 rg BT 494.13 401.35 Td (per ) Tj ET Q q 0 0 0 rg BT 512.80 401.35 Td (share, ) Tj ET Q q 0 0 0 rg BT 545.48 401.35 Td (paid ) Tj ET Q q 0 0 0 rg BT 568.83 401.35 Td (on ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 388.75 Td (April ) Tj ET Q q 0 0 0 rg BT 92.75 388.75 Td (1, ) Tj ET Q q 0 0 0 rg BT 105.75 388.75 Td (2020. ) Tj ET Q q 0 0 0 rg BT 136.00 388.75 Td (The ) Tj ET Q q 0 0 0 rg BT 158.34 388.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 202.27 388.75 Td (marks ) Tj ET Q q 0 0 0 rg BT 235.10 388.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.94 388.75 Td (20th ) Tj ET Q q 0 0 0 rg BT 278.62 388.75 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 338.32 388.75 Td (year ) Tj ET Q q 0 0 0 rg BT 362.99 388.75 Td (that ) Tj ET Q q 0 0 0 rg BT 384.75 388.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.59 388.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 452.78 388.75 Td (has ) Tj ET Q q 0 0 0 rg BT 473.95 388.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 523.73 388.75 Td (its ) Tj ET Q q 0 0 0 rg BT 538.47 388.75 Td (dividend, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 376.15 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 113.51 376.15 Td (the ) Tj ET Q q 0 0 0 rg BT 131.51 376.15 Td (Board ) Tj ET Q q 0 0 0 rg BT 162.93 376.15 Td (of ) Tj ET Q q 0 0 0 rg BT 175.09 376.15 Td (Directors' ) Tj ET Q q 0 0 0 rg BT 222.50 376.15 Td (confidence ) Tj ET Q q 0 0 0 rg BT 276.69 376.15 Td (in ) Tj ET Q q 0 0 0 rg BT 288.27 376.15 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 336.62 376.15 Td (Natural's ) Tj ET Q q 0 0 0 rg BT 381.13 376.15 Td (strength ) Tj ET Q q 0 0 0 rg BT 422.47 376.15 Td (and ) Tj ET Q q 0 0 0 rg BT 443.40 376.15 Td (robustness ) Tj ET Q q 0 0 0 rg BT 498.16 376.15 Td (of ) Tj ET Q q 0 0 0 rg BT 510.32 376.15 Td (the ) Tj ET Q q 0 0 0 rg BT 528.32 376.15 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 363.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 100.76 363.55 Td (and ) Tj ET Q q 0 0 0 rg BT 121.20 363.55 Td (its ) Tj ET Q q 0 0 0 rg BT 134.62 363.55 Td (ability ) Tj ET Q q 0 0 0 rg BT 164.38 363.55 Td (to ) Tj ET Q q 0 0 0 rg BT 176.06 363.55 Td (generate ) Tj ET Q q 0 0 0 rg BT 220.43 363.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 270.04 363.55 Td (and ) Tj ET Q q 0 0 0 rg BT 290.48 363.55 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 346.52 363.55 Td (free ) Tj ET Q q 0 0 0 rg BT 367.53 363.55 Td (cash ) Tj ET Q q 0 0 0 rg BT 392.63 363.55 Td (flow) Tj ET Q q 0 0 0 rg BT 410.72 363.55 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 49.50 345.95 Td (?) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 345.95 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 128.56 345.95 Td (to ) Tj ET Q q 0 0 0 rg BT 142.33 345.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 180.61 345.95 Td (end, ) Tj ET Q q 0 0 0 rg BT 206.06 345.95 Td (the ) Tj ET Q q 0 0 0 rg BT 225.67 345.95 Td (Company ) Tj ET Q q 0 0 0 rg BT 275.62 345.95 Td (declared ) Tj ET Q q 0 0 0 rg BT 320.91 345.95 Td (a ) Tj ET Q q 0 0 0 rg BT 331.76 345.95 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 377.62 345.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 421.75 345.95 Td (of ) Tj ET Q q 0 0 0 rg BT 435.52 345.95 Td ($0.425 ) Tj ET Q q 0 0 0 rg BT 472.65 345.95 Td (per ) Tj ET Q q 0 0 0 rg BT 492.83 345.95 Td (share, ) Tj ET Q q 0 0 0 rg BT 527.03 345.95 Td (payable ) Tj ET Q q 0 0 0 rg BT 568.82 345.95 Td (on ) Tj ET Q q 0 0 0 rg BT 583.42 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 586.34 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 609.68 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 621.35 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 633.02 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 644.69 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 647.60 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 650.52 345.95 Td ( ) Tj ET Q q 0 0 0 rg BT 653.44 345.95 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 67.50 333.35 Td (July ) Tj ET Q q 0 0 0 rg BT 89.09 333.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 100.77 333.35 Td (2020.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.95 17.45 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 748.40 Td (ADVISOR) Tj ET Q q 0 0 0 rg BT 78.95 748.40 Td (Y) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 731.80 Td (Special Note Regarding Forward-Looking Statements ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 714.20 Td (Certain ) Tj ET Q q 0 0 0 rg BT 69.10 714.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 124.20 714.20 Td (relating ) Tj ET Q q 0 0 0 rg BT 162.39 714.20 Td (to ) Tj ET Q q 0 0 0 rg BT 174.89 714.20 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 223.59 714.20 Td (Natural ) Tj ET Q q 0 0 0 rg BT 261.19 714.20 Td (Resources ) Tj ET Q q 0 0 0 rg BT 315.12 714.20 Td (Limited ) Tj ET Q q 0 0 0 rg BT 352.72 714.20 Td (\(the ) Tj ET Q q 0 0 0 rg BT 374.56 714.20 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 434.20 714.20 Td (in ) Tj ET Q q 0 0 0 rg BT 446.12 714.20 Td (this ) Tj ET Q q 0 0 0 rg BT 466.20 714.20 Td (document ) Tj ET Q q 0 0 0 rg BT 516.06 714.20 Td (or ) Tj ET Q q 0 0 0 rg BT 529.15 714.20 Td (documents ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 701.60 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 92.68 701.60 Td (herein ) Tj ET Q q 0 0 0 rg BT 124.69 701.60 Td (by ) Tj ET Q q 0 0 0 rg BT 138.59 701.60 Td (reference ) Tj ET Q q 0 0 0 rg BT 185.76 701.60 Td (constitute ) Tj ET Q q 0 0 0 rg BT 233.52 701.60 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 308.11 701.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 362.28 701.60 Td (or ) Tj ET Q q 0 0 0 rg BT 374.43 701.60 Td (information ) Tj ET Q q 0 0 0 rg BT 429.19 701.60 Td (\(collectively ) Tj ET Q q 0 0 0 rg BT 486.27 701.60 Td (referred ) Tj ET Q q 0 0 0 rg BT 525.84 701.60 Td (to ) Tj ET Q q 0 0 0 rg BT 537.41 701.60 Td (herein ) Tj ET Q q 0 0 0 rg BT 569.41 701.60 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 689.00 Td ("forward-looking ) Tj ET Q q 0 0 0 rg BT 109.34 689.00 Td (statements"\) ) Tj ET Q q 0 0 0 rg BT 170.25 689.00 Td (within ) Tj ET Q q 0 0 0 rg BT 199.42 689.00 Td (the ) Tj ET Q q 0 0 0 rg BT 216.35 689.00 Td (meaning ) Tj ET Q q 0 0 0 rg BT 258.96 689.00 Td (of ) Tj ET Q q 0 0 0 rg BT 270.04 689.00 Td (applicable ) Tj ET Q q 0 0 0 rg BT 319.66 689.00 Td (securities ) Tj ET Q q 0 0 0 rg BT 366.33 689.00 Td (legislation. ) Tj ET Q q 0 0 0 rg BT 418.28 689.00 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 495.89 689.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 549.57 689.00 Td (can ) Tj ET Q q 0 0 0 rg BT 568.83 689.00 Td (be ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 676.40 Td (identified ) Tj ET Q q 0 0 0 rg BT 76.67 676.40 Td (by ) Tj ET Q q 0 0 0 rg BT 90.89 676.40 Td (the ) Tj ET Q q 0 0 0 rg BT 108.62 676.40 Td (words ) Tj ET Q q 0 0 0 rg BT 139.76 676.40 Td ("believe", ) Tj ET Q q 0 0 0 rg BT 186.55 676.40 Td ("anticipate", ) Tj ET Q q 0 0 0 rg BT 245.00 676.40 Td ("expect", ) Tj ET Q q 0 0 0 rg BT 289.45 676.40 Td ("plan", ) Tj ET Q q 0 0 0 rg BT 322.81 676.40 Td ("estimate", ) Tj ET Q q 0 0 0 rg BT 376.00 676.40 Td ("target", ) Tj ET Q q 0 0 0 rg BT 416.35 676.40 Td ("continue", ) Tj ET Q q 0 0 0 rg BT 469.56 676.40 Td ("could", ) Tj ET Q q 0 0 0 rg BT 508.17 676.40 Td ("intend", ) Tj ET Q q 0 0 0 rg BT 550.28 676.40 Td ("may", ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 663.80 Td ("potential", ) Tj ET Q q 0 0 0 rg BT 86.12 663.80 Td ("predict", ) Tj ET Q q 0 0 0 rg BT 132.55 663.80 Td ("should", ) Tj ET Q q 0 0 0 rg BT 178.41 663.80 Td ("will", ) Tj ET Q q 0 0 0 rg BT 207.90 663.80 Td ("objective", ) Tj ET Q q 0 0 0 rg BT 264.26 663.80 Td ("project", ) Tj ET Q q 0 0 0 rg BT 310.69 663.80 Td ("forecast", ) Tj ET Q q 0 0 0 rg BT 362.96 663.80 Td ("goal", ) Tj ET Q q 0 0 0 rg BT 397.73 663.80 Td ("guidance", ) Tj ET Q q 0 0 0 rg BT 455.27 663.80 Td ("outlook", ) Tj ET Q q 0 0 0 rg BT 504.04 663.80 Td ("ef) Tj ET Q q 0 0 0 rg BT 516.34 663.80 Td (fort", ) Tj ET Q q 0 0 0 rg BT 542.70 663.80 Td ("seeks", ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 651.20 Td ("schedule", ) Tj ET Q q 0 0 0 rg BT 85.79 651.20 Td ("proposed", ) Tj ET Q q 0 0 0 rg BT 141.84 651.20 Td ("aspiration" ) Tj ET Q q 0 0 0 rg BT 196.71 651.20 Td (or ) Tj ET Q q 0 0 0 rg BT 207.93 651.20 Td (expressions ) Tj ET Q q 0 0 0 rg BT 265.85 651.20 Td (of ) Tj ET Q q 0 0 0 rg BT 276.50 651.20 Td (a ) Tj ET Q q 0 0 0 rg BT 284.22 651.20 Td (similar ) Tj ET Q q 0 0 0 rg BT 316.44 651.20 Td (nature ) Tj ET Q q 0 0 0 rg BT 348.10 651.20 Td (suggesting ) Tj ET Q q 0 0 0 rg BT 400.78 651.20 Td (future ) Tj ET Q q 0 0 0 rg BT 429.52 651.20 Td (outcome ) Tj ET Q q 0 0 0 rg BT 471.68 651.20 Td (or ) Tj ET Q q 0 0 0 rg BT 482.91 651.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 536.15 651.20 Td (regarding ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 638.60 Td (an ) Tj ET Q q 0 0 0 rg BT 45.04 638.60 Td (outlook. ) Tj ET Q q 0 0 0 rg BT 83.68 638.60 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 134.55 638.60 Td (related ) Tj ET Q q 0 0 0 rg BT 168.52 638.60 Td (to ) Tj ET Q q 0 0 0 rg BT 179.14 638.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 223.61 638.60 Td (future ) Tj ET Q q 0 0 0 rg BT 252.33 638.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 304.95 638.60 Td (pricing, ) Tj ET Q q 0 0 0 rg BT 340.66 638.60 Td (forecast ) Tj ET Q q 0 0 0 rg BT 379.87 638.60 Td (or ) Tj ET Q q 0 0 0 rg BT 391.07 638.60 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 443.72 638.60 Td (production ) Tj ET Q q 0 0 0 rg BT 494.61 638.60 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 538.49 638.60 Td (royalties, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 626.00 Td (production ) Tj ET Q q 0 0 0 rg BT 82.42 626.00 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 132.18 626.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 164.42 626.00 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 229.35 626.00 Td (income ) Tj ET Q q 0 0 0 rg BT 265.09 626.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 280.98 626.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 327.82 626.00 Td (and ) Tj ET Q q 0 0 0 rg BT 347.23 626.00 Td (other ) Tj ET Q q 0 0 0 rg BT 373.05 626.00 Td (guidance ) Tj ET Q q 0 0 0 rg BT 417.56 626.00 Td (provided ) Tj ET Q q 0 0 0 rg BT 459.72 626.00 Td (throughout ) Tj ET Q q 0 0 0 rg BT 511.82 626.00 Td (the ) Tj ET Q q 0 0 0 rg BT 528.31 626.00 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 613.40 Td (Management? Tj ET Q q 0 0 0 rg BT 94.93 613.40 Td (s ) Tj ET Q q 0 0 0 rg BT 103.40 613.40 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 157.38 613.40 Td (and ) Tj ET Q q 0 0 0 rg BT 177.47 613.40 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 219.79 613.40 Td (\("MD&A"\) ) Tj ET Q q 0 0 0 rg BT 267.79 613.40 Td (of ) Tj ET Q q 0 0 0 rg BT 279.76 613.40 Td (the ) Tj ET Q q 0 0 0 rg BT 297.57 613.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.31 613.40 Td (condition ) Tj ET Q q 0 0 0 rg BT 384.55 613.40 Td (and ) Tj ET Q q 0 0 0 rg BT 405.29 613.40 Td (results ) Tj ET Q q 0 0 0 rg BT 439.43 613.40 Td (of ) Tj ET Q q 0 0 0 rg BT 451.40 613.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 503.65 613.40 Td (of ) Tj ET Q q 0 0 0 rg BT 515.62 613.40 Td (the ) Tj ET Q q 0 0 0 rg BT 533.43 613.40 Td (Company) Tj ET Q q 0 0 0 rg BT 577.59 613.40 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 600.80 Td (constitute ) Tj ET Q q 0 0 0 rg BT 81.60 600.80 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 158.53 600.80 Td (statements. ) Tj ET Q q 0 0 0 rg BT 217.96 600.80 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 272.13 600.80 Td (of ) Tj ET Q q 0 0 0 rg BT 286.04 600.80 Td (plans ) Tj ET Q q 0 0 0 rg BT 316.29 600.80 Td (relating ) Tj ET Q q 0 0 0 rg BT 355.88 600.80 Td (to ) Tj ET Q q 0 0 0 rg BT 369.79 600.80 Td (and ) Tj ET Q q 0 0 0 rg BT 392.46 600.80 Td (expected ) Tj ET Q q 0 0 0 rg BT 440.23 600.80 Td (results ) Tj ET Q q 0 0 0 rg BT 476.31 600.80 Td (of ) Tj ET Q q 0 0 0 rg BT 490.22 600.80 Td (existing ) Tj ET Q q 0 0 0 rg BT 530.98 600.80 Td (and ) Tj ET Q q 0 0 0 rg BT 553.65 600.80 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 588.20 Td (developments, ) Tj ET Q q 0 0 0 rg BT 102.69 588.20 Td (including, ) Tj ET Q q 0 0 0 rg BT 149.95 588.20 Td (without ) Tj ET Q q 0 0 0 rg BT 186.12 588.20 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 233.36 588.20 Td (those ) Tj ET Q q 0 0 0 rg BT 261.95 588.20 Td (in ) Tj ET Q q 0 0 0 rg BT 273.02 588.20 Td (relation ) Tj ET Q q 0 0 0 rg BT 310.35 588.20 Td (to ) Tj ET Q q 0 0 0 rg BT 322.00 588.20 Td (the ) Tj ET Q q 0 0 0 rg BT 339.50 588.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.59 588.20 Td (assets ) Tj ET Q q 0 0 0 rg BT 427.83 588.20 Td (at ) Tj ET Q q 0 0 0 rg BT 439.48 588.20 Td (Horizon ) Tj ET Q q 0 0 0 rg BT 478.56 588.20 Td (Oil ) Tj ET Q q 0 0 0 rg BT 494.29 588.20 Td (Sands ) Tj ET Q q 0 0 0 rg BT 526.96 588.20 Td (\("Horizon"\), ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 575.60 Td (the ) Tj ET Q q 0 0 0 rg BT 47.96 575.60 Td (Athabasca ) Tj ET Q q 0 0 0 rg BT 99.90 575.60 Td (Oil ) Tj ET Q q 0 0 0 rg BT 115.06 575.60 Td (Sands ) Tj ET Q q 0 0 0 rg BT 147.16 575.60 Td (Project ) Tj ET Q q 0 0 0 rg BT 182.16 575.60 Td (\("AOSP"\), ) Tj ET Q q 0 0 0 rg BT 231.03 575.60 Td (Primrose ) Tj ET Q q 0 0 0 rg BT 275.35 575.60 Td (thermal ) Tj ET Q q 0 0 0 rg BT 312.69 575.60 Td (projects, ) Tj ET Q q 0 0 0 rg BT 354.70 575.60 Td (the ) Tj ET Q q 0 0 0 rg BT 371.62 575.60 Td (Pelican ) Tj ET Q q 0 0 0 rg BT 408.38 575.60 Td (Lake ) Tj ET Q q 0 0 0 rg BT 433.47 575.60 Td (water ) Tj ET Q q 0 0 0 rg BT 461.47 575.60 Td (and ) Tj ET Q q 0 0 0 rg BT 481.32 575.60 Td (polymer ) Tj ET Q q 0 0 0 rg BT 520.99 575.60 Td (flood ) Tj ET Q q 0 0 0 rg BT 546.08 575.60 Td (project, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 49.74 563.00 Td (Kirby ) Tj ET Q q 0 0 0 rg BT 77.08 563.00 Td (Thermal ) Tj ET Q q 0 0 0 rg BT 119.23 563.00 Td (Oil ) Tj ET Q q 0 0 0 rg BT 135.71 563.00 Td (Sands ) Tj ET Q q 0 0 0 rg BT 169.13 563.00 Td (Project, ) Tj ET Q q 0 0 0 rg BT 208.38 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 226.62 563.00 Td (Jackfish ) Tj ET Q q 0 0 0 rg BT 267.96 563.00 Td (Thermal ) Tj ET Q q 0 0 0 rg BT 310.12 563.00 Td (Oil ) Tj ET Q q 0 0 0 rg BT 326.60 563.00 Td (Sands ) Tj ET Q q 0 0 0 rg BT 360.02 563.00 Td (Project, ) Tj ET Q q 0 0 0 rg BT 399.26 563.00 Td (the ) Tj ET Q q 0 0 0 rg BT 417.51 563.00 Td (timing ) Tj ET Q q 0 0 0 rg BT 449.17 563.00 Td (and ) Tj ET Q q 0 0 0 rg BT 470.33 563.00 Td (future ) Tj ET Q q 0 0 0 rg BT 500.83 563.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 553.51 563.00 Td (of ) Tj ET Q q 0 0 0 rg BT 565.92 563.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 550.40 Td (North ) Tj ET Q q 0 0 0 rg BT 58.94 550.40 Td (W) Tj ET Q q 0 0 0 rg BT 68.66 550.40 Td (est ) Tj ET Q q 0 0 0 rg BT 84.42 550.40 Td (Redwater ) Tj ET Q q 0 0 0 rg BT 131.12 550.40 Td (bitumen ) Tj ET Q q 0 0 0 rg BT 170.24 550.40 Td (upgrader ) Tj ET Q q 0 0 0 rg BT 214.03 550.40 Td (and ) Tj ET Q q 0 0 0 rg BT 233.31 550.40 Td (refinery) Tj ET Q q 0 0 0 rg BT 267.54 550.40 Td (, ) Tj ET Q q 0 0 0 rg BT 272.22 550.40 Td (construction ) Tj ET Q q 0 0 0 rg BT 330.59 550.40 Td (by ) Tj ET Q q 0 0 0 rg BT 343.44 550.40 Td (third ) Tj ET Q q 0 0 0 rg BT 365.63 550.40 Td (parties ) Tj ET Q q 0 0 0 rg BT 398.90 550.40 Td (of ) Tj ET Q q 0 0 0 rg BT 409.42 550.40 Td (new) Tj ET Q q 0 0 0 rg BT 428.10 550.40 Td (, ) Tj ET Q q 0 0 0 rg BT 432.78 550.40 Td (or ) Tj ET Q q 0 0 0 rg BT 443.88 550.40 Td (expansion ) Tj ET Q q 0 0 0 rg BT 493.51 550.40 Td (of ) Tj ET Q q 0 0 0 rg BT 504.02 550.40 Td (existing, ) Tj ET Q q 0 0 0 rg BT 544.30 550.40 Td (pipeline ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 537.80 Td (capacity ) Tj ET Q q 0 0 0 rg BT 73.62 537.80 Td (or ) Tj ET Q q 0 0 0 rg BT 86.56 537.80 Td (other ) Tj ET Q q 0 0 0 rg BT 114.09 537.80 Td (means ) Tj ET Q q 0 0 0 rg BT 149.20 537.80 Td (of ) Tj ET Q q 0 0 0 rg BT 161.56 537.80 Td (transportation ) Tj ET Q q 0 0 0 rg BT 229.37 537.80 Td (of ) Tj ET Q q 0 0 0 rg BT 241.73 537.80 Td (bitumen, ) Tj ET Q q 0 0 0 rg BT 285.60 537.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 315.46 537.80 Td (oil, ) Tj ET Q q 0 0 0 rg BT 332.49 537.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 368.19 537.80 Td (gas, ) Tj ET Q q 0 0 0 rg BT 391.64 537.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 427.35 537.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 447.88 537.80 Td (liquids ) Tj ET Q q 0 0 0 rg BT 481.24 537.80 Td (\("NGLs"\) ) Tj ET Q q 0 0 0 rg BT 526.13 537.80 Td (or ) Tj ET Q q 0 0 0 rg BT 539.07 537.80 Td (synthetic ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 525.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 60.92 525.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 74.59 525.20 Td (\("SCO"\) ) Tj ET Q q 0 0 0 rg BT 114.95 525.20 Td (that ) Tj ET Q q 0 0 0 rg BT 135.62 525.20 Td (the ) Tj ET Q q 0 0 0 rg BT 153.38 525.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.47 525.20 Td (may ) Tj ET Q q 0 0 0 rg BT 224.47 525.20 Td (be ) Tj ET Q q 0 0 0 rg BT 239.31 525.20 Td (reliant ) Tj ET Q q 0 0 0 rg BT 271.06 525.20 Td (upon ) Tj ET Q q 0 0 0 rg BT 297.58 525.20 Td (to ) Tj ET Q q 0 0 0 rg BT 309.50 525.20 Td (transport ) Tj ET Q q 0 0 0 rg BT 354.09 525.20 Td (its ) Tj ET Q q 0 0 0 rg BT 367.75 525.20 Td (products ) Tj ET Q q 0 0 0 rg BT 411.18 525.20 Td (to ) Tj ET Q q 0 0 0 rg BT 423.10 525.20 Td (market, ) Tj ET Q q 0 0 0 rg BT 461.27 525.20 Td (and ) Tj ET Q q 0 0 0 rg BT 481.94 525.20 Td (the ) Tj ET Q q 0 0 0 rg BT 499.70 525.20 Td (development ) Tj ET Q q 0 0 0 rg BT 562.98 525.20 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 512.60 Td (deployment ) Tj ET Q q 0 0 0 rg BT 89.93 512.60 Td (of ) Tj ET Q q 0 0 0 rg BT 102.82 512.60 Td (technology ) Tj ET Q q 0 0 0 rg BT 157.75 512.60 Td (and ) Tj ET Q q 0 0 0 rg BT 179.41 512.60 Td (technological ) Tj ET Q q 0 0 0 rg BT 244.85 512.60 Td (innovations ) Tj ET Q q 0 0 0 rg BT 302.11 512.60 Td (also ) Tj ET Q q 0 0 0 rg BT 325.51 512.60 Td (constitute ) Tj ET Q q 0 0 0 rg BT 374.60 512.60 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 450.52 512.60 Td (statements. ) Tj ET Q q 0 0 0 rg BT 508.67 512.60 Td (These ) Tj ET Q q 0 0 0 rg BT 541.99 512.60 Td (forward-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 500.00 Td (looking ) Tj ET Q q 0 0 0 rg BT 67.27 500.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 121.13 500.00 Td (are ) Tj ET Q q 0 0 0 rg BT 138.81 500.00 Td (based ) Tj ET Q q 0 0 0 rg BT 169.91 500.00 Td (on ) Tj ET Q q 0 0 0 rg BT 184.09 500.00 Td (annual ) Tj ET Q q 0 0 0 rg BT 218.12 500.00 Td (budgets ) Tj ET Q q 0 0 0 rg BT 257.99 500.00 Td (and ) Tj ET Q q 0 0 0 rg BT 278.01 500.00 Td (multi-year ) Tj ET Q q 0 0 0 rg BT 326.60 500.00 Td (forecasts, ) Tj ET Q q 0 0 0 rg BT 374.61 500.00 Td (and ) Tj ET Q q 0 0 0 rg BT 394.63 500.00 Td (are ) Tj ET Q q 0 0 0 rg BT 412.31 500.00 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 456.83 500.00 Td (and ) Tj ET Q q 0 0 0 rg BT 476.85 500.00 Td (revised ) Tj ET Q q 0 0 0 rg BT 513.19 500.00 Td (throughout ) Tj ET Q q 0 0 0 rg BT 565.90 500.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 487.40 Td (year ) Tj ET Q q 0 0 0 rg BT 54.52 487.40 Td (as ) Tj ET Q q 0 0 0 rg BT 68.20 487.40 Td (necessary ) Tj ET Q q 0 0 0 rg BT 118.65 487.40 Td (in ) Tj ET Q q 0 0 0 rg BT 129.42 487.40 Td (the ) Tj ET Q q 0 0 0 rg BT 146.61 487.40 Td (context ) Tj ET Q q 0 0 0 rg BT 183.06 487.40 Td (of ) Tj ET Q q 0 0 0 rg BT 194.41 487.40 Td (targeted ) Tj ET Q q 0 0 0 rg BT 235.54 487.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.66 487.40 Td (ratios, ) Tj ET Q q 0 0 0 rg BT 307.85 487.40 Td (project ) Tj ET Q q 0 0 0 rg BT 341.96 487.40 Td (returns, ) Tj ET Q q 0 0 0 rg BT 380.15 487.40 Td (product ) Tj ET Q q 0 0 0 rg BT 417.77 487.40 Td (pricing ) Tj ET Q q 0 0 0 rg BT 451.29 487.40 Td (expectations ) Tj ET Q q 0 0 0 rg BT 512.85 487.40 Td (and ) Tj ET Q q 0 0 0 rg BT 532.96 487.40 Td (balance ) Tj ET Q q 0 0 0 rg BT 572.34 487.40 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 474.80 Td (project ) Tj ET Q q 0 0 0 rg BT 66.41 474.80 Td (risk ) Tj ET Q q 0 0 0 rg BT 86.14 474.80 Td (and ) Tj ET Q q 0 0 0 rg BT 107.06 474.80 Td (time ) Tj ET Q q 0 0 0 rg BT 130.29 474.80 Td (horizons. ) Tj ET Q q 0 0 0 rg BT 176.08 474.80 Td (These ) Tj ET Q q 0 0 0 rg BT 208.66 474.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.41 474.80 Td (are ) Tj ET Q q 0 0 0 rg BT 281.99 474.80 Td (not ) Tj ET Q q 0 0 0 rg BT 299.98 474.80 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 355.92 474.80 Td (of ) Tj ET Q q 0 0 0 rg BT 368.08 474.80 Td (future ) Tj ET Q q 0 0 0 rg BT 398.32 474.80 Td (performance ) Tj ET Q q 0 0 0 rg BT 460.67 474.80 Td (and ) Tj ET Q q 0 0 0 rg BT 481.58 474.80 Td (are ) Tj ET Q q 0 0 0 rg BT 500.16 474.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 536.83 474.80 Td (to ) Tj ET Q q 0 0 0 rg BT 548.98 474.80 Td (certain ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 462.20 Td (risks. ) Tj ET Q q 0 0 0 rg BT 58.75 462.20 Td (The ) Tj ET Q q 0 0 0 rg BT 79.80 462.20 Td (reader ) Tj ET Q q 0 0 0 rg BT 113.10 462.20 Td (should ) Tj ET Q q 0 0 0 rg BT 146.99 462.20 Td (not ) Tj ET Q q 0 0 0 rg BT 164.53 462.20 Td (place ) Tj ET Q q 0 0 0 rg BT 192.59 462.20 Td (undue ) Tj ET Q q 0 0 0 rg BT 224.73 462.20 Td (reliance ) Tj ET Q q 0 0 0 rg BT 264.45 462.20 Td (on ) Tj ET Q q 0 0 0 rg BT 279.08 462.20 Td (these ) Tj ET Q q 0 0 0 rg BT 307.72 462.20 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 382.45 462.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 436.76 462.20 Td (as ) Tj ET Q q 0 0 0 rg BT 450.80 462.20 Td (there ) Tj ET Q q 0 0 0 rg BT 477.68 462.20 Td (can ) Tj ET Q q 0 0 0 rg BT 497.56 462.20 Td (be ) Tj ET Q q 0 0 0 rg BT 512.19 462.20 Td (no ) Tj ET Q q 0 0 0 rg BT 526.82 462.20 Td (assurances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 449.60 Td (that ) Tj ET Q q 0 0 0 rg BT 51.93 449.60 Td (the ) Tj ET Q q 0 0 0 rg BT 69.45 449.60 Td (plans, ) Tj ET Q q 0 0 0 rg BT 100.38 449.60 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 146.49 449.60 Td (or ) Tj ET Q q 0 0 0 rg BT 158.74 449.60 Td (expectations ) Tj ET Q q 0 0 0 rg BT 220.62 449.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 246.89 449.60 Td (which ) Tj ET Q q 0 0 0 rg BT 276.66 449.60 Td (they ) Tj ET Q q 0 0 0 rg BT 299.42 449.60 Td (are ) Tj ET Q q 0 0 0 rg BT 317.52 449.60 Td (based ) Tj ET Q q 0 0 0 rg BT 349.04 449.60 Td (will ) Tj ET Q q 0 0 0 rg BT 366.54 449.60 Td (occur) Tj ET Q q 0 0 0 rg BT 391.64 449.60 Td (.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 432.00 Td (In ) Tj ET Q q 0 0 0 rg BT 43.39 432.00 Td (addition, ) Tj ET Q q 0 0 0 rg BT 86.22 432.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 140.71 432.00 Td (relating ) Tj ET Q q 0 0 0 rg BT 178.27 432.00 Td (to ) Tj ET Q q 0 0 0 rg BT 190.16 432.00 Td ("reserves" ) Tj ET Q q 0 0 0 rg BT 241.01 432.00 Td (are ) Tj ET Q q 0 0 0 rg BT 259.32 432.00 Td (deemed ) Tj ET Q q 0 0 0 rg BT 300.39 432.00 Td (to ) Tj ET Q q 0 0 0 rg BT 312.28 432.00 Td (be ) Tj ET Q q 0 0 0 rg BT 327.09 432.00 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 402.00 432.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 456.49 432.00 Td (as ) Tj ET Q q 0 0 0 rg BT 470.71 432.00 Td (they ) Tj ET Q q 0 0 0 rg BT 493.69 432.00 Td (involve ) Tj ET Q q 0 0 0 rg BT 529.50 432.00 Td (the ) Tj ET Q q 0 0 0 rg BT 547.23 432.00 Td (implied ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 419.40 Td (assessment ) Tj ET Q q 0 0 0 rg BT 90.28 419.40 Td (based ) Tj ET Q q 0 0 0 rg BT 121.65 419.40 Td (on ) Tj ET Q q 0 0 0 rg BT 136.08 419.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 170.35 419.40 Td (estimates ) Tj ET Q q 0 0 0 rg BT 218.04 419.40 Td (and ) Tj ET Q q 0 0 0 rg BT 238.32 419.40 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 300.02 419.40 Td (that ) Tj ET Q q 0 0 0 rg BT 320.29 419.40 Td (the ) Tj ET Q q 0 0 0 rg BT 337.65 419.40 Td (reserves ) Tj ET Q q 0 0 0 rg BT 380.67 419.40 Td (described ) Tj ET Q q 0 0 0 rg BT 428.95 419.40 Td (can ) Tj ET Q q 0 0 0 rg BT 448.64 419.40 Td (be ) Tj ET Q q 0 0 0 rg BT 463.07 419.40 Td (profitably ) Tj ET Q q 0 0 0 rg BT 508.44 419.40 Td (produced ) Tj ET Q q 0 0 0 rg BT 554.98 419.40 Td (in ) Tj ET Q q 0 0 0 rg BT 565.91 419.40 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 406.80 Td (future. ) Tj ET Q q 0 0 0 rg BT 63.68 406.80 Td (There ) Tj ET Q q 0 0 0 rg BT 93.70 406.80 Td (are ) Tj ET Q q 0 0 0 rg BT 111.46 406.80 Td (numerous ) Tj ET Q q 0 0 0 rg BT 160.74 406.80 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 222.86 406.80 Td (inherent ) Tj ET Q q 0 0 0 rg BT 263.39 406.80 Td (in ) Tj ET Q q 0 0 0 rg BT 274.14 406.80 Td (estimating ) Tj ET Q q 0 0 0 rg BT 324.58 406.80 Td (quantities ) Tj ET Q q 0 0 0 rg BT 372.12 406.80 Td (of ) Tj ET Q q 0 0 0 rg BT 383.46 406.80 Td (proved ) Tj ET Q q 0 0 0 rg BT 418.15 406.80 Td (and ) Tj ET Q q 0 0 0 rg BT 438.25 406.80 Td (proved ) Tj ET Q q 0 0 0 rg BT 472.94 406.80 Td (plus ) Tj ET Q q 0 0 0 rg BT 494.79 406.80 Td (probable ) Tj ET Q q 0 0 0 rg BT 538.24 406.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 567.09 406.80 Td (oil, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 394.20 Td (natural ) Tj ET Q q 0 0 0 rg BT 66.20 394.20 Td (gas ) Tj ET Q q 0 0 0 rg BT 85.72 394.20 Td (and ) Tj ET Q q 0 0 0 rg BT 105.83 394.20 Td (NGLs ) Tj ET Q q 0 0 0 rg BT 135.27 394.20 Td (reserves ) Tj ET Q q 0 0 0 rg BT 178.12 394.20 Td (and ) Tj ET Q q 0 0 0 rg BT 198.23 394.20 Td (in ) Tj ET Q q 0 0 0 rg BT 209.00 394.20 Td (projecting ) Tj ET Q q 0 0 0 rg BT 257.12 394.20 Td (future ) Tj ET Q q 0 0 0 rg BT 286.57 394.20 Td (rates ) Tj ET Q q 0 0 0 rg BT 312.50 394.20 Td (of ) Tj ET Q q 0 0 0 rg BT 323.85 394.20 Td (production ) Tj ET Q q 0 0 0 rg BT 375.48 394.20 Td (and ) Tj ET Q q 0 0 0 rg BT 395.59 394.20 Td (the ) Tj ET Q q 0 0 0 rg BT 412.78 394.20 Td (timing ) Tj ET Q q 0 0 0 rg BT 443.39 394.20 Td (of ) Tj ET Q q 0 0 0 rg BT 454.74 394.20 Td (development ) Tj ET Q q 0 0 0 rg BT 517.46 394.20 Td (expenditures. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 381.60 Td (The ) Tj ET Q q 0 0 0 rg BT 52.51 381.60 Td (total ) Tj ET Q q 0 0 0 rg BT 75.28 381.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 113.22 381.60 Td (or ) Tj ET Q q 0 0 0 rg BT 125.47 381.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 156.40 381.60 Td (of ) Tj ET Q q 0 0 0 rg BT 168.07 381.60 Td (actual ) Tj ET Q q 0 0 0 rg BT 199.01 381.60 Td (future ) Tj ET Q q 0 0 0 rg BT 228.78 381.60 Td (production ) Tj ET Q q 0 0 0 rg BT 280.73 381.60 Td (may ) Tj ET Q q 0 0 0 rg BT 303.49 381.60 Td (vary ) Tj ET Q q 0 0 0 rg BT 326.24 381.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 383.43 381.60 Td (from ) Tj ET Q q 0 0 0 rg BT 407.35 381.60 Td (reserves ) Tj ET Q q 0 0 0 rg BT 450.53 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 470.97 381.60 Td (production ) Tj ET Q q 0 0 0 rg BT 522.92 381.60 Td (estimates.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 364.00 Td (The ) Tj ET Q q 0 0 0 rg BT 52.54 364.00 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 127.26 364.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 181.56 364.00 Td (are ) Tj ET Q q 0 0 0 rg BT 199.68 364.00 Td (based ) Tj ET Q q 0 0 0 rg BT 231.23 364.00 Td (on ) Tj ET Q q 0 0 0 rg BT 245.85 364.00 Td (current ) Tj ET Q q 0 0 0 rg BT 281.48 364.00 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 346.29 364.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 394.17 364.00 Td (and ) Tj ET Q q 0 0 0 rg BT 414.63 364.00 Td (projections ) Tj ET Q q 0 0 0 rg BT 468.35 364.00 Td (about ) Tj ET Q q 0 0 0 rg BT 497.57 364.00 Td (the ) Tj ET Q q 0 0 0 rg BT 515.11 364.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 562.99 364.00 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 49.14 351.40 Td (industry ) Tj ET Q q 0 0 0 rg BT 88.96 351.40 Td (in ) Tj ET Q q 0 0 0 rg BT 100.17 351.40 Td (which ) Tj ET Q q 0 0 0 rg BT 130.07 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 147.71 351.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.69 351.40 Td (operates, ) Tj ET Q q 0 0 0 rg BT 242.52 351.40 Td (which ) Tj ET Q q 0 0 0 rg BT 272.41 351.40 Td (speak ) Tj ET Q q 0 0 0 rg BT 303.48 351.40 Td (only ) Tj ET Q q 0 0 0 rg BT 325.79 351.40 Td (as ) Tj ET Q q 0 0 0 rg BT 339.92 351.40 Td (of ) Tj ET Q q 0 0 0 rg BT 351.73 351.40 Td (the ) Tj ET Q q 0 0 0 rg BT 369.37 351.40 Td (date ) Tj ET Q q 0 0 0 rg BT 392.85 351.40 Td (such ) Tj ET Q q 0 0 0 rg BT 418.08 351.40 Td (statements ) Tj ET Q q 0 0 0 rg BT 472.48 351.40 Td (were ) Tj ET Q q 0 0 0 rg BT 498.29 351.40 Td (made ) Tj ET Q q 0 0 0 rg BT 527.60 351.40 Td (or ) Tj ET Q q 0 0 0 rg BT 539.98 351.40 Td (as ) Tj ET Q q 0 0 0 rg BT 554.12 351.40 Td (of ) Tj ET Q q 0 0 0 rg BT 565.92 351.40 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 338.80 Td (date ) Tj ET Q q 0 0 0 rg BT 53.97 338.80 Td (of ) Tj ET Q q 0 0 0 rg BT 64.75 338.80 Td (the ) Tj ET Q q 0 0 0 rg BT 81.38 338.80 Td (report ) Tj ET Q q 0 0 0 rg BT 110.83 338.80 Td (or ) Tj ET Q q 0 0 0 rg BT 122.20 338.80 Td (document ) Tj ET Q q 0 0 0 rg BT 170.34 338.80 Td (in ) Tj ET Q q 0 0 0 rg BT 180.54 338.80 Td (which ) Tj ET Q q 0 0 0 rg BT 209.42 338.80 Td (they ) Tj ET Q q 0 0 0 rg BT 231.29 338.80 Td (are ) Tj ET Q q 0 0 0 rg BT 248.50 338.80 Td (contained, ) Tj ET Q q 0 0 0 rg BT 298.98 338.80 Td (and ) Tj ET Q q 0 0 0 rg BT 318.53 338.80 Td (are ) Tj ET Q q 0 0 0 rg BT 335.73 338.80 Td (subject ) Tj ET Q q 0 0 0 rg BT 371.03 338.80 Td (to ) Tj ET Q q 0 0 0 rg BT 381.82 338.80 Td (known ) Tj ET Q q 0 0 0 rg BT 414.20 338.80 Td (and ) Tj ET Q q 0 0 0 rg BT 433.75 338.80 Td (unknown ) Tj ET Q q 0 0 0 rg BT 477.81 338.80 Td (risks ) Tj ET Q q 0 0 0 rg BT 501.42 338.80 Td (and ) Tj ET Q q 0 0 0 rg BT 520.96 338.80 Td (uncertainties ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 326.20 Td (that ) Tj ET Q q 0 0 0 rg BT 52.51 326.20 Td (could ) Tj ET Q q 0 0 0 rg BT 81.12 326.20 Td (cause ) Tj ET Q q 0 0 0 rg BT 112.64 326.20 Td (the ) Tj ET Q q 0 0 0 rg BT 130.73 326.20 Td (actual ) Tj ET Q q 0 0 0 rg BT 162.25 326.20 Td (results, ) Tj ET Q q 0 0 0 rg BT 199.60 326.20 Td (performance ) Tj ET Q q 0 0 0 rg BT 262.04 326.20 Td (or ) Tj ET Q q 0 0 0 rg BT 274.88 326.20 Td (achievements ) Tj ET Q q 0 0 0 rg BT 343.17 326.20 Td (of ) Tj ET Q q 0 0 0 rg BT 355.42 326.20 Td (the ) Tj ET Q q 0 0 0 rg BT 373.52 326.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 421.96 326.20 Td (to ) Tj ET Q q 0 0 0 rg BT 434.22 326.20 Td (be ) Tj ET Q q 0 0 0 rg BT 449.40 326.20 Td (materially ) Tj ET Q q 0 0 0 rg BT 497.83 326.20 Td (dif) Tj ET Q q 0 0 0 rg BT 508.73 326.20 Td (ferent ) Tj ET Q q 0 0 0 rg BT 539.08 326.20 Td (from ) Tj ET Q q 0 0 0 rg BT 563.58 326.20 Td (any ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 313.60 Td (future ) Tj ET Q q 0 0 0 rg BT 61.34 313.60 Td (results, ) Tj ET Q q 0 0 0 rg BT 98.17 313.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 160.10 313.60 Td (or ) Tj ET Q q 0 0 0 rg BT 172.43 313.60 Td (achievements ) Tj ET Q q 0 0 0 rg BT 240.20 313.60 Td (expressed ) Tj ET Q q 0 0 0 rg BT 291.63 313.60 Td (or ) Tj ET Q q 0 0 0 rg BT 303.96 313.60 Td (implied ) Tj ET Q q 0 0 0 rg BT 340.21 313.60 Td (by ) Tj ET Q q 0 0 0 rg BT 354.29 313.60 Td (such ) Tj ET Q q 0 0 0 rg BT 379.45 313.60 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 454.23 313.60 Td (statements. ) Tj ET Q q 0 0 0 rg BT 511.49 313.60 Td (Such ) Tj ET Q q 0 0 0 rg BT 538.41 313.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 562.98 313.60 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 301.00 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 94.31 301.00 Td (include, ) Tj ET Q q 0 0 0 rg BT 133.79 301.00 Td (among ) Tj ET Q q 0 0 0 rg BT 169.17 301.00 Td (others: ) Tj ET Q q 0 0 0 rg BT 204.55 301.00 Td (general ) Tj ET Q q 0 0 0 rg BT 242.85 301.00 Td (economic ) Tj ET Q q 0 0 0 rg BT 291.07 301.00 Td (and ) Tj ET Q q 0 0 0 rg BT 311.87 301.00 Td (business ) Tj ET Q q 0 0 0 rg BT 356.59 301.00 Td (conditions ) Tj ET Q q 0 0 0 rg BT 407.15 301.00 Td (\(including ) Tj ET Q q 0 0 0 rg BT 455.37 301.00 Td (as ) Tj ET Q q 0 0 0 rg BT 469.74 301.00 Td (a ) Tj ET Q q 0 0 0 rg BT 478.86 301.00 Td (result ) Tj ET Q q 0 0 0 rg BT 507.81 301.00 Td (of ) Tj ET Q q 0 0 0 rg BT 519.85 301.00 Td (ef) Tj ET Q q 0 0 0 rg BT 528.41 301.00 Td (fects ) Tj ET Q q 0 0 0 rg BT 553.87 301.00 Td (of ) Tj ET Q q 0 0 0 rg BT 565.90 301.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 288.40 Td (novel ) Tj ET Q q 0 0 0 rg BT 60.35 288.40 Td (coronavirus ) Tj ET Q q 0 0 0 rg BT 118.37 288.40 Td (\("COVID-19"\) ) Tj ET Q q 0 0 0 rg BT 184.99 288.40 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 234.27 288.40 Td (and ) Tj ET Q q 0 0 0 rg BT 255.53 288.40 Td (the ) Tj ET Q q 0 0 0 rg BT 273.87 288.40 Td (actions ) Tj ET Q q 0 0 0 rg BT 310.89 288.40 Td (of ) Tj ET Q q 0 0 0 rg BT 323.39 288.40 Td (the ) Tj ET Q q 0 0 0 rg BT 341.73 288.40 Td (Organization ) Tj ET Q q 0 0 0 rg BT 405.01 288.40 Td (of ) Tj ET Q q 0 0 0 rg BT 417.52 288.40 Td (the ) Tj ET Q q 0 0 0 rg BT 435.86 288.40 Td (Petroleum ) Tj ET Q q 0 0 0 rg BT 487.46 288.40 Td (Exporting ) Tj ET Q q 0 0 0 rg BT 535.57 288.40 Td (Countries ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 275.80 Td (\("OPEC"\) ) Tj ET Q q 0 0 0 rg BT 78.66 275.80 Td (and ) Tj ET Q q 0 0 0 rg BT 99.13 275.80 Td (non-OPEC ) Tj ET Q q 0 0 0 rg BT 152.85 275.80 Td (countries\) ) Tj ET Q q 0 0 0 rg BT 201.90 275.80 Td (which ) Tj ET Q q 0 0 0 rg BT 231.70 275.80 Td (may ) Tj ET Q q 0 0 0 rg BT 254.48 275.80 Td (impact, ) Tj ET Q q 0 0 0 rg BT 291.28 275.80 Td (among ) Tj ET Q q 0 0 0 rg BT 326.34 275.80 Td (other ) Tj ET Q q 0 0 0 rg BT 353.22 275.80 Td (things, ) Tj ET Q q 0 0 0 rg BT 387.11 275.80 Td (demand ) Tj ET Q q 0 0 0 rg BT 428.00 275.80 Td (and ) Tj ET Q q 0 0 0 rg BT 448.47 275.80 Td (supply ) Tj ET Q q 0 0 0 rg BT 481.78 275.80 Td (for ) Tj ET Q q 0 0 0 rg BT 496.98 275.80 Td (and ) Tj ET Q q 0 0 0 rg BT 517.45 275.80 Td (market ) Tj ET Q q 0 0 0 rg BT 552.49 275.80 Td (prices ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 263.20 Td (of ) Tj ET Q q 0 0 0 rg BT 43.52 263.20 Td (the ) Tj ET Q q 0 0 0 rg BT 61.38 263.20 Td (Company? Tj ET Q q 0 0 0 rg BT 108.46 263.20 Td (s ) Tj ET Q q 0 0 0 rg BT 116.98 263.20 Td (products, ) Tj ET Q q 0 0 0 rg BT 163.43 263.20 Td (and ) Tj ET Q q 0 0 0 rg BT 184.22 263.20 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 263.20 Td (availability ) Tj ET Q q 0 0 0 rg BT 253.78 263.20 Td (and ) Tj ET Q q 0 0 0 rg BT 274.56 263.20 Td (cost ) Tj ET Q q 0 0 0 rg BT 297.09 263.20 Td (of ) Tj ET Q q 0 0 0 rg BT 309.11 263.20 Td (resources ) Tj ET Q q 0 0 0 rg BT 358.47 263.20 Td (required ) Tj ET Q q 0 0 0 rg BT 400.26 263.20 Td (by ) Tj ET Q q 0 0 0 rg BT 414.62 263.20 Td (the ) Tj ET Q q 0 0 0 rg BT 432.48 263.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 487.93 263.20 Td (operations; ) Tj ET Q q 0 0 0 rg BT 543.15 263.20 Td (volatility ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 250.60 Td (of ) Tj ET Q q 0 0 0 rg BT 43.56 250.60 Td (and ) Tj ET Q q 0 0 0 rg BT 64.38 250.60 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 126.63 250.60 Td (regarding ) Tj ET Q q 0 0 0 rg BT 174.30 250.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 203.87 250.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 217.68 250.60 Td (and ) Tj ET Q q 0 0 0 rg BT 238.51 250.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 273.92 250.60 Td (gas ) Tj ET Q q 0 0 0 rg BT 294.15 250.60 Td (and ) Tj ET Q q 0 0 0 rg BT 314.97 250.60 Td (NGLs ) Tj ET Q q 0 0 0 rg BT 345.12 250.60 Td (prices, ) Tj ET Q q 0 0 0 rg BT 379.35 250.60 Td (including ) Tj ET Q q 0 0 0 rg BT 424.10 250.60 Td (due ) Tj ET Q q 0 0 0 rg BT 444.92 250.60 Td (to ) Tj ET Q q 0 0 0 rg BT 456.98 250.60 Td (actions ) Tj ET Q q 0 0 0 rg BT 493.56 250.60 Td (of ) Tj ET Q q 0 0 0 rg BT 505.62 250.60 Td (OPEC ) Tj ET Q q 0 0 0 rg BT 538.68 250.60 Td (and ) Tj ET Q q 0 0 0 rg BT 559.50 250.60 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 238.00 Td (OPEC ) Tj ET Q q 0 0 0 rg BT 64.36 238.00 Td (countries ) Tj ET Q q 0 0 0 rg BT 110.06 238.00 Td (taken ) Tj ET Q q 0 0 0 rg BT 138.85 238.00 Td (in ) Tj ET Q q 0 0 0 rg BT 150.12 238.00 Td (response ) Tj ET Q q 0 0 0 rg BT 196.42 238.00 Td (to ) Tj ET Q q 0 0 0 rg BT 208.27 238.00 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 259.80 238.00 Td (or ) Tj ET Q q 0 0 0 rg BT 272.24 238.00 Td (otherwise; ) Tj ET Q q 0 0 0 rg BT 323.20 238.00 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 379.41 238.00 Td (in ) Tj ET Q q 0 0 0 rg BT 390.69 238.00 Td (currency ) Tj ET Q q 0 0 0 rg BT 434.05 238.00 Td (and ) Tj ET Q q 0 0 0 rg BT 454.67 238.00 Td (interest ) Tj ET Q q 0 0 0 rg BT 492.20 238.00 Td (rates; ) Tj ET Q q 0 0 0 rg BT 521.56 238.00 Td (assumptions ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 225.40 Td (on ) Tj ET Q q 0 0 0 rg BT 47.30 225.40 Td (which ) Tj ET Q q 0 0 0 rg BT 78.26 225.40 Td (the ) Tj ET Q q 0 0 0 rg BT 96.97 225.40 Td (Company? Tj ET Q q 0 0 0 rg BT 144.05 225.40 Td (s ) Tj ET Q q 0 0 0 rg BT 153.42 225.40 Td (current ) Tj ET Q q 0 0 0 rg BT 190.21 225.40 Td (guidance ) Tj ET Q q 0 0 0 rg BT 236.95 225.40 Td (is ) Tj ET Q q 0 0 0 rg BT 248.65 225.40 Td (based; ) Tj ET Q q 0 0 0 rg BT 284.29 225.40 Td (economic ) Tj ET Q q 0 0 0 rg BT 333.35 225.40 Td (conditions ) Tj ET Q q 0 0 0 rg BT 384.75 225.40 Td (in ) Tj ET Q q 0 0 0 rg BT 397.03 225.40 Td (the ) Tj ET Q q 0 0 0 rg BT 415.75 225.40 Td (countries ) Tj ET Q q 0 0 0 rg BT 462.47 225.40 Td (and ) Tj ET Q q 0 0 0 rg BT 484.10 225.40 Td (regions ) Tj ET Q q 0 0 0 rg BT 522.66 225.40 Td (in ) Tj ET Q q 0 0 0 rg BT 534.95 225.40 Td (which ) Tj ET Q q 0 0 0 rg BT 565.91 225.40 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 212.80 Td (Company ) Tj ET Q q 0 0 0 rg BT 80.02 212.80 Td (conducts ) Tj ET Q q 0 0 0 rg BT 125.63 212.80 Td (business; ) Tj ET Q q 0 0 0 rg BT 173.57 212.80 Td (political ) Tj ET Q q 0 0 0 rg BT 212.17 212.80 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 262.76 212.80 Td (, ) Tj ET Q q 0 0 0 rg BT 269.26 212.80 Td (including ) Tj ET Q q 0 0 0 rg BT 314.29 212.80 Td (actions ) Tj ET Q q 0 0 0 rg BT 351.14 212.80 Td (of ) Tj ET Q q 0 0 0 rg BT 363.48 212.80 Td (or ) Tj ET Q q 0 0 0 rg BT 376.40 212.80 Td (against ) Tj ET Q q 0 0 0 rg BT 413.84 212.80 Td (terrorists, ) Tj ET Q q 0 0 0 rg BT 461.18 212.80 Td (insurgent ) Tj ET Q q 0 0 0 rg BT 507.96 212.80 Td (groups ) Tj ET Q q 0 0 0 rg BT 543.65 212.80 Td (or ) Tj ET Q q 0 0 0 rg BT 556.57 212.80 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 200.20 Td (conflict ) Tj ET Q q 0 0 0 rg BT 67.49 200.20 Td (including ) Tj ET Q q 0 0 0 rg BT 112.24 200.20 Td (conflict ) Tj ET Q q 0 0 0 rg BT 148.23 200.20 Td (between ) Tj ET Q q 0 0 0 rg BT 191.23 200.20 Td (states; ) Tj ET Q q 0 0 0 rg BT 225.47 200.20 Td (industry ) Tj ET Q q 0 0 0 rg BT 265.54 200.20 Td (capacity; ) Tj ET Q q 0 0 0 rg BT 310.29 200.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 340.44 200.20 Td (of ) Tj ET Q q 0 0 0 rg BT 352.50 200.20 Td (the ) Tj ET Q q 0 0 0 rg BT 370.41 200.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 418.65 200.20 Td (to ) Tj ET Q q 0 0 0 rg BT 430.72 200.20 Td (implement ) Tj ET Q q 0 0 0 rg BT 482.46 200.20 Td (its ) Tj ET Q q 0 0 0 rg BT 496.27 200.20 Td (business ) Tj ET Q q 0 0 0 rg BT 541.01 200.20 Td (strategy) Tj ET Q q 0 0 0 rg BT 577.59 200.20 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 187.60 Td (including ) Tj ET Q q 0 0 0 rg BT 75.82 187.60 Td (exploration ) Tj ET Q q 0 0 0 rg BT 130.06 187.60 Td (and ) Tj ET Q q 0 0 0 rg BT 150.44 187.60 Td (development ) Tj ET Q q 0 0 0 rg BT 213.44 187.60 Td (activities; ) Tj ET Q q 0 0 0 rg BT 259.49 187.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 293.29 187.60 Td (of ) Tj ET Q q 0 0 0 rg BT 304.91 187.60 Td (competition; ) Tj ET Q q 0 0 0 rg BT 364.40 187.60 Td (the ) Tj ET Q q 0 0 0 rg BT 381.86 187.60 Td (Company? Tj ET Q q 0 0 0 rg BT 428.94 187.60 Td (s ) Tj ET Q q 0 0 0 rg BT 437.06 187.60 Td (defense ) Tj ET Q q 0 0 0 rg BT 477.30 187.60 Td (of ) Tj ET Q q 0 0 0 rg BT 488.93 187.60 Td (lawsuits; ) Tj ET Q q 0 0 0 rg BT 532.06 187.60 Td (availability ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 175.00 Td (and ) Tj ET Q q 0 0 0 rg BT 50.92 175.00 Td (cost ) Tj ET Q q 0 0 0 rg BT 72.08 175.00 Td (of ) Tj ET Q q 0 0 0 rg BT 82.74 175.00 Td (seismic, ) Tj ET Q q 0 0 0 rg BT 122.56 175.00 Td (drilling ) Tj ET Q q 0 0 0 rg BT 154.80 175.00 Td (and ) Tj ET Q q 0 0 0 rg BT 174.22 175.00 Td (other ) Tj ET Q q 0 0 0 rg BT 200.06 175.00 Td (equipment; ) Tj ET Q q 0 0 0 rg BT 253.91 175.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 282.66 175.00 Td (of ) Tj ET Q q 0 0 0 rg BT 293.32 175.00 Td (the ) Tj ET Q q 0 0 0 rg BT 309.81 175.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 356.65 175.00 Td (and ) Tj ET Q q 0 0 0 rg BT 376.07 175.00 Td (its ) Tj ET Q q 0 0 0 rg BT 388.47 175.00 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 445.82 175.00 Td (to ) Tj ET Q q 0 0 0 rg BT 456.48 175.00 Td (complete ) Tj ET Q q 0 0 0 rg BT 500.98 175.00 Td (capital ) Tj ET Q q 0 0 0 rg BT 533.24 175.00 Td (programs; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 162.40 Td (the ) Tj ET Q q 0 0 0 rg BT 48.84 162.40 Td (Company? Tj ET Q q 0 0 0 rg BT 95.93 162.40 Td (s ) Tj ET Q q 0 0 0 rg BT 103.92 162.40 Td (and ) Tj ET Q q 0 0 0 rg BT 124.19 162.40 Td (its ) Tj ET Q q 0 0 0 rg BT 137.44 162.40 Td (subsidiaries? Tj ET Q q 0 0 0 rg BT 194.82 162.40 Td ( ) Tj ET Q q 0 0 0 rg BT 197.57 162.40 Td (ability ) Tj ET Q q 0 0 0 rg BT 227.16 162.40 Td (to ) Tj ET Q q 0 0 0 rg BT 238.67 162.40 Td (secure ) Tj ET Q q 0 0 0 rg BT 272.93 162.40 Td (adequate ) Tj ET Q q 0 0 0 rg BT 319.47 162.40 Td (transportation ) Tj ET Q q 0 0 0 rg BT 386.43 162.40 Td (for ) Tj ET Q q 0 0 0 rg BT 401.43 162.40 Td (its ) Tj ET Q q 0 0 0 rg BT 414.67 162.40 Td (products; ) Tj ET Q q 0 0 0 rg BT 460.61 162.40 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 517.65 162.40 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 571.18 162.40 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 149.80 Td (delays ) Tj ET Q q 0 0 0 rg BT 64.90 149.80 Td (in ) Tj ET Q q 0 0 0 rg BT 76.13 149.80 Td (the ) Tj ET Q q 0 0 0 rg BT 93.78 149.80 Td (mining, ) Tj ET Q q 0 0 0 rg BT 130.68 149.80 Td (extracting ) Tj ET Q q 0 0 0 rg BT 179.25 149.80 Td (or ) Tj ET Q q 0 0 0 rg BT 191.64 149.80 Td (upgrading ) Tj ET Q q 0 0 0 rg BT 241.40 149.80 Td (of ) Tj ET Q q 0 0 0 rg BT 253.21 149.80 Td (the ) Tj ET Q q 0 0 0 rg BT 270.86 149.80 Td (Company? Tj ET Q q 0 0 0 rg BT 317.94 149.80 Td (s ) Tj ET Q q 0 0 0 rg BT 326.24 149.80 Td (bitumen ) Tj ET Q q 0 0 0 rg BT 366.65 149.80 Td (products; ) Tj ET Q q 0 0 0 rg BT 412.89 149.80 Td (potential ) Tj ET Q q 0 0 0 rg BT 455.64 149.80 Td (delays ) Tj ET Q q 0 0 0 rg BT 489.05 149.80 Td (or ) Tj ET Q q 0 0 0 rg BT 501.43 149.80 Td (changes ) Tj ET Q q 0 0 0 rg BT 544.18 149.80 Td (in ) Tj ET Q q 0 0 0 rg BT 555.41 149.80 Td (plans ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 137.20 Td (with ) Tj ET Q q 0 0 0 rg BT 52.01 137.20 Td (respect ) Tj ET Q q 0 0 0 rg BT 88.29 137.20 Td (to ) Tj ET Q q 0 0 0 rg BT 98.89 137.20 Td (exploration ) Tj ET Q q 0 0 0 rg BT 152.09 137.20 Td (or ) Tj ET Q q 0 0 0 rg BT 163.27 137.20 Td (development ) Tj ET Q q 0 0 0 rg BT 225.24 137.20 Td (projects ) Tj ET Q q 0 0 0 rg BT 263.84 137.20 Td (or ) Tj ET Q q 0 0 0 rg BT 275.02 137.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.21 137.20 Td (expenditures; ) Tj ET Q q 0 0 0 rg BT 372.10 137.20 Td (ability ) Tj ET Q q 0 0 0 rg BT 400.79 137.20 Td (of ) Tj ET Q q 0 0 0 rg BT 411.38 137.20 Td (the ) Tj ET Q q 0 0 0 rg BT 427.82 137.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 474.60 137.20 Td (to ) Tj ET Q q 0 0 0 rg BT 485.20 137.20 Td (attract ) Tj ET Q q 0 0 0 rg BT 516.22 137.20 Td (the ) Tj ET Q q 0 0 0 rg BT 532.65 137.20 Td (necessary ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 124.60 Td (labour ) Tj ET Q q 0 0 0 rg BT 64.04 124.60 Td (required ) Tj ET Q q 0 0 0 rg BT 105.91 124.60 Td (to ) Tj ET Q q 0 0 0 rg BT 118.01 124.60 Td (build, ) Tj ET Q q 0 0 0 rg BT 146.47 124.60 Td (maintain, ) Tj ET Q q 0 0 0 rg BT 192.42 124.60 Td (and ) Tj ET Q q 0 0 0 rg BT 213.29 124.60 Td (operate ) Tj ET Q q 0 0 0 rg BT 252.25 124.60 Td (its ) Tj ET Q q 0 0 0 rg BT 266.10 124.60 Td (thermal ) Tj ET Q q 0 0 0 rg BT 304.46 124.60 Td (and ) Tj ET Q q 0 0 0 rg BT 325.32 124.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 339.18 124.60 Td (sands ) Tj ET Q q 0 0 0 rg BT 370.54 124.60 Td (mining ) Tj ET Q q 0 0 0 rg BT 404.82 124.60 Td (projects; ) Tj ET Q q 0 0 0 rg BT 447.86 124.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 494.99 124.60 Td (hazards ) Tj ET Q q 0 0 0 rg BT 535.69 124.60 Td (and ) Tj ET Q q 0 0 0 rg BT 556.56 124.60 Td (other ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 112.00 Td (dif) Tj ET Q q 0 0 0 rg BT 42.40 112.00 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 80.48 112.00 Td (inherent ) Tj ET Q q 0 0 0 rg BT 121.49 112.00 Td (in ) Tj ET Q q 0 0 0 rg BT 132.73 112.00 Td (the ) Tj ET Q q 0 0 0 rg BT 150.40 112.00 Td (exploration ) Tj ET Q q 0 0 0 rg BT 204.83 112.00 Td (for ) Tj ET Q q 0 0 0 rg BT 220.15 112.00 Td (and ) Tj ET Q q 0 0 0 rg BT 240.74 112.00 Td (production ) Tj ET Q q 0 0 0 rg BT 292.84 112.00 Td (and ) Tj ET Q q 0 0 0 rg BT 313.43 112.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 335.76 112.00 Td (of ) Tj ET Q q 0 0 0 rg BT 347.58 112.00 Td (crude ) Tj ET Q q 0 0 0 rg BT 376.92 112.00 Td (oil ) Tj ET Q q 0 0 0 rg BT 390.49 112.00 Td (and ) Tj ET Q q 0 0 0 rg BT 411.08 112.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 446.25 112.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 466.25 112.00 Td (and ) Tj ET Q q 0 0 0 rg BT 486.83 112.00 Td (in ) Tj ET Q q 0 0 0 rg BT 498.07 112.00 Td (mining, ) Tj ET Q q 0 0 0 rg BT 534.99 112.00 Td (extracting ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 99.40 Td (or ) Tj ET Q q 0 0 0 rg BT 44.45 99.40 Td (upgrading ) Tj ET Q q 0 0 0 rg BT 94.77 99.40 Td (the ) Tj ET Q q 0 0 0 rg BT 112.98 99.40 Td (Company? Tj ET Q q 0 0 0 rg BT 160.07 99.40 Td (s ) Tj ET Q q 0 0 0 rg BT 168.93 99.40 Td (bitumen ) Tj ET Q q 0 0 0 rg BT 209.90 99.40 Td (products; ) Tj ET Q q 0 0 0 rg BT 256.71 99.40 Td (availability ) Tj ET Q q 0 0 0 rg BT 308.76 99.40 Td (and ) Tj ET Q q 0 0 0 rg BT 329.90 99.40 Td (cost ) Tj ET Q q 0 0 0 rg BT 352.77 99.40 Td (of ) Tj ET Q q 0 0 0 rg BT 365.14 99.40 Td (financing; ) Tj ET Q q 0 0 0 rg BT 413.70 99.40 Td (the ) Tj ET Q q 0 0 0 rg BT 431.92 99.40 Td (Company? Tj ET Q q 0 0 0 rg BT 479.00 99.40 Td (s ) Tj ET Q q 0 0 0 rg BT 487.86 99.40 Td (and ) Tj ET Q q 0 0 0 rg BT 509.00 99.40 Td (its ) Tj ET Q q 0 0 0 rg BT 523.11 99.40 Td (subsidiaries? Tj ET Q q 0 0 0 rg BT 580.50 99.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 86.80 Td (success ) Tj ET Q q 0 0 0 rg BT 71.46 86.80 Td (of ) Tj ET Q q 0 0 0 rg BT 82.24 86.80 Td (exploration ) Tj ET Q q 0 0 0 rg BT 135.64 86.80 Td (and ) Tj ET Q q 0 0 0 rg BT 155.19 86.80 Td (development ) Tj ET Q q 0 0 0 rg BT 217.34 86.80 Td (activities ) Tj ET Q q 0 0 0 rg BT 259.64 86.80 Td (and ) Tj ET Q q 0 0 0 rg BT 279.18 86.80 Td (its ) Tj ET Q q 0 0 0 rg BT 291.71 86.80 Td (ability ) Tj ET Q q 0 0 0 rg BT 320.59 86.80 Td (to ) Tj ET Q q 0 0 0 rg BT 331.37 86.80 Td (replace ) Tj ET Q q 0 0 0 rg BT 367.84 86.80 Td (and ) Tj ET Q q 0 0 0 rg BT 387.39 86.80 Td (expand ) Tj ET Q q 0 0 0 rg BT 423.86 86.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 452.16 86.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 464.69 86.80 Td (and ) Tj ET Q q 0 0 0 rg BT 484.24 86.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 518.38 86.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 537.33 86.80 Td (reserves; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 74.20 Td (timing ) Tj ET Q q 0 0 0 rg BT 63.23 74.20 Td (and ) Tj ET Q q 0 0 0 rg BT 84.46 74.20 Td (success ) Tj ET Q q 0 0 0 rg BT 126.11 74.20 Td (of ) Tj ET Q q 0 0 0 rg BT 138.58 74.20 Td (integrating ) Tj ET Q q 0 0 0 rg BT 191.34 74.20 Td (the ) Tj ET Q q 0 0 0 rg BT 209.65 74.20 Td (business ) Tj ET Q q 0 0 0 rg BT 254.81 74.20 Td (and ) Tj ET Q q 0 0 0 rg BT 276.05 74.20 Td (operations ) Tj ET Q q 0 0 0 rg BT 328.80 74.20 Td (of ) Tj ET Q q 0 0 0 rg BT 341.27 74.20 Td (acquired ) Tj ET Q q 0 0 0 rg BT 385.27 74.20 Td (companies ) Tj ET Q q 0 0 0 rg BT 439.76 74.20 Td (and ) Tj ET Q q 0 0 0 rg BT 461.00 74.20 Td (assets; ) Tj ET Q q 0 0 0 rg BT 497.98 74.20 Td (production ) Tj ET Q q 0 0 0 rg BT 550.74 74.20 Td (levels; ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 61.60 Td (imprecision ) Tj ET Q q 0 0 0 rg BT 86.61 61.60 Td (of ) Tj ET Q q 0 0 0 rg BT 97.38 61.60 Td (reserves ) Tj ET Q q 0 0 0 rg BT 139.66 61.60 Td (estimates ) Tj ET Q q 0 0 0 rg BT 186.61 61.60 Td (and ) Tj ET Q q 0 0 0 rg BT 206.14 61.60 Td (estimates ) Tj ET Q q 0 0 0 rg BT 253.09 61.60 Td (of ) Tj ET Q q 0 0 0 rg BT 263.86 61.60 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 320.73 61.60 Td (quantities ) Tj ET Q q 0 0 0 rg BT 367.70 61.60 Td (of ) Tj ET Q q 0 0 0 rg BT 378.47 61.60 Td (crude ) Tj ET Q q 0 0 0 rg BT 406.75 61.60 Td (oil, ) Tj ET Q q 0 0 0 rg BT 422.18 61.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 456.30 61.60 Td (gas ) Tj ET Q q 0 0 0 rg BT 475.24 61.60 Td (and ) Tj ET Q q 0 0 0 rg BT 494.77 61.60 Td (NGLs ) Tj ET Q q 0 0 0 rg BT 523.63 61.60 Td (not ) Tj ET Q q 0 0 0 rg BT 540.24 61.60 Td (currently ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 49.00 Td (classified ) Tj ET Q q 0 0 0 rg BT 76.42 49.00 Td (as ) Tj ET Q q 0 0 0 rg BT 89.24 49.00 Td (proved; ) Tj ET Q q 0 0 0 rg BT 126.00 49.00 Td (actions ) Tj ET Q q 0 0 0 rg BT 161.00 49.00 Td (by ) Tj ET Q q 0 0 0 rg BT 173.82 49.00 Td (governmental ) Tj ET Q q 0 0 0 rg BT 239.18 49.00 Td (authorities ) Tj ET Q q 0 0 0 rg BT 289.36 49.00 Td (\(including ) Tj ET Q q 0 0 0 rg BT 336.03 49.00 Td (production ) Tj ET Q q 0 0 0 rg BT 386.80 49.00 Td (curtailments ) Tj ET Q q 0 0 0 rg BT 445.14 49.00 Td (mandated ) Tj ET Q q 0 0 0 rg BT 493.57 49.00 Td (by ) Tj ET Q q 0 0 0 rg BT 506.40 49.00 Td (the ) Tj ET Q q 0 0 0 rg BT 522.72 49.00 Td (Government ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 36.40 Td (of ) Tj ET Q q 0 0 0 rg BT 45.12 36.40 Td (Alberta\); ) Tj ET Q q 0 0 0 rg BT 90.88 36.40 Td (government ) Tj ET Q q 0 0 0 rg BT 152.40 36.40 Td (regulations ) Tj ET Q q 0 0 0 rg BT 209.84 36.40 Td (and ) Tj ET Q q 0 0 0 rg BT 233.43 36.40 Td (the ) Tj ET Q q 0 0 0 rg BT 254.10 36.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 320.30 36.40 Td (required ) Tj ET Q q 0 0 0 rg BT 364.90 36.40 Td (to ) Tj ET Q q 0 0 0 rg BT 379.73 36.40 Td (comply ) Tj ET Q q 0 0 0 rg BT 419.06 36.40 Td (with ) Tj ET Q q 0 0 0 rg BT 443.80 36.40 Td (them ) Tj ET Q q 0 0 0 rg BT 473.22 36.40 Td (\(especially ) Tj ET Q q 0 0 0 rg BT 528.89 36.40 Td (safety ) Tj ET Q q 0 0 0 rg BT 562.98 36.40 Td (and ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.95 17.45 Td (15) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 748.40 Td (environmental ) Tj ET Q q 0 0 0 rg BT 100.24 748.40 Td (laws ) Tj ET Q q 0 0 0 rg BT 124.03 748.40 Td (and ) Tj ET Q q 0 0 0 rg BT 144.33 748.40 Td (regulations ) Tj ET Q q 0 0 0 rg BT 198.48 748.40 Td (and ) Tj ET Q q 0 0 0 rg BT 218.79 748.40 Td (the ) Tj ET Q q 0 0 0 rg BT 236.17 748.40 Td (impact ) Tj ET Q q 0 0 0 rg BT 269.88 748.40 Td (of ) Tj ET Q q 0 0 0 rg BT 281.42 748.40 Td (climate ) Tj ET Q q 0 0 0 rg BT 317.46 748.40 Td (change ) Tj ET Q q 0 0 0 rg BT 354.70 748.40 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 400.67 748.40 Td (on ) Tj ET Q q 0 0 0 rg BT 415.13 748.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 448.27 748.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 511.18 748.40 Td (and ) Tj ET Q q 0 0 0 rg BT 531.48 748.40 Td (production ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 735.80 Td (expenses\); ) Tj ET Q q 0 0 0 rg BT 86.11 735.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 114.46 735.80 Td (retirement ) Tj ET Q q 0 0 0 rg BT 164.98 735.80 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 221.35 735.80 Td (the ) Tj ET Q q 0 0 0 rg BT 239.20 735.80 Td (adequacy ) Tj ET Q q 0 0 0 rg BT 287.98 735.80 Td (of ) Tj ET Q q 0 0 0 rg BT 299.99 735.80 Td (the ) Tj ET Q q 0 0 0 rg BT 317.84 735.80 Td (Company? Tj ET Q q 0 0 0 rg BT 364.92 735.80 Td (s ) Tj ET Q q 0 0 0 rg BT 373.42 735.80 Td (provision ) Tj ET Q q 0 0 0 rg BT 418.69 735.80 Td (for ) Tj ET Q q 0 0 0 rg BT 434.19 735.80 Td (taxes; ) Tj ET Q q 0 0 0 rg BT 465.46 735.80 Td (and ) Tj ET Q q 0 0 0 rg BT 486.23 735.80 Td (other ) Tj ET Q q 0 0 0 rg BT 513.41 735.80 Td (circumstances ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 723.20 Td (af) Tj ET Q q 0 0 0 rg BT 40.07 723.20 Td (fecting ) Tj ET Q q 0 0 0 rg BT 73.92 723.20 Td (revenues ) Tj ET Q q 0 0 0 rg BT 120.04 723.20 Td (and ) Tj ET Q q 0 0 0 rg BT 140.47 723.20 Td (expenses.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 705.60 Td (The ) Tj ET Q q 0 0 0 rg BT 53.24 705.60 Td (Company? Tj ET Q q 0 0 0 rg BT 100.32 705.60 Td (s ) Tj ET Q q 0 0 0 rg BT 109.21 705.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 161.89 705.60 Td (have ) Tj ET Q q 0 0 0 rg BT 188.31 705.60 Td (been, ) Tj ET Q q 0 0 0 rg BT 218.23 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 239.39 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 251.21 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 269.45 705.60 Td (future ) Tj ET Q q 0 0 0 rg BT 299.95 705.60 Td (may ) Tj ET Q q 0 0 0 rg BT 323.43 705.60 Td (be, ) Tj ET Q q 0 0 0 rg BT 341.67 705.60 Td (af) Tj ET Q q 0 0 0 rg BT 350.23 705.60 Td (fected ) Tj ET Q q 0 0 0 rg BT 382.48 705.60 Td (by ) Tj ET Q q 0 0 0 rg BT 397.22 705.60 Td (political ) Tj ET Q q 0 0 0 rg BT 435.88 705.60 Td (developments ) Tj ET Q q 0 0 0 rg BT 504.90 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 526.06 705.60 Td (by ) Tj ET Q q 0 0 0 rg BT 540.80 705.60 Td (national, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 693.00 Td (federal, ) Tj ET Q q 0 0 0 rg BT 69.79 693.00 Td (provincial, ) Tj ET Q q 0 0 0 rg BT 120.33 693.00 Td (state ) Tj ET Q q 0 0 0 rg BT 146.37 693.00 Td (and ) Tj ET Q q 0 0 0 rg BT 167.15 693.00 Td (local ) Tj ET Q q 0 0 0 rg BT 192.02 693.00 Td (laws ) Tj ET Q q 0 0 0 rg BT 216.29 693.00 Td (and ) Tj ET Q q 0 0 0 rg BT 237.08 693.00 Td (regulations ) Tj ET Q q 0 0 0 rg BT 291.72 693.00 Td (such ) Tj ET Q q 0 0 0 rg BT 317.16 693.00 Td (as ) Tj ET Q q 0 0 0 rg BT 331.52 693.00 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 385.55 693.00 Td (on ) Tj ET Q q 0 0 0 rg BT 400.50 693.00 Td (production, ) Tj ET Q q 0 0 0 rg BT 455.72 693.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 498.69 693.00 Td (in ) Tj ET Q q 0 0 0 rg BT 510.13 693.00 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 541.41 693.00 Td (royalties ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 680.40 Td (and ) Tj ET Q q 0 0 0 rg BT 50.95 680.40 Td (other ) Tj ET Q q 0 0 0 rg BT 76.81 680.40 Td (amounts ) Tj ET Q q 0 0 0 rg BT 119.01 680.40 Td (payable ) Tj ET Q q 0 0 0 rg BT 157.72 680.40 Td (to ) Tj ET Q q 0 0 0 rg BT 168.40 680.40 Td (governments ) Tj ET Q q 0 0 0 rg BT 231.03 680.40 Td (or ) Tj ET Q q 0 0 0 rg BT 242.29 680.40 Td (governmental ) Tj ET Q q 0 0 0 rg BT 307.84 680.40 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 354.72 680.40 Td (price ) Tj ET Q q 0 0 0 rg BT 379.41 680.40 Td (or ) Tj ET Q q 0 0 0 rg BT 390.67 680.40 Td (gathering ) Tj ET Q q 0 0 0 rg BT 436.38 680.40 Td (rate ) Tj ET Q q 0 0 0 rg BT 456.40 680.40 Td (controls ) Tj ET Q q 0 0 0 rg BT 495.10 680.40 Td (and ) Tj ET Q q 0 0 0 rg BT 514.54 680.40 Td (environmental ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 667.80 Td (protection ) Tj ET Q q 0 0 0 rg BT 80.77 667.80 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 138.21 667.80 Td (Should ) Tj ET Q q 0 0 0 rg BT 174.06 667.80 Td (one ) Tj ET Q q 0 0 0 rg BT 194.74 667.80 Td (or ) Tj ET Q q 0 0 0 rg BT 207.23 667.80 Td (more ) Tj ET Q q 0 0 0 rg BT 234.31 667.80 Td (of ) Tj ET Q q 0 0 0 rg BT 246.22 667.80 Td (these ) Tj ET Q q 0 0 0 rg BT 275.06 667.80 Td (risks ) Tj ET Q q 0 0 0 rg BT 299.80 667.80 Td (or ) Tj ET Q q 0 0 0 rg BT 312.29 667.80 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 374.98 667.80 Td (materialize, ) Tj ET Q q 0 0 0 rg BT 431.82 667.80 Td (or ) Tj ET Q q 0 0 0 rg BT 444.31 667.80 Td (should ) Tj ET Q q 0 0 0 rg BT 478.41 667.80 Td (any ) Tj ET Q q 0 0 0 rg BT 498.50 667.80 Td (of ) Tj ET Q q 0 0 0 rg BT 510.41 667.80 Td (the ) Tj ET Q q 0 0 0 rg BT 528.16 667.80 Td (Company? Tj ET Q q 0 0 0 rg BT 575.24 667.80 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 655.20 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 93.94 655.20 Td (prove ) Tj ET Q q 0 0 0 rg BT 123.69 655.20 Td (incorrect, ) Tj ET Q q 0 0 0 rg BT 170.36 655.20 Td (actual ) Tj ET Q q 0 0 0 rg BT 201.87 655.20 Td (results ) Tj ET Q q 0 0 0 rg BT 236.29 655.20 Td (may ) Tj ET Q q 0 0 0 rg BT 259.62 655.20 Td (vary ) Tj ET Q q 0 0 0 rg BT 282.94 655.20 Td (in ) Tj ET Q q 0 0 0 rg BT 294.61 655.20 Td (material ) Tj ET Q q 0 0 0 rg BT 335.44 655.20 Td (respects ) Tj ET Q q 0 0 0 rg BT 378.62 655.20 Td (from ) Tj ET Q q 0 0 0 rg BT 403.11 655.20 Td (those ) Tj ET Q q 0 0 0 rg BT 432.29 655.20 Td (projected ) Tj ET Q q 0 0 0 rg BT 478.97 655.20 Td (in ) Tj ET Q q 0 0 0 rg BT 490.64 655.20 Td (the ) Tj ET Q q 0 0 0 rg BT 508.72 655.20 Td (forward-looking ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 642.60 Td (statements. ) Tj ET Q q 0 0 0 rg BT 88.28 642.60 Td (The ) Tj ET Q q 0 0 0 rg BT 109.05 642.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 142.65 642.60 Td (of ) Tj ET Q q 0 0 0 rg BT 154.08 642.60 Td (any ) Tj ET Q q 0 0 0 rg BT 173.69 642.60 Td (one ) Tj ET Q q 0 0 0 rg BT 193.88 642.60 Td (factor ) Tj ET Q q 0 0 0 rg BT 222.82 642.60 Td (on ) Tj ET Q q 0 0 0 rg BT 237.17 642.60 Td (a ) Tj ET Q q 0 0 0 rg BT 245.69 642.60 Td (particular ) Tj ET Q q 0 0 0 rg BT 291.55 642.60 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 366.01 642.60 Td (statement ) Tj ET Q q 0 0 0 rg BT 414.79 642.60 Td (is ) Tj ET Q q 0 0 0 rg BT 425.05 642.60 Td (not ) Tj ET Q q 0 0 0 rg BT 442.32 642.60 Td (determinable ) Tj ET Q q 0 0 0 rg BT 505.70 642.60 Td (with ) Tj ET Q q 0 0 0 rg BT 527.05 642.60 Td (certainty ) Tj ET Q q 0 0 0 rg BT 569.41 642.60 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 630.00 Td (such ) Tj ET Q q 0 0 0 rg BT 56.25 630.00 Td (factors ) Tj ET Q q 0 0 0 rg BT 90.33 630.00 Td (are ) Tj ET Q q 0 0 0 rg BT 108.08 630.00 Td (dependent ) Tj ET Q q 0 0 0 rg BT 160.28 630.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 186.21 630.00 Td (other ) Tj ET Q q 0 0 0 rg BT 212.72 630.00 Td (factors, ) Tj ET Q q 0 0 0 rg BT 249.71 630.00 Td (and ) Tj ET Q q 0 0 0 rg BT 269.80 630.00 Td (the ) Tj ET Q q 0 0 0 rg BT 286.97 630.00 Td (Company? Tj ET Q q 0 0 0 rg BT 334.05 630.00 Td (s ) Tj ET Q q 0 0 0 rg BT 341.87 630.00 Td (course ) Tj ET Q q 0 0 0 rg BT 375.96 630.00 Td (of ) Tj ET Q q 0 0 0 rg BT 387.29 630.00 Td (action ) Tj ET Q q 0 0 0 rg BT 417.88 630.00 Td (would ) Tj ET Q q 0 0 0 rg BT 447.88 630.00 Td (depend ) Tj ET Q q 0 0 0 rg BT 485.49 630.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 511.42 630.00 Td (its ) Tj ET Q q 0 0 0 rg BT 524.49 630.00 Td (assessment ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 617.40 Td (of ) Tj ET Q q 0 0 0 rg BT 43.17 617.40 Td (the ) Tj ET Q q 0 0 0 rg BT 60.69 617.40 Td (future ) Tj ET Q q 0 0 0 rg BT 90.46 617.40 Td (considering ) Tj ET Q q 0 0 0 rg BT 147.08 617.40 Td (all ) Tj ET Q q 0 0 0 rg BT 160.50 617.40 Td (information ) Tj ET Q q 0 0 0 rg BT 215.36 617.40 Td (then ) Tj ET Q q 0 0 0 rg BT 238.72 617.40 Td (available. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 599.80 Td (Readers ) Tj ET Q q 0 0 0 rg BT 73.27 599.80 Td (are ) Tj ET Q q 0 0 0 rg BT 90.52 599.80 Td (cautioned ) Tj ET Q q 0 0 0 rg BT 138.14 599.80 Td (that ) Tj ET Q q 0 0 0 rg BT 157.73 599.80 Td (the ) Tj ET Q q 0 0 0 rg BT 174.41 599.80 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 220.27 599.80 Td (list ) Tj ET Q q 0 0 0 rg BT 235.19 599.80 Td (of ) Tj ET Q q 0 0 0 rg BT 246.02 599.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 279.61 599.80 Td (is ) Tj ET Q q 0 0 0 rg BT 289.27 599.80 Td (not ) Tj ET Q q 0 0 0 rg BT 305.95 599.80 Td (exhaustive. ) Tj ET Q q 0 0 0 rg BT 361.15 599.80 Td (Unpredictable ) Tj ET Q q 0 0 0 rg BT 428.02 599.80 Td (or ) Tj ET Q q 0 0 0 rg BT 439.43 599.80 Td (unknown ) Tj ET Q q 0 0 0 rg BT 483.54 599.80 Td (factors ) Tj ET Q q 0 0 0 rg BT 517.13 599.80 Td (not ) Tj ET Q q 0 0 0 rg BT 533.81 599.80 Td (discussed ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 587.20 Td (in ) Tj ET Q q 0 0 0 rg BT 42.85 587.20 Td (this ) Tj ET Q q 0 0 0 rg BT 62.36 587.20 Td (MD&A) Tj ET Q q 0 0 0 rg BT 92.12 587.20 Td ( ) Tj ET Q q 0 0 0 rg BT 95.29 587.20 Td (could ) Tj ET Q q 0 0 0 rg BT 123.56 587.20 Td (also ) Tj ET Q q 0 0 0 rg BT 146.00 587.20 Td (have ) Tj ET Q q 0 0 0 rg BT 171.94 587.20 Td (adverse ) Tj ET Q q 0 0 0 rg BT 212.47 587.20 Td (ef) Tj ET Q q 0 0 0 rg BT 221.04 587.20 Td (fects ) Tj ET Q q 0 0 0 rg BT 246.38 587.20 Td (on ) Tj ET Q q 0 0 0 rg BT 261.23 587.20 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 336.19 587.20 Td (statements. ) Tj ET Q q 0 0 0 rg BT 393.01 587.20 Td (Although ) Tj ET Q q 0 0 0 rg BT 437.64 587.20 Td (the ) Tj ET Q q 0 0 0 rg BT 455.40 587.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 503.52 587.20 Td (believes ) Tj ET Q q 0 0 0 rg BT 545.21 587.20 Td (that ) Tj ET Q q 0 0 0 rg BT 565.90 587.20 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 574.60 Td (expectations ) Tj ET Q q 0 0 0 rg BT 92.63 574.60 Td (conveyed ) Tj ET Q q 0 0 0 rg BT 139.75 574.60 Td (by ) Tj ET Q q 0 0 0 rg BT 153.01 574.60 Td (the ) Tj ET Q q 0 0 0 rg BT 169.78 574.60 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 243.73 574.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 297.26 574.60 Td (are ) Tj ET Q q 0 0 0 rg BT 314.61 574.60 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 368.74 574.60 Td (based ) Tj ET Q q 0 0 0 rg BT 399.52 574.60 Td (on ) Tj ET Q q 0 0 0 rg BT 413.37 574.60 Td (information ) Tj ET Q q 0 0 0 rg BT 467.48 574.60 Td (available ) Tj ET Q q 0 0 0 rg BT 511.10 574.60 Td (to ) Tj ET Q q 0 0 0 rg BT 522.03 574.60 Td (it ) Tj ET Q q 0 0 0 rg BT 529.45 574.60 Td (on ) Tj ET Q q 0 0 0 rg BT 543.30 574.60 Td (the ) Tj ET Q q 0 0 0 rg BT 560.07 574.60 Td (date ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 562.00 Td (such ) Tj ET Q q 0 0 0 rg BT 58.06 562.00 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 134.23 562.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 189.97 562.00 Td (are ) Tj ET Q q 0 0 0 rg BT 209.52 562.00 Td (made, ) Tj ET Q q 0 0 0 rg BT 243.09 562.00 Td (no ) Tj ET Q q 0 0 0 rg BT 259.15 562.00 Td (assurances ) Tj ET Q q 0 0 0 rg BT 317.22 562.00 Td (can ) Tj ET Q q 0 0 0 rg BT 338.54 562.00 Td (be ) Tj ET Q q 0 0 0 rg BT 354.60 562.00 Td (given ) Tj ET Q q 0 0 0 rg BT 384.08 562.00 Td (as ) Tj ET Q q 0 0 0 rg BT 399.55 562.00 Td (to ) Tj ET Q q 0 0 0 rg BT 412.69 562.00 Td (future ) Tj ET Q q 0 0 0 rg BT 443.92 562.00 Td (results, ) Tj ET Q q 0 0 0 rg BT 482.15 562.00 Td (levels ) Tj ET Q q 0 0 0 rg BT 513.37 562.00 Td (of ) Tj ET Q q 0 0 0 rg BT 526.51 562.00 Td (activity ) Tj ET Q q 0 0 0 rg BT 562.98 562.00 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 549.40 Td (achievements. ) Tj ET Q q 0 0 0 rg BT 100.61 549.40 Td (All ) Tj ET Q q 0 0 0 rg BT 114.04 549.40 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 170.10 549.40 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 243.64 549.40 Td (statements, ) Tj ET Q q 0 0 0 rg BT 299.68 549.40 Td (whether ) Tj ET Q q 0 0 0 rg BT 338.79 549.40 Td (written ) Tj ET Q q 0 0 0 rg BT 371.48 549.40 Td (or ) Tj ET Q q 0 0 0 rg BT 382.58 549.40 Td (oral, ) Tj ET Q q 0 0 0 rg BT 404.76 549.40 Td (attributable ) Tj ET Q q 0 0 0 rg BT 458.47 549.40 Td (to ) Tj ET Q q 0 0 0 rg BT 468.99 549.40 Td (the ) Tj ET Q q 0 0 0 rg BT 485.35 549.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.05 549.40 Td (or ) Tj ET Q q 0 0 0 rg BT 543.14 549.40 Td (persons ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 536.80 Td (acting ) Tj ET Q q 0 0 0 rg BT 61.13 536.80 Td (on ) Tj ET Q q 0 0 0 rg BT 74.41 536.80 Td (its ) Tj ET Q q 0 0 0 rg BT 86.52 536.80 Td (behalf ) Tj ET Q q 0 0 0 rg BT 116.74 536.80 Td (are ) Tj ET Q q 0 0 0 rg BT 133.52 536.80 Td (expressly ) Tj ET Q q 0 0 0 rg BT 179.48 536.80 Td (qualified ) Tj ET Q q 0 0 0 rg BT 220.20 536.80 Td (in ) Tj ET Q q 0 0 0 rg BT 229.98 536.80 Td (their ) Tj ET Q q 0 0 0 rg BT 252.01 536.80 Td (entirety ) Tj ET Q q 0 0 0 rg BT 288.05 536.80 Td (by ) Tj ET Q q 0 0 0 rg BT 300.75 536.80 Td (these ) Tj ET Q q 0 0 0 rg BT 328.04 536.80 Td (cautionary ) Tj ET Q q 0 0 0 rg BT 378.10 536.80 Td (statements. ) Tj ET Q q 0 0 0 rg BT 433.98 536.80 Td (Except ) Tj ET Q q 0 0 0 rg BT 467.69 536.80 Td (as ) Tj ET Q q 0 0 0 rg BT 480.39 536.80 Td (required ) Tj ET Q q 0 0 0 rg BT 520.52 536.80 Td (by ) Tj ET Q q 0 0 0 rg BT 533.21 536.80 Td (applicable ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 524.20 Td (law) Tj ET Q q 0 0 0 rg BT 46.68 524.20 Td (, ) Tj ET Q q 0 0 0 rg BT 52.48 524.20 Td (the ) Tj ET Q q 0 0 0 rg BT 69.97 524.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.79 524.20 Td (assumes ) Tj ET Q q 0 0 0 rg BT 162.70 524.20 Td (no ) Tj ET Q q 0 0 0 rg BT 177.26 524.20 Td (obligation ) Tj ET Q q 0 0 0 rg BT 225.11 524.20 Td (to ) Tj ET Q q 0 0 0 rg BT 236.75 524.20 Td (update ) Tj ET Q q 0 0 0 rg BT 271.76 524.20 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 346.43 524.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 400.68 524.20 Td (in ) Tj ET Q q 0 0 0 rg BT 411.74 524.20 Td (the ) Tj ET Q q 0 0 0 rg BT 429.22 524.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 484.30 524.20 Td (MD&A, ) Tj ET Q q 0 0 0 rg BT 520.44 524.20 Td (whether ) Tj ET Q q 0 0 0 rg BT 560.69 524.20 Td (as ) Tj ET Q q 0 0 0 rg BT 574.67 524.20 Td (a ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 511.60 Td (result ) Tj ET Q q 0 0 0 rg BT 61.81 511.60 Td (of ) Tj ET Q q 0 0 0 rg BT 75.19 511.60 Td (new ) Tj ET Q q 0 0 0 rg BT 99.09 511.60 Td (information, ) Tj ET Q q 0 0 0 rg BT 158.58 511.60 Td (future ) Tj ET Q q 0 0 0 rg BT 190.06 511.60 Td (events ) Tj ET Q q 0 0 0 rg BT 225.63 511.60 Td (or ) Tj ET Q q 0 0 0 rg BT 239.59 511.60 Td (other ) Tj ET Q q 0 0 0 rg BT 268.15 511.60 Td (factors, ) Tj ET Q q 0 0 0 rg BT 307.21 511.60 Td (or ) Tj ET Q q 0 0 0 rg BT 321.18 511.60 Td (the ) Tj ET Q q 0 0 0 rg BT 340.41 511.60 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 388.82 511.60 Td (factors ) Tj ET Q q 0 0 0 rg BT 424.96 511.60 Td (af) Tj ET Q q 0 0 0 rg BT 433.53 511.60 Td (fecting ) Tj ET Q q 0 0 0 rg BT 469.10 511.60 Td (this ) Tj ET Q q 0 0 0 rg BT 490.07 511.60 Td (information, ) Tj ET Q q 0 0 0 rg BT 549.56 511.60 Td (should ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 499.00 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 101.52 499.00 Td (or ) Tj ET Q q 0 0 0 rg BT 113.77 499.00 Td (the ) Tj ET Q q 0 0 0 rg BT 131.29 499.00 Td (Company? Tj ET Q q 0 0 0 rg BT 178.37 499.00 Td (s ) Tj ET Q q 0 0 0 rg BT 186.54 499.00 Td (estimates ) Tj ET Q q 0 0 0 rg BT 234.39 499.00 Td (or ) Tj ET Q q 0 0 0 rg BT 246.64 499.00 Td (opinions ) Tj ET Q q 0 0 0 rg BT 288.68 499.00 Td (change.) Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 481.40 Td (Special Note Regarding non-GAAP) Tj ET Q q 0 0 0 rg BT 205.17 481.40 Td ( Financial Measures) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 463.80 Td (This ) Tj ET Q q 0 0 0 rg BT 54.39 463.80 Td (press ) Tj ET Q q 0 0 0 rg BT 83.12 463.80 Td (release ) Tj ET Q q 0 0 0 rg BT 120.61 463.80 Td (includes ) Tj ET Q q 0 0 0 rg BT 162.19 463.80 Td (references ) Tj ET Q q 0 0 0 rg BT 214.86 463.80 Td (to ) Tj ET Q q 0 0 0 rg BT 226.67 463.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.25 463.80 Td (measures ) Tj ET Q q 0 0 0 rg BT 317.41 463.80 Td (commonly ) Tj ET Q q 0 0 0 rg BT 368.31 463.80 Td (used ) Tj ET Q q 0 0 0 rg BT 394.13 463.80 Td (in ) Tj ET Q q 0 0 0 rg BT 405.36 463.80 Td (the ) Tj ET Q q 0 0 0 rg BT 423.01 463.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 452.33 463.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 465.89 463.80 Td (and ) Tj ET Q q 0 0 0 rg BT 486.46 463.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 521.62 463.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.61 463.80 Td (industry) Tj ET Q q 0 0 0 rg BT 577.59 463.80 Td (, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 451.20 Td (such ) Tj ET Q q 0 0 0 rg BT 56.15 451.20 Td (as: ) Tj ET Q q 0 0 0 rg BT 72.64 451.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 114.81 451.20 Td (net ) Tj ET Q q 0 0 0 rg BT 131.88 451.20 Td (earnings ) Tj ET Q q 0 0 0 rg BT 174.64 451.20 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 202.78 451.20 Td (from ) Tj ET Q q 0 0 0 rg BT 226.25 451.20 Td (operations; ) Tj ET Q q 0 0 0 rg BT 280.68 451.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 322.85 451.20 Td (funds ) Tj ET Q q 0 0 0 rg BT 351.02 451.20 Td (flow; ) Tj ET Q q 0 0 0 rg BT 375.08 451.20 Td (and ) Tj ET Q q 0 0 0 rg BT 395.08 451.20 Td (net ) Tj ET Q q 0 0 0 rg BT 412.15 451.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 444.97 451.20 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 510.33 451.20 Td (These ) Tj ET Q q 0 0 0 rg BT 541.99 451.20 Td (financial ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 438.60 Td (measures ) Tj ET Q q 0 0 0 rg BT 80.33 438.60 Td (are ) Tj ET Q q 0 0 0 rg BT 98.23 438.60 Td (not ) Tj ET Q q 0 0 0 rg BT 115.56 438.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 152.74 438.60 Td (by ) Tj ET Q q 0 0 0 rg BT 166.56 438.60 Td (International ) Tj ET Q q 0 0 0 rg BT 227.08 438.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 271.83 438.60 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 320.09 438.60 Td (Standards ) Tj ET Q q 0 0 0 rg BT 370.68 438.60 Td (\("IFRS"\) ) Tj ET Q q 0 0 0 rg BT 411.77 438.60 Td (and ) Tj ET Q q 0 0 0 rg BT 432.02 438.60 Td (therefore ) Tj ET Q q 0 0 0 rg BT 476.78 438.60 Td (are ) Tj ET Q q 0 0 0 rg BT 494.68 438.60 Td (referred ) Tj ET Q q 0 0 0 rg BT 534.18 438.60 Td (to ) Tj ET Q q 0 0 0 rg BT 545.66 438.60 Td (as ) Tj ET Q q 0 0 0 rg BT 559.48 438.60 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 426.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 60.49 426.00 Td ( ) Tj ET Q q 0 0 0 rg BT 62.40 426.00 Td (measures. ) Tj ET Q q 0 0 0 rg BT 113.22 426.00 Td (The ) Tj ET Q q 0 0 0 rg BT 133.23 426.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 183.23 426.00 Td ( ) Tj ET Q q 0 0 0 rg BT 185.15 426.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 233.16 426.00 Td (used ) Tj ET Q q 0 0 0 rg BT 257.85 426.00 Td (by ) Tj ET Q q 0 0 0 rg BT 270.86 426.00 Td (the ) Tj ET Q q 0 0 0 rg BT 287.37 426.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 334.22 426.00 Td (may ) Tj ET Q q 0 0 0 rg BT 355.98 426.00 Td (not ) Tj ET Q q 0 0 0 rg BT 372.49 426.00 Td (be ) Tj ET Q q 0 0 0 rg BT 386.09 426.00 Td (comparable ) Tj ET Q q 0 0 0 rg BT 442.87 426.00 Td (to ) Tj ET Q q 0 0 0 rg BT 453.54 426.00 Td (similar ) Tj ET Q q 0 0 0 rg BT 485.79 426.00 Td (measures ) Tj ET Q q 0 0 0 rg BT 533.81 426.00 Td (presented ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 413.40 Td (by ) Tj ET Q q 0 0 0 rg BT 47.23 413.40 Td (other ) Tj ET Q q 0 0 0 rg BT 75.80 413.40 Td (companies. ) Tj ET Q q 0 0 0 rg BT 133.84 413.40 Td (The ) Tj ET Q q 0 0 0 rg BT 156.57 413.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 206.15 413.40 Td (uses ) Tj ET Q q 0 0 0 rg BT 232.97 413.40 Td (these ) Tj ET Q q 0 0 0 rg BT 263.30 413.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 313.30 413.40 Td ( ) Tj ET Q q 0 0 0 rg BT 317.94 413.40 Td (measures ) Tj ET Q q 0 0 0 rg BT 368.68 413.40 Td (to ) Tj ET Q q 0 0 0 rg BT 382.08 413.40 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 426.42 413.40 Td (its ) Tj ET Q q 0 0 0 rg BT 441.56 413.40 Td (performance. ) Tj ET Q q 0 0 0 rg BT 507.76 413.40 Td (The ) Tj ET Q q 0 0 0 rg BT 530.50 413.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 580.50 413.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 400.80 Td (measures ) Tj ET Q q 0 0 0 rg BT 81.71 400.80 Td (should ) Tj ET Q q 0 0 0 rg BT 116.76 400.80 Td (not ) Tj ET Q q 0 0 0 rg BT 135.46 400.80 Td (be ) Tj ET Q q 0 0 0 rg BT 151.24 400.80 Td (considered ) Tj ET Q q 0 0 0 rg BT 206.72 400.80 Td (an ) Tj ET Q q 0 0 0 rg BT 222.50 400.80 Td (alternative ) Tj ET Q q 0 0 0 rg BT 275.06 400.80 Td (to ) Tj ET Q q 0 0 0 rg BT 287.92 400.80 Td (or ) Tj ET Q q 0 0 0 rg BT 301.36 400.80 Td (more ) Tj ET Q q 0 0 0 rg BT 329.39 400.80 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 384.86 400.80 Td (than ) Tj ET Q q 0 0 0 rg BT 409.41 400.80 Td (net ) Tj ET Q q 0 0 0 rg BT 428.11 400.80 Td (earnings ) Tj ET Q q 0 0 0 rg BT 472.49 400.80 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 505.18 400.80 Td (cash ) Tj ET Q q 0 0 0 rg BT 531.47 400.80 Td (flows ) Tj ET Q q 0 0 0 rg BT 559.50 400.80 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 388.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 78.05 388.20 Td (activities, ) Tj ET Q q 0 0 0 rg BT 124.00 388.20 Td (and ) Tj ET Q q 0 0 0 rg BT 144.29 388.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 169.24 388.20 Td (flows ) Tj ET Q q 0 0 0 rg BT 195.93 388.20 Td (used ) Tj ET Q q 0 0 0 rg BT 221.47 388.20 Td (in ) Tj ET Q q 0 0 0 rg BT 232.41 388.20 Td (investing ) Tj ET Q q 0 0 0 rg BT 276.62 388.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 319.65 388.20 Td (as ) Tj ET Q q 0 0 0 rg BT 333.51 388.20 Td (determined ) Tj ET Q q 0 0 0 rg BT 388.81 388.20 Td (in ) Tj ET Q q 0 0 0 rg BT 399.75 388.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 456.80 388.20 Td (with ) Tj ET Q q 0 0 0 rg BT 478.25 388.20 Td (IFRS, ) Tj ET Q q 0 0 0 rg BT 507.85 388.20 Td (as ) Tj ET Q q 0 0 0 rg BT 521.71 388.20 Td (an ) Tj ET Q q 0 0 0 rg BT 536.16 388.20 Td (indication ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 375.60 Td (of ) Tj ET Q q 0 0 0 rg BT 43.48 375.60 Td (the ) Tj ET Q q 0 0 0 rg BT 61.30 375.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 116.72 375.60 Td (performance. ) Tj ET Q q 0 0 0 rg BT 181.60 375.60 Td (The ) Tj ET Q q 0 0 0 rg BT 202.92 375.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 252.93 375.60 Td ( ) Tj ET Q q 0 0 0 rg BT 256.15 375.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 300.23 375.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 343.15 375.60 Td (net ) Tj ET Q q 0 0 0 rg BT 360.98 375.60 Td (earnings ) Tj ET Q q 0 0 0 rg BT 404.48 375.60 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 433.37 375.60 Td (from ) Tj ET Q q 0 0 0 rg BT 457.60 375.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 509.86 375.60 Td (is ) Tj ET Q q 0 0 0 rg BT 520.67 375.60 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 571.75 375.60 Td (to ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 363.00 Td (net ) Tj ET Q q 0 0 0 rg BT 48.07 363.00 Td (earnings ) Tj ET Q q 0 0 0 rg BT 90.32 363.00 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 120.88 363.00 Td (as ) Tj ET Q q 0 0 0 rg BT 133.94 363.00 Td (determined ) Tj ET Q q 0 0 0 rg BT 188.45 363.00 Td (in ) Tj ET Q q 0 0 0 rg BT 198.59 363.00 Td (accordance ) Tj ET Q q 0 0 0 rg BT 254.85 363.00 Td (with ) Tj ET Q q 0 0 0 rg BT 275.50 363.00 Td (IFRS, ) Tj ET Q q 0 0 0 rg BT 304.31 363.00 Td (in ) Tj ET Q q 0 0 0 rg BT 314.45 363.00 Td (the ) Tj ET Q q 0 0 0 rg BT 331.02 363.00 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 378.75 363.00 Td (Highlights" ) Tj ET Q q 0 0 0 rg BT 430.56 363.00 Td (section ) Tj ET Q q 0 0 0 rg BT 465.80 363.00 Td (of ) Tj ET Q q 0 0 0 rg BT 476.53 363.00 Td (the ) Tj ET Q q 0 0 0 rg BT 493.10 363.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 547.27 363.00 Td (MD&A. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 350.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 84.42 350.40 Td (, ) Tj ET Q q 0 0 0 rg BT 92.29 350.40 Td (the ) Tj ET Q q 0 0 0 rg BT 111.84 350.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 161.85 350.40 Td ( ) Tj ET Q q 0 0 0 rg BT 166.80 350.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 212.60 350.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 257.25 350.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.89 350.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 311.52 350.40 Td (is ) Tj ET Q q 0 0 0 rg BT 324.05 350.40 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 376.87 350.40 Td (to ) Tj ET Q q 0 0 0 rg BT 390.58 350.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 417.71 350.40 Td (flows ) Tj ET Q q 0 0 0 rg BT 446.59 350.40 Td (from ) Tj ET Q q 0 0 0 rg BT 472.54 350.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 521.28 350.40 Td (activities, ) Tj ET Q q 0 0 0 rg BT 569.41 350.40 Td (as ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 337.80 Td (determined ) Tj ET Q q 0 0 0 rg BT 88.05 337.80 Td (in ) Tj ET Q q 0 0 0 rg BT 100.24 337.80 Td (accordance ) Tj ET Q q 0 0 0 rg BT 158.54 337.80 Td (with ) Tj ET Q q 0 0 0 rg BT 181.23 337.80 Td (IFRS, ) Tj ET Q q 0 0 0 rg BT 212.08 337.80 Td (in ) Tj ET Q q 0 0 0 rg BT 224.27 337.80 Td (the ) Tj ET Q q 0 0 0 rg BT 242.88 337.80 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 292.65 337.80 Td (Highlights" ) Tj ET Q q 0 0 0 rg BT 346.50 337.80 Td (section ) Tj ET Q q 0 0 0 rg BT 383.78 337.80 Td (of ) Tj ET Q q 0 0 0 rg BT 396.56 337.80 Td (the ) Tj ET Q q 0 0 0 rg BT 415.17 337.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 471.38 337.80 Td (MD&A. ) Tj ET Q q 0 0 0 rg BT 508.39 337.80 Td (The ) Tj ET Q q 0 0 0 rg BT 530.50 337.80 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 580.50 337.80 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 325.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 75.55 325.20 Td (net ) Tj ET Q q 0 0 0 rg BT 93.34 325.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.89 325.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 190.21 325.20 Td (is ) Tj ET Q q 0 0 0 rg BT 200.99 325.20 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 252.05 325.20 Td (to ) Tj ET Q q 0 0 0 rg BT 264.00 325.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 289.37 325.20 Td (flows ) Tj ET Q q 0 0 0 rg BT 316.49 325.20 Td (used ) Tj ET Q q 0 0 0 rg BT 342.46 325.20 Td (in ) Tj ET Q q 0 0 0 rg BT 353.82 325.20 Td (investing ) Tj ET Q q 0 0 0 rg BT 398.46 325.20 Td (activities, ) Tj ET Q q 0 0 0 rg BT 444.84 325.20 Td (as ) Tj ET Q q 0 0 0 rg BT 459.12 325.20 Td (determined ) Tj ET Q q 0 0 0 rg BT 514.85 325.20 Td (in ) Tj ET Q q 0 0 0 rg BT 526.22 325.20 Td (accordance ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 312.60 Td (with ) Tj ET Q q 0 0 0 rg BT 52.90 312.60 Td (IFRS, ) Tj ET Q q 0 0 0 rg BT 82.47 312.60 Td (in ) Tj ET Q q 0 0 0 rg BT 93.37 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 110.70 312.60 Td (揘et ) Tj ET Q q 0 0 0 rg BT 133.27 312.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 168.69 312.60 Td (Expenditures?) Tj ET Q q 0 0 0 rg BT 236.20 312.60 Td (section ) Tj ET Q q 0 0 0 rg BT 272.21 312.60 Td (of ) Tj ET Q q 0 0 0 rg BT 283.69 312.60 Td (the ) Tj ET Q q 0 0 0 rg BT 301.02 312.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 355.95 312.60 Td (MD&A. ) Tj ET Q q 0 0 0 rg BT 391.75 312.60 Td (The ) Tj ET Q q 0 0 0 rg BT 412.58 312.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 460.25 312.60 Td (also ) Tj ET Q q 0 0 0 rg BT 482.24 312.60 Td (presents ) Tj ET Q q 0 0 0 rg BT 525.25 312.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 559.49 312.60 Td (non-) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 300.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 60.49 300.00 Td ( ) Tj ET Q q 0 0 0 rg BT 63.41 300.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.85 300.00 Td (ratios ) Tj ET Q q 0 0 0 rg BT 133.44 300.00 Td (and ) Tj ET Q q 0 0 0 rg BT 153.88 300.00 Td (their ) Tj ET Q q 0 0 0 rg BT 177.22 300.00 Td (derivation ) Tj ET Q q 0 0 0 rg BT 225.67 300.00 Td (in ) Tj ET Q q 0 0 0 rg BT 236.76 300.00 Td (the ) Tj ET Q q 0 0 0 rg BT 254.28 300.00 Td (揕iquidity ) Tj ET Q q 0 0 0 rg BT 299.22 300.00 Td (and ) Tj ET Q q 0 0 0 rg BT 319.65 300.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 355.26 300.00 Td (Resources?) Tj ET Q q 0 0 0 rg BT 411.86 300.00 Td (section ) Tj ET Q q 0 0 0 rg BT 448.05 300.00 Td (of ) Tj ET Q q 0 0 0 rg BT 459.72 300.00 Td (the ) Tj ET Q q 0 0 0 rg BT 477.24 300.00 Td (Company's ) Tj ET Q q 0 0 0 rg BT 532.35 300.00 Td (MD&A.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 282.40 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 75.01 282.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 103.34 282.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 124.65 282.40 Td (\(previously ) Tj ET Q q 0 0 0 rg BT 178.06 282.40 Td (referred ) Tj ET Q q 0 0 0 rg BT 217.47 282.40 Td (to ) Tj ET Q q 0 0 0 rg BT 228.87 282.40 Td (as ) Tj ET Q q 0 0 0 rg BT 242.60 282.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 270.93 282.40 Td (flow ) Tj ET Q q 0 0 0 rg BT 292.25 282.40 Td (from ) Tj ET Q q 0 0 0 rg BT 315.89 282.40 Td (operations\) ) Tj ET Q q 0 0 0 rg BT 371.07 282.40 Td (is ) Tj ET Q q 0 0 0 rg BT 381.29 282.40 Td (a ) Tj ET Q q 0 0 0 rg BT 389.78 282.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 439.78 282.40 Td ( ) Tj ET Q q 0 0 0 rg BT 442.42 282.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 485.92 282.40 Td (that ) Tj ET Q q 0 0 0 rg BT 506.08 282.40 Td (represents ) Tj ET Q q 0 0 0 rg BT 558.33 282.40 Td (cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 269.80 Td (flows ) Tj ET Q q 0 0 0 rg BT 58.24 269.80 Td (from ) Tj ET Q q 0 0 0 rg BT 82.05 269.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 128.65 269.80 Td (activities ) Tj ET Q q 0 0 0 rg BT 171.73 269.80 Td (as ) Tj ET Q q 0 0 0 rg BT 185.64 269.80 Td (presented ) Tj ET Q q 0 0 0 rg BT 235.16 269.80 Td (in ) Tj ET Q q 0 0 0 rg BT 246.14 269.80 Td (the ) Tj ET Q q 0 0 0 rg BT 263.56 269.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 318.56 269.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 380.34 269.80 Td (Statements ) Tj ET Q q 0 0 0 rg BT 436.27 269.80 Td (of ) Tj ET Q q 0 0 0 rg BT 447.84 269.80 Td (Cash ) Tj ET Q q 0 0 0 rg BT 475.17 269.80 Td (Flows, ) Tj ET Q q 0 0 0 rg BT 508.32 269.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 550.84 269.80 Td (for ) Tj ET Q q 0 0 0 rg BT 565.90 269.80 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 257.20 Td (net ) Tj ET Q q 0 0 0 rg BT 48.37 257.20 Td (change ) Tj ET Q q 0 0 0 rg BT 85.09 257.20 Td (in ) Tj ET Q q 0 0 0 rg BT 95.54 257.20 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 141.01 257.20 Td (working ) Tj ET Q q 0 0 0 rg BT 179.46 257.20 Td (capital, ) Tj ET Q q 0 0 0 rg BT 215.01 257.20 Td (abandonment ) Tj ET Q q 0 0 0 rg BT 281.50 257.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 343.90 257.20 Td (and ) Tj ET Q q 0 0 0 rg BT 363.70 257.20 Td (movements ) Tj ET Q q 0 0 0 rg BT 420.24 257.20 Td (in ) Tj ET Q q 0 0 0 rg BT 430.69 257.20 Td (other ) Tj ET Q q 0 0 0 rg BT 456.89 257.20 Td (long-term ) Tj ET Q q 0 0 0 rg BT 503.52 257.20 Td (assets, ) Tj ET Q q 0 0 0 rg BT 539.05 257.20 Td (including ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 244.60 Td (the ) Tj ET Q q 0 0 0 rg BT 49.46 244.60 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 110.61 244.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 133.23 244.60 Td (of ) Tj ET Q q 0 0 0 rg BT 145.35 244.60 Td (the ) Tj ET Q q 0 0 0 rg BT 163.31 244.60 Td (share ) Tj ET Q q 0 0 0 rg BT 192.94 244.60 Td (bonus ) Tj ET Q q 0 0 0 rg BT 224.91 244.60 Td (program ) Tj ET Q q 0 0 0 rg BT 267.37 244.60 Td (and ) Tj ET Q q 0 0 0 rg BT 288.26 244.60 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 326.65 244.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 349.27 244.60 Td (of ) Tj ET Q q 0 0 0 rg BT 361.39 244.60 Td (service ) Tj ET Q q 0 0 0 rg BT 398.01 244.60 Td (tolls. ) Tj ET Q q 0 0 0 rg BT 422.75 244.60 Td (The ) Tj ET Q q 0 0 0 rg BT 444.20 244.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 492.51 244.60 Td (considers ) Tj ET Q q 0 0 0 rg BT 540.81 244.60 Td (adjusted ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 232.00 Td (funds ) Tj ET Q q 0 0 0 rg BT 60.26 232.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 82.00 232.00 Td (a ) Tj ET Q q 0 0 0 rg BT 90.91 232.00 Td (key ) Tj ET Q q 0 0 0 rg BT 110.32 232.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 154.24 232.00 Td (as ) Tj ET Q q 0 0 0 rg BT 168.40 232.00 Td (it ) Tj ET Q q 0 0 0 rg BT 176.72 232.00 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 243.41 232.00 Td (the ) Tj ET Q q 0 0 0 rg BT 261.08 232.00 Td (Company? Tj ET Q q 0 0 0 rg BT 308.16 232.00 Td (s ) Tj ET Q q 0 0 0 rg BT 316.48 232.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 346.39 232.00 Td (to ) Tj ET Q q 0 0 0 rg BT 358.22 232.00 Td (generate ) Tj ET Q q 0 0 0 rg BT 402.74 232.00 Td (the ) Tj ET Q q 0 0 0 rg BT 420.41 232.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 445.66 232.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 467.40 232.00 Td (necessary ) Tj ET Q q 0 0 0 rg BT 518.33 232.00 Td (to ) Tj ET Q q 0 0 0 rg BT 530.16 232.00 Td (fund ) Tj ET Q q 0 0 0 rg BT 553.66 232.00 Td (future ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 219.40 Td (growth ) Tj ET Q q 0 0 0 rg BT 66.22 219.40 Td (through ) Tj ET Q q 0 0 0 rg BT 105.05 219.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 138.61 219.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 192.59 219.40 Td (and ) Tj ET Q q 0 0 0 rg BT 213.32 219.40 Td (to ) Tj ET Q q 0 0 0 rg BT 225.28 219.40 Td (repay ) Tj ET Q q 0 0 0 rg BT 254.76 219.40 Td (debt. ) Tj ET Q q 0 0 0 rg BT 281.11 219.40 Td (The ) Tj ET Q q 0 0 0 rg BT 302.41 219.40 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 366.90 219.40 Td (揂djusted ) Tj ET Q q 0 0 0 rg BT 414.47 219.40 Td (Funds ) Tj ET Q q 0 0 0 rg BT 446.86 219.40 Td (Flow) Tj ET Q q 0 0 0 rg BT 468.45 219.40 Td (, ) Tj ET Q q 0 0 0 rg BT 474.58 219.40 Td (as ) Tj ET Q q 0 0 0 rg BT 488.88 219.40 Td (Reconciled ) Tj ET Q q 0 0 0 rg BT 544.03 219.40 Td (to ) Tj ET Q q 0 0 0 rg BT 556.00 219.40 Td (Cash ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 206.80 Td (Flows ) Tj ET Q q 0 0 0 rg BT 61.84 206.80 Td (from ) Tj ET Q q 0 0 0 rg BT 85.76 206.80 Td (Operating ) Tj ET Q q 0 0 0 rg BT 134.21 206.80 Td (Activities?) Tj ET Q q 0 0 0 rg BT 182.05 206.80 Td (is ) Tj ET Q q 0 0 0 rg BT 192.55 206.80 Td (presented ) Tj ET Q q 0 0 0 rg BT 242.17 206.80 Td (in ) Tj ET Q q 0 0 0 rg BT 253.26 206.80 Td (the ) Tj ET Q q 0 0 0 rg BT 270.77 206.80 Td (Company? Tj ET Q q 0 0 0 rg BT 317.86 206.80 Td (s ) Tj ET Q q 0 0 0 rg BT 326.02 206.80 Td (MD&A.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 189.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 50.55 189.20 Td (capital ) Tj ET Q q 0 0 0 rg BT 83.61 189.20 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 146.45 189.20 Td (is ) Tj ET Q q 0 0 0 rg BT 156.74 189.20 Td (a ) Tj ET Q q 0 0 0 rg BT 165.29 189.20 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 215.29 189.20 Td ( ) Tj ET Q q 0 0 0 rg BT 218.00 189.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 261.57 189.20 Td (that ) Tj ET Q q 0 0 0 rg BT 281.79 189.20 Td (represents ) Tj ET Q q 0 0 0 rg BT 334.11 189.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 359.00 189.20 Td (flows ) Tj ET Q q 0 0 0 rg BT 385.63 189.20 Td (used ) Tj ET Q q 0 0 0 rg BT 411.11 189.20 Td (in ) Tj ET Q q 0 0 0 rg BT 421.99 189.20 Td (investing ) Tj ET Q q 0 0 0 rg BT 466.14 189.20 Td (activities ) Tj ET Q q 0 0 0 rg BT 509.12 189.20 Td (as ) Tj ET Q q 0 0 0 rg BT 522.92 189.20 Td (presented ) Tj ET Q q 0 0 0 rg BT 572.33 189.20 Td (in ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 176.60 Td (the ) Tj ET Q q 0 0 0 rg BT 50.77 176.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 107.64 176.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.27 176.60 Td (Statements ) Tj ET Q q 0 0 0 rg BT 229.06 176.60 Td (of ) Tj ET Q q 0 0 0 rg BT 242.49 176.60 Td (Cash ) Tj ET Q q 0 0 0 rg BT 271.68 176.60 Td (Flows, ) Tj ET Q q 0 0 0 rg BT 306.69 176.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 351.06 176.60 Td (for ) Tj ET Q q 0 0 0 rg BT 367.99 176.60 Td (the ) Tj ET Q q 0 0 0 rg BT 387.26 176.60 Td (net ) Tj ET Q q 0 0 0 rg BT 406.53 176.60 Td (change ) Tj ET Q q 0 0 0 rg BT 445.66 176.60 Td (in ) Tj ET Q q 0 0 0 rg BT 458.50 176.60 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 506.37 176.60 Td (working ) Tj ET Q q 0 0 0 rg BT 547.23 176.60 Td (capital, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 164.00 Td (investment ) Tj ET Q q 0 0 0 rg BT 84.78 164.00 Td (in ) Tj ET Q q 0 0 0 rg BT 95.46 164.00 Td (other ) Tj ET Q q 0 0 0 rg BT 121.90 164.00 Td (long-term ) Tj ET Q q 0 0 0 rg BT 168.76 164.00 Td (assets, ) Tj ET Q q 0 0 0 rg BT 204.53 164.00 Td (share ) Tj ET Q q 0 0 0 rg BT 233.30 164.00 Td (consideration ) Tj ET Q q 0 0 0 rg BT 298.27 164.00 Td (in ) Tj ET Q q 0 0 0 rg BT 308.95 164.00 Td (business ) Tj ET Q q 0 0 0 rg BT 352.90 164.00 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 410.27 164.00 Td (and ) Tj ET Q q 0 0 0 rg BT 430.30 164.00 Td (abandonment ) Tj ET Q q 0 0 0 rg BT 497.03 164.00 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 562.42 164.00 Td (The ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 151.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 79.61 151.40 Td (considers ) Tj ET Q q 0 0 0 rg BT 127.72 151.40 Td (net ) Tj ET Q q 0 0 0 rg BT 145.48 151.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 179.01 151.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 242.30 151.40 Td (a ) Tj ET Q q 0 0 0 rg BT 251.31 151.40 Td (key ) Tj ET Q q 0 0 0 rg BT 270.82 151.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 314.84 151.40 Td (as ) Tj ET Q q 0 0 0 rg BT 329.10 151.40 Td (it ) Tj ET Q q 0 0 0 rg BT 337.52 151.40 Td (provides ) Tj ET Q q 0 0 0 rg BT 380.38 151.40 Td (an ) Tj ET Q q 0 0 0 rg BT 395.23 151.40 Td (understanding ) Tj ET Q q 0 0 0 rg BT 464.95 151.40 Td (of ) Tj ET Q q 0 0 0 rg BT 476.88 151.40 Td (the ) Tj ET Q q 0 0 0 rg BT 494.65 151.40 Td (Company? Tj ET Q q 0 0 0 rg BT 541.73 151.40 Td (s ) Tj ET Q q 0 0 0 rg BT 550.15 151.40 Td (capital ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 138.80 Td (spending ) Tj ET Q q 0 0 0 rg BT 76.64 138.80 Td (activities ) Tj ET Q q 0 0 0 rg BT 119.42 138.80 Td (in ) Tj ET Q q 0 0 0 rg BT 130.11 138.80 Td (comparison ) Tj ET Q q 0 0 0 rg BT 186.91 138.80 Td (to ) Tj ET Q q 0 0 0 rg BT 198.18 138.80 Td (the ) Tj ET Q q 0 0 0 rg BT 215.30 138.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 270.01 138.80 Td (annual ) Tj ET Q q 0 0 0 rg BT 304.06 138.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 336.93 138.80 Td (budget. ) Tj ET Q q 0 0 0 rg BT 374.32 138.80 Td (The ) Tj ET Q q 0 0 0 rg BT 394.94 138.80 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 458.74 138.80 Td (揘et ) Tj ET Q q 0 0 0 rg BT 481.09 138.80 Td (Capital ) Tj ET Q q 0 0 0 rg BT 516.30 138.80 Td (Expenditures, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 126.20 Td (as ) Tj ET Q q 0 0 0 rg BT 46.15 126.20 Td (Reconciled ) Tj ET Q q 0 0 0 rg BT 101.66 126.20 Td (to ) Tj ET Q q 0 0 0 rg BT 113.98 126.20 Td (Cash ) Tj ET Q q 0 0 0 rg BT 142.05 126.20 Td (Flows ) Tj ET Q q 0 0 0 rg BT 173.04 126.20 Td (used ) Tj ET Q q 0 0 0 rg BT 199.37 126.20 Td (in ) Tj ET Q q 0 0 0 rg BT 211.10 126.20 Td (Investing ) Tj ET Q q 0 0 0 rg BT 255.98 126.20 Td (Activities?) Tj ET Q q 0 0 0 rg BT 304.47 126.20 Td (is ) Tj ET Q q 0 0 0 rg BT 315.61 126.20 Td (presented ) Tj ET Q q 0 0 0 rg BT 365.88 126.20 Td (in ) Tj ET Q q 0 0 0 rg BT 377.61 126.20 Td (the ) Tj ET Q q 0 0 0 rg BT 395.77 126.20 Td (Net ) Tj ET Q q 0 0 0 rg BT 415.67 126.20 Td (Capital ) Tj ET Q q 0 0 0 rg BT 451.92 126.20 Td (Expenditures ) Tj ET Q q 0 0 0 rg BT 516.77 126.20 Td (section ) Tj ET Q q 0 0 0 rg BT 553.60 126.20 Td (of ) Tj ET Q q 0 0 0 rg BT 565.92 126.20 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 113.60 Td (Company? Tj ET Q q 0 0 0 rg BT 78.58 113.60 Td (s ) Tj ET Q q 0 0 0 rg BT 86.75 113.60 Td (MD&A.) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 96.00 Td (Free ) Tj ET Q q 0 0 0 rg BT 58.00 96.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 85.09 96.00 Td (flow ) Tj ET Q q 0 0 0 rg BT 108.67 96.00 Td (is ) Tj ET Q q 0 0 0 rg BT 121.16 96.00 Td (a ) Tj ET Q q 0 0 0 rg BT 131.91 96.00 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 181.91 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 186.82 96.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 232.58 96.00 Td (that ) Tj ET Q q 0 0 0 rg BT 255.00 96.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 309.52 96.00 Td (cash ) Tj ET Q q 0 0 0 rg BT 336.61 96.00 Td (flows ) Tj ET Q q 0 0 0 rg BT 365.44 96.00 Td (from ) Tj ET Q q 0 0 0 rg BT 391.35 96.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.04 96.00 Td (activities ) Tj ET Q q 0 0 0 rg BT 485.22 96.00 Td (as ) Tj ET Q q 0 0 0 rg BT 501.21 96.00 Td (presented ) Tj ET Q q 0 0 0 rg BT 552.83 96.00 Td (in ) Tj ET Q q 0 0 0 rg BT 565.91 96.00 Td (the ) Tj ET Q q 0 0 0 rg BT 583.42 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 586.34 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 589.26 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 600.93 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 609.68 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 612.60 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 621.35 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 624.27 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 633.02 96.00 Td ( ) Tj ET Q q 0 0 0 rg BT 635.94 96.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 83.40 Td (Company's ) Tj ET Q q 0 0 0 rg BT 88.14 83.40 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 151.54 83.40 Td (Statements ) Tj ET Q q 0 0 0 rg BT 209.09 83.40 Td (of ) Tj ET Q q 0 0 0 rg BT 222.29 83.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 251.25 83.40 Td (Flows, ) Tj ET Q q 0 0 0 rg BT 286.02 83.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.17 83.40 Td (for ) Tj ET Q q 0 0 0 rg BT 346.86 83.40 Td (the ) Tj ET Q q 0 0 0 rg BT 365.90 83.40 Td (net ) Tj ET Q q 0 0 0 rg BT 384.94 83.40 Td (change ) Tj ET Q q 0 0 0 rg BT 423.83 83.40 Td (in ) Tj ET Q q 0 0 0 rg BT 436.44 83.40 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 484.08 83.40 Td (working ) Tj ET Q q 0 0 0 rg BT 524.70 83.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 559.50 83.40 Td (from ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 70.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 79.76 70.80 Td (activities, ) Tj ET Q q 0 0 0 rg BT 127.41 70.80 Td (abandonment, ) Tj ET Q q 0 0 0 rg BT 199.02 70.80 Td (certain ) Tj ET Q q 0 0 0 rg BT 235.01 70.80 Td (movements ) Tj ET Q q 0 0 0 rg BT 293.75 70.80 Td (in ) Tj ET Q q 0 0 0 rg BT 306.39 70.80 Td (other ) Tj ET Q q 0 0 0 rg BT 334.80 70.80 Td (long-term ) Tj ET Q q 0 0 0 rg BT 383.62 70.80 Td (assets, ) Tj ET Q q 0 0 0 rg BT 421.35 70.80 Td (less ) Tj ET Q q 0 0 0 rg BT 444.49 70.80 Td (net ) Tj ET Q q 0 0 0 rg BT 463.56 70.80 Td (capital ) Tj ET Q q 0 0 0 rg BT 498.39 70.80 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 562.98 70.80 Td (and ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 58.20 Td (dividends ) Tj ET Q q 0 0 0 rg BT 78.79 58.20 Td (on ) Tj ET Q q 0 0 0 rg BT 93.40 58.20 Td (common ) Tj ET Q q 0 0 0 rg BT 136.59 58.20 Td (shares. ) Tj ET Q q 0 0 0 rg BT 173.77 58.20 Td (The ) Tj ET Q q 0 0 0 rg BT 194.79 58.20 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.66 58.20 Td (considers ) Tj ET Q q 0 0 0 rg BT 290.52 58.20 Td (free ) Tj ET Q q 0 0 0 rg BT 311.55 58.20 Td (cash ) Tj ET Q q 0 0 0 rg BT 336.65 58.20 Td (flow ) Tj ET Q q 0 0 0 rg BT 358.26 58.20 Td (a ) Tj ET Q q 0 0 0 rg BT 367.02 58.20 Td (key ) Tj ET Q q 0 0 0 rg BT 386.29 58.20 Td (measure ) Tj ET Q q 0 0 0 rg BT 430.07 58.20 Td (in ) Tj ET Q q 0 0 0 rg BT 441.18 58.20 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 510.65 58.20 Td (the ) Tj ET Q q 0 0 0 rg BT 528.17 58.20 Td (Company? Tj ET Q q 0 0 0 rg BT 575.25 58.20 Td (s ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 45.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 61.09 45.60 Td (to ) Tj ET Q q 0 0 0 rg BT 72.58 45.60 Td (generate ) Tj ET Q q 0 0 0 rg BT 116.78 45.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 141.70 45.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 163.11 45.60 Td (to ) Tj ET Q q 0 0 0 rg BT 174.61 45.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 197.79 45.60 Td (future ) Tj ET Q q 0 0 0 rg BT 227.38 45.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 261.64 45.60 Td (through ) Tj ET Q q 0 0 0 rg BT 299.99 45.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 333.09 45.60 Td (investment, ) Tj ET Q q 0 0 0 rg BT 389.52 45.60 Td (pay ) Tj ET Q q 0 0 0 rg BT 409.19 45.60 Td (returns ) Tj ET Q q 0 0 0 rg BT 444.61 45.60 Td (to ) Tj ET Q q 0 0 0 rg BT 456.11 45.60 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 522.47 45.60 Td (and ) Tj ET Q q 0 0 0 rg BT 542.73 45.60 Td (to ) Tj ET Q q 0 0 0 rg BT 554.23 45.60 Td (repay ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 33.00 Td (debt.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET q 0 0 0 rg BT 33.00 17.45 Td (Canadian Natural Resources Limited) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 299.95 17.45 Td (16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.90 17.45 Td (Three Months Ended March 31, 2020) Tj ET Q BT /F1 10.50 Tf ET BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 748.40 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 78.10 748.40 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 115.45 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 121.19 748.40 Td (is ) Tj ET Q q 0 0 0 rg BT 134.51 748.40 Td (a ) Tj ET Q q 0 0 0 rg BT 146.09 748.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 196.09 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 201.83 748.40 Td (measure ) Tj ET Q q 0 0 0 rg BT 248.42 748.40 Td (that ) Tj ET Q q 0 0 0 rg BT 271.68 748.40 Td (represents ) Tj ET Q q 0 0 0 rg BT 327.03 748.40 Td (net ) Tj ET Q q 0 0 0 rg BT 347.36 748.40 Td (earnings ) Tj ET Q q 0 0 0 rg BT 393.38 748.40 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 424.79 748.40 Td (as ) Tj ET Q q 0 0 0 rg BT 441.62 748.40 Td (presented ) Tj ET Q q 0 0 0 rg BT 494.06 748.40 Td (in ) Tj ET Q q 0 0 0 rg BT 507.97 748.40 Td (the ) Tj ET Q q 0 0 0 rg BT 528.31 748.40 Td (Company's ) Tj ET Q q 0 0 0 rg BT 583.42 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 586.34 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 589.25 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 592.17 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 595.09 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 600.92 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 603.84 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 606.76 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 609.68 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 612.59 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 618.43 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 621.35 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 624.26 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 627.18 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 630.10 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 633.02 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 635.93 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 638.85 748.40 Td ( ) Tj ET Q q 0 0 0 rg BT 641.77 748.40 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 735.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 92.96 735.80 Td (Statements ) Tj ET Q q 0 0 0 rg BT 148.56 735.80 Td (of ) Tj ET Q q 0 0 0 rg BT 159.82 735.80 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 203.75 735.80 Td (\(Loss\), ) Tj ET Q q 0 0 0 rg BT 238.34 735.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 280.53 735.80 Td (for ) Tj ET Q q 0 0 0 rg BT 295.28 735.80 Td (interest, ) Tj ET Q q 0 0 0 rg BT 335.13 735.80 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 365.64 735.80 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 413.67 735.80 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 473.37 735.80 Td (and ) Tj ET Q q 0 0 0 rg BT 493.39 735.80 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 555.99 735.80 Td (stock ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 723.20 Td (based ) Tj ET Q q 0 0 0 rg BT 64.13 723.20 Td (compensation ) Tj ET Q q 0 0 0 rg BT 133.52 723.20 Td (expense ) Tj ET Q q 0 0 0 rg BT 177.24 723.20 Td ( ) Tj ET Q q 0 0 0 rg BT 181.25 723.20 Td (\(recovery\), ) Tj ET Q q 0 0 0 rg BT 235.44 723.20 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 287.91 723.20 Td (risk ) Tj ET Q q 0 0 0 rg BT 308.26 723.20 Td (management ) Tj ET Q q 0 0 0 rg BT 373.57 723.20 Td (gains ) Tj ET Q q 0 0 0 rg BT 402.69 723.20 Td (\(losses\), ) Tj ET Q q 0 0 0 rg BT 446.38 723.20 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 498.84 723.20 Td (foreign ) Tj ET Q q 0 0 0 rg BT 534.97 723.20 Td (exchange ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 710.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 59.70 710.60 Td (\(losses\), ) Tj ET Q q 0 0 0 rg BT 102.47 710.60 Td (and ) Tj ET Q q 0 0 0 rg BT 123.09 710.60 Td (accretion ) Tj ET Q q 0 0 0 rg BT 168.79 710.60 Td (of ) Tj ET Q q 0 0 0 rg BT 180.65 710.60 Td (the ) Tj ET Q q 0 0 0 rg BT 198.34 710.60 Td (Company? Tj ET Q q 0 0 0 rg BT 245.42 710.60 Td (s ) Tj ET Q q 0 0 0 rg BT 253.77 710.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 281.96 710.60 Td (retirement ) Tj ET Q q 0 0 0 rg BT 332.33 710.60 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 383.10 710.60 Td (The ) Tj ET Q q 0 0 0 rg BT 404.29 710.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 452.32 710.60 Td (considers ) Tj ET Q q 0 0 0 rg BT 500.36 710.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 543.16 710.60 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 580.50 710.60 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 698.00 Td (a ) Tj ET Q q 0 0 0 rg BT 40.26 698.00 Td (key ) Tj ET Q q 0 0 0 rg BT 59.51 698.00 Td (measure ) Tj ET Q q 0 0 0 rg BT 103.28 698.00 Td (in ) Tj ET Q q 0 0 0 rg BT 114.38 698.00 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 165.17 698.00 Td (its ) Tj ET Q q 0 0 0 rg BT 178.58 698.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 225.29 698.00 Td (profitability ) Tj ET Q q 0 0 0 rg BT 278.39 698.00 Td (by ) Tj ET Q q 0 0 0 rg BT 292.40 698.00 Td (excluding ) Tj ET Q q 0 0 0 rg BT 339.68 698.00 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 385.80 698.00 Td (items.) 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Tj ET Q BT /F2 10.50 Tf ET q 0 0 0 rg BT 31.50 539.40 Td (Special Note Regarding Currency) Tj ET Q q 0 0 0 rg BT 197.60 539.40 Td (, Financial Information and Production) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 521.80 Td (This ) Tj ET Q q 0 0 0 rg BT 54.87 521.80 Td (press ) Tj ET Q q 0 0 0 rg BT 84.08 521.80 Td (release ) Tj ET Q q 0 0 0 rg BT 122.05 521.80 Td (should ) Tj ET Q q 0 0 0 rg BT 156.52 521.80 Td (be ) Tj ET Q q 0 0 0 rg BT 171.73 521.80 Td (read ) Tj ET Q q 0 0 0 rg BT 196.28 521.80 Td (in ) Tj ET Q q 0 0 0 rg BT 207.98 521.80 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 264.64 521.80 Td (with ) Tj ET Q q 0 0 0 rg BT 286.84 521.80 Td (the ) Tj ET Q q 0 0 0 rg BT 304.97 521.80 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 354.63 521.80 Td (interim ) Tj ET Q q 0 0 0 rg BT 389.67 521.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 452.16 521.80 Td (financial ) Tj ET Q q 0 0 0 rg BT 494.22 521.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 549.11 521.80 Td (for ) Tj ET Q q 0 0 0 rg BT 564.89 521.80 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 509.20 Td (three ) Tj ET Q q 0 0 0 rg BT 58.23 509.20 Td (months ) Tj ET Q q 0 0 0 rg BT 95.47 509.20 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 124.67 509.20 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 127.47 509.20 Td (March?1, ) Tj ET Q q 0 0 0 rg BT 176.96 509.20 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 200.32 509.20 Td ( ) Tj ET Q q 0 0 0 rg BT 203.12 509.20 Td (and ) Tj ET Q q 0 0 0 rg BT 223.44 509.20 Td (the ) Tj ET Q q 0 0 0 rg BT 240.84 509.20 Td (MD&A) Tj ET Q q 0 0 0 rg BT 270.59 509.20 Td ( ) Tj ET Q q 0 0 0 rg BT 273.39 509.20 Td (and ) Tj ET Q q 0 0 0 rg BT 293.71 509.20 Td (the ) Tj ET Q q 0 0 0 rg BT 311.11 509.20 Td (audited ) Tj ET Q q 0 0 0 rg BT 348.36 509.20 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 410.13 509.20 Td (financial ) Tj ET Q q 0 0 0 rg BT 451.45 509.20 Td (statements ) Tj ET Q q 0 0 0 rg BT 505.61 509.20 Td (of ) Tj ET Q q 0 0 0 rg BT 517.17 509.20 Td (the ) Tj ET Q q 0 0 0 rg BT 534.57 509.20 Td (Company ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 496.60 Td (for ) Tj ET Q q 0 0 0 rg BT 46.49 496.60 Td (the ) Tj ET Q q 0 0 0 rg BT 63.83 496.60 Td (year ) Tj ET Q q 0 0 0 rg BT 87.00 496.60 Td (ended ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 118.93 496.60 Td (December?1, ) Tj ET Q q 0 0 0 rg BT 187.62 496.60 Td (2019) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 210.98 496.60 Td (. ) Tj ET Q q 0 0 0 rg BT 216.10 496.60 Td (All ) Tj ET Q q 0 0 0 rg BT 230.50 496.60 Td (dollar ) Tj ET Q q 0 0 0 rg BT 258.93 496.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 301.94 496.60 Td (are ) Tj ET Q q 0 0 0 rg BT 319.85 496.60 Td (referenced ) Tj ET Q q 0 0 0 rg BT 372.79 496.60 Td (in ) Tj ET Q q 0 0 0 rg BT 383.70 496.60 Td (millions ) Tj ET Q q 0 0 0 rg BT 421.45 496.60 Td (of ) Tj ET Q q 0 0 0 rg BT 432.95 496.60 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 480.64 496.60 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 517.23 496.60 Td (except ) Tj ET Q q 0 0 0 rg BT 550.91 496.60 Td (where ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 484.00 Td (noted ) Tj ET Q q 0 0 0 rg BT 62.61 484.00 Td (otherwise. ) Tj ET Q q 0 0 0 rg BT 114.99 484.00 Td (The ) Tj ET Q q 0 0 0 rg BT 137.92 484.00 Td (Company? Tj ET Q q 0 0 0 rg BT 185.00 484.00 Td (s ) Tj ET Q q 0 0 0 rg BT 195.08 484.00 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 246.05 484.00 Td (interim ) Tj ET Q q 0 0 0 rg BT 282.39 484.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 346.19 484.00 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.55 484.00 Td (statements ) Tj ET Q q 0 0 0 rg BT 445.74 484.00 Td (for ) Tj ET Q q 0 0 0 rg BT 462.83 484.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 482.26 484.00 Td (three ) Tj ET Q q 0 0 0 rg BT 511.03 484.00 Td (months ) Tj ET Q q 0 0 0 rg BT 550.30 484.00 Td (ended) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 579.50 484.00 Td ( ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 471.40 Td (March?1, ) Tj ET Q q 0 0 0 rg BT 80.88 471.40 Td (2020) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 104.24 471.40 Td ( ) Tj ET Q q 0 0 0 rg BT 106.93 471.40 Td (and ) Tj ET Q q 0 0 0 rg BT 127.14 471.40 Td (the ) Tj ET Q q 0 0 0 rg BT 144.43 471.40 Td (Company's ) Tj ET Q q 0 0 0 rg BT 199.31 471.40 Td (MD&A) Tj ET Q q 0 0 0 rg BT 229.07 471.40 Td ( ) Tj ET Q q 0 0 0 rg BT 231.76 471.40 Td (have ) Tj ET Q q 0 0 0 rg BT 257.22 471.40 Td (been ) Tj ET Q q 0 0 0 rg BT 283.27 471.40 Td (prepared ) Tj ET Q q 0 0 0 rg BT 327.99 471.40 Td (in ) Tj ET Q q 0 0 0 rg BT 338.86 471.40 Td (accordance ) Tj ET Q q 0 0 0 rg BT 395.83 471.40 Td (with ) Tj ET Q q 0 0 0 rg BT 417.20 471.40 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 443.81 471.40 Td (as ) Tj ET Q q 0 0 0 rg BT 457.59 471.40 Td (issued ) Tj ET Q q 0 0 0 rg BT 490.63 471.40 Td (by ) Tj ET Q q 0 0 0 rg BT 504.41 471.40 Td (the ) Tj ET Q q 0 0 0 rg BT 521.70 471.40 Td (International ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 458.80 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 87.44 458.80 Td (Standards ) Tj ET Q q 0 0 0 rg BT 139.30 458.80 Td (Board ) Tj ET Q q 0 0 0 rg BT 171.31 458.80 Td (\("IASB"\). ) Tj ET Q q 0 0 0 rg BT 216.59 458.80 Td (Changes ) Tj ET Q q 0 0 0 rg BT 262.61 458.80 Td (in ) Tj ET Q q 0 0 0 rg BT 274.77 458.80 Td (the ) Tj ET Q q 0 0 0 rg BT 293.36 458.80 Td (Company's ) Tj ET Q q 0 0 0 rg BT 349.54 458.80 Td (accounting ) Tj ET Q q 0 0 0 rg BT 404.32 458.80 Td (policies ) Tj ET Q q 0 0 0 rg BT 443.32 458.80 Td (in ) Tj ET Q q 0 0 0 rg BT 455.49 458.80 Td (accordance ) Tj ET Q q 0 0 0 rg BT 513.76 458.80 Td (with ) Tj ET Q q 0 0 0 rg BT 536.42 458.80 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 564.33 458.80 Td (are ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 446.20 Td (discussed ) Tj ET Q q 0 0 0 rg BT 81.11 446.20 Td (in ) Tj ET Q q 0 0 0 rg BT 92.20 446.20 Td (the ) Tj ET Q q 0 0 0 rg BT 109.71 446.20 Td ("Changes ) Tj ET Q q 0 0 0 rg BT 158.39 446.20 Td (in ) Tj ET Q q 0 0 0 rg BT 168.90 446.20 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 223.77 446.20 Td (Policies" ) Tj ET Q q 0 0 0 rg BT 266.60 446.20 Td (section ) Tj ET Q q 0 0 0 rg BT 302.79 446.20 Td (of ) Tj ET Q q 0 0 0 rg BT 314.46 446.20 Td (the ) Tj ET Q q 0 0 0 rg BT 331.98 446.20 Td (Company's ) Tj ET Q q 0 0 0 rg BT 387.09 446.20 Td (MD&A. ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 428.60 Td (Production ) Tj ET Q q 0 0 0 rg BT 85.33 428.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 128.05 428.60 Td (and ) Tj ET Q q 0 0 0 rg BT 149.19 428.60 Td (per ) Tj ET Q q 0 0 0 rg BT 168.00 428.60 Td (unit ) Tj ET Q q 0 0 0 rg BT 188.55 428.60 Td (statistics ) Tj ET Q q 0 0 0 rg BT 232.44 428.60 Td (are ) Tj ET Q q 0 0 0 rg BT 251.24 428.60 Td (presented ) Tj ET Q q 0 0 0 rg BT 301.57 428.60 Td (throughout ) Tj ET Q q 0 0 0 rg BT 355.40 428.60 Td (the ) Tj ET Q q 0 0 0 rg BT 373.63 428.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 429.44 428.60 Td (MD&A) Tj ET Q q 0 0 0 rg BT 459.20 428.60 Td ( ) Tj ET Q q 0 0 0 rg BT 462.83 428.60 Td (on ) Tj ET Q q 0 0 0 rg BT 478.13 428.60 Td (a ) Tj ET Q q 0 0 0 rg BT 487.60 428.60 Td ("before ) Tj ET Q q 0 0 0 rg BT 524.72 428.60 Td (royalties" ) Tj ET Q q 0 0 0 rg BT 571.18 428.60 Td (or ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 416.00 Td ("company ) Tj ET Q q 0 0 0 rg BT 82.25 416.00 Td (gross" ) Tj ET Q q 0 0 0 rg BT 116.06 416.00 Td (basis, ) Tj ET Q q 0 0 0 rg BT 147.91 416.00 Td (and ) Tj ET Q q 0 0 0 rg BT 169.84 416.00 Td (realized ) Tj ET Q q 0 0 0 rg BT 211.02 416.00 Td (prices ) Tj ET Q q 0 0 0 rg BT 243.45 416.00 Td (are ) Tj ET Q q 0 0 0 rg BT 263.04 416.00 Td (net ) Tj ET Q q 0 0 0 rg BT 282.05 416.00 Td (of ) Tj ET Q q 0 0 0 rg BT 295.22 416.00 Td (blending ) Tj ET Q q 0 0 0 rg BT 339.33 416.00 Td (and ) Tj ET Q q 0 0 0 rg BT 361.27 416.00 Td (feedstock ) Tj ET Q q 0 0 0 rg BT 410.63 416.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 439.55 416.00 Td (and ) Tj ET Q q 0 0 0 rg BT 461.48 416.00 Td (exclude ) Tj ET Q q 0 0 0 rg BT 502.08 416.00 Td (the ) Tj ET Q q 0 0 0 rg BT 521.09 416.00 Td (ef) Tj ET Q q 0 0 0 rg BT 529.66 416.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 551.00 416.00 Td (of ) Tj ET Q q 0 0 0 rg BT 564.17 416.00 Td (risk ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 403.40 Td (management ) Tj ET Q q 0 0 0 rg BT 96.03 403.40 Td (activities. ) Tj ET Q q 0 0 0 rg BT 142.46 403.40 Td (In ) Tj ET Q q 0 0 0 rg BT 154.46 403.40 Td (addition, ) Tj ET Q q 0 0 0 rg BT 197.40 403.40 Td (reference ) Tj ET Q q 0 0 0 rg BT 245.01 403.40 Td (is ) Tj ET Q q 0 0 0 rg BT 255.83 403.40 Td (made ) Tj ET Q q 0 0 0 rg BT 285.34 403.40 Td (to ) Tj ET Q q 0 0 0 rg BT 297.34 403.40 Td (crude ) Tj ET Q q 0 0 0 rg BT 326.85 403.40 Td (oil ) Tj ET Q q 0 0 0 rg BT 340.60 403.40 Td (and ) Tj ET Q q 0 0 0 rg BT 361.37 403.40 Td (natural ) Tj ET Q q 0 0 0 rg BT 396.72 403.40 Td (gas ) Tj ET Q q 0 0 0 rg BT 416.89 403.40 Td (in ) Tj ET Q q 0 0 0 rg BT 428.31 403.40 Td (common ) Tj ET Q q 0 0 0 rg BT 471.81 403.40 Td (units ) Tj ET Q q 0 0 0 rg BT 497.24 403.40 Td (called ) Tj ET Q q 0 0 0 rg BT 527.92 403.40 Td (barrel ) Tj ET Q q 0 0 0 rg BT 558.00 403.40 Td (of ) Tj ET Q q 0 0 0 rg BT 570.01 403.40 Td (oil ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 390.80 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 82.09 390.80 Td (\("BOE"\). ) Tj ET Q q 0 0 0 rg BT 123.81 390.80 Td (A) Tj ET Q q 0 0 0 rg BT 130.24 390.80 Td ( ) Tj ET Q q 0 0 0 rg BT 132.96 390.80 Td (BOE ) Tj ET Q q 0 0 0 rg BT 157.85 390.80 Td (is ) Tj ET Q q 0 0 0 rg BT 168.16 390.80 Td (derived ) Tj ET Q q 0 0 0 rg BT 205.32 390.80 Td (by ) Tj ET Q q 0 0 0 rg BT 219.13 390.80 Td (converting ) Tj ET Q q 0 0 0 rg BT 270.29 390.80 Td (six ) Tj ET Q q 0 0 0 rg BT 285.85 390.80 Td (thousand ) Tj ET Q q 0 0 0 rg BT 331.78 390.80 Td (cubic ) Tj ET Q q 0 0 0 rg BT 359.01 390.80 Td (feet ) Tj ET Q q 0 0 0 rg BT 379.24 390.80 Td (\("Mcf"\) ) Tj ET Q q 0 0 0 rg BT 413.33 390.80 Td (of ) Tj ET Q q 0 0 0 rg BT 424.81 390.80 Td (natural ) Tj ET Q q 0 0 0 rg BT 459.63 390.80 Td (gas ) Tj ET Q q 0 0 0 rg BT 479.28 390.80 Td (to ) Tj ET Q q 0 0 0 rg BT 490.76 390.80 Td (one ) Tj ET Q q 0 0 0 rg BT 511.00 390.80 Td (barrel ) Tj ET Q q 0 0 0 rg BT 540.57 390.80 Td (\("bbl"\) ) Tj ET Q q 0 0 0 rg BT 571.75 390.80 Td (of ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 378.20 Td (crude ) Tj ET Q q 0 0 0 rg BT 60.66 378.20 Td (oil ) Tj ET Q q 0 0 0 rg BT 74.05 378.20 Td (\(6 ) Tj ET Q q 0 0 0 rg BT 86.28 378.20 Td (Mcf:1 ) Tj ET Q q 0 0 0 rg BT 114.84 378.20 Td (bbl\). ) Tj ET Q q 0 0 0 rg BT 137.97 378.20 Td (This ) Tj ET Q q 0 0 0 rg BT 160.70 378.20 Td (conversion ) Tj ET Q q 0 0 0 rg BT 214.37 378.20 Td (may ) Tj ET Q q 0 0 0 rg BT 237.10 378.20 Td (be ) Tj ET Q q 0 0 0 rg BT 251.67 378.20 Td (misleading, ) Tj ET Q q 0 0 0 rg BT 307.67 378.20 Td (particularly ) Tj ET Q q 0 0 0 rg BT 361.33 378.20 Td (if ) Tj ET Q q 0 0 0 rg BT 369.47 378.20 Td (used ) Tj ET Q q 0 0 0 rg BT 395.13 378.20 Td (in ) Tj ET Q q 0 0 0 rg BT 406.19 378.20 Td (isolation, ) Tj ET Q q 0 0 0 rg BT 450.53 378.20 Td (since ) Tj ET Q q 0 0 0 rg BT 477.93 378.20 Td (the ) Tj ET Q q 0 0 0 rg BT 495.42 378.20 Td (6 ) Tj ET Q q 0 0 0 rg BT 504.15 378.20 Td (Mcf:1 ) Tj ET Q q 0 0 0 rg BT 532.71 378.20 Td (bbl ) Tj ET Q q 0 0 0 rg BT 549.61 378.20 Td (ratio ) Tj ET Q q 0 0 0 rg BT 572.93 378.20 Td (is ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 365.60 Td (based ) Tj ET Q q 0 0 0 rg BT 62.43 365.60 Td (on ) Tj ET Q q 0 0 0 rg BT 76.43 365.60 Td (an ) Tj ET Q q 0 0 0 rg BT 90.43 365.60 Td (energy ) Tj ET Q q 0 0 0 rg BT 124.85 365.60 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 182.63 365.60 Td (conversion ) Tj ET Q q 0 0 0 rg BT 235.72 365.60 Td (method ) Tj ET Q q 0 0 0 rg BT 273.07 365.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 315.06 365.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 364.66 365.60 Td (at ) Tj ET Q q 0 0 0 rg BT 375.74 365.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.66 365.60 Td (burner ) Tj ET Q q 0 0 0 rg BT 425.33 365.60 Td (tip ) Tj ET Q q 0 0 0 rg BT 438.74 365.60 Td (and ) Tj ET Q q 0 0 0 rg BT 458.58 365.60 Td (does ) Tj ET Q q 0 0 0 rg BT 483.67 365.60 Td (not ) Tj ET Q q 0 0 0 rg BT 500.58 365.60 Td (represent ) Tj ET Q q 0 0 0 rg BT 547.26 365.60 Td (a ) Tj ET Q q 0 0 0 rg BT 555.42 365.60 Td (value ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 353.00 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 89.49 353.00 Td (at ) Tj ET Q q 0 0 0 rg BT 100.79 353.00 Td (the ) Tj ET Q q 0 0 0 rg BT 117.92 353.00 Td (wellhead. ) Tj ET Q q 0 0 0 rg BT 164.82 353.00 Td (In ) Tj ET Q q 0 0 0 rg BT 176.12 353.00 Td (comparing ) Tj ET Q q 0 0 0 rg BT 227.68 353.00 Td (the ) Tj ET Q q 0 0 0 rg BT 244.81 353.00 Td (value ) Tj ET Q q 0 0 0 rg BT 272.45 353.00 Td (ratio ) Tj ET Q q 0 0 0 rg BT 295.42 353.00 Td (using ) Tj ET Q q 0 0 0 rg BT 323.06 353.00 Td (current ) Tj ET Q q 0 0 0 rg BT 358.28 353.00 Td (crude ) Tj ET Q q 0 0 0 rg BT 387.08 353.00 Td (oil ) Tj ET Q q 0 0 0 rg BT 400.12 353.00 Td (prices ) Tj ET Q q 0 0 0 rg BT 430.67 353.00 Td (relative ) Tj ET Q q 0 0 0 rg BT 467.05 353.00 Td (to ) Tj ET Q q 0 0 0 rg BT 478.35 353.00 Td (natural ) Tj ET Q q 0 0 0 rg BT 512.99 353.00 Td (gas ) Tj ET Q q 0 0 0 rg BT 532.46 353.00 Td (prices, ) Tj ET Q q 0 0 0 rg BT 565.92 353.00 Td (the ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 340.40 Td (6 ) Tj ET Q q 0 0 0 rg BT 39.97 340.40 Td (Mcf:1 ) Tj ET Q q 0 0 0 rg BT 68.27 340.40 Td (bbl ) Tj ET Q q 0 0 0 rg BT 84.91 340.40 Td (conversion ) Tj ET Q q 0 0 0 rg BT 138.32 340.40 Td (ratio ) Tj ET Q q 0 0 0 rg BT 161.38 340.40 Td (may ) Tj ET Q q 0 0 0 rg BT 183.85 340.40 Td (be ) Tj ET Q q 0 0 0 rg BT 198.15 340.40 Td (misleading ) Tj ET Q q 0 0 0 rg BT 250.98 340.40 Td (as ) Tj ET Q q 0 0 0 rg BT 264.70 340.40 Td (an ) Tj ET Q q 0 0 0 rg BT 279.01 340.40 Td (indication ) Tj ET Q q 0 0 0 rg BT 326.00 340.40 Td (of ) Tj ET Q q 0 0 0 rg BT 337.39 340.40 Td (value. ) Tj ET Q q 0 0 0 rg BT 368.04 340.40 Td (In ) Tj ET Q q 0 0 0 rg BT 379.43 340.40 Td (addition, ) Tj ET Q q 0 0 0 rg BT 421.76 340.40 Td (for ) Tj ET Q q 0 0 0 rg BT 436.64 340.40 Td (the ) Tj ET Q q 0 0 0 rg BT 453.87 340.40 Td (purposes ) Tj ET Q q 0 0 0 rg BT 499.70 340.40 Td (of ) Tj ET Q q 0 0 0 rg BT 511.08 340.40 Td (the ) Tj ET Q q 0 0 0 rg BT 528.31 340.40 Td (Company's ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 327.80 Td (MD&A, ) Tj ET Q q 0 0 0 rg BT 68.15 327.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 97.81 327.80 Td (oil ) Tj ET Q q 0 0 0 rg BT 111.71 327.80 Td (is ) Tj ET Q q 0 0 0 rg BT 122.68 327.80 Td (defined ) Tj ET Q q 0 0 0 rg BT 160.52 327.80 Td (to ) Tj ET Q q 0 0 0 rg BT 172.67 327.80 Td (include ) Tj ET Q q 0 0 0 rg BT 209.34 327.80 Td (the ) Tj ET Q q 0 0 0 rg BT 227.33 327.80 Td (following ) Tj ET Q q 0 0 0 rg BT 271.58 327.80 Td (commodities: ) Tj ET Q q 0 0 0 rg BT 336.83 327.80 Td (light ) Tj ET Q q 0 0 0 rg BT 359.49 327.80 Td (and ) Tj ET Q q 0 0 0 rg BT 380.40 327.80 Td (medium ) Tj ET Q q 0 0 0 rg BT 421.14 327.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 450.80 327.80 Td (oil, ) Tj ET Q q 0 0 0 rg BT 467.61 327.80 Td (primary ) Tj ET Q q 0 0 0 rg BT 506.01 327.80 Td (heavy ) Tj ET Q q 0 0 0 rg BT 537.42 327.80 Td (crude ) Tj ET Q q 0 0 0 rg BT 567.08 327.80 Td (oil, ) Tj ET Q BT /F1 10.50 Tf ET q 0 0 0 rg BT 31.50 315.20 Td (Pelican ) Tj ET Q q 0 0 0 rg BT 68.63 315.20 Td (Lake ) Tj ET Q q 0 0 0 rg BT 94.10 315.20 Td (heavy ) Tj ET Q q 0 0 0 rg 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