Oil Report Firing on All Cylinders

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1 November 21, 2017 Oil Report Firing on All Cylinders In addition to the WP Oil Report (pages 1 2), please see page 3 for the Waypoint International Oil Companies (IOCs) 3Q 2017 Earnings Summary. Executive Summary: Overall sentiment has been positive for the oil sector with the Brent front month contract trading in the $60s. For the IOCs, they continue to play the drumbeat of financial discipline on their earnings calls with a sharp focus on profitability. With that, the YoY trend for free cash flow and net income remains positive and the volatility around Capital Expenditures (CAPEX) has stabilized. Looking ahead, we see a continuation of the gradual rebuilding of confidence in the sector. Price Per Barrel Price Per Barrel Exhibit 1 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 Exhibit 2 $65 $63 $61 $59 $57 $55 $53 $51 $49 $47 $45 Brent 1st Mo. $/bbl (LH) Brent Daily Prices & Volatility Source: Bloomberg Daily data as of November 20, M 5M 9M 13M Oil majors (e.g. offshore) tend to sell here. 17M 21M 25M ~$56/bbl support level Retest of $56/bbl support Unusually low level of implied volatility despite pick up in geo Brent 3 Mo. Implied Volatility (RH) Brent Futures Curves 29M 33M 37M Oil prices at the longer end of the curve have been anchored to the $54/bbl to $57/bbl range 41M 45M 49M 53M 57M 61M 65M 69M Shale oil prodcuers tend to forward sell here to lock in profits. Curves are averages of daily prices except for the most recent dashed curve; Jul 17 Aug 17 Sep 17 Oct Nov 17 73M Implied Volatility 77M Exhibit 1: The Brent 1 st month contract has made a twoyear high despite a stronger USD. Often cited for driving the rally is the pick up in geo political risks with much of it coming from the Middle East. Yet, implied volatility used in pricing options is telling a different story. Underlying economic fundamentals for oil demand are strong. Unemployment rates for major economies have been in a steady decline, U.S. inventories for refined products (e.g. gasoline/petrol, diesel, ) have been drawn down at a rapid clip, industrial metals (S&P GSCI index) made a 4 year high, Bloomberg high yield credit spread at a 3 year low, S&P 500 making new highs On the supply side, oil prices received a lift on October 26, when Saudi Arabia s Crown Prince, Mohammed bin Salman, voiced support of an extension of the OPEC/non OPEC production cuts. This came after Russian President Vladimir Putin had also voiced similar support for the cuts. An OPEC meeting is scheduled for November 30 to decide on an extension of the cuts. Exhibit 2: Shifting deeper into backwardation, the movement of the Brent futures curve has occurred at the front end while anchored at the long end. With higher prices at the front end, this should benefit the oil majors the most. Following the fall in the oil price in 2014 and the subsequent challenging years in the oil and gas industry in Scotland, signals are starting to emerge that confidence is building in the industry. Dr. Gary Gillespie, Chief Economist, Scottish Government (November 10). Markets are bracing for a fallout from a Venezuela default on its debt obligations. Repsol has indicated that its receivables netted against payables with Venezuela is 780M. Oil service company Schlumberger has ~$700M at risk from the OPEC member. Twenty five oil companies have signed up for Mexico s Round 2.4 bidding process. Included in the offer are 30 deepwater blocks in the Gulf of Mexico. The day of the bid is scheduled for January 31, Investment banks have raised their forecast on oil crude oil prices during October. Subsequently, Morgan Stanley further increased their forecast by $7 $9/bbl (Exhibit 3). Patrick Duffy pduffy@waypointleasing.com Ian Gurekian igurekian@waypointleasing.com Page 1

2 Appendix Exhibit 3 Where Investment Banks See the Price of Crude Table 1 Offshore Active Rig Count Onshore Active Rig Count Region Oct-17 Sep-17 Oct-16 Δ MoM Δ YoY Oct-17 Sep-17 Oct-16 Δ MoM Δ YoY Latin America Europe Africa Middle East Asia Pacific International United States Canada North America Worldwide Source: Baker Hughes Page 2

3 November 21, Q 2017 Earnings Summary for IOCs & Outlook Page 1 Quarterly Chart Summary (Aggregate of IOCs) Pages 2 3 Earnings Side Notes Page 4 6 Results by IOC Pages 7 10 Oil Report 3Q 2017 Earnings Summary for International Oil Companies (IOCs) & Outlook Repositioning for better days Among the eleven IOCs, Exxon Mobil, Shell and BP emphasized their winning bids for deepwater blocks off Brazil through the recent auction. Exxon also highlighted a fifth oil discovery off Guyana. Separately, and not included in the list of IOCs, independent E&P company and a partner with Exxon in Guyana, Hess, is selling more than 10% of its total assets to fund its 30% share of the Guyana development. Net income receives a boost Increasing by $7.6B QoQ to $14.9B, net come was strong for 3Q. The QoQ increase appears to be driven by a decline in asset impairment charges. Revenue increased 4% QoQ while production levels remained flat for the same period. Hence, the revenue increase was led by higher realized oil prices of +6% QoQ and higher realized gas prices of +13% QoQ. Some loosening of the purse strings on CAPEX Conoco Philips announced plans to increase Capital Expenditures (CAPEX) for to $5.5B (Subject to oil at $50/bbl). The CAPEX increase is 22% above the lowered 2017 full year guidance of $4.5B. For the other IOCs, their spend for the full year is on track or guided lower. For those guiding lower, Getting more for less has been cited. Yet this may be coming to an end: The international deflationary trend has begun to flatten out as we've gone through the year Al Hirshberg, EVP of Production, Drilling and Projects at Conoco Philips. Free cash flow up YoY and down QoQ Despite a YoY increase in free cash flow (Operating cash flow less CAPEX), there was a QoQ decrease from $17.3B to $10.6B ( $6.7B). This was driven by a decline in cash from operations ( $7.0B) while CAPEX was pretty much flat for the period. Discipline versus flexibility towards cash allocation strategies There is no change to the priorities for cash flow. Reducing debt, paying dividends and turning off the scrip (Paying dividends in company shares), followed by a balance of capital investment and share buy backs. Jessica Uhl, CFO at Shell. Yet, BP has adopted a more flexible approach by announcing a share buyback program to offset the dilution of scrip dividends (e.g. keeping scrip dividends in place). Should profits decline in the future, BP can conserve cash by placing the share buyback program on hold while retaining the scrip dividends. Also announcing share buybacks was Anadarko for $2.5B. S&P rating upgrade Shell received a one notch credit rating upgrade from S&P to A+ during September. This is the first S&P upgrade from the eleven IOCs since Anadarko was upgraded in November Separately, Moody s upgraded Conoco Philips one notch during August to Baa1. Meanwhile a weighted average of the implied credit spreads have continued to narrow for the IOCs having declined from 59bps in 2Q to 48bps in 3Q. Looking ahead The Brent front month contract has averaged $59.01/bbl thus far into 4Q (November 9), versus an average price of $52.17/bbl during 3Q (+13%) while refinery margins have been flat. This portends to stronger results for the IOCs in 4Q. With each quarter passing since the downturn, there continues to be subtle signals that confidence in the sector is being rebuilt on financial discipline and stable oil prices. Patrick Duffy pduffy@waypointleasing.com Ian Gurekian igurekian@waypointleasing.com Page 3

4 Quarterly Chart Summary (Selected IOCs a ) Net Income (GAAP) ($B) Free Cash Flow ($B) $18.3 $17.3 $14.9 $14.3 $10.6 $6.0 $7.3 $6.7 $6.6 $2.3 Cash Dividends Paid ($B) Cash Flow From Operations ($B) $14.6 $46.2 $11.6 $10.1 $10.3 $12.8 $34.8 $40.7 $40.3 $39.2 Market Capitalization ($B) Total CAPEX ($B) $1,358 $1,360 $34.1 $28.1 $26.1 $28.9 $28.6 $1,280 $1,235 $1,230 a. Aggregate chart data for: Exxon Mobil, Shell, Chevron, Total, BP, Statoil, Eni, ConocoPhillips and Repsol, Anadarko and Apache; b. Data source: Bloomberg and company reports; c. Euro figures in the aggregate are converted to USD based on the exchange rate at the end of the recent quarter; Page 4

5 Quarterly Chart Summary (Selected IOCs a ) S&P Credit Rating Notches Bloomberg Implied CDS (bps) 1 98 bps 84 bps bps 59 bps 48 bps -1 Total Production (MM BOE/d) Revenue ($B) $315 $308 $320 $291 $269 Oil Price Realized ($/Bbl) Gas Price Realized ($/K CF) $44.26 $48.58 $45.24 $47.81 $3.79 $3.91 $3.99 $40.61 $3.36 $3.52 a. Aggregate chart data for: Exxon Mobil, Shell, Chevron, Total, BP, Statoil, Eni, ConocoPhillips and Repsol, Anadarko and Apache; b. Data source: Bloomberg and company reports; c. Euro figures in the aggregate are converted to USD based on the exchange rate at the end of the recent quarter; d. S&P credit rating notches is the sum rating notches for each quarter (Long term foreign issuer credit rating); e. Total production is measured as millions of Barrels of Oil Equivalent (BOE) per day which includes both oil and natural gas. Page 5

6 2Q Earnings 2017 Earnings Side Notes Side Notes ExxonMobil Building on its deepwater exploration with a fifth discovery off Guyana Acquired an interest in 12 blocks offshore Brazil during the last bid round (~2M acres) Signed a production sharing contract for a block located 190 miles offshore Suriname (~2.8M acres) Capital and exploration expenditures for first nine months of 2017 were $14.1B ( 3% from 2016) Hurricane Harvey reduced earnings by an estimated $160M Upstream earnings increased $383M QoQ Downstream earnings increased $147M QoQ Chemical earnings increased $107M QoQ Added 22K acres since May to its Permian Basin portfolio Shell There is no change to the priorities for cash flow. Reducing debt. Paying dividends and turning off the scrip (Paying dividends in company shares), followed by a balance of capital investment and share buybacks. CFO, Jessica Uhl Total dividends distributed to shareholders in the quarter were $4.0B o $0.9B was settled by issuing 33.8M of shares under the scrip program Won 35 year production sharing contracts with its partners for three pre salt blocks in the Santos Basin, offshore Brazil Total LNG liquefaction volumes increased by 10% compared with Q S&P raised the long term rating to 'A+' from 'A' with a positive outlook Chevron Cash flow is at a positive inflection point, with oil and gas production increasing and capital spending falling Spend is shifting to shorter cycle time, high return investments in base business and shale and our cost structure is lower. CEO John Watson. Capital and exploration expenditures for first nine months of 2017 were $13.4B ( 22% from 2016) o Upstream expenditures represented 89% of the total for the first nine months of 2017 No change in full year CAPEX guidance for 2017 Total 2017 organic CAPEX guidance (excludes acquisitions/divestitures) is at the lower end of guidance at $14B $15B o First nine months of 2017 CAPEX at $10.0B Net debt to equity ratio is below 20% Started up the Edradour Glenliver fields with 56K boe/day capacity in West Shetland area (North Sea) ahead of schedule and 30% under budget Signed an agreement with Chevron to strengthen the exploration portfolio in the GoM Page 6

7 Earnings Side Notes BP Highlights 6 major project start ups in 2017 o Quad 204, North Sea (Offshore) o Khazzan, Oman (Onshore) o West Nile Delta, Egypt (Offshore) o Persephone, Australia (Offshore) o Trinidad Onshore Compression Juniper, Trinidad & Tobago (Onshore) o Zohr, Egypt (Offshore) Results for 3Q were driven by higher realization of liquids sold, lower exploration write offs and a stronger refining environment Guiding organic capital expenditure out to 2021 within a range of $15 17B without exceeding $17B o Same as previous guidance for 2018 except for a longer period o Expects full year 2017 to be ~$16B Beginning a share buyback program in 4Q to offset the dilution to shareholders from the scrip dividends Acquired an interest in 2 blocks offshore Brazil during the last bid round in partnership with Petrobras and CNPC Statoil Eni CAPEX guidance for 2017 lowered from $11B to $10B o We are getting more for less. CEO, Eldar Sætre Higher prices for both oil and gas, higher production, strong liquids trading and refinery margins contributed to the increase in adjusted earnings Operating income was impacted by a $0.8B net impairment charge for unconventional onshore assets in N. America Plans to continue the scrip dividend program in 4Q giving shareholders payment in Statoil shares with a 5% discount o There is some hint that the program will end by only mentioning 4Q Targeting efficiency improvements of $4.2B for 2017 Expects a fast track development for discoveries off Mexico Awarded three new exploration and production licenses off Mexico in the Sureste basin Confirmed the target of reducing capex by approximately 18% YoY Confirmed organic coverage of capex and dividends at a Brent price of $60/bbl in 2017 Resumed the second development phase of the offshore field, Bahr Essalam, off Libya o First gas is expected in 2018 Page 7

8 Earnings Side Notes ConocoPhillips CAPEX increased 22% to $5.5B per year with oil at $50/bbl o Guidance provided after 3Q earnings Reduced 2017 CAPEX guidance for second time in 2017 with new guidance of $4.5B o Original guidance for 2017 was $5.0B o We continue to do more for less Al Hirshberg, EVP of Production, Drilling and Projects The international deflationary trend has begun to flatten out as we've gone through the year Al Hirshberg, EVP of Production, Drilling and Projects Expects $16B of asset sales in 2017 Paid down $2.4B of debt and lowered the debt balance to $21B o Targeting to reduce debt to $15B by the end of 2019 Moodys upgraded the company one notch to Baa1 in August Reduced the number of shares outstanding by 3.5% YTD through share buybacks ($3B) and expects to buy another $1B of shares in 4Q More exposed to Brent pricing rather than WTI even for U.S. production Repsol CAPEX for 2017 guided lower to 3B o CAPEX guided lower for second time in 2017 beginning with a range of 3.6B 3.2B o Lower CAPEX still allows a target production level of 700K bbl/day o Spent 1.8B for the first nine months in 2017 Investing in floating windmills off Portugal Account receivables from Venezuela increased by $75M in the quarter o Net figure between receivables and payables with Venezuela is 780M o Company net debt is ~ 7B o 2.2B lent to Venezuelan subsidiaries as reported in the 2Q 2017 earnings summary Continuing to target BBB stable credit rating Anadarko 3Q 2017 oil production in the GoM increased 10% relative to 2Q 2017 o Averaging 126K bbl/day in 3Q 2017 Apparent high bidder on 10 blocks in the most recent Gulf of Mexico lease sale o The blocks provide new opportunities to tieback to existing Anadarko infrastructure 3Q CAPEX of $1.1B is at the low end of previous guidance Announced a $2.5B share repurchase program with first $1.0B to be executed by year end Improved oil production mix to 57% versus 42% in 3Q 2016 thereby improving profit margin per barrel Apache 2017 CAPEX is on track with its guidance of $3.1B 3Q CAPEX was $843M with more than two thirds focused on the Permian Basin o 3Q CAPEX increased from $646M in 1Q 2017 and $738M in 2Q 2017 Averaged 3 rigs in the North Sea during 3Q 2017 o Down from 4 rigs during 2Q 2017 Production in the North Sea averaged 60K bbl/day in 3Q 2017 o Up from 55K bbl/day in 2Q 2017 Page 8

9 Results Quarterly by Results International by International IOC Oil Company Oil Company Table 1: Net Income (GAAP) ($B) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $2.7 $1.7 $4.0 $3.4 $4.0 $0.6 $1.3 Shell $1.4 $1.5 $3.5 $1.5 $4.1 $2.5 $2.7 Chevron $1.3 $0.4 $2.7 $1.5 $2.0 $0.5 $0.7 Total (1) $2.1 $0.6 $3.2 $2.2 $2.7 $0.6 $0.7 BP $1.6 $0.5 $1.4 $0.1 $1.8 $1.6 $0.1 Statoil $0.4 $2.8 $1.1 $1.4 $0.5 $1.9 $0.0 Eni (1) $0.7 $0.4 $1.1 $0.0 $0.4 $0.4 $1.1 ConocoPhillips $1.0 $0.0 $0.6 $3.4 $0.4 $3.9 $1.5 Repsol (1) $0.6 $0.7 $0.8 $0.4 $0.6 $0.2 $0.1 Anadarko $0.8 $0.5 $0.3 $0.4 $0.7 $0.3 $0.1 Apache $0.6 $0.2 $0.2 $0.6 $0.1 $0.5 $0.7 Total $6.0 $2.3 $18.3 $7.3 $14.9 $7.6 $8.9 Table 2: Free Cash Flow ($B) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $2.0 $3.5 $5.3 $3.8 $2.6 $1.2 $0.7 Shell $2.7 $2.6 $4.5 $4.8 $1.9 $2.9 $0.7 Chevron $1.2 $0.1 $0.6 $1.8 $2.1 $0.3 $0.9 Total (1) $0.7 $1.4 $2.2 $1.4 $1.3 $0.1 $0.6 BP $0.9 $2.2 $1.7 $0.7 $1.9 $1.2 $2.8 Statoil $1.0 $1.8 $3.6 $1.6 $0.1 $1.5 $0.9 Eni (1) $0.8 $1.3 $0.9 $0.8 $0.7 $0.0 $1.6 ConocoPhillips $0.4 $0.4 $0.8 $1.6 $0.0 $1.6 $0.4 Repsol (1) $0.2 $1.1 $0.0 $1.0 $0.7 $0.2 $0.5 Anadarko $0.0 $0.2 $0.1 $0.2 $0.6 $0.4 $0.6 Apache $0.2 $0.3 $0.1 $0.0 $0.2 $0.3 $0.4 Total $6.7 $6.6 $14.3 $17.3 $10.6 -$6.7 $3.9 Table 3: Cash Dividends Paid ($B) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $3.1 $3.1 $3.1 $3.3 $3.3 $0.0 $0.2 Shell $2.7 $2.3 $2.7 $2.9 $3.0 $0.1 $0.4 Chevron $2.0 $2.0 $2.0 $2.0 $2.0 $0.0 $0.0 Total (1) $0.0 $0.6 $0.6 $1.6 $0.0 $1.6 $0.0 BP $1.2 $1.2 $1.3 $1.5 $1.7 $0.1 $0.5 Statoil $0.4 $0.4 $0.0 $0.7 $0.4 $0.3 $0.0 Eni (1) $1.7 $0.0 $0.0 $1.7 $1.7 $0.0 $0.0 ConocoPhillips $0.3 $0.3 $0.3 $0.7 $0.3 $0.3 $0.0 Repsol (1) $0.2 $0.0 $0.2 $0.0 $0.2 $0.2 $0.1 Anadarko $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Apache $0.1 $0.1 $0.1 $0.1 $0.1 $0.0 $0.0 Total $11.6 $10.1 $10.3 $14.6 $12.8 -$1.8 $ Converted to USD based on the EURUSD rate at the end of the recent quarter; Page 9

10 Quarterly Results by IOC Table 4: Cash Flows From Operations ($B) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $5.4 $7.4 $8.2 $6.9 $7.5 $0.6 $2.2 Shell $8.0 $8.3 $8.8 $10.5 $7.0 $3.5 $1.0 Chevron $5.3 $3.9 $3.9 $5.0 $5.4 $0.3 $0.1 Total (1) $5.0 $7.7 $5.2 $5.0 $4.4 $0.6 $0.6 BP $2.5 $2.4 $2.1 $4.9 $6.0 $1.1 $3.5 Statoil $3.7 $2.0 $6.0 $4.0 $2.8 $1.2 $0.9 Eni (1) $1.6 $3.8 $2.3 $3.2 $2.6 $0.6 $1.0 ConocoPhillips $1.3 $1.4 $1.8 $3.5 $1.1 $2.5 $0.2 Repsol (1) $0.7 $1.8 $0.5 $1.5 $1.3 $0.2 $0.6 Anadarko $0.8 $1.1 $1.1 $0.9 $0.6 $0.2 $0.1 Apache $0.7 $0.8 $0.5 $0.8 $0.6 $0.2 $0.1 Total $34.8 $40.7 $40.3 $46.2 $39.2 -$7.0 $4.4 Table 5: Market Capitilization ($B) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $362 $374 $347 $342 $347 2% 4% Shell $201 $226 $216 $219 $270 24% 34% Chevron $194 $223 $203 $198 $223 13% 15% Total (1) $125 $140 $137 $128 $134 5% 8% BP $110 $122 $113 $114 $127 11% 15% Statoil $54 $59 $55 $53 $66 22% 22% Eni (1) $55 $66 $66 $56 $60 7% 9% ConocoPhillips $54 $62 $62 $53 $60 12% 11% Repsol (1) $21 $23 $26 $24 $28 16% 35% Anadarko $35 $38 $34 $25 $27 8% 23% Apache $24 $24 $20 $18 $17 4% 28% Total $1,235 $1,358 $1,280 $1,230 $1,360 11% 10% Table 6: Total CAPEX ($B) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $3.4 $3.9 $2.9 $3.1 $4.9 59% 44% Shell $5.3 $5.7 $4.3 $5.7 $5.0 11% 5% Chevron $4.1 $4.0 $3.3 $3.2 $3.2 0% 21% Total (1) $4.4 $6.3 $3.0 $3.6 $3.1 12% 28% BP $3.4 $4.7 $3.8 $4.2 $4.1 1% 22% Statoil $2.7 $3.8 $2.4 $2.3 $2.6 12% 1% Eni (1) $2.4 $2.6 $3.2 $2.4 $1.8 25% 24% ConocoPhillips $0.9 $1.0 $1.0 $2.0 $1.1 45% 19% Repsol (1) $0.4 $0.7 $0.5 $0.6 $0.6 7% 35% Anadarko $0.7 $0.9 $1.2 $1.1 $1.2 13% 68% Apache $0.4 $0.5 $0.5 $0.7 $0.8 9% 76% Total $28.1 $34.1 $26.1 $28.9 $28.6-1% 2% 1. Converted to USD based on the EURUSD rate at the end of the recent quarter; Page 10

11 Quarterly Results by IOC Table 7: S&P Long Term Foreign Issuer Credit Rating Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil AA+ AA+ AA+ AA+ AA Shell A A A A A Chevron AA AA AA AA AA Total A+ A+ A+ A+ A BP A A A A A Statoil A+ A+ A+ A+ A Eni BBB+ BBB+ BBB+ BBB+ BBB ConocoPhillips A A A A A Repsol BBB BBB BBB BBB BBB Anadarko BBB BBB BBB BBB BBB Apache BBB BBB BBB BBB BBB Rating Notches Table 8: Bloomberg Implied Credit Default Swap 5 Year Spreads (bps) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil 66 bps 47 bps 33 bps 30 bps 23 bps 7 bps 43 bps Shell 73 bps 73 bps 64 bps 53 bps 43 bps 10 bps 30 bps Chevron 89 bps 57 bps 35 bps 32 bps 25 bps 7 bps 64 bps Total 56 bps 58 bps 55 bps 45 bps 35 bps 10 bps 21 bps BP 96 bps 94 bps 82 bps 71 bps 58 bps 13 bps 38 bps Statoil 83 bps 82 bps 70 bps 68 bps 55 bps 13 bps 28 bps Eni 78 bps 77 bps 73 bps 62 bps 49 bps 13 bps 29 bps ConocoPhillips 238 bps 187 bps 134 bps 122 bps 102 bps 20 bps 136 bps Repsol 129 bps 119 bps 104 bps 87 bps 63 bps 24 bps 66 bps Anadarko 248 bps 209 bps 131 bps 142 bps 143 bps 1 bps 105 bps Apache 225 bps 179 bps 126 bps 115 bps 111 bps 4 bps 114 bps Weighted Avg. (2) 98 bps 84 bps 68 bps 59 bps 48 bps -11 bps -50 bps Table 9: Total Production (MM BOE/Day) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil % 2% Shell % 2% Chevron % 8% Total % 6% BP % 14% Statoil % 13% Eni % 5% ConocoPhillips % 21% Repsol % 3% Anadarko % 19% Apache % 2% Total % 4% 2. Weighted by total production volume (BOE); Page 11

12 Quarterly Results by IOC Table 10: Revenue ($B) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $51.3 $53.0 $55.7 $55.2 $58.6 6% 14% Shell $61.9 $64.8 $71.8 $72.1 $75.8 5% 23% Chevron $27.4 $28.4 $29.8 $31.1 $33.9 9% 24% Total (1) $33.7 $40.4 $40.0 $37.0 $37.3 1% 11% BP $47.0 $51.0 $55.9 $56.5 $60.0 6% 28% Statoil $12.1 $12.7 $15.5 $14.9 $13.5 9% 12% Eni (1) $15.6 $18.7 $21.3 $18.5 $18.5 0% 19% ConocoPhillips $6.4 $6.8 $7.5 $6.8 $6.7 1% 4% Repsol (1) $10.5 $11.8 $12.0 $12.0 $11.9 1% 13% Anadarko $2.0 $2.4 $3.8 $2.7 $2.5 8% 28% Apache $1.4 $1.5 $1.5 $1.4 $1.3 9% 11% Total $269.3 $291.5 $314.9 $308.3 $ % 19% Table 11: Oil Price Realized ($/Barrel) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $40.48 $44.52 N/A $43.58 N/A N/A N/A Shell $40.43 $44.54 $48.36 $45.62 $ % 16% Chevron $41.08 N/A $48.56 $44.94 $ % 16% Total $41.40 $46.10 $49.20 $45.10 $ % 18% BP $41.23 $43.89 $49.87 $46.27 $ % 15% Statoil $40.00 $43.80 $48.90 $44.50 $ % 18% Eni $40.82 $44.56 $48.65 $45.29 $ % 18% ConocoPhillips $36.92 $40.36 $43.01 $48.16 $ % 34% Repsol $41.50 N/A $49.40 $44.10 $ % 15% Anadarko N/A N/A N/A N/A N/A N/A N/A Apache $44.35 $47.39 $51.20 $46.89 $ % 11% Weighted Avg. (3) $40.61 $44.26 $48.58 $45.24 $ % 18% Table 12: Gas Price Realized ($/Thousand Cubic Feet) Oil Company 3Q17 v. 2Q17 3Q17 v. 3Q16 Exxon Mobil $3.82 $4.31 N/A $2.96 N/A N/A N/A Shell $3.42 $4.03 $4.29 $4.22 $4.15 2% 21% Chevron $4.18 N/A $4.36 $2.32 $ % 14% Total $3.45 $3.89 $4.10 $3.93 $4.05 3% 17% BP $2.77 $3.08 $3.50 $3.19 $2.89 9% 4% Statoil N/A N/A N/A $5.09 $5.24 3% N/A Eni $3.14 $3.50 $3.60 $3.45 $ % 21% ConocoPhillips $3.05 $3.44 $3.84 $3.83 $4.11 7% 35% Repsol $2.20 N/A $3.10 $2.80 $2.70 4% 23% Anadarko N/A N/A N/A N/A N/A N/A N/A Apache $2.59 $2.85 $2.74 $2.60 $2.75 6% 6% Weighted Avg. (4) $3.36 $3.79 $3.91 $3.52 $ % 19% 1. Converted to USD based on the EURUSD rate at the end of the recent quarter; 3. Weighted by oil production volume; 4. Weighted by gas production volume. Page 12