Source: Bloomberg, Yahoo 2 Indexed to January 2014 Content Summary ● The Canadian upstream oil and gas industry has been challenging since the 2014/15 downturn; however, the situation has improved post-COVID with the commodity price recovery and improved Canadian Oil and Gas pipeline takeaway, which have resulted in record-high revenue levels in 2022 and 2023. [...] The oil and gas extraction sub-industry is the largest goods- producing industry in Canada and is 2X the size of the next largest sub-industries—residential building construction and engineering & other construction activities. [...] 10 5 0 2000 2005 2010 2015 2020 Source: CAPP, (2022 and 2023 are estimates assuming a 20% and 5% increase for 2022 and 2023, respectively) 13 $/BOE Cash Flow and Capital Spending | Conventional Oil and Gas | 2000 to 2023e 80 • 2000 to 2010 – the conventional Conventional Oil and Gas Cash Flow1 industry’s growth was constrained, and it did not 70 spend all the cash flow generated. [...] 16 (000s) Annual Canadian Oil and Gas Industry Financings | 2000 to 2022 30 • While capital is constrained in the global oil and gas industry, the situation is heightened in Debt 25 Canada because of weak natural Equity gas prices, wide oil and gas price differentials, and constrained takeaway 20 capacity. [...] • The oil and gas extraction sub- industry is 2X the size of the 60 next largest sub-industries— residential building construction and engineering & other construction activities—and 3X 40 the size of the crop & animal production industry.
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