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June 3, 2016

2016 RBC Capital Markets’ Global Energy and Power Executive

Conference Preview
This year’s Energy Conference will be held in New York City on Monday, June 6, and Tuesday, June 7. We have 90 companies
and approximately 600 investors attending. This document provides a list of presenting companies by sector, key
subsector/company-specific themes, and a brief overview of our view on oil and gas commodity prices.

Key Topics Heading into the Conference Major Oil Topics

 OPEC: Fallout post-meeting  Potential for increase in activity levels for conventional
 Project Economics: NAM, Int'l land, Offshore and deepwater projects.
 Countries of Interest: Brazil, Venezuela, Saudi, Iraq,  Balance sheet strength, dividend sustainability, and
Iran, Russia, US efficiency gains progress.
 DUCs: Timing and magnitude
 US E&P Spend/US Oil Rig Count: Will 2Q mark the Canadian E&P Topics
cycle low?  Cost-cutting potential for capex/opex, impacts/effects
 Capital Structures: Liquidity, refinancing, of weak regional natural gas pricing in Western
reorganizations and restructurings Canada, balance sheet/liquidity, potential M&A
 Canadian Oil Sands: Post-fire production profile activity.
 Production Decline Curves: US and non-OPEC oil
International E&P Topics
Oil Macro  Balance sheet strength and/or softening stance of
 Our outlook for prices is modestly constructive but in lenders, cost savings, project delivery, onshore light oil,
our view the next $20/bbl move higher will require and oil price leverage.
much more work and take much more time than the
recent $20/bbl rally.
Global Oilfield Services Topics
 The recovery seen this quarter is fundamentally  What geographic areas and OFS sub-sectors will
different from the baseless, self-defeating rally seen in benefit at the front end of an E&P spend inflection?
Q2’15, but the market should remain choppy over the  Outlook for land rig/frac pricing, offshore rig
coming quarters given that supply side fundamentals supply/demand, subsea project economics, and capital
remain in a push-pull situation. equipment green shoots.

Oil Geopolitics Refiners Topics

 The 169th OPEC meeting ended without an agreement  How long can gasoline sustain refining profitability?
on a collective output ceiling, with the mood much  Distillate cracks have recovered substantially, but how
more upbeat this time around, even among the most sustainable is this?
stressed OPEC states.
Canadian Pipeline, Power & Utilities Topics
 However, 2016 has ended the illusion that the most
stressed OPEC member states would be able to stave  Prospects for new contracted growth vs. extending the
off significant crises in the face of low oil prices. footprint.
 M&A environment, funding plans, and the desire to be
US E&P Topics proactive in addressing future needs.
 Timing of activity increases and hedging decisions with
Utilities Topics
oil in the ~$50/bbl range.
 Outlook for incremental activity in the STACK-SCOOP  Distressed coal/nuclear plant economics and
and Southern Delaware. regulatory/legislative actions to provide support.
 Future of deregulated power markets and potential for
re-regulation.

All values in US dollars unless otherwise noted.

Priced as of market close on June 2, 2016 ET (unless otherwise noted).
For Required Non-U.S. Analyst Conflicts Disclosures, see page 119.
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Table of Contents
2016 RBC Capital Markets’ Global Energy and Power TETRA Technologies, Inc. (NYSE: TTI) ........................................................ 65
Executive — Day 1 & 2 Agenda ................................................3-4 Transocean Ltd. (NYSE: RIG) ..................................................................... 66
Weatherford International plc (NYSE: WFT) ............................................. 67
Energy Playbook ........................................................................5
International Exploration & Production ....................................68
Commodity Strategy ................................................................ 16 Gran Tierra Energy Inc. (TSX: GTE) ............................................................ 69
Parex Resources Inc. (TSX: PXT) ................................................................ 70
Oil & Gas Outlook .................................................................... 17
Tullow Oil plc (LSE: TLW)........................................................................... 71
Energy Sectors:
Oil & Gas Exploration & Production (Australia) .........................72
Canadian Energy Infrastructure ................................................ 19 FAR Limited (ASX: FAR) ............................................................................. 72
Gibson Energy Inc. (TSX: GEI) .................................................................... 20 Sino Gas and Energy Limited (ASX: SEH) ................................................... 73
Inter Pipeline Ltd. (TSX: IPL) ...................................................................... 21
US Exploration & Production ....................................................74
Veresen Inc. (TSX: VSN) ............................................................................. 22
Apache Corporation (NYSE: APA) .............................................................. 76
Canadian Integrated Oil, Senior E&P, and Intermediate ........... 23 Callon Petroleum Company (NYSE: CPE) ................................................... 77
Baytex Energy Corp. (TSX: BTE; NYSE: BTE) ............................................... 24 Carrizo Oil and Gas Inc. (NASDAQ: CRZO) ................................................. 78
Canadian Natural Resources Ltd. (TSX: CNQ; NYSE: CNQ) ......................... 25 Concho Resources (NYSE: CXO) ................................................................ 79
Cenovus Energy Inc. (TSX: CVE; NYSE: CVE)............................................... 26 ConocoPhillips (NYSE: COP) ...................................................................... 80
Husky Energy Inc. (TSX: HSE) ..................................................................... 27 Eclipse Resources Corporation (NYSE: ECR) .............................................. 81
MEG Energy Corp. (TSX: MEG) .................................................................. 28 EQT Corporation (NYSE: EQT) ................................................................... 82
Vermilion Energy Inc. (TSX: VET) ............................................................... 29 Matador Resources Company (NYSE: MTDR)............................................ 83
Noble Energy Inc. (NYSE: NBL) .................................................................. 84
Canadian Junior and Intermediate E&P .................................... 30 Northern Oil & Gas Inc. (NYSE: NOG) ........................................................ 85
Advantage Oil & Gas Ltd. (TSX: AAV) ......................................................... 31 Oasis Petroleum Inc. (NYSE: OAS) ............................................................. 86
ARC Resources Ltd. (TSX: ARX) .................................................................. 32 Parsley Energy, Inc. (NYSE: PE).................................................................. 87
Athabasca Oil Corp. (TSX: ATH) ................................................................. 33 PDC Energy Inc. (NASDAQ: PDCE) ............................................................. 88
Birchcliff Energy Ltd. (TSX: BIR) ................................................................. 34 Pioneer Natural Resources (NYSE: PXD).................................................... 89
Crescent Point Energy Corp. (TSX: CPG) .................................................... 35 RSP Permian, Inc. (NYSE: RSPP)................................................................. 90
Crew Energy Inc. (TSX: CR) ........................................................................ 36 Sanchez Energy Corporation (NYSE: SN) ................................................... 91
Freehold Royalties Ltd. (TSX: FRU) ............................................................ 37 SM Energy Company (NYSE: SM) .............................................................. 92
Kelt Exploration Ltd. (TSX: KEL) ................................................................. 38 Southwestern Energy Company (NYSE: SWN) .......................................... 93
NuVista Energy Ltd. (TSX: NVA) ................................................................. 39
US Power, Utilities, and Infrastructure .....................................94
Painted Pony Petroleum Ltd. (TSX: PPY) ................................................... 40
Peyto Exploration & Development Corp. (TSX: PEY) ................................. 41 Abengoa Yield Plc (NYSE: ABY) .................................................................. 95
PrairieSky Royalty Ltd. (TSX: PSK) .............................................................. 42 Black Hills Corp. (NYSE: BKH) .................................................................... 96
Raging River Exploration Inc. (TSX: RRX) ................................................... 43 Calpine Corporation (NYSE: CPN) .............................................................. 97
TORC Oil & Gas Ltd. (TSX: TOG) ................................................................. 44 CMS Energy Corp. (NYSE: CMS)................................................................. 98
Trilogy Energy (TSX: TET) ........................................................................... 45 Consolidated Edison, Inc. (NYSE: ED) ........................................................ 99
Whitecap Resources Inc. (TSX: WCP) ........................................................ 46 Exelon Corporation (NYSE: EXC).............................................................. 100
FirstEnergy Corporation (NYSE: FE)......................................................... 101
Global Integrated Oil Companies .............................................. 47 NextEra Energy Inc. (NYSE: NEE) ............................................................. 102
Statoil ASA (OSLO: STL) ............................................................................. 48 Pattern Energy Group Inc. (NYSE: PEGI) .................................................. 103
Total SA (NXT PA: FP) ................................................................................ 49 PNM Resources Inc. (NYSE: PNM) ........................................................... 104
PPL Corp. (NYSE: PPL) ............................................................................. 105
Global Oilfield Services ............................................................. 50 Southern Company (NYSE: SO) ............................................................... 106
Calfrac Well Services Ltd. (TSX: CFW) ........................................................ 52 Spire Inc. (NYSE: SR) ................................................................................ 107
Core Laboratories NV (NYSE: CLB) ............................................................. 53 The AES Corporation (NYSE: AES) ........................................................... 108
Ensign Energy Services Inc. (TSX: ESI) ........................................................ 54 Xcel Energy Inc. (NYSE: XEL) .................................................................... 109
Frank’s International NV (NYSE: FI) ........................................................... 55
FMC Technologies, Inc. (NYSE: FTI) ........................................................... 56 US Refining .............................................................................110
Halliburton Company (NYSE: HAL) ............................................................ 57 Delek US Holding, Inc. (NYSE: DK) ........................................................... 111
Helmerich & Payne, Inc. (NYSE: HP) .......................................................... 58 Marathon Petroleum Corporation (NYSE: MPC) ..................................... 112
Independence Contract Drilling Inc. (NYSE: ICD) ....................................... 59 Tesoro Corporation (NYSE: TSO) ............................................................. 113
National Oilwell Varco, Inc. (NYSE: NOV) .................................................. 60 Western Refining, Inc. (NYSE: WNR) ....................................................... 114
Oceaneering International Inc. (NYSE: OII)................................................ 61
Global Energy Research Team ................................................115
Patterson-UTI Energy, Inc. (NYSE: PTEN) ................................................... 62
Schlumberger Limited (NYSE: SLB) ............................................................ 63 Companies Mentioned ...........................................................117
Superior Energy Services Inc. (NYSE: SPN) ................................................ 64

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

2016 RBC Capital Markets’ Global Energy and Power Executive — Day 1 Agenda
Monday, June 6, 2016
(All presentations are Eastern Daylight Time)
7:45 AM REGISTRATION | CONTINENTAL BREAKFAST

Panel Track (Salon 1) Breakout sessions Boardroom Heritage Salon A Salon B

8:30 AM-8:55 AM Not in session Birchcliff Energy Ltd. [BIR] Canadian Natural Resources Ltd. [CNQ] National-Oilwell Varco, Inc. [NOV]
8:30 AM-9:25 AM No Panel Session
9:00 AM-9:25 AM Sino Gas and Energy Holdings Calfrac Well Services Ltd. [CFW] Not in session PDC Energy Inc. [PDCE]
[ASX: SEH]

Ensign Energy Services, Inc.

9:30 AM-9:55 AM Advantage Oil & Gas Ltd. [AAV] Schlumberger Limited [SLB] Raging River Exploration Inc. [RRX]
[TSE: ESI]
9:30 AM-10:25 AM No Panel Session

10:00 AM-10:25 AM Kelt Exploration [KEL] The AES Corporation [AES] Weatherford International Plc [WFT] Matador Resources Co. [MTDR]

10:30 AM-10:55 AM Crew Energy Inc. [TSE: CR] Whitecap Resources Inc. [TSE: WCP] Baytex Energy Corporation [TSE:BTE] Halliburton Company [HAL]
10:30 AM-11:25 AM No Panel Session
Independence Contract Drilling
11:00 AM-11:25 AM ARC Resources Ltd. [TSX: ARX] Calpine Corporation [CPN] Statoil ASA [STL]
Inc. [ICD]

Luncheon Keynote | Salon I-III

The Down and Dirty of Bankruptcy, Credit Risk and Landscape
Sean Clements, Partner, Opportune, LLP
11:30 AM-1:00 PM
David S. Meyer, Partner, Restructuring & Reorganization, Vinson & Elkins
Jeff Nichols, Partner, Haynes and Boone Andrew Tenzer, Partner, Corporate Development, Paul Hastings
Moderated by Kurt Hallead, RBC Capital Markets Global Research Analyst

1:05 PM-1:30 PM NuVista Energy Ltd. [NVA] Alta Gas Ltd. [ALA] Vermilion Energy, Inc. [TSX: VET] Delek Group Ltd. [TLV: DLEKG]
1:05 PM-2:00 PM No Panel Session
1:35 PM-2:00 PM CMS Energy Corp. [CMS] Not in session FMC Technologies, Inc. [FTI] Husky Energy Inc. [TSE: HSE]

2:05 PM-2:30 PM TETRA Technologies, Inc. [TTI] Pattern Energy Group, Inc. [PEGI] Painted Pony Petroleum [PPY] Oasis Petroleum Inc. [OAS]
2:05 PM-3:00 PM No Panel Session
2:35 PM-3:00 PM Crescent Point Energy Corp. Veresen Inc. [VSN] Gran Tierra Energy Inc. [GTE] Consolidated Edison [ED]
[TSX:CPG]

3:05 PM-3:30 PM Trilogy Energy Corp. [TET] Black Hills Corporation [BKH] Tullow Oil plc [LON: TLW] Not in session
3:05 PM-4:00 PM No Panel Session
3:35 PM-4:00 PM Northern Oil and Gas, Inc. [NOG] Peyto Exploration & Development Corp Carrizo Oil & Gas, Inc. [CRZO] Exelon Corporation [EXC]
[TSE: PEY]

4:05 PM-5:00 PM No Panel Session 4:05 PM-4:30 PM FAR Ltd. [ASX: FAR] MEG Energy Corp. [MEG] Gibson Energy, Inc. [TSE:GEI] Atlantica Yield [ABY]

5:00 PM-6:30 PM Reception | Rise Bar | 14th Floor

Note: All panels are scheduled for 55 minutes, all breakout sessions are scheduled for 25 minutes.
The following companies are hosting 1 x 1 meetings only: CGG SA [CGG], ConocoPhillips [COP], FirstEnergy Corp. [FE], Noble Energy, Inc. [NBL], Total, SA [TOT], TORC Oil and Gas Ltd. [TOG], Whitecap Resources Inc. [WCP].

June 3, 2016 3
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

2016 RBC Capital Markets’ Global Energy and Power Executive Conference — Day 2 Agenda
Tuesday, June 7, 2016
(All presentations are Eastern Daylight Time)
7:45 AM REGISTRATION | CONTINENTAL BREAKFAST

Panel Track (Salon 1) Breakout sessions Boardroom Heritage Salon A Salon B

8:30 AM-8:55 AM Western Refining, Inc. [WNR] Inter Pipeline Ltd. [IPL] Core Laboratories N.V. [CLB] Apache Corporation [APA]

8:30 AM-9:25 AM No Panel Session

9:00 AM-9:25 AM Freehold Royalties Ltd. [FRU] Spire Inc. [SR] Oceaneering International [OII] Concho Resources [CXO]

9:30 AM-9:55 AM SM Energy Company [SM] WEC Energy Group [WEC] Pioneer Natural Resources Company Transocean Ltd. [RIG]
[PXD]
9:30 AM-10:25 AM No Panel Session
10:00 AM-10:25 AM PNM Resources, Inc. [PNM] Superior Energy Services, Inc. [SPN] EQT Corporation [EQT] PrairieSky Royalty Ltd. [TSE: PSK]

10:30 AM-10:55 AM Not in session Southwestern Energy Company [SWN] EDP- Energias de Portugal SA [ELI: EDP] Southern Company [SO]
10:30 AM-11:25 AM No Panel Session
11:00 AM-11:25 AM Iberdrola SA [BME: IBE] Tesoro Corporation [TSO] Not in session Franks International NV [FI]

Luncheon Keynote | Salon I-III

Helima Croft, Global Head of Commodity Strategy, RBC Capital Markets, LLC
11:30 AM-1:00 PM
Michael Tran, Director, Energy Strategist, RBC Capital Markets, LLC
Moderated by Marc Harris, Global Head of Research, RBC Capital Markets

1:05 PM-1:30 PM Athabasca Oil Corp [ATH] Eclipse Resources Corporation [ECR] Cenovus Energy Inc. [CVE] PPL Corporation [PPL]

1:05 PM-2:00 PM No Panel Session

1:35 PM-2:00 PM Callon Petroleum [CPE] Not in session Helmerich & Payne, Inc. [HP] NextEra Energy Inc. [NEE]

2:05 PM-2:30 PM RSP Permian [RSPP] Marathon Petroleum Corporation

Not in session FirstEnergy Corp. [FE]
[MPC]
2:05 PM-3:00 PM No Panel Session
2:35 PM-3:00 PM Not in session Patterson -UTI Energy, Inc. [PTEN] Not in session Xcel Energy Inc. [XEL]

Interrupters of Conventional
Generation - Renewables &
3:05 PM-4:00 PM New Technology 3:05 PM-3:30 PM Delek US Holdings, Inc. [EK] Sanchez Energy Corporation [SN] Parsley Energy Inc. [PE] Parex Resources Inc. [PXT]
Moderated by Jason Mandel
and Shelby Tucker

Note: All panels are scheduled for 55 minutes, all breakout sessions are scheduled for 25 minutes.
The following companies are hosting 1 x 1 meetings only: CGG SA [CGG], ConocoPhillips [COP], FirstEnergy Corp. [FE], Noble Energy, Inc. [NBL], Total, SA [TOT], TORC Oil and Gas Ltd. [TOG], Whitecap Resources Inc. [WCP].

June 3, 2016 4
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Energy Playbook
RBC Capital Markets, LLC
Jonathan Golub (Chief US Market Strategist) (212) 618-7634; [Link]@[Link]
Josh Jamner (Associate Strategist) (212) 618-3312; [Link]@[Link]
Patrick Palfrey (Associate Strategist) (212) 618-7507; [Link]@[Link]

Remain Neutral on Energy

We are neutral on Energy vs. underweight Industrials and Materials. This positioning stems
from our belief that global infrastructure spending will remain subdued on the back of
ongoing weak Chinese and EM demand. Importantly, Energy is consumed in everyday
economic activity whereas demand for Materials and Industrial products tends to be
exposed to infrastructure projects.

Sector Observations
 US vs. Global Energy: US Energy has greater exposure to E&P and Drilling names, making
it substantially more sensitive to oil prices than other developed markets.
 EPS Estimates Imply Higher Oil: Energy earnings have fallen at a faster pace than the
group’s market cap. In our view, investors are discounting a substantial recovery in oil
prices (and earnings). Put differently, the sector is a levered play on commodity prices.
 Sub-Group Performance: The best-performing sub-group within Energy has been either
Refiners or Storage/Transport in each of the last seven years.
 Oil Tightly Linked to Dollar: Oil prices and the dollar have an inverse relationship, and
commodity weakness over the past 18 months has coincided with a stronger greenback.

June 3, 2016 5
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Energy Sector Trends

Exhibit 1: Energy Revenues

Energy revenues have 1600

$ Bn
fallen by more than 35% on
lower oil prices over the
last 18 months.
1200

800

400

0
96 00 04 08 12

Source: S&P, Compustat, FactSet, and RBC Capital Markets Note: Trailing 4Q Sum

Exhibit 2: Energy Revenue as a Percentage of S&P 500

30
%

25

20

15
Avg: 11.4

10
Cur: 8.6

0
96 00 04 08 12

Source: S&P, Compustat, FactSet, and RBC Capital Markets Note: Trailing 4Q

June 3, 2016 6
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Energy Sector Trends

Exhibit 3: Energy Earnings

Energy earnings are now $ Bn

below 2009 levels. 160

120

80

40

0
96 00 04 08 12

Source: S&P, Thomson Financial, Compustat, FactSet, and RBC Capital Markets Note: Trailing 4Q Sum

Exhibit 4: Energy Earnings as a Percentage of S&P 500

Energy’s share of S&P 500 30

%
earnings is near 20-year
lows.
25

20

15
Avg: 11.2
10

5
Cur: 4.2

0
96 00 04 08 12

Source: S&P, Thomson Financial, Compustat, FactSet, and RBC Capital Markets Note: Trailing 4Q

June 3, 2016 7
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Energy Sector Trends

Exhibit 5: Energy Market Value

Market cap for the sector $ Bn

has held up better than
earnings and revenues. 1600

1200

800

400

0
96 00 04 08 12

Source: S&P, Compustat, FactSet, and RBC Capital Markets Note: Trailing 4Q average

Exhibit 6: Energy Market Cap as a Percentage of S&P 500

30
%

25

20

15

10 Avg: 9.0

Cur: 6.2
5

0
96 00 04 08 12

Source: and RBC Capital Markets

June 3, 2016 8
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Energy Sector Trends

Exhibit 7: Earnings vs. P/E – Energy Sector

Multiples have risen 60 x $,B -60

substantially as a result of
-40
weak earnings.
50 -20

0
40 20
Earnings (Inverted)  40
30
60
 P/E 80
20
100

120
10
Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
Source: MSCI, Thomson Financial, FactSet, and RBC Capital Markets Note: NTM P/E and earnings

Exhibit 8: Change in Forward Earnings Expectations vs. Price

50
%

12-Month Return 
25

Change in Forward Estimates 

-25

-50
06 09 12 15

Source:S&P, Thomson Financial, FactSet, and RBC Capital Markets Note: NTM Earnings Growth

June 3, 2016 9
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Energy Sector Trends

Exhibit 9: Energy Revenues by Subgroup

Integrated s comprise a 2008 Current

smaller share of Energy Refine
sector revenues than in & Mkt Store &
Store &
2008. 12% Drilling Trans
Trans Drilling
Equip & 4%
1% 2% 1%
Svcs
6%
E&P
4% Refine
Integ-
& Mkt
rated
30%
46%
Integ-
rated
75% E&P
Equip & 11%
Svcs
8%

Source: S&P, Thomson Financial, FactSet, and RBC Capital Markets Note: NTM Revenues; June 30, 2008

Exhibit 10: Energy Market Cap by Subgroup

2008 Current

Store & Store &

Drilling Trans Drilling
Refine Trans 5%
& Mkt 3% Refine 7% 1%
2% & Mkt
7%

Equip &
Equip &
Svcs Integ-
Svcs
18% rated
14%
Integ- 47%
E&P rated
16% 56% E&P
24%

Source: S&P, FactSet, and RBC Capital Markets Note: June 30, 2008

June 3, 2016 10
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Equity Sensitivity to Oil

Exhibit 11: US Equity Returns on Up and Down Oil Days

% Equity Return on Days When Equity Return

All sectors are positively
correlated with higher oil All Change in Oil Change in 1-Year Yield
prices. Days Higher Lower Spread
S&P 500 -0.5 44.8 -31.3 76.1
Energy -13.1 183.7 -69.4 253.0
Materials -7.2 83.4 -49.4 132.8
Fin ex-REITs -5.3 54.2 -38.5 92.7
Industrials 0.9 46.6 -31.2 77.8
Technology 1.4 40.0 -27.6 67.6
Discretionary 4.0 34.9 -22.9 57.8
Telecom 6.3 31.7 -19.3 51.0
Health Care -4.9 25.2 -24.1 49.3
Staples 7.8 28.9 -16.4 45.3
REITs 6.8 26.3 -15.4 41.8
Utilities 10.5 13.5 -2.7 16.2

% of Days 100 42 58
Source: S&P, CME, FactSet, Haver, and RBC Capital Markets Note: Last 12 Months

Exhibit 12: US Energy Sub-Group Returns on Up and Down Oil Days

% Equity Return on Days When Equity Ret

Drilling and E&P names are
more levered to All Change in Oil Change in 1-Year Yie
commodities while Days Higher Lower Spread
Integrateds and Refiners S&P 500 -0.5 44.8 -31.3 76.1
are less.
Energy -13.1 183.7 -69.4 253.0
Drilling -34.5 492.0 -88.9 580.9
E&P -23.8 367.6 -83.7 451.3
Store & Trans -42.6 219.5 -82.0 301.5
Equip & Svcs -15.8 192.1 -71.2 263.3
Integrateds 1.7 141.1 -57.8 199.0
Refine & Mkt -11.2 59.9 -44.5 104.4

% of Days 100 42 58
Source: S&P, CME, FactSet, Haver, and RBC Capital Markets Note: Last 12 Months

June 3, 2016 11
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Top 25 Global Energy Companies

Exhibit 13: Top Energy Companies

Market Cap
20 of the top 25 global
Energy companies are in Company Country Industry ($, Bn USD)
North America. Exxon Mobil U.S. Integrated 373.8
Royal Dutch Shell U.K Integrated 195.8
Chevron U.S. Integrated 191.0
Total SA France Integrated 120.1
Schlumberger U.S. Equip & Svcs 108.4
BP U.K Integrated 98.0
Occidental U.S. Integrated 58.1
Eni Italy Integrated 56.4
ConocoPhillips U.S. E&P 55.2
Statoil Norway Integrated 53.1
EOG Rsrcs U.S. E&P 45.2
Suncor Canada Integrated 43.5
Phillips 66 U.S. Refine & Mkt 42.7
Kinder Morgan U.S. Store & Trans 40.0
Enbridge Canada Store & Trans 37.2
Halliburton U.S. Equip & Svcs 36.5
Canadian Natural Rsrcs Canada E&P 32.8
TransCanada Canada Store & Trans 29.4
Imperial Oil Canada Integrated 27.4
Anadarko U.S. E&P 26.6
Pioneer Natural Rsrcs U.S. E&P 26.2
Valero U.S. Refine & Mkt 26.0
Apache U.S. E&P 21.9
Spectra U.S. Store & Trans 21.1
Baker Hughes U.S. Equip & Svcs 19.9
Source: MSCI, FactSet estimates, and RBC Capital Markets Note: Developed Market Countries

June 3, 2016 12
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

US vs. Global Energy

Exhibit 14: Energy Market Cap – US vs. Developed ex-US

US Energy is more exposed United States Developed ex-U.S.

to commodity-sensitive
sub-groups. Trans Refine
Refine 7% 4%
Equip
7%
& Serv Trans
2% 11%
Equip
& Serv
15% E&P
Integ 14% Integ
47% 69%
E&P
24%

Source: MSCI, S&P, FactSet, and RBC Capital Markets Note: Drilling included in Equipment & Services

June 3, 2016 13
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Historical Returns

Exhibit 15: Historical Returns

2010 2011 2012 2013 2014 2015 YTD

Refine & Mkt Store & Trans Refine & Mkt Refine & Mkt Store & Trans Refine & Mkt Store & Trans
42.9 47.9 83.7 51.1 15.9 27.7 22.8
Equip & Svcs Integrateds S&P 500 S&P 500 S&P 500 S&P 500 E&P
39.3 14.8 16.0 32.4 13.7 1.4 16.0
Store & Trans S&P 500 Store & Trans Equip & Svcs Refine & Mkt Integrateds Integrateds
27.4 2.1 12.2 30.6 0.3 -13.9 15.5
Integrateds Refine & Mkt Drilling E&P Integrateds Equip & Svcs Equip & Svcs
18.8 -4.4 8.1 27.5 -6.7 -18.8 10.8
S&P 500 E&P E&P Integrateds Equip & Svcs Drilling S&P 500
15.1 -6.4 3.6 21.5 -7.8 -29.3 3.6
E&P Drilling Integrateds Store & Trans E&P E&P Drilling
9.3 -11.4 2.2 20.4 -10.6 -34.2 -3.7
Drilling Equip & Svcs Equip & Svcs Drilling Drilling Store & Trans Refine & Mkt
4.4 -11.7 0.0 12.5 -43.0 -49.3 -16.9
Source: S&P, FactSet, and RBC Capital Markets

Refiners have been the best-performing Energy sub-group in four of the last seven years.

June 3, 2016 14
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Dollar Impact on Oil

Exhibit 16: Trade-Weighted Dollar vs. Oil (Inverted)

25
The dollar’s recent $/b
weakness has coincided 95
with commodity strength.
45
90
WTI (Inverted) 

65
85  Trade-Weighted Dollar

85
80

105
75
Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16
Source: Federal Reserve, CME, Haver, and RBC Capital Markets Note: Major Currencies Index

Exhibit 17: Oil – Price vs. Production

90 Demand Driven Supply Driven 15

Increased production has YoY % YoY %
suppressed prices.  Price

60 Production 
Historically, stronger prices
drove higher production. 5
30

0
-5

-30

-60 -15
05 08 11 14

Source: Department of Energy, CME, Bloomberg, and RBC Capital Markets Note: 3MMA

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Commodity Strategy
RBC Capital Markets, LLC
Helima Croft (Global Head of Commodity Strategy) (212) 618-7798; [Link]@[Link]
Michael Tran (Commodity Strategist) (212) 266-4020; [Link]@[Link]
Christopher Louney (Commodity Strategist) (212) 437-1925; [Link]@[Link]

Slow and Steady Wins the Recovery

We remain modestly constructive on oil prices over the coming quarters but believe the next
$20/bbl move to the upside will require much more work and take much more time than the
most recent $20/bbl rally. The recovery seen this quarter is fundamentally different than the
baseless, self-defeating rally seen in Q2’15, but the market should remain choppy over the
coming quarters given that supply-side fundamentals remain in a push-pull situation. Acute
supply-side outages combined with declines in US production certainly tighten global
balances, but the steady return of Iranian barrels and ample product inventories remain key
headwinds. While we see prices continuing to improve on a longer-term structural basis, a
slow and steady recovery should prove to be more sustainable than a swift push higher given
that US production elasticity, pent-up producer hedging, and the glut of global inventories lie
in wait.

Casualties of War
The 169th OPEC meeting ended without an agreement on a collective output ceiling, with the
mood much more upbeat this time around, even among the most stressed OPEC states. While
the messaging largely centered around the progress of the rebalancing, 2016 has ended the
illusion that OPEC states, namely our “fragile five,” would be able to stave off significant crises
in the face of low oil prices. Throughout 2015, our “fragile five” producers (Venezuela, Nigeria,
Libya, Iraq, and Algeria) experienced varying degrees of duress but did not reach the tipping
point. This seemingly led some market participants to conclude that these OPEC countries had
sufficient shock absorbers to weather the low oil price storm and that the only important act to
watch was North American output. However, 2016 is shaping up to be the year of reckoning for
the weakest cartel members, with crises unfolding across OPEC.

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Oil & Gas Outlook

RBC Capital Markets, LLC
Kurt Hallead (Co-Head Global Energy Research) (512) 708-6356; [Link]@[Link]
Greg Pardy (Co-Head Global Energy Research) (416) 842-7848; [Link]@[Link]

Crude Oil – Staying the Course

 The global oil market is providing signals of inventory drawdowns as early as the third
quarter of 2016, setting the stage for the $50/bbl WTI price we anticipate in the fourth
quarter.
 The potential supply response of US producers to a $45/bbl+ WTI world lends itself to
rangebound WTI prices of $50–55/bbl during the first-half of 2017, at least until the
market gets a better read on Russia’s production picture.
 A rising tide of OPEC barrels, led by Iran, should offset much of the Non-OPEC decline we
envision in 2016 but should downshift as we move into 2017.

Natural Gas – Reducing Near-Term Outlook

 Our downward price revisions in 2016 and 2017 are based on the negative impact from
El Niño leaving natural gas inventories at bloated levels.
 We expect high inventories to remain an overhang on natural gas prices through 2016
and persist into 2017, absent extreme weather.
 In Canada, our forecast for above-average levels of supply drives our outlook of
continued wide AECO differentials for the balance of 2016.

NGLs – Increasing Estimates

 We see ethane prices rebounding in the second-half of 2016 and building momentum
into 2017 as cracking capacity increases.
 For 2016, we forecast a drawdown in propane inventory driven by higher exports.

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Energy Sectors

June 3, 2016 18
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Canadian Energy Infrastructure

RBC Dominion Securities Inc.
Robert Kwan (Analyst) (604) 257-7611; [Link]@[Link]

The focus remains on contracted growth

1) Prospects for new contracted growth within the existing footprint in addition to
extending the footprint both geographically and via new business lines.
2) Acquisition environment, particularly with a significant amount of infrastructure held by
oil & gas producers in Western Canada.
3) Outlook for customer volumes and the potential impact on fee-for-service contracts.
4) Counterparty credit exposure.
5) Funding plans and the desire to be proactive in addressing future needs.

Companies participating:
AltaGas: Tim Watson (EVP and CFO)
Gibson Energy: Stew Hanlon (President and CEO); Sean Brown (CFO)
Inter Pipeline: Chris Bayle (President and CEO)
Veresen: Don Althoff (President and CEO); Theresa Jang (SVP, Finance and CFO)

June 3, 2016 19
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Gibson Energy Inc. (TSX: GEI)

1) What are the prospects for additional contracts for new storage tankage?
2) How should we think about the recent equity raise with respect to funding the existing
growth capital plan, potential new growth and managing the balance sheet/credit
metrics?
3) What is the outlook for the activity-based segments such as Logistics (i.e., trucking,
environmental services)?
4) Is there an update on the financial impact of the Fort McMurray fires?
5) With oil sands production set to increase materially based on expansions already under
construction, how do you see the demand for additional rail loading playing out and has
the pace of discussions changed with respect to your exclusive terminal connection at
Hardisty?
6) What has been you experience with respect to any changes in the capital cost
environment for your construction projects given the slowdown in Western Canada?
7) Are there any meaningful opportunities to expand the more stable portion of your
propane business and, if so, what geographic areas are being targeted?
8) Could asset sales and/or other capital-optimizing initiatives play a role in funding the
growth plan?
9) Would you consider joint ventures as a way to reduce capital in certain businesses
while maintaining control and/or using joint ventures as a way to expand your
businesses without allocating incremental capital?
10) You have expressed an interest in US infrastructure – what geographies and types of
infrastructure would be the most likely in this environment?

June 3, 2016 20
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Inter Pipeline Ltd. (TSX: IPL)

Questions for management
1) With crude oil prices creeping up, has there been any pick-up in the pace of preliminary
discussions to contract for the excess dilbit and/or diluent pipeline capacity on your
systems?
2) How have volumes been on the Conventional pipeline system and in particular receipts
on the Mid-Saskatchewan system from the Viking play?
3) How should we think about the impact to IPL of the fires in Fort McMurray?
4) What types of assets and geographies pose the best potential for acquisitions?
5) What is your interest in investing in joint ventures where you would not be the majority
owner or the operating partner?
6) Expectations for frac spreads given your exposure at the Cochrane gas plant (Mont
Belvieu NGL price realizations and AECO gas shrinkage cost)?
7) With the bulk liquids storage business in Europe having a strong start to the year, are
high utilization rates starting to put upward pressure on storage fees?
8) What are the key financial metrics that you look for with respect to potential
acquisitions (e.g., cash flow accretion, balance sheet impact)?
9) Thoughts on maintaining the BBB+ credit rating, which is above average for the peer
group?
10) What are the expectations for continued annual dividend growth?

June 3, 2016 21
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Veresen Inc. (TSX: VSN)

Questions for management
1) Colour on the Montney midstream infrastructure joint venture and specifically, how
does the agreement compare and contrast with a “typical” take-or-pay arrangement?
2) Are there other avenues for growth contemplated for the midstream joint venture
outside of the existing Montney contracted framework, whether that be other
geographies or significant additional infrastructure within the Montney play to serve
other producers?
3) What is the timeline for turning the preliminary agreements with JERA and ITOCHU into
finalized agreements?
4) What is the expectation with respect to the FERC process (re-hearing and/or re-filing)?
5) With JERA and ITOCHU signing preliminary agreements, has the pace of discussions
picked up for other potential counterparties given the limited capacity available for the
liquefaction project?
6) Are there other structures being contemplated to reduce and/or split the cost of
project development funding for Jordan Cove with other parties?
7) What could the upside be at Aux Sable if ethane and propane-plus pricing improves?
8) Outlook for funding both the growth capital plan and the Jordan Cove project
development costs?
9) How should we think about the sale of the smaller hydro facility in New York with
respect to funding and capital optimization?
10) What is the potential for other outright asset sales and/or dropdowns into the
midstream joint venture?

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Canadian Integrated Oil, Senior E&P, and Intermediate

RBC Dominion Securities Inc.
Greg Pardy (Analyst, Co-Head Global Energy Research) (416) 842-7848; [Link]@[Link]

Primary Conference Themes

 Production/cost impacts from the Fort McMurray wildfire outages.
 The effects of pipelines and market access on oil differentials and oil sands growth.
 Potential M&A activity, specifically in Western Canada.
 Preliminary glimpses into 2017 capital plans.

Companies participating:
Baytex Energy: Rod Gray (Chief Financial Officer)
Canadian Natural Resources: Mark Stainthorpe (Director, Treasury, and Investor Relations);
Lance Casson (Investor Relations)
Cenovus Energy Inc.: Al Reid (Executive Vice-President, Environment, Corporate Affairs, Legal
& General Counsel); Kam Sandhar (Director, Investor Relations)
Husky Energy Inc.: Rob Peabody (Chief Operating Officer); Rob Knowles (Manager, Investor
Relations)
MEG Energy Corp.: Eric Toews (Chief Financial Officer); John Rogers (VP, Investor Relations
and External Communications)
Vermilion Energy, Inc.: Anthony Marino (President and Chief Executive Officer)

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Baytex Energy Corp. (TSX: BTE; NYSE: BTE)

Questions for management
1) Can you provide an update on your Eagle Ford assets, and what the returns look like at
current prices?
2) What type of drilling & completion (D&C) costs are you seeing in the Eagle Ford, and
could these fall further in 2016?
3) Baytex had approximately 7,500 bbl/d of uneconomic heavy oil shut-in in Western
Canada. Given the recent increase in crude prices, can you provide on update with
respect to potential restart of this production?
4) How will Baytex prioritize free cash flow in 2016? On a longer-term basis, as oil
conditions improve, how does Baytex think about the balance among debt repayment,
production growth, and the resumption of dividends?
5) Can you provide an update on the company’s balance sheet liquidity position?

June 3, 2016 24
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Canadian Natural Resources Ltd. (TSX: CNQ; NYSE: CNQ)

Questions for management
1) Can you provide an update on the Horizon Oil Sands expansion?
2) How will the company prioritize free cash flow post-Horizon expansion?
3) Have the Fort McMurray wildfires affected Horizon operations/expansion completion
timing?
4) What is the company’s longer-term game plan for the PrairieSky (PSK) shares that it
holds?

June 3, 2016 25
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Cenovus Energy Inc. (TSX: CVE; NYSE: CVE)

Questions for management
1) The company recently mentioned a target of $500 million in capital, operating, and
G&A reductions in 2016. Can you speak to some specific initiatives? How much of these
reductions will be permanent (i.e., expected to be sustained), once an oil price recovery
takes shape?
2) Could you walk us through your thinking on deferred phases of oil sands growth? What
needs to occur before re-start?
3) Would Cenovus consider repurchasing some of its outstanding debt, given the cash
balance of $3.9 billion as of March 31, 2016?
4) After the reset of the dividend in 2015, how should we be thinking about Cenovus’
dividend policy?
5) Could you provide us with an update on your Wood River refinery debottleneck
project?
6) Would Cenovus be interested in increasing its stake in the Wood River refinery, given
the strategic fit vis-à-vis heavy oil refining capacity?
7) Does Cenovus feel the need to balance its heavy oil refining capacity with its upstream
dilbit production?

June 3, 2016 26
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Husky Energy Inc. (TSX: HSE)

Questions for management
1) Can you provide an update on the Liwan gas pricing contract negotiations with CNOOC?
How long do you anticipate the contract discussion process to last?
2) Can you provide an update on the Sunrise production outages due to the Fort
McMurray wildfires?
3) Are there any updates on the expected closing date of the $1.7 billion midstream sale
announced in conjunction with first-quarter results?
4) How do you think about your downstream assets (Toledo & Lima) and the integration
with upstream (i.e., Sunrise oil sands)?
5) Can you provide an update on your non-core asset disposition process?

June 3, 2016 27
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

MEG Energy Corp. (TSX: MEG)

Questions for management
1) Can you provide an update on the disposition process for your 50% stake in the Access
Pipeline?
2) How does the company think about hedging?
3) How much could the company’s $170 million capital program be trimmed this year
without affecting production?

June 3, 2016 28
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Vermilion Energy Inc. (TSX: VET)

Questions for management
1) Can you provide an operations update on Corrib (18.5% wi)?
2) In light of the recent lift in commodity prices and the ramp-up of Corrib, how do you
look at your dividend policy into 2017 including DRIP programs?
3) How do you rank your asset base in terms of capital allocation, play economics, and
growth prospects?
4) How should we think about Vermillion’s 2017 capital spending levels?
5) How should we think about Vermilion’s game plan in the United States going forward?
6) What are your views on the European gas market?

June 3, 2016 29
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Canadian Junior and Intermediate E&P

RBC Capital Markets, LLC
Michael Harvey (Analyst) (403) 299-6998; [Link]@[Link]
Shailender Randhawa (Analyst) (403) 299-6576; [Link]@[Link]

Conference Themes
 Continued cost-cutting potential for both capital and expenses.
 Effects and producer views relating to weak regional natural gas pricing in Western
Canada (AECO).
 Balance sheet/liquidity, given many producers with high debt leverage.
 Potential M&A activity, reflective of more assets on the market.
 Prioritization of capital expenditures, dividends, and debt repayment.
 H2/16 programs and capital budgets given a more constructive oil price environment.

Companies participating:
Advantage Oil & Gas: Andy Mah (President and CEO); Craig Blackwood (VP Finance and CFO)
ARC Resources: Van Dafoe (Senior VP and CFO); Bevin Wirzba (Senior VP Business
Development)
Athabasca Oil: Rob Broen (President and CEO); Matthew Taylor (VP Capital Markets)
Birchcliff Energy: Jeff Tonken (President and CEO)
Crescent Point Energy: Scott Saxberg (President and CEO); Shant Madian (Manager Capital
Markets)
Crew Energy: Dale Shwed (President and CEO); John Leach (Senior VP and CFO)
Freehold Royalties: Thomas Mullane (President and CEO); Matt Donohue (Manager, IR)
Kelt Exploration: Sadiq Lalani (VP and CFO)
NuVista Energy: Jonathan Wright (President and CEO); Michael Lawford (VP Development)
Painted Pony Petroleum: Ted Hanbury (Senior VP Engineering); Jason Fleury (Investor
Relations)
Peyto Exploration & Development: Darren Gee (President and CEO)
PrairieSky Royalty: Andrew Phillips (President and CEO); Jim Estey (Chairman)
Raging River Exploration: Bruce Beynon (EVP); Jason Jaskela (COO)
TORC Oil & Gas: Brett Herman (President and CEO)
Trilogy Energy: Michael Kohut (CFO); John Williams (President and COO)
Whitecap Resources: Grant Fagerheim (President and CEO)

June 3, 2016 30
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Advantage Oil & Gas Ltd. (TSX: AAV)

Questions for management
1) Given that you are a dry gas producer, what are your expectations for AECO pricing
through 2016 and into 2017? How are you managing through the current low-price
environment?
2) How has your near-term hedging strategy changed, if at all? Do you have a target level
or price?
3) Why do you maintain such a large backlog of standing wells? How does this affect
returns? Is this something you expect to continue going forward, or will you shift to a
just-in-time approach?
4) Can you provide an update on the next Glacier plant expansion (to 350 mmcf/d)? When
is this scheduled for completion?

June 3, 2016 31
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

ARC Resources Ltd. (TSX: ARX)

Questions for management
1) What are your views on commodity pricing over the next several months/years?
2) Given your strong financial position, are you considering any acquisitions, either small
or large? Where are your primary areas of interest?
3) Are you currently planning to dispose of any non-core assets, and which areas in your
current portfolio would qualify?
4) What are your future plans for Attachie? Given encouraging initial results, are you
planning to accelerate development in the near future (four wells planned this year)?
5) How has your hedging strategy changed in recent months, if at all?
6) Do you plan to maintain your dividend reinvestment plan (DRIP)?
7) What is the next large project planned, following completion of Dawson Phase 3 (late-
2017 completion)?

June 3, 2016 32
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Athabasca Oil Corp. (TSX: ATH)

Questions for management
1) With the closing of the shale joint venture with Murphy Oil, can you provide details on
the upcoming Kaybob Duvernay and Placid Montney drilling programs?
2) How sustainable are the recent drilling & completion (D&C) cost improvements in the
Duvernay?
3) Could you update us on the Hangingstone SAGD restart following the regional wildfires?
How long for production to return to prior levels, and any impact on the project’s
steam-oil ratio?
4) What are the refinancing options on remaining term debt following $300–400 million
debt reduction target?

June 3, 2016 33
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Birchcliff Energy Ltd. (TSX: BIR)

Questions for management
1) AECO prices have been abnormally low in recent months; how do you expect this to
develop through the remainder of the year?
2) How have you changed your strategy to address low commodity prices? Have you
shifted your hedging policy at all, given that you currently have very little hedged?
3) Are you actively looking at more disposition candidates within your portfolio? If so, how
much production is potentially up for sale? Any value target?
4) Would you or have you considered partnering with a midstream player to monetize
your infrastructure?
5) Do you see any risk of further liquidity reductions in the fall bank line review
(November)?
6) What other options do you have to help enhance financial flexibility?
7) How has the Alberta royalty review affected your business, if at all? Would you
characterize it as net positive, neutral, or negative?

June 3, 2016 34
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Crescent Point Energy Corp. (TSX: CPG)

Questions for management
1) In 2016, your payout ratio remains sub-100% at the RBC deck (RBC: $950 million capital
spending and ~168,000 boe/d). What are the chances that you will increase your capital
program in H2/16 if pricing improves? At what price level would you look to increase
spending?
2) Given that you are now in a free cash flow position, when pricing improves, do you plan
to increase the dividend? At what price level would you revisit your dividend policy?
Have you set a long-term payout target (current dividend is about 20% of 2016E cash
flows)?
3) How are your waterflood initiatives progressing in the Viewfield Bakken? From an
investor standpoint, what milestones or indicators can we use to evaluate its
ongoing/future success? Until now, public data have shown mixed results in the flood.
4) With Q1 results, you highlighted the Uinta as showcasing particularly encouraging
results with volumes now at 14,000 boe/d; how much corporate capital do you plan to
allocate to the US in the next few years? What are your current growth expectations for
the Uinta?
5) You recently flagged that you are open to selling all Alberta assets, which currently
include about 17,000 boe/d in production. What would an ideal sales package in
Alberta include? Are there any smaller areas in your portfolio that you plan to hold
onto, and if so, why?
6) In your opinion, is there any chance of a credit facility reduction (extendable in June)? If
so, by roughly how much?
7) What is your view on further M&A—is the 2,500 boe/d Husky package of interest to
you? Would you fund further transactions with cash or equity as you have in the past?
8) How much more in cost savings would you expect in 2016? Has this started to stabilize?
What are your longer-term expectations?

June 3, 2016 35
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Crew Energy Inc. (TSX: CR)

Questions for management
1) How have you managed your exposure to AECO/Station 2 natural gas pricing?
2) What is your current exposure to various natural gas pricing hubs including Station 2
and AECO?
3) Are you considering the sale of your heavy oil assets? What probability do you place on
getting this done? What sort of value would you apply to these assets?
4) Have you considered selling any portion of your Montney assets to fund the balance? If
so, which areas would screen as disposition candidates? Why?
5) At what commodity prices would you start layering more hedges in 2017?
6) Given other producers’ success at Tower, do you plan to deploy more capital in the
area? Is there an oil price threshold you are waiting for to accelerate?

June 3, 2016 36
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Freehold Royalties Ltd. (TSX: FRU)

Questions for management
1) What are the key benefits to Freehold from the recently acquired Husky royalty assets?
2) How should we think about your payout policy versus targeted debt levels?
3) Would you consider moving to a lower payout with a more stable dividend given the
underlying volatility of commodity prices?
4) How do you protect yourself from potential counterparty risk in structuring royalty
contracts?
5) Is the DRIP a permanent part of your capital structure?

June 3, 2016 37
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Kelt Exploration Ltd. (TSX: KEL)

Questions for management
1) Are you continuing to look at additional M&A opportunities? Any areas of particular
interest? Roughly, what size of transactions would you consider?
2) What are your views on the recent Alberta royalty review? How will this change your
capital allocation going forward, if at all?
3) What are your views on the fall credit facility redetermination? Any risk of a further
reduction in your view?
4) At what commodity price level would you accelerate the capital program? Do you see
the potential for this in H2/16?
5) Do you have other attractive avenues available for improving financial flexibility?
6) Which of your drilling opportunities do you feel has the best economics at current
commodity prices?

June 3, 2016 38
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

NuVista Energy Ltd. (TSX: NVA)

Questions for management
1) In Q1/16, operating costs fell 4% QoQ but remain fairly high relative to peers (NVA op
~$11/boe, peers sub-$5/boe). What else can you do to improve your cost structure and
consequently margins?
2) How much of your operating costs are attributable to third-party processors (i.e., costs
that cannot be decreased)?
3) Can you comment on your involvement with the recently announced plant in the
Wapiti area? It is very proximal to your operations and would allow for significant
future growth.
4) Capital cost—you have made significant progress, with per-well costs down more than
30%. Is there potential to improve further, and how much is sustainable if commodity
prices improve?
5) Given that roughly half of your planned 2016 capital program was spent in Q1, do you
expect to increase spending in the back half of the year if commodity prices improve?
What price level would compel you to consider increasing?
6) You did not provide any well results with your last update, which is out of the norm. Do
you plan to continue releasing well results in the future, or are you moving to more of a
batch-type disclosure?
7) On what areas will the 2016 program focused? Are you focusing on your best acreage;
how much inventory is there in core areas like Bilbo?
8) Understanding that you have not yet provided formal guidance, can you comment on
your general growth plans for 2017? RBC estimates currently call for investment of
more than $150 million, driving growth of 13% or so to 28,000 boe/d.

June 3, 2016 39
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Painted Pony Petroleum Ltd. (TSX: PPY)

Questions for management
1) How have you managed weak natural gas prices (Station 2)? Given recent weakness,
have you altered your strategy going forward?
2) Why do you plan to disclose capital lease fees as a financing expense versus an
operating expense? What are the implications of this?
3) How much have capital and operating costs decreased in the past year? Is there
potential to squeeze out additional savings? How much of the reduction is sustainable
in a recovery scenario?
4) Have your views changed on the future for LNG? What probability would you place on
large-scale projects starting up in Canada in the next decade?
5) Can you comment on recent completion techniques, such as parallel pairs, and their
results?

June 3, 2016 40
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Peyto Exploration & Development Corp. (TSX: PEY)

Questions for management
1) What are your expectations for AECO pricing for the remainder of 2016? In your last
update, you mentioned November as a soft target for weak pricing to begin to turn.
What factors are you looking at that will affect this?
2) All-in cash costs are roughly $0.75/boe; how do you expect this to develop through
2016? Do you see any room for additional savings, or is this fully baked in? Also, how
much of your cost savings are sustainable through a recovery?
3) Any risk of a credit line reduction in the fall? If so, roughly how much?
4) Are you currently looking at acquiring assets? Which core areas would you look to
expand first, if opportunities arise? Are you continuing to focus more on land sales, or
have you considered corporate purchases or packages from other companies?
5) How much production is currently being held back due to low regional (AECO) pricing?
When do you plan to bring this online (what is the price trigger point)?
6) If you were to adjust the dividend, what timing and triggers would you reference? Your
earnings are no longer keeping pace with dividend payout, which is typically the
corporate measure that PEY follows.

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

PrairieSky Royalty Ltd. (TSX: PSK)

Questions for management
1) What is your target payout ratio, assuming WTI is within US$50–60/bbl, and how do
share buybacks fit into the framework?
2) Are gross overriding royalties potentially a use of FCF and growth driver?
3) What emerging areas have the most future potential?
4) How should we think about increased primary and secondary recovery potential in your
portfolio?

June 3, 2016 42
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Raging River Exploration Inc. (TSX: RRX)

Questions for management
1) How much potential is there to further consolidate your Dodsland Viking position?
2) What do extended reach laterals mean in terms of your existing Viking inventory?
3) How much running room does the Alberta Viking hold, and could it serve as the second
leg to the stool?
4) What are the key parameters for establishing a second core area?

June 3, 2016 43
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

TORC Oil & Gas Ltd. (TSX: TOG)

Questions for management
1) How would you stack up tuck-ins in your core areas versus establishing a new core
area?
2) Should oil prices continue to increase, how would you prioritize additional cash flow:
drilling, debt repayment, or dividend increase?
3) How do you strike a balance between capital spending and dividend payout?
4) Where is the Three Forks in terms of derisking and economics versus the Cardium and
Mississippian?

June 3, 2016 44
 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Trilogy Energy (TSX: TET)

Questions for management
1) How are you thinking about 2016 given that no formal guidance has been provided?
RBC currently has you running a $55 million capital program, driving production
volumes of 21,600 boe/d (cash flow at RBC deck roughly $42.5 million). Sustaining
capital is roughly $135–170 million (28% decline, $20,000–25,000/boe/d efficiencies).
2) What are you currently looking at to deleverage your balance sheet? How likely do you
currently consider further Duvernay transactions?
3) What are your early views on 2017, and how do you expect commodity prices to
develop? At what pricing level would you return to a more normal development
scenario? RBC: $80 million program driving volumes of ~19,000 boe/d; 12% shrink (WTI
US$56.78, HH US$2.88).
4) Given that your credit line was recently reduced, liquidity appears to be tight,
particularly looking into 2017; how do you plan to manage capital?

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Whitecap Resources Inc. (TSX: WCP)

Questions for management
1) How would you prioritize additional cash flow (among capex, dividend, and debt
repayment) under a $10/bbl increase in crude oil pricing?
2) Given the size of your balance sheet, would you consider terming out a portion of your
debt to better match the tenor of your assets?
3) How do the recently acquired assets from Husky compete for capital within your
current portfolio? How should we think about the seven future EOR projects versus
new drilling?
4) How are you thinking about hedging in the current environment?

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Global Integrated Oil Companies

RBC Europe Limited
Biraj Borkhataria (Analyst) (44) 207 029 7556; [Link]@[Link]

More cautious after YTD outperformance

The majors have performed well in 2016, with the SXEP outperforming the broader market
(SXXP) by 10% YTD. With crude prices having recovered from the lows in January and cost-
reduction efforts ongoing, we see potential for structurally higher profits in the near term.
Nevertheless, financial frameworks still remain under pressure due to sizeable dividend
commitments (sector currently yielding 6.7%), and valuations are not as attractive as they
were, with the sector now trading at 7.4x 2016E EV/DACF versus 5.6x earlier in the year. Key
themes in 2016 are:

Balancing capex cuts with sanctioning new production: We think further capex reductions
could lead to lower production volumes over time, as majors move from reducing capex in
areas such as exploration, which have a muted near-term impact, to areas such as infill
drilling or other brownfield spending. 2015 saw minimal project sanctions, as a number of
projects were deferred and re-designed. However, we expect sanctioning to pick up in the
second half of 2016 as majors showcase projects that have been re-optimized and can now
be sanctioned at reasonable oil prices (i.e., $50–60/bbl).

Accelerating cost reduction: Lower oil prices have forced the majors to accelerate cost-
reduction programs alongside the reduction in capital spending. Industry deflation has
accompanied efforts at self-help, such as standardization and reducing inefficiencies. To us,
there appears to be a lot of low-hanging fruit in this area, and this is likely to be a multi-year
process for most oil companies.

Downstream supported by non-refining activities: Refining margins held up well in 2015,

which has been a significant source of support for most of the integrateds. Although there
are now signs that refining margins are coming down to more ‘normal’ levels during this
down-cycle, the downstream encapsulates a number of other non-refining activities—
marketing, chemicals, LPGs, trading—some of which are likely to be supportive in 2016.

Patient when it comes to M&A: Historically, M&A activity typically picks up during extended
troughs and mid-cycle upswings. However, we think consolidation will remain limited in the
near term, as bid-ask spreads likely remain too wide, with sellers optimistic about a
commodity price recovery. Comments from the majors confirm that E&P valuations imply oil
prices well above the forward curve, and adding in takeout premiums and potential change
of control provisions (requiring buying back bonds at par) seem to have incentivized the
majors to wait a little longer. That said, we expect asset-level deal activity to pick up in 2016
(e.g., Total and Saft Group [announced May 9, 2016], Statoil and Lundin Petroleum
[announced May 3, 2016]).

Companies participating:
Statoil ASA: Morten Johannessen (Investor Relations)
Total SA: Robert Hammond (Investor Relations)

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Statoil ASA (OSLO: STL)

Questions for management
1) Statoil has been successful in explaining ‘value over volume’ focus to investors and
Norwegian authorities. Where are the risks that we will see (are seeing) more push back
to do projects, grow volumes, and fully develop reserves potential?
2) Your exploration budget was reduced from $3.2bn to $3bn 2015, and now $2bn in
2016. Can you quantify the reduction in terms of activity level falling and deflation? Are
you seeing actual efficiency gains? Can you give examples?
3) Johan Sverdrup – What are the next steps and key deliverables for 2016? One of your
slides highlights Phase 1 having a lower breakeven than Johan Sverdrup Phase 2; why
would this be the case? Is there upside to profitability at Phase 2?
4) Comments suggest your US onshore acreage is not profitable at $50/bbl oil. How much
further can well times be improved?
5) You target to be operating income neutral onshore US at $50/bbl by 2018; do you think
this is an aggressive enough target? Which assets limit your profitability?
6) Lower oil prices typically mean higher tax rates. Why? Does this affect cash taxes?
7) Does NOK/USD rate have any effect on your capex outlook? i.e., Can this go down in
NOK terms? What NOK/USD rate is baked into your capex budget?
8) Where is the internal focus—opex or capex? Which is the more important measure to
internal targets?
9) Notably, all your cost-saving targets assume no industry cost inflation/deflation, which
may be conservative; why is this the case?
10) What level of unproductive capital do you currently have, and how do you expect this
to evolve over the next few years?

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Total SA (NXT PA: FP)

Questions for management
1) Deepwater – This is an area of expertise for Total, but it lacks presence in the Gulf of
Mexico. Is that a strategic handicap for a top-5 major, or as Mexico starts to open up?
2) Libra – When does this move from exploration to the development phase? When do
you expect first oil?
3) Where do you see the biggest risks to delivery in 2016 and 2017? Kashagan? Angola
LNG?
4) With your exploration budget at $1.5–2.0bn now targeting 500mboe per annum (or $3–
4/boe exploration costs), where is the remainder of reserve replacement coming from?
5) It appears as though you have budgeted $2bn for resource acquisitions per annum;
what gives you confidence in the repeatability of these acquisitions? Are you seeing
many opportunities in the market?
6) Total has focused its investments in Asia and Africa for the downstream; what risks/
challenges does its Marketing and Services (M&S) business face in these markets?
7) Why are there advantages of a strong presence in the downstream in developing
markets? Better access to upstream? Better fiscal terms and leverage with
government?
8) What was the rationale behind your recent acquisition of Saft Group—is this a shift in
strategy? How much capital are you willing to put to renewables over 2016–2020?
9) Total has been vocal on drawing a line in the sand on capex. Are you committed to
spending $17–19bn even in an oil price recovery?
10) Scrip dividends – What would you need to see to remove the scrip in 2017? Is it simply
an oil price trigger at $60/bbl?

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Global Oilfield Services

RBC Capital Markets, LLC
Kurt Hallead (Analyst) (512) 708-6356; [Link]@[Link]

RBC Dominion Securities Inc.

Dan MacDonald (Analyst) (403) 299-2394; [Link]@[Link]

Key OFS Themes

 Investor sentiment: At $50/bbl oil, where is the upside within OFS? Who gets the first
dollar of incremental spending? What equipment will be first back to work?
 US oil production: How long will it continue to roll? When do E&Ps shift back into
growth mode from balance sheet repair mode?
 Rig count: Is the bottom here? How long will it take for pricing power?
 Frac services: What does the unwind of DUC inventory do for pressure pumpers? How
much idle capacity will actually work again?
 Offshore drilling: Are there any green shoots in the market?
 Pace of E&P spend: Will E&Ps look to increase drilling activity in 2H16 or will they wait
until 2017? What is the magnitude of the recovery in spending? Where will it occur first?
 FCF: FCF generation in an up-cycle—who needs to invest in equipment to stay relevant?
 Balance sheets: Still grinding through the operational low point—whose balance sheets
take on incremental stress? What hurdles and events are still upcoming? Who else will
take advantage of the equity window seemingly remaining open?

RBC Oil Service Positioning

 We continue to recommend a selective barbell approach that combines stability to
outperform now with the financial and operating leverage to position for the cycle
recovery.
 Stick with early cycle recovery playbook: North American land drilling, diversified
services, and frac sand.

Our Stock Ideas: Balancing Stability with Beta

 Stability: SLB, HAL, CLB, HP
 Selective high-beta exposure: NBR, PD, FMSA, SES, WFT

Companies participating:
Calfrac Well Services Ltd.: Fernando Aguilar (Chief Executive Officer and President);
Mike Olinek (Vice President, Finance and Interim Chief Financial Officer)
Core Laboratories NV: David Demshur (Chairman, President and Chief Executive Officer);
Richard Bergmark (Executive Vice President and Chief Financial Officer); Gwen Schreffler
(Vice President, Corporate Development and Investor Relations)
Ensign Energy Services Inc.: Bob Geddes (President and Chief Operating Officer)
Frank’s International NV: Jeffery Bird (Executive Vice President, Chief Financial Officer);
Charlie Forbes (Senior Vice President, Eastern Hemisphere Operations); Blake Holcomb
(Investor Relations)
FMC Technologies, Inc.: Maryann Mannen (Executive Vice President and Chief Financial
Officer)
Halliburton Company: Mark McCollum (Executive Vice President); Lance Loeffler (Investor
Relations)

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Helmerich & Payne, Inc.: John Lindsay (President and Chief Executive Officer); Juan Pablo
Tardio (Vice President and Chief Financial Officer); David Hardie (Investor Relations)
Independence Contract Drilling Inc.: Byron Dunn (Chief Executive Officer)
National Oilwell Varco, Inc.: Jose Bayardo (Senior Vice President and Chief Financial Officer);
Lyndia Brantley (Investor Relations)
Oceaneering International Inc.: Kevin McEvoy (Chief Executive Officer); Alan Curtis (Senior
Vice President and Chief Financial Officer); Rod Larson (President); Suzanne Spera (Investor
Relations)
Patterson-UTI Energy, Inc.: Andy Hendricks (President and Chief Executive Officer);
Mike Drickamer (Investor Relations)
Schlumberger Limited: Simon Farrant (Investor Relations); Joy Domingo (Investor Relations)
Superior Energy Services Inc.: David Dunlap (President and Chief Executive Officer);
Robert Taylor (Executive Vice President, Treasurer and Chief Financial Officer); Westy Ballard
(Executive Vice President, International Services)
TETRA Technologies, Inc.: Elijio Serrano (Senior Vice President and Chief Financial Officer);
Tim Knox (President of CSI Compressco)
Transocean Ltd.: Mark Mey (Executive Vice President and Chief Financial Officer);
Bradley Alexander (Investor Relations)
Weatherford International plc: Bernard Duroc-Danner (Chairman, President and Chief
Executive Officer); Krishna Shivram (Executive Vice President and Chief Financial Officer);
Karen David-Green (Investor Relations)

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Calfrac Well Services Ltd. (TSX: CFW)

Questions for management
1) Balance sheet:
a. How are things progressing in cost management efforts to return to FCF?
b. What are the medium-term options available to reduce leverage?
2) Canadian pumping market:
a. Based on current client discussions, do you see a potential uptick in demand late
in 2016 with oil now nearing WTI $50/bbl?
b. What operating margin would you need to see to begin activating additional crews
(~50% of fracturing capacity was idled at 1Q16 end)?
3) US pumping market:
a. With 60% US fracturing capacity idled at 1Q16 end, what does the process of
restarting operations in idled operating bases look like?
b. How significant could an unwind of deferred but uncompleted wells (DUCs) be for
demand if commodity prices show moderate improvement?
4) Cost to reactivate idle equipment:
a. How much capital would be required to reactivate idled capacity in terms of
deferred repairs and maintenance, recertification of equipment (if required),
working capital, etc.?
5) Labour supply:
a. Given the length of the downturn and loss of skilled labour, at what rate could you
reasonably put crews back to work in Canada and the US?
b. Are there differences in labour availability by geography worth noting?
c. Do you view the recently implemented variable pay structure as attractive and
sustainable as the market tightens?
6) Well design:
a. Have you seen a slowdown in the trends of increasing frac intensity per well
(stages, proppant volumes) to date in 2016?
b. Are we likely to see E&Ps switch back to more expensive proppants if commodity
prices improve further?

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Core Laboratories NV (NYSE: CLB)

Questions for management
1) Outlook
a. 2H16 outlook: What does the pace of activity increases look like in the back half of
the year if 2Q is the bottom, as CLB expects?
b. Outlook for US/rest of world crude production in 2016. Any change to CLB’s
forecast?
c. Deepwater Gulf of Mexico activity trends?
2) Balance sheet
a. Capital deployment plans post-equity offering?
3) Reservoir description
a. What percentage of business is derived from international conventional oil? Land
versus offshore?
b. What percentage of business is derived from offshore exploration? Gulf of Mexico
versus international?
c. What supports margins in this business: new technology, proprietary technology,
customer mix?
d. In an up E&P spending environment, what is the revenue sensitivity?
4) Production enhancement
a. CLB has stated that this has become a US frac stage-driven business.
b. It has also indicated that its customer base will be less volatile than the market as
a whole.
c. Revenue prospects vis-à-vis industry E&P spend trends?
d. Margin progression?

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Ensign Energy Services Inc. (TSX: ESI)

Questions for management
1) 2H16/2017 outlook:
a. Recent commentary from E&Ps and land drilling peers points to potential for
incremental rig demand later in 2016, assuming commodity prices hold. Are you
seeing an uptick in customer requests?
b. What type of cash margin levels are needed for tier-1 rigs to be reactivated?
2) Pricing:
a. Has pricing for North American land drilling bottomed?
b. How much of an increase in activity would be required before land drilling pricing
begins to recover?
3) Rig demand by tier:
a. How many idle tier-1 rigs does ESI have in the US today?
b. How relevant will sub-tier-1 rigs (e.g., older equipment, non-AC, lower mud pump
capacity, not pad-ready, etc.) be in the first leg of a recovery in both Canada and
the US?
4) Activity by geography:
a. Where do you expect to see the first incremental dollars put to work when E&Ps
begin ramping up drilling programs again?
b. Which areas are likely to remain idle through the first part of a recovery?
5) Capital allocation:
a. How do you think about priorities for capital allocation at this point in the cycle
and as we rebound off the bottom?
b. How would you rank investment in equipment fleet, support of dividend, debt
repayment, etc.?
6) Note maturities:
a. How are you thinking about your liquidity and capital structure, given upcoming
note maturities that begin with US$100MM in February 2017?
7) Market share:
a. WCSB market share has been improving for ESI in the relatively active Montney
and Duvernay to start 2016. What do you attribute this to, and what steps will you
take to maintain or grow market share there as demand for drilling improves?
8) International:
a. What is the state of operations in Venezuela?
b. What are the key areas of opportunity as the commodity cycle turns—Argentina,
MENA, Australia, etc.? Could idle North American equipment be redeployed to
meet international demand?
9) Dividend:
a. ESI is atypical among land drillers in having maintained its dividend rate through
the downturn. How do you evaluate your dividend rate, and under what
circumstances would you consider an increase to the current $0.12 per share per
quarter?

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Frank’s International NV (NYSE: FI)

Questions for management
1) International services
a. International makes up about 50% of FI’s revenue and 60% of the company’s
EBITDA.
b. Could you provide us with colour on business trends and customer behaviour?
c. Where has pricing trended in 2Q?
d. What regions are seeing the most stable demand?
e. In an improving oil price environment, where does FI expect to see activity
rebound first?
2) US services
a. Outlook for 2H16: Consensus seems to be building for an uptick in activity in 2H16.
b. Has pricing stabilized, or is there still more pressure?
c. Market share trends in the US.
d. How does demand for FI’s services trend relative to the change in rig counts?
3) Tubular sales
a. What is your customer spending outlook over the rest of the year?
b. When does FI expect orders to pick up if oil is able to stay $50/bbl?
4) Offshore
a. DW activity trends and potential for new project sanctioning in 2016–2017.
b. Has FI been able to capture any new opportunities in the jackup market?
5) Use of cash
a. FI has a clean balance sheet with no debt and more than $600MM cash. We
expect the company to remain opportunistic with M&A.
b. How does share repurchase agreement affect the M&A outlook?
c. What are the most important criteria for M&A?

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FMC Technologies, Inc. (NYSE: FTI)

Questions for management
1) TEC merger
a. Cost synergies: Expect at least $400MM in 2019 and after with ~$200MM in 2018.
Where are most of the cost synergies coming from? What are the risks to
achieving these targets?
b. Potential revenue synergies: Specific colour on where the TEC-FTI merger could
drive additional subsea business?
c. Taking the concept to land: Longer term, how can the combination boost the
outlook for surface & onshore?
2) Subsea
a. What are your subsea order book prospects for 2016–2017?
b. What is your subsea margin progression through 2017?
c. Is there any risk to the current backlog in this environment?
d. What will be the fallout from the Petrobras corruption scandal regarding its
existing backlog?
e. How do the problems at Petrobras affect the Brazilian outlook for the next five
years?
f. Will subsea pricing hold up through the downturn?
g. What do you think that the three- to five-year growth rate in subsea spending will
be?
3) Surface
a. How is the international surface business trending YTD?
b. What activity levels do we need to get back to for NAM surface to pick up?
c. What is your best guess as to how many months it will take frac service companies
to burn through inventory or cannibalize idle equipment?
d. Surface margin expectations?

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Halliburton Company (NYSE: HAL)

Questions for management
1) Cost reductions
a. What is the expected pace of cost reductions on a quarter-by-quarter basis
through the end of 2016?
b. What is the expected run rate cost reductions by year-end 2016?
2) NAM
a. Has the company started a dialogue with customers on going back to work in
2H16?
b. Has the customer mentality started to shift at all with oil ~$50/bbl?
c. What are your margins in 2016 at the current strip?
d. How much frac capacity is truly available to come back to work in a recovery
scenario?
3) International
a. What is the LAM revenue impact from Venezuela going forward?
b. 2Q activity trends to date?
c. Pricing pressure and margins?
4) Strategy moving forward
a. Are there elements of the portfolio that HAL would like to improve or add to over
the next year or two?
b. What is the appetite for M&A currently?
5) Initial 2017 outlook
a. When do E&Ps make the decision to shift from balance sheet preservation mode
to returning the focus to production growth?
b. Are customers starting to have conversations about increasing spending/activity in
2017?

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Helmerich & Payne, Inc. (NYSE: HP)

Questions for management
1) Outlook
a. Colour on discussions with customers as mid-year approaches
b. Do you expect customers to look to add many rigs in the back half of the year?
c. US rig count progression in 2H16?
d. Labor and input cost levels?
e. ‘Pad-optimal’ rig utilization and pricing?
f. Appetite for upgrading ‘pad-capable’ rigs to ‘pad-optimal’?
g. Other tier-1 rig utilization and pricing?
h. Impact of contract early terms going forward?
2) International
a. Market trends in Argentina, Middle East?
b. What is the growth strategy? Would HP like to expand its presence
internationally?
c. Are there any opportunities to move idle US rigs into international markets?
3) Capital deployment
a. Has there been any discussion about cutting the dividend?
b. What would HP need to see to allocate capital to newbuilds?

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Independence Contract Drilling Inc. (NYSE: ICD)

Questions for management
1) Outlook
a. What is ICD hearing from customers about demand for newbuild pad-optimal rigs?
b. What dayrate would ICD need to see to sign a one-year contract?
c. Where are spot rates for pad-optimal rigs at the current time?
d. US land rig count trajectory in 2H16?
2) Pad-optimal rig market
a. What is the company’s estimate of how many pad-capable AC rigs are available to
be upgraded to pad optimal industry-wide?
b. What is the threat to pad-optimal rig pricing of competitors upgrading pad-
capable rigs to fully pad optimal?
3) Newbuilds
a. What is the company’s appetite for newbuilds in the current environment?
b. How much does it cost ICD for a newbuild rig?

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National Oilwell Varco, Inc. (NYSE: NOV)

Questions for management
1) Wellbore/C&P
a. Could you update us on pricing in the US land businesses?
b. What is your best guess as to how many months it will take frac service companies
to burn through inventory or cannibalize idle equipment?
c. Have inbound calls from customers regarding spare parts and consumables picked
up recently with oil ~$50/bbl?
d. What types of products will be the first to see increased demand in a recovery?
e. Within the Wellbore group, what product lines are experiencing the most pricing
pressure?
f. What are you doing to cut costs and mitigate margin pressures?
2) Rig Systems/aftermarket
a. How long will the lull in offshore orders last?
b. Will FPSO orders still continue in a weaker oil price environment?
c. What is the potential for 2016–2017 FPSO inbound?
d. Are there still conversations for specialize offshore rig orders occurring?
e. How long do you expect Rig Systems’ book-to-bill ratio to remain below 0.5x?
f. How many new deep water, jack up, and land rigs do you expect to build in 2016
and 2017?
g. When will NOV book a complete FPSO order?
h. How will reduced DW rig utilization affect aftermarket growth/margins?
3) M&A/use of cash
a. What opportunities are appearing on the M&A front?
b. How are you prioritizing M&A, what holes are you looking to fill, or what would
you like to add?
c. Any chance for a levered share repo?

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Oceaneering International Inc. (NYSE: OII)

Questions for management
1) ROVs
a. How far does ROV pricing and utilization drop in 2016?
b. Can ROV cash margins go to breakeven?
c. When does the offshore rig count stabilize?
2) Subsea
a. How much are operators cutting back on subsea spending in 2016?
b. Which areas will be the hardest hit?
c. Where do margins bottom for the Subsea Products and Projects segments?
d. What is subsea products backlog outlook?
3) Other
a. Use of cash priorities?
b. Any attractive pricing for M&A?
c. Update on latest vessel activity/pricing?

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Patterson-UTI Energy, Inc. (NYSE: PTEN)

Questions for management
1) Land drilling
a. Rig count progression in 2H16: where do we go from the 2Q exit rate with oil at
~$50/bbl?
b. What are E&P customers saying about 2H16 drilling plans?
c. What are the early indications on 2017 E&P capex budgets?
d. How many ‘pad-optimal’ rigs does PTEN have currently? (pad-optimal = 1,500 hp
AC top drive, 750,000 lb hook load, omni-directional walking system, 7,500 psi
mud pumps)
e. What are the utilization and pricing for pad optimal versus other tier-1 rigs?
f. What is the appetite for upgrading ‘pad-capable’ rigs to ‘pad-optimal’?
g. Has PTEN received any additional early termination notices?
2) Pressure pumping
a. How much frac equipment does PTEN have stacked out of the total?
b. How much frac equipment is stacked industry wide?
c. How much of the industry’s stacked frac equipment can actually go back to work
within three to six months?
d. Frac pricing trends in 2Q?
e. Have you seen any additional frac competitors go bankrupt?
f. Has PTEN moved to reduce labour cost levels?
g. International expansion update?

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Schlumberger Limited (NYSE: SLB)

Questions for management
1) Macro
a. Does SLB still expect oil supply-demand lines to converge in 2H16?
b. Does the company still expect international land and shallow water pricing to
recover faster than NAM land in an improving oil price environment?
2) Outlook
a. When/where do margins bottom (NAM/International) if E&P spending reflects
current strip?
b. When do international revenue and margins bottom if oil has already bottomed?
3) SPM
a. SLB continues to develop ways to tie together its reservoir knowledge to the
drilling rig and its completion services both internationally and in US shales.
b. What does SLB expect SPM capex to be going forward?
c. What geographies offer the most potential for more project integration work?
4) Balance sheet
a. What are the priorities for use of cash in this environment?
5) M&A
a. What areas look most interesting to SLB in terms of potential M&A at this stage of
the cycle?
b. Update on XDC coiled tubing asset purchase?
c. What are your thoughts on recent consolidation in subsea (TEC/FTI)?
d. Update on CAM integration?

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Superior Energy Services Inc. (NYSE: SPN)

Questions for management
1) Capital deployment
a. What is the priority for capital deployment at this stage of the cycle?
b. How much investment would be required to get SPN’s idle frac equipment ready
to work again?
c. How does the company think about buying used frac equipment versus building
new?
d. What would SPN need to see to pursue M&A?
2) International outlook
a. What are the international activity levels in SPN’s key markets? SPN has called out
Saudi, Argentina, and Brazil as areas of relative strength.
b. Update on international expansion plans?
c. Does the company have opportunities to shift US assets into international
markets?
3) NAM outlook
a. 2Q: What will be the magnitude of the activity decline, and what is the expected
impact on margins?
b. How will pricing and activity carry into 2H16?
c. If oil stays ~$50/bbl, will 3Q still be down sequentially from 2Q, or could E&Ps
react quickly enough to drive a quarter-over-quarter increase in activity levels?
d. Have any of SPN’s customers expressed a desire to increase activity levels in the
back half of the year?

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TETRA Technologies, Inc. (NYSE: TTI)

Questions for management
1) Fluids
a. Is visibility on 2H16 Neptune orders still intact?
b. What are the effects of pricing pressure on this side of the business?
c. How is the US land business tracking versus overall declines in US land activity
QTD?
2) Production testing
a. Pricing and activity trends?
b. Outlook for 2Q?
c. How is the international business (Saudi) holding up versus the US?
3) Compressco
a. Utilization and pricing trends?
b. What is the current M&A landscape in the compression space?
c. What will the distribution policy be going forward?
4) Offshore services
a. What will be the seasonal impact to the segment in 2Q, given current oil price
levels?
b. What is the impact of cost cuts to segment margins, and could you see profits in
2016?
5) Balance sheet and cash flow
a. Is debt reduction still the primary use of cash in 2016?

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Transocean Ltd. (NYSE: RIG)

Questions for management
1) Offshore outlook
a. What does the current pipeline of contract tenders look like?
b. Current pricing in the jackup/floater market by region?
c. What are the strongest regional jackup markets?
d. Does RIG have opportunities for blend and extends on any UDW rigs? Would you
be interested in doing that?
e. What are the strongest regions for DW opportunities?
f. How many floating rigs industry-wide does RIG expect to see scrapped by the end
of the year?
3) Costs
a. How much more can RIG cut costs across the fleet?
b. What are current warm/cold stack costs for jackups/floaters by region?
c. Are there any opportunities to reduce stack costs further?
4) M&A
a. Is buying assets in the secondary market becoming more attractive?
b. Does large-scale public company M&A make sense in the offshore market?
5) Balance sheet
a. How does the company feel about raising equity financing at this time?
b. What are other financing options the company would consider versus raising
equity?

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Weatherford International plc (NYSE: WFT)

Questions for management
1) FCF generation
a. Any update to 2016 FCF generation target of $400–500MM? Targeted use is debt
repayment.
b. Debt repayment/refinancing: WFT has a $600MM maturity in 2017. If FCF does
not materialize as expected, what would the debt strategy?
c. $150MM Zubair settlement? When will WFT receive the cash settlement payment
from the customer? Are there any future cash outflows expected related to this
project?
d. Capex reductions: Is $250MM still a reasonable target for 2016–2017? How long
can capex realistically stay at these reduced levels?
e. What are the main drivers of the $2.4–3.0 billion in 2017–2020 estimates FCF in
the most recent investor presentation?
2) 2016 outlook
a. Additional colour on 2Q outlook: how has business trended since the company’s
last conference call in May?
b. Does WFT still expect to see sequential revenue improvements in the eastern
hemisphere in 2Q?
c. What is the downside risk to international margins with oil at current levels?
3) Operational transformation efforts update
a. How much of the $600MM in annualized cost savings targeted for 2016 has been
achieved YTD?
b. When does the company expect to hit the full $600MM run rate?
4) Land rig divestiture/IPO/spin-off update
a. Has the company been in discussion with any potential buyers recently?
b. How confident is management in its estimate of $500–1,000MM in proceeds from
the sale of the land rig business (cash component)?

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International Exploration & Production

RBC Capital Markets, LLC
Al Stanton (Analyst) (+44) 131-222-3638; [Link]@[Link]
Nathan Piper (Analyst) (+44) 131-222-3649; [Link]@[Link]
Victoria McCulloch (Analyst) (+44) 131-222-4909; [Link]@[Link]

Primary Conference Themes

Market capitalisation of the international E&P stocks has tumbled in recent years, and as a
result, the subsector has largely become the domain of domestic small- and mid-cap
investors. However, we believe a closer look by resource investors is warranted, as a number
of the companies including Parex Resources ([Link]) and Gran Tierra Energy ([Link]) have
strong balance sheets, with net cash, and significant (organic and inorganic) growth
potential. While others, including Tullow Oil (TLW.L), hold stakes in world-class assets that
would not look out of place within a major’s portfolio, many of their fields are characterised
by low, ~$10/bbl, operating costs, and near-term developments are set to benefit from
deflation.

Companies participating:
Gran Tierra Energy Inc.: Gary Guidry (President and Chief Executive Officer); Ryan Ellson
(Chief Financial Officer); Rodger Trimble (Investor Relations)
Parex Resources Inc.: Ken Pinsky (Chief Financial Officer)
Tullow Oil plc: Ian Springett (Chief Financial Officer); Chris Perry (Investor Relations and
Communications)

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Gran Tierra Energy Inc. (TSX: GTE)

Questions for management
1) With up to $375MM of available financial capacity, what is the priority for this capital?
M&A? Exploration?
2) Can we expect further cost reductions on top of the 10–30% already achieved?
3) What has been the OTA pipeline uptime this quarter? Q1/16 was significantly better
than the previous quarter; however, there is still no conclusion on the peace process.
4) Is the 2016 exploration drilling campaign on track to kick off with PUT-7 in late July?
5) Should we expect further increases to 2016 capex above the recently increased $140–
150MM base spend? Are there limits to adding further capex in 2016?

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Parex Resources Inc. (TSX: PXT)

Questions for management
1) With further drilling planned on the Tigana Fault Trend through 2016, should we expect
a material resource increase on top of the 100mmbbl+ already discovered? And are
there similar play types in the basin?
2) Is there room for further cost reductions, given that opex was already less than $5/bbl
in Q/16?
3) What price would Parex need to see maintained before increasing capex above $80–
100MM? And how many more wells would be drilled?
4) Should capex increase, would additional new capital focus on the Llanos basin or the
newly acquired Middle Magdalena Basin acreage?
5) Does Parex have a number of priority targets for acquisition, given expectations of
further asset divestments in Colombia? Would the company use its undrawn bank
facility for further acquisitions?

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Tullow Oil plc (LSE: TLW)

Questions for management
1) How concerned is Tullow about the production issues at Jubilee that have been caused
by the failure of FPSO’s turret? Should we assume a H2/16 rebound in production at the
field to ~100,000b/d (gross), as the shuttle-tanker system is optimised? Assuming a
solution (in-situ repair, conversion to spread-mooring, or replacement) is selected
shortly, should we assume the repair work would be undertaken immediately, or would
it be executed in 2017? What is and what is not covered by insurance?
2) How concerned are the lending banks about the production issues at Jubilee; given
ongoing spending at TEN and reduced revenues at Jubilee, Tullow’s net debt/EBITDAX
ratio must be surging?
3) Does Uganda’s decision to ‘go it alone’ materially affect the timescales or economics of
either the Ugandan or Kenyan developments? Can both projects still be delivered for
under $25/bbl (capex + opex + tariff)?
4) Should we expect Tullow to rationalize its portfolio through 2016–2017? Specifically,
what does management see as the appropriate equity stake post-FID in Uganda and
Kenya? Does the company expect to participate in any field developments in Norway,
and is a stake in TEN still ‘up for sale’?
5) Should we expect Tullow to recommence high-impact exploration drilling anytime
soon? Can drilling in Kenya still move the dial?

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Oil & Gas Exploration & Production (Australia)

Royal Bank of Canada – Sydney Branch
Ben Wilson (Analyst) +61 2 9033 3066; [Link]@[Link]

Companies participating:
FAR Limited: Gordon Ramsay (EGM Business Development)
Sino Gas and Energy Limited: Glenn Corrie (CEO)

FAR Limited (ASX: FAR)

Questions for management
1) The Senegal JV has released its drillship after four successful appraisal wells. When does
the JV anticipate contracting another ship to resume drilling? What will be the aim of
the next leg of drilling?
2) When does FAR anticipate 35% JV partner ConocoPhillips will take over operatorship
from 40% JV partner Cairn Energy? Does FAR foresee any changes in approach when
this occurs?
3) Current independently assessed 2C gross resources in SNE field are a bit over
500mmbbls. Is there further data from the most recent appraisal campaign that could
contribute to a higher 2C estimate?
4) What are the remaining risks around the SNE field that may impact commercial
prospects? Is the JV likely to conduct an interference test across the field?
5) What is the plan for FAR’s first discovery in offshore Senegal, FAN-1?
6) ConocoPhillips has expressed its intention to exit deep water exploration. What is FAR’s
understanding of how Senegal fits into this process? How likely are changes to the JV in
Senegal?
7) How much further appraisal and analysis needs to be completed before the JV commits
to a development?
8) Aside from SNE and FAN, what other exploration prospects is FAR looking to drill?
9) What is the Senegal JV seeing in the market for drillship day rates?

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Sino Gas and Energy Limited (ASX: SEH)

Questions for management
1) The China gas market has seen a very strong pick-up in consumption since prices were
reduced in November 2015. Do you foresee further NDRC price reductions to stimulate
even further gas uptake?
2) Is the Chinese government’s target of 10% gas penetration in the energy mix
achievable? What steps will the government take to achieve this goal?
3) What is your view on the timing and delivered cost of gas from Gazprom via Power of
Siberia pipeline?
4) How much of a threat to Sino’s gas production outlook is cheap LNG? What are the
costs associated with getting LNG from port cities to Beijing?
5) What are the remaining impediments to Sino submitting and then having its Overall
Development Plan approved?
6) The pilot revenue payment issue with Sanjiaobei JV partner Petrochina has yet to be
resolved (although the Linxing payment issue has been resolved). What are your
expectations around the resolution of the issue with Petrochina?
7) Can you comment on the ramp-up of output from neighboring and nearby fields in the
Ordos Basin? Total? Petrochina?
8) How close is Sino to affirming the optimal well completion design? What has yielded
the best flow rates and recoveries so far?
9) What does Sino know of new 51% JV partner in SGE Ltd, China New Energy? Are its
government connections a help or a hindrance?
10) What is the broad cost structure of producing and delivering gas from the Sino fields?

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US Exploration & Production

RBC Capital Markets, LLC
Scott Hanold (Analyst) (512) 708-6354; [Link]@[Link]
Kyle Rhodes (Analyst) (512) 708-6342; [Link]@[Link]

Primary Conference Themes

 Accelerating Development Activity. Oil prices appear to have moved to a $45–50/bbl
range over the past couple of months, which is a level at which operators had indicated
they could start to become more active. We think the focus question could be on timing
and will look for indications on whether companies will maintain or increase their capital
expenditure budgets.
 Hedging. With the forward curve above $50/bbl, we are looking to see whether
operators have increased hedge positions.
 Emerging Key Areas. The STACK-SCOOP and southern Delaware are the most recent
“hot” areas for incremental activity, and we expect that there could continue to be
positive news flow from those areas.

Recent E&P Trends

 Stronger conviction around oil fundamentals helped spur E&P rebound. The E&P sector
rebounded from lows in mid-February on the back of expected improving oil
fundamentals. The positive sentiment was supported by improved line-of-sight on a
more balanced oil market during the next 6–12 months with falling supply and an
increasingly robust demand outlook. Recent supply outages and inventory withdrawals
have only added to the bullish sentiment.
 We think sentiment in the sector remains strong and is still improving, but some
valuation sensitivity is more apparent. Stocks now discount $64/bbl and $3.10/Mcf, a
premium to the 2017 strips ($52/$3), but we don’t think this is unreasonable considering
the potential for further macro tightening in 2H16. We would remain positioned slightly
above market weight. We think the crude strip could move higher by $10–15/bbl, but a
dollar-for-dollar move in implied valuations seems unlikely.

Companies participating:
Apache Corporation: John Christmann (Chief Executive Officer & President); Gary Clark
(Investor Relations)
Callon Petroleum Company: Fred Callon (CEO & President); Joseph Gatto, Jr. (CFO &
Treasurer); Eric Williams (Manager, Financial Reporting)
Carrizo Oil and Gas Inc.: Sylvester “Chip” Johnson IV (President & CEO); Jeff Hayden (IR)
Concho Resources: Will Giraud (EVP & Chief Commercial Officer); Joe Wright (EVP & COO);
Megan Hayes (IR)
ConocoPhillips: Vladimir dela Cruz (IR)
Eclipse Resources Corporation: Benjamin Hulburt (President & Chief Executive Officer);
Matthew DeNezza (Executive Vice President & CFO); Douglas Kris, (IR); Timothy Loos,
(Vice President, Finance)
EQT Corporation: Steve Schlotterbeck (President of EQT Corp.); Nate Tetlow (EQM IR)
Matador Resources Company: Matt Hairford (President); David Lancaster (EVP & CFO);
Rob Macalik (VP & CAO)
Noble Energy Inc.: Brad Whitmarsh (IR); Megan Dolezal (IR)
Northern Oil & Gas Inc.: Brandon Elliot (Executive Vice President, Corporate Development &
Strategy)

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Oasis Petroleum Inc.: Michael Lou (EVP & CFO); Taylor Mason, (IR)
Parsley Energy, Inc.: Matt Gallagher (Chief Operating Officer); Ryan Dalton (Chief Financial
Officer); Stephanie Reed (Investor Relations)
PDC Energy Inc.: Ronald Wirth (Vice President Finance & Treasurer); Michael Edwards, (IR)
Pioneer Natural Resources: Joey Hall (Executive Vice President, Permian Operations);
Frank Hopkins (Investor Relations); Michael Bandy (Investor Relations)
RSP Permian, Inc.: Scott McNeill (Chief Financial Officer); Zane Arrott (Chief Operating
Officer)
Sanchez Energy Corporation: Tony Sanchez, III (CEO); AJ Phillips (Manager, Planning and
Development)
SM Energy Company: Wade Pursell (Executive Vice President, CFO); Matthew Purchase
(Treasurer); Jennifer Martin Samuels (IR)
Southwestern Energy Company: Craig Owen (CFO); Michael Hancock (IR)

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Apache Corporation (NYSE: APA)

Questions for management
1) Activity Acceleration. It looks like APA will have some FCF in 2016, so what is the
appetite to accelerate activity and add rigs with fundamentally sustained $45/bbl (WTI)
oil price and positioning for growth in 2017?
2) Capital Allocation. What is the capital allocation priority among Permian, UK North Sea,
Egypt, and SCOOP, and current views on relative economics?
3) Permian Focus. With a large and diverse Permian asset base, what/where is the
primary focus for incremental capital in the Permian?
4) Egypt Gas Potential. In Egypt, what is the status of the first of three unconventional
horizontal gas wells targeting the Apollonia formation and what is the value proposition
on gas in that region?
5) M&A. Does APA see compelling acquisition opportunities and if so, where would the
focus be?

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Callon Petroleum Company (NYSE: CPE)

Questions for management
1) Big Star Transaction – What does the infrastructure situation look like in Howard and
how does that impact economics relative to legacy assets (facilities cost and relative
transport)? It looks like the first completion in Howard County has been slightly
accelerated to mid-June. What was the reasoning behind the acceleration? Is CPE now
planning for more activity in Howard County?
2) 2H16/2017 Activity – CPE has formalized its plan to add a rig in Howard County in
2H16. How early could this rig get there? Will the development program in Howard
focus on pad drilling in one zone/area or on more delineation drilling in 2017? Is there a
scenario where activity there is accelerated? Has CPE seen anything recently from peers
in Howard that may warrant acceleration?
3) M&A Landscape – How is CPE thinking about M&A post the Big Star deal? Are potential
deals on hold for the moment until CPE has successfully integrated the Big Star
properties? Or is the company still actively looking at expanding its position? CPE has
been very successful with bolt-on acquisitions in the past – is there any opportunity to
do this on Howard County acreage? What do you view as the opportunity set there?
Has there been any movement on bolt-on acquisitions or non-op WI in the legacy area?
4) Downspacing Pilots – Are there any initial read-throughs on the 12 wells/section
spacing test (Carpe Diem 3-well pad)? CPE previously mentioned testing on as tight as
16 wells/section later this year – do those plans remain intact? What is an acceptable
level of interference at current strip pricing? Does CPE have any updated thoughts on
20-well tests from industry nearby?
5) Well Cost and OpEx – Cost control has been impressive for CPE, both on the capital and
OpEx sides – how close is CPE to the bottom on the cost reduction front? Has CPE seen
any tightening in the services market in recent weeks? What’s the inflection point
where you would start to expect service cost inflation? Is there any difference in
Howard County well design on either the spacing or completion front? Has there been
any movement on well costs since CPE’s last update? Have you reached optimal
completion design yet or are you still tweaking proppant loading, stage length, etc.?
6) Southern Midland Area – CPE has a few commitment wells in its southern area for
2017. Are there any plans to change the way you bring those wells on given what CPE
has seen recently at Garrison Draw? What are internal expectations vs. legacy Southern
wells?
7) Hedging – What is CPE’s target for YE16 oil hedges as a percentage of 2017 production?
And how does this compare with your hedge targets historically?

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Carrizo Oil and Gas Inc. (NASDAQ: CRZO)

Questions for management
1) 2016/17 activity levels – What are CRZO’s thoughts on potential activity acceleration in
2016/17? Are there still plans for a substantial frac holiday in 4Q16? What oil price
would it take to allocate drilling capital outside of the Eagle Ford or Permian? Where
would CRZO start to feel comfortable outspending cash flow? Are there any specific
leverage, commodity price, or liquidity event benchmarks?
2) M&A market – CRZO added a nice, chunky 4,000 acre block in La Salle recently. Is there
any more low hanging fruit in terms of Eagle Ford acreage opportunities? Ultimately,
how much running room is left in La Salle County – where can that 88k net acres go to?
How does the current A&D market in the Delaware compare to the Eagle Ford? Are
there any additional opportunities around your northern block of acreage? Does CRZO
possess the ability to scale its Permian position in the areas it likes the best?
3) Eagle Ford – Are there any updates on stagger/stack testing (165-280’)? What is an
acceptable level of interference on current strip prices? What are CRZO’s plans for its
new bolt-on La Salle acreage? Does CRZO have any plans to drill/test the acreage in the
near future?
4) Permian – Are there any updates on production history from the Liberator well? Any
early read-throughs on the Corsair well? What do you see as the biggest impediment to
the Permian eventually competing for capital with your Eagle Ford position? What is the
biggest opportunity for CRZO’s Permian asset to see a step change in economics over
the next 12 months?
5) General Strategy – Valuations for public equities appear to be trading at a premium to
the strip these days. What price decks are you seeing sellers run on the A&D market
these days? And do you expect deal flow to hold steady or pick up in the back half of
the year? If CRZO completed a divestiture, would proceeds go to acquisitions,
acceleration or the balance sheet?
6) Hedging – What is your target for YE16 oil hedges as a percentage of 2017 production?
And how does this compare with your hedge targets historically?

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Concho Resources (NYSE: CXO)

Questions for management
1) 2017 Outlook. What are the key drivers of CXO’s ability to provide double-digit growth
at prior strip levels into 2017 (e.g., long laterals, well backlogs, enhanced completions,
etc.)?
2) M&A. Is there significant opportunity to consolidate or grow its acreage, and where
does CXO see the most opportunity?
3) Acreage Relative Economics. How do economic returns on CXO’s various properties
(northern Delaware, Yeso, southern Delaware, Midland) compare?
4) Activity Acceleration. When will CXO fundamentally add more rigs and which areas
likely see the first rigs added?
5) Delaware Basin takeaway. Are there meaningful infrastructure limitations in the
northern Delaware and how much does CXO need to invest over the next few years?

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ConocoPhillips (NYSE: COP)

Questions for management
1) Priority cash uses. With significant capital flexibility, what are COP’s priorities for excess
capital in 2016/2017 (dividends, buybacks, organic spending, and debt pay-downs)?
2) Short/mid-cycle capital allocation. Does management plan to allocate all of the $1.5
billion of major capital roll-off to other short-and-mid cycle opportunities?
3) Permian Basin. How big an opportunity is the Permian Basin unconventional to COP
and what will it take to move toward development?
4) Canadian oil sands. What is the current status of the Surmont project that was
impacted by the Canadian wildfires?
5) Non-core asset sales. Is there any recent interest in the deep-water assets for sales?
Are there any other major assets that COP is currently marketing?

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Eclipse Resources Corporation (NYSE: ECR)

Questions for management
1) 2016/17 Activity Levels – Any changes to activity plans in 2H16, or is ECR still planning
to resume drilling later this summer? Gas prices have started to look more favorable as
we move into 4Q16/2017; what are ECR’s thoughts around an activity acceleration?
What would ECR need to see before wet gas/condensate returns start to look more
compelling compared to dry gas?
2) Funding Options – What are ECR’s plans regarding 2017 liquidity? Is there a point
where ECR would consider issuing equity to give some breathing room? Considering any
other options? How does ECR think about managing growth compared to preserving its
balance sheet should a material liquidity event occur?
3) M&A – Thoughts on recent activity in the region? Management had previously
indicated an interest in executing on an accretive acquisition, any potential seen to
over-equitize an M&A transaction serving as both an expansion opportunity as well as
liquidity enhancement?
4) Purple Hayes Update – How has well performance trended since the 1Q16 conference
call update? Has there been any degradation or is the well performing as expected?
What are ECR’s thoughts on when we could see the first dry gas ultra-long lateral well?
5) Utica Update – Can you give us any color on how much production is sitting behind
pipe and can it be pushed into the system fairly quickly? Does ECR have any thoughts
on what a true discretionary DUC count for the region would be?
6) Hedging – What percentage of 2017 production does ECR plan to have hedged by
YE16? How does this compare with your hedge targets historically?

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EQT Corporation (NYSE: EQT)

Questions for management
1) M&A. With a strong balance sheet, will EQT continue to look for additional
opportunities to add to its acreage in Appalachia and will the dry-gas Utica be the
focus?
2) West Virginia Utica. How does the West Virginia dry-gas Utica compare to the Green
County area?
3) Marcellus and Utica Relative Economics. What are the current thoughts on economic
returns comparison between the dry-gas Utica and the Marcellus shales?
4) Utica completion design. What impact does ceramic proppant have on the dry-gas
Utica performance and what is the cost trade-off?
5) Appalachia infrastructure update. Is there ample natural gas infrastructure in southern
Appalachia over the next several years and what are management’s expectations on
pricing differentials?

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Matador Resources Company (NYSE: MTDR)

Questions for management
1) Northern Delaware Development. How is management looking at developing its large
northern Delaware position? Is it looking to target certain higher returning formations
or will it be a more long-term scaled development by area?
2) 2016 Development Pace. Does management feel comfortable continuing with three
rigs at current oil prices, and when could other rigs be added and where?
3) Rustler Breaks Midstream. Where is the progress on Rustler Break cryogenic plant and
midstream assets, and are there current plans for monetization?
4) Strawn Formation. How has extended production from the Strawn well in the Twin
Lakes area performed, and what are the implications to the prospectivity of the Strawn
and/or Wolfcamp D formations?
5) Long-term plans for Haynesville and Eagleford. How do Haynesville and Eagleford fit
into MTDR’s long-term plans given the large development potential of the Permian?

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Noble Energy Inc. (NYSE: NBL)

Questions for management
1) Leviathan (Israel) update. What are the critical items needed for Leviathan sanctioning
to occur and could that remain on track now that there is progress in Israel approving
an economic stabilization clause? What is the capital outlay potential for Leviathan and
how does NBL plan to finance its share of the capital?
2) Tamar sell-down. What is the likely timing and nature (one sale or several smaller
packages) of the Tamar sell-down?
3) Southern Delaware Basin. Could NBL start to move to development in the southern
Delaware given recent good results, and are there further acreage consolidation
efforts?
4) DJ Basin and regulatory outlook. What impact could the recent grassroots initiative for
setback regulation in Colorado have on NBL and what is the company’s view on the
risk?
5) Non-core asset sales. Are there any further opportunities to monetize assets similar to
the recent Niobrara sale?

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Northern Oil & Gas Inc. (NYSE: NOG)

Questions for management
1) Capital Allocation and Economics. What are the key decisions on electing to participate
on well proposals (e.g., IRR threshold, balance sheet)?
2) Base Decline and Cash Flow Neutrality. What is the current base decline profile at NOG
and what price achieves cash flow neutrality and flat production?
3) Acreage Acquisitions. With the Williston rig count at a 10-year low, does that provide
NOG with an advantage to consolidate more core acreage?
4) Non-Operated Strategy. What is the long-term strategic direction for NOG? Can they
continue to build meaningful value as a non-operating pure-play?
5) Recent Bakken Activity Trends. How does the pace of well proposals compare to levels
in the past six months?
6) Hedging. What is the plan with 2017 oil hedges, especially with the oil strip around
$50/bbl?

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Oasis Petroleum Inc. (NYSE: OAS)

Questions for management
1) Wild Basin – Does OAS have any construction updates? Still tracking to the expected
timeframe (Fall 2016) and within budget? Strategically, how does OAS think about
funding optionality, preference for asset level financing or corporate OMS level
financing? Given current state of the MLP market, is this on the radar as a potential
option later in 2016? Where would proceeds likely be utilized assuming CF neutrality is
achieved? What are the impacts to realizations and LOE once the plant is online?
2) Activity Acceleration – Assuming OAS has met the required volumes to fill the Wild
Basin plant, where does the incremental dollar go? How do DUCs factor into OAS
acceleration plans? Do hedges have an impact on the ability to ramp activity? Where
does OAS start to feel comfortable outspending cash flow (leverage, commodity price,
or liquidity event)?
3) Completion Optimization – Is the design fairly set/consistent or are refinements still
being made? Any potential for further EUR uplift or lower well costs? When does it
become economic to downspace further or develop more than one of the TFS benches?
4) Bakken Update (Services Capacity/DUCs) – How many rigs and frac crews have
physically left the basin? How hard is it to bring these crews back? How does that
restrict working down the overall DUC backlog? Assuming all operators in the basin
decide to work down their backlog tomorrow, realistically, how long would it take?
5) Cost Control – How sticky are recent reductions on the OpEx side of the equation?
6) Hedging – What percentage of 2017 oil volumes does OAS plan to have hedged by
YE16? How does this compare with your hedge targets historically?

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Parsley Energy, Inc. (NYSE: PE)

Questions for management
1) Delaware Development Plan. What is the 2016/2017 Delaware activity plan, timeline
to dedicate a rig on the acreage, and thoughts regarding transitioning to faster drilling
pace into 2017?
2) Delaware Inventory and Formation Potential. What is management’s early view on
potential Delaware inventory and formation prospectivity (Wolfcamp, Bone Spring)?
3) Midland Well Spacing. How much upside to its identified 2,675 Midland locations with
stacked laterals and tighter spacing?
4) Completion Design, Productivity, and Economics. How much further can
economic/productivity enhancements improve with the plans to test a larger
completion design that uses 40–50% more volume?
5) Delaware Mineral Rights. Is there an opportunity to monetize the Delaware minerals
ownership once successful scaled development occurs?

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PDC Energy Inc. (NASDAQ: PDCE)

Questions for management
1) Activity Levels – With 2016/17 oil/gas prices largely at or above PDCE’s recovery/upside
scenarios from analyst day, how does this change the company’s view on production
growth? What does the company need to see before considering additional activity?
Where does PDCE start to feel comfortable outspending cash flow (leverage,
commodity price, or liquidity event)? Assuming no changes to 2016 plans, what is
PDCE’s rough estimate for a 2017 base decline?
2) Regulatory Update – What is PDCE hearing in terms of signature collection momentum
on current ballot initiatives (setback, business restrictions, etc.)? How likely does PDCE
see the setback initiative making it onto the ballot? Any changes to near-term
development plan as a direct result of regulatory environment?
3) Wattenberg – Can PDCE provide any further color on recent downspacing pilots? In
general, are the pilots performing in line with offsetting legacy wells? Any production
update from the 26-well Reider pad (pad drilled between middle/outer core)? Any
update on the use of AccessFracs with plug-n-perf wells? Have recent improvements in
well costs held? Has PDCE seen any further improvement or expect to realize any over
the remainder of 2016?
4) Utica – Any progress updates on PDCE 2016 Utica activity? Any update on regional
differential trends or have any expectations for near-term improvements in
realizations? PDCE had previously indicated the Neff well and Mason pad would be
completed in 3Q, is that still the plan? What are the D&C costs on PDCE’s latest Utica
wells?
5) M&A Activity – Does PDCE see anything compelling on the M&A front? What size
transaction would PDCE be most interested in completing? Does PDCE view the
diversification of inventory as important as the expansion of inventory? Where do the
STACK and/or Permian fall within your areas of M&A focus?
6) Hedging – What percentage of 2017 production does PDCE plan to have hedged by
YE16? How does this compare with your hedge targets historically?

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Pioneer Natural Resources (NYSE: PXD)

Questions for management
1) Long-term Permian Development Outlook. What is the likely long-term development
plans for its large Permian position with regard to spacing and formation development
based on what is known today and where could it improve to?
2) Maintenance Capital. What is the capital need to sustain double-digit production
growth trajectory and long-term views given trends in capital efficiency?
3) Non-core Asset Sales. Will the Eagleford and/or Raton Basin be sale candidates, and
when, to fund the larger and longer-term Permian opportunity?
4) Potential Permian Acreage Sales. Would PXD look to sell-down interests in its Permian
assets for future funding needs?
5) Optimized Completions. How much more upside economic/productivity is there to the
latest enhanced completion iteration?

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RSP Permian, Inc. (NYSE: RSPP)

Questions for management
1) Activity Acceleration. With oil prices above $45/bbl, would RSPP look to add a third or
fourth operated rig?
2) Typecurve Outperformance and Upside. What is the likely upside to the typecurve
expectation given production outperformance in several formations?
3) M&A. What is management’s appetite for acquisitions and would the company look at
other areas of the Permian, such as the Delaware Basin?
4) Downspacing. What do the recent and planned 16-well 2H16 downspacing test have on
the implications for its drilling inventory?
5) Glasscock County update. What are the key takeaways from testing and science work
in western Glasscock County (TX) and testing plans for upcoming wells?

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Sanchez Energy Corporation (NYSE: SN)

Questions for management
1) 2016/17 Activity Plans – Any changes in SN’s $200-$250 million E&P CapEx budget
given commodity price improvements? What are SN’s thoughts on adding a rig back?
Where would the company likely look to place the rig assuming it came back later this
year? What oil price would SN need to see before returning activity to the
Cotulla/Maverick area?
2) Catarina – Does SN have any new well updates from its South Central Catarina drilling
activity? Any updates on the E15 pad (drilled between Western and SC Catarina)
performance? How does the E15 pad potentially impact inventory?
3) Well Cost – Has there been any further pressure on well costs to the upside or
downside at this point? Does SN still think $3 million per well is about as low as well
costs go or is there room for improvement?
4) Midstream/Funding Mechanisms – Any updates on the Raptor plant construction or
other midstream initiatives (export facility)? What is SN’s current thinking around the
timeframe for potential drop downs or execution of another EWI (escalating working
interest) sale? What does SN view as the most appropriate use for those asset sale
proceeds? How does management think about growing inventory versus improving the
balance sheet?
5) Eagle Ford Realizations – Has SN started to see any improvement in NGL realizations?
Has there been any benefit from increasing exports? Any uplift from SN’s recent
production shift to the Targa processing facility? Can you quantify the incremental uplift
expected from the Raptor plant given the increased ability to reject ethane? Is there a
point where it becomes more economic for SN to start recovering incremental ethane
volumes?
6) Hedging – What percentage of 2017 production does SN plan to have hedged by YE16?
How does this compare with your hedge targets historically?

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SM Energy Company (NYSE: SM)

Questions for management
1) 2016/17 Activity Levels – What is SM’s stance on a potential activity acceleration?
Previously management had indicated an activity ramp would be contingent on CF
neutrality ($2.50+ nat gas and $50+ oil), has this changed? With 2017 natural gas prices
near $3.00, are there any plans to add Eagle Ford activity? Where does SM start looking
to further work through its DUC inventory? Assuming no changes to your 2016 plans,
what is SM’s estimate on its 2017 base decline and maintenance CapEx? Where does
SM start to feel comfortable outspending cash flow (leverage, commodity price, or
liquidity event)?
2) Permian – Any new well results or updates on the recent Wolfcamp/Spraberry wells?
Can SM give any progress updates on the first middle Spraberry well or lower Spraberry
downspacing pilot? The 1Q16 well cost update was impressive ($5.3 million); has SM
seen any further improvements?
3) Bakken – What is SM seeing in terms of differentials in the region? Does SM expect
differentials will narrow as production slows and takeaway capacity continues to free
up? Any significant competition on the rail vs pipe side or has the transport spread
between the two largely disappeared? Regarding SM’s latest Bakken well costs, have
there been any further improvements or is it fair to assume well costs are nearing the
bottom?
4) M&A – Have there been any changes to SM’s planned asset sales in 2016? Overall the
M&A market appears to be heating up – has SM seen increasing interest in its asset
packages that are currently being marketed? Does SM have any interest in expanding
its footprint in core operating areas? Has the company been able to pick up any
incremental leasehold near Sweetie Peck?
5) Eagle Ford Realizations – Has SM started to see any improvement in Eagle Ford NGL
realizations? How does management expect the landscape to shift over the next few
years as petchem/export demand continues to increase? Does SM have an internal
target for when it starts recovering more ethane?
6) Hedging – What percentage of 2017 production does SM plan to have hedged by YE16?
Is there any preference to have a heavier gas or oil hedge position heading into 2017?
How does this compare with your hedge targets historically?

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Southwestern Energy Company (NYSE: SWN)

Questions for management
1) Balance Sheet. What are the initiatives or options to reduce leverage and debt levels
(secured debt, debt-equity exchanges, asset sales, and/or new equity)?
2) Activity Outlook. Has the recent improvement in natural gas curve incentivized
management enough to restart new drilling activity?
3) Operating Efficiencies. Are there any additional opportunities to reduce cash operating
costs?
4) Non-core Asset Sales. What has been the interest in the planned asset sales in southern
Appalachia and NE Appalachia?
5) Fayetteville. Is there any strategic opportunity for the Fayetteville with potential
growing Gulf Coast natural gas demand?

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US Power, Utilities, and Infrastructure

RBC Capital Markets, LLC
Shelby Tucker (Analyst) (212) 428-6462; [Link]@[Link]
Insoo Kim (Analyst) (212) 905-2995; [Link]@[Link]
Nelson Ng (Analyst) (604) 257-7617; [Link]@[Link]

Conference themes
 Distressed coal/nuclear plant economics and regulatory/legislative actions to provide
support.
 Future of de-regulated power markets and potential for re-regulation.
 Secular decline in load growth?
 Regulatory discussions to rate base natural gas reserves.
 Changing utility model from distributed generation and energy storage.
 Sustainability of utility M&A wave.
 Featured panel: “Interrupters of Conventional Generation – Renewables & New
Technology” on Tuesday, June 7, 3:05–4:00PM ET.

Companies participating:
Atlantica Yield: Francisco Martinez Davis (CFO); Leire Perez Arregui (IR)
Black Hills Corp: Linn Evans (President and COO); Jerome Nichols (Director of IR)
Calpine Corp: Zamir Rauf (EVP and CFO); Trey Griggs (EVP and Chief Commercial Officer);
Bryan Kimzey (VP of IR)
CMS Energy: Tom Webb (EVP and CFO); DV Rao (VP and Treasurer, Financial Planning and IR)
Consolidated Edison: Robert Hoglund (SVP and CFO); Scott Sanders (VP and Treasurer);
Jan Childress (Director of IR)
Exelon Corp: Jack Thayer (SVP and CFO)
FirstEnergy Corp: Jim Pearson (EVP and CFO); Steve Staub (VP and Treasurer); Irene Prezelj
(VP of IR); Meghan Beringer (Director of IR)
NextEra Energy: John Ketchum (EVP of Finance and CFO); Aimee Williams (IR)
Pattern Energy: Mike Lyon (CFO); Sarah Webster (IR)
PNM Resources: Pat Vincent-Collawan (Chairman, President and CEO); Chuck Eldred (EVP
and CFO); Jimmie Blotter (Director of IR)
PPL Corp: Vince Sorgi (SVP and CFO); Joe Bergstein (VP, IR and Treasurer); Lisa Pammer (IR)
Southern Company: Art Beattie (EVP and CFO); Stan Connally (Chairman, President and CEO
of Gulf Power); Jimmy Stewart (Manager of IR)
Spire Inc.: Steve Rasche (EVP and CFO); Scott Dudley (Managing Director of IR)
The AES Corp: Tom O’Flynn (EVP and CFO); Ahmed Pasha (VP of IR); Vincent Sipowicz
(Director of IR)
WEC Energy Group: Scott Lauber (EVP and CFO); Beth Straka (SVP, Communications and IR)
Xcel Energy: Robert Frenzel (EVP and CFO); Paul Johnson (VP of IR)
Panel participants: Jacob J. Worenklein (Chairman and CEO, US Grid); Matthew R. Potere
(CEO, Sunlight Financial); Patrick McHugh (VP Engineering & Planning, Con Edison)

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Abengoa Yield Plc (NYSE: ABY)

Questions for management
1) Waivers. Any updates on the process of obtaining cross-default provision waivers?
Does Abengoa’s restructuring agreement trigger the CDP? Are you committed to
securing waivers whether or not the provisions are triggered by Abengoa? Any timeline
for obtaining the waiver allowing Abengoa to sell below 35%?
2) Second sponsor. Any progress with identifying a second sponsor? Where are you in the
process? How long are you giving yourself to reach a resolution on the matter? To what
extent does the restructuring agreement preclude or delay a potential sale to a second
sponsor?
3) Asset performance. Have performance issues been resolved at Solana?
4) Dividend policy. What does management hope to achieve with the dividend in this year
and future years (in terms of growth rate)? Do you think the YieldCo model has
evolved? Is a 90% payout ratio sustainable?
5) Refinancing the revolver. Can you comment on preferred method, i.e., issue equity,
convertible, or longer-term corporate debt? How do you think about timing?

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Black Hills Corp. (NYSE: BKH)

Questions for management
1) As you continue your SourceGas integration, are you seeing the expected level of O&M
synergies that you anticipated, or are you seeing more/less?
2) What are your thoughts on dividend payout ratio post-SourceGas integration?
3) What is the expected annual rate base growth for both electric and gas utilities for the
next five years?
4) What are some of the key takeaways from the May 2–6 Nebraska hearings regarding
Cost of Service Gas (COSG)?
5) When do you plan to re-file the COSG proposal in Colorado?
6) Do you not expect to see any benefit in 2016 from COSG given the progress so far?
7) If the Mancos assets are not approved for COSG, what is the plan for these assets?
Apply again later, or divest?
8) Would you actively pursue further acquisitions in the near-to-medium future (after
completing integration of SourceGas)? If so, would you look at electric utilities or gas
utilities?

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Calpine Corporation (NYSE: CPN)

Questions for management
1) Which power markets does Calpine remain most constructive on or interested in
expanding in? In your view, are there any markets where there is mismatch between
public and private valuation of generation assets that can be taken advantage of?
2) Incumbent generators continue to believe that a recovery is on the horizon in ERCOT.
What will it take for this to be achieved, and is there any feel for what the time horizon
could look like? Is there any concern about the threat from new transmission
deployment or increasing renewable penetration?
3) With regard to the results of the 2019/2020 PJM capacity auction, was there anything
that surprised you? Were there any factors that may have been overlooked by
consensus that led to the lower-than-expected clearing prices in RTO?
4) With a portion of your higher-cost peaking capacity in the PJM fleet having failed to
clear the 2019/2020 auction, what is the game plan for these assets? How are the asset
level cash flows and is there any risk of retirement if this pattern is sustained?
5) An overarching uncertainty among investors seems to be what the longevity of
conventional generation assets in California is, particularly as renewables continue to
be deployed. What is Calpine’s view on the CAISO market? What steps can
management take to ensure that the value of its California gas plants is preserved?
6) Can you talk about your capital allocation priorities? How are you evaluating share
repurchases versus potential market opportunities and/or debt reduction?
7) Can you discuss the progress of any renewable development initiatives? How do the
cash-on-cash returns there stack up against some of the traditional gas generation
opportunities?

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CMS Energy Corp. (NYSE: CMS)

Questions for management
1) At this point, how likely do you believe it is that the new Energy Law will be passed and
signed into law? Is it a matter of time this year, or is there a good possibility that the
entire law is shelved or scrapped?
2) Who are the potential candidates for the vacant commissioner seat at the Michigan
commission?
3) What is the longer-term strategy regarding the unregulated Dearborn Industrial
Generation (DIG) CCGT?
4) What is the latest update on the electric rate case and the commission’s thoughts on
the multi-year Investment Recovery Mechanism (IRM)?

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Consolidated Edison, Inc. (NYSE: ED)

Questions for management
1) East Harlem explosion. Any update on the PSC process? Timing of PSC decision? Any
potential for incremental capital requirement?
2) Reforming the Energy Vision (REV). Can you provide a preview of the implementation
plans to be filed June 30 and November 30? What are the greatest rate design issues?
Any better idea of the scale of investment opportunity tied to REV?
3) Rate cases. What is the impact of REV in your “ask”? What is the current formulaic
ROE? What is the impact of the Reliability Surcharge Mechanism (gas main replacement
program) on rates? Will you be seeking a multi-year settlement?
4) Renewable investments. What is the scope of your renewables program? How much is
it tied to your tax appetite versus good, low-risk, long-dated investments? Do you have
an end goal? Is there a limit on how large you want renewable assets to grow?
5) Transmission investments. Do you see more opportunities to invest in gas transmission
assets? Will your electric transmission investment take you out of New York? What type
of return do you target for transmission opportunities?

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Exelon Corporation (NYSE: EXC)

Questions for management
1) With your recent announcement to shut down Clinton and Quad Cities nukes, how
likely do you think are the chances of the Illinois legislation eventually passing to
benefit the remaining plants? Regarding the parental guarantees needed for
Clinton/Quad Cities to access the decommissioning fund trust, how are those amounts
treated as on the balance sheet? Are there any potential equity needs as a result of
this?
2) Were you surprised by the $100/MW-day clearing price for RTO? With more and more
efficient gas plants being built and clearing the auction, what is your strategy for the
make-up of your generation fleet?
3) What are your pricing expectations for the 2020/2021 Capacity Performance (CP)
auction?
4) Would the inclusion of all Illinois plants into PJM (per currently proposed bill)
potentially alter your decision to close the Clinton nuclear plant?
5) You mentioned that the Pepco accretion seems better than expected. Are you able to
give any guidance on your revised synergy forecasts for the next three years?
6) Could you give any guidance (perhaps directionally and in magnitude) on the change to
your 7–9% earnings CAGR for utilities after incorporating the Pepco utilities?
7) With the Pepco acquisition completed, what are your thoughts regarding other
acquisitions in the near-to-medium term? Are gas LDCs of interest to you?

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FirstEnergy Corporation (NYSE: FE)

Questions for management
1) Given the delay in the procedural schedule for the new Ohio reliability rider filing, when
do you expect a commission decision? If the commission ultimately approves the
proposal and the decision is subsequently challenged through the courts, would you be
able to collect on the program revenues during the legal process?
2) Are you taking an active position in calling for re-regulation of Ohio generation? Why or
why not?
3) If the Ohio proposal is ultimately rejected, what is your strategy regarding those coal
assets?
4) Could you provide color on the results of the recent PJM capacity auction (i.e., MWs
cleared, which units cleared/did not clear)? Given the increasing market share of more
efficient gas plants, do you have thoughts of building/acquiring CCGTs in PJM?
5) Do you have any interest in building/acquiring generation in other markets (i.e., New
England, Texas)? Do you still see the competitive segment as a core part of your
business?
6) What is the latest in New Jersey regarding the transfer of transmission assets to the
Transco? If the Mid-Atlantic Interstate Transmission (MAIT) subsidiary is successfully
created, how much operational and financial benefit do you expect to see on an
ongoing basis?
7) What are your thoughts on the M&A front? Are you open to growing via acquisitions, or
would you always want to invest internally?
8) Would you be interested in owning a regulated gas distribution business?

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NextEra Energy Inc. (NYSE: NEE)

Questions for management
1) Do you expect the current FPL rate case to be settled? What are some of the more
contentious issues in the rate case?
2) With the Florida Supreme Court’s recent ruling striking down the Florida commission’s
approval for NextEra to rate base shale gas reserves, what are your next steps? Do you
plan to appeal this decision?
3) What is the latest in your bid for Oncor? What synergies or operational improvements,
if any, do you anticipate being able to achieve in the event of an acquisition? Is there
ROE improvement potential?
4) With NextEra Energy Partners (NEP) at the high-splits, how does that affect the
economics of acquisitions that NEP may make? Perhaps specifically, would dropdowns
be completed at higher CAFD yields than the prior two transactions in order to preserve
the CAFD yield for LP unit holders after the payment of IDRs? Also, more broadly, can
you talk about the strategic importance of NEP for NEE? Where do you see this business
going?
5) What opportunities do you anticipate in the independent transmission space (FERC
Order 1000)? Would you consider creating a consolidated transmission company?
When would you consider dropping long-term contracted transmission line into the
YieldCo?
6) How involved do you plan to be in the pipeline business? Is your gas infrastructure
appetite concentrated on midstream? Do you have an interest in the gas LDC or storage
business?
7) When does battery storage become a bigger story for NEE beyond the current
investment outlook? How does NEE expect to take advantage/play a role in this?

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Pattern Energy Group Inc. (NYSE: PEGI)

Questions for management
1) Funding growth. One of the obstacles to growth is having a competitive source of
capital. You have various sources of financing, including the ATM, which was announced
last month. At the current share price, what would be the most realistic source of
funding, or will you continue to be patient with drop-downs?
2) Dividend. With respect to the dividend, what is the sustainability of the 12–15% annual
dividend growth guidance, and what needs to happen in order to achieve this? Since
growth is dependent on being able to accretively fund drop-downs, do you need to stop
growing the dividend soon (assuming not further drop-down) since it’s getting close to
the implied dividend at “run-rate” cash flows? With a yield north of 7%, it’s fair to say
that the market isn’t really paying for growth anyways.
3) Dividend alternatives. Under a no-growth scenario, management outlined dividend
upside scenarios that include reducing G&A by 50% and increasing the payout ratio to
90% (from 80%). What do you need to see or what needs to happen before those
scenarios are implemented?
4) Development activity. Investors have mixed views about taking on development risk,
and the potential near-term dilution or reduction in distributable cash. When will there
be some visibility on the strategy of potentially integrating development activity into
Pattern Energy, and where does it stand on the priority list?
5) US tax credit extensions. With the extension of the PTC and ITC tax credits, do you
expect development activity in the US to remain robust even in the weak merchant
power price environment? With the eventual phase-out of the PTCs, how competitive
will wind generation be, and do you see any significant improvements in wind
technology over the next few years?
6) International footprint. How active is Pattern Development and its partners in Mexico
and Japan, and does Pattern Development plan to participate in the next round of
renewable energy auctions in Mexico? For Pattern Energy specifically, given the many
opportunities in Canada and the US, what is the appetite to invest in new geographies?

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PNM Resources Inc. (NYSE: PNM)

Questions for management
1) What are the latest discussions regarding some of the more contested rate case items
(Palo Verde Unit 2, San Juan Balanced Draft in rate base)?
2) If the recommendations from the Attorney General (AG) and/or Staff is approved by the
New Mexico commission, would your 7–9% earnings CAGR still be achievable?
3) After the current and 2018 rate cases, what are some of the main rate base growth
drivers longer-term?
4) Have there been any meaningful discussions with New Mexico regulators regarding
distributed generation, or do the demographics of your service territory make this not
relevant for now?
5) Can you quantify your consolidated O&M growth CAGR for the next few years?

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PPL Corp. (NYSE: PPL)

Questions for management
1) What is the company’s currency hedging strategy around the outcomes of the UK
referendum vote? Does the result of the referendum change at all how the utility is
managed? What impacts on the UK business does management foresee under a “leave”
scenario?
2) What are some of the positives attributes of the UK regulatory environment that may
be overlooked by investors? What characteristics make the UK segment a premium
jurisdiction in management’s view?
3) When does management currently anticipate going in for another rate case in Kentucky
and Pennsylvania?
4) Are there any key regulatory developments or discussions in your operating
jurisdictions that may be beneficial to point out?
5) What is the updated regulatory status of the Compass transmission project and what
are the next milestones to look for? How does Compass differentiate itself strategically
from other competing transmission projects that are also seeking approval?
6) What other capex opportunities are being evaluated that could be additive to the
current spending outlook?
7) What is the company’s strategy around the dividend and payout ratio?

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Southern Company (NYSE: SO)

Questions for management
1) AGL acquisition. Can you talk a little bit about some of AGL’s projects in its pipeline and
how you see those projects impacting SO’s EPS growth guidance? Do you see any
regulatory challenges in the two states still pending commission approval (Illinois, New
Jersey) although settlements have been filed at both?
2) Vogtle. What is the latest update on Georgia PSC’s review of the project cost and
schedule, including the $350 million settlement with the EPC contractors? What are the
next key milestones in construction? What are the opportunities, if any, for the
contractors to improve upon the current schedule?
3) Kemper. Do you still expect the plant to be in-service by 3Q16? What is the latest
progress update? Are there any additional potential issues that could cause further
delays?
4) Southern Power. Can you talk about pricing trends in asset valuations over the last six
months? Can you talk about PPA trends / levelized cost of energy for utility scale solar?

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Spire Inc. (NYSE: SR)

Questions for management
1) What is the latest on the Office of People’s Counsel’s (OPC’s) filing to the commission
regarding over-earning at your Missouri utilities?
2) Do you believe the delay in passage of the Missouri rate case reduction bill is more
timing related, or do you see enough opposition and political pressure that could result
in the bill’s ultimately being dropped?
3) Have you decided on the timeline of the open season for the STL Pipeline? What are
some of the next steps near-term?
4) What is the latest on the Mobile/Willmut Gas acquisition process? Do you still expect
the deal to close by YE2016? When do you plan to issue the long-term debt?
5) Are you seeing acceleration/deceleration/stable customer growth in the various
utilities? What is your longer-term growth rate forecast?
6) What is your achievable O&M growth longer-term?
7) What are your thoughts near- to medium-term regarding further acquisitions?
8) Do you see the Gas Marketing segment as a growing business, or would you look to
potentially divest?

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The AES Corporation (NYSE: AES)

Questions for management
1) How much of the Ohio generation rider proposal benefit is assumed in the 12–16%
annual earnings growth guidance through 2018? If the proposal is not approved, what
are your strategic options?
2) What is the longer-term growth strategy for unregulated assets in California and Texas?
Is your plan to grow US merchant generation business as a larger percentage of the
overall US business?
3) When do you plan to decide on strategic alternatives for the Sul business in Brazil?
4) What is the latest update on hydrology conditions in Brazil and the potential dispatch of
Tiete’s hydro facilities?
5) You have mentioned potential growth opportunities in this region, especially in Mexico.
Given the recent JV announcement with Grupo BAL, could you provide an estimate of
the level of capital spend in the country for the foreseeable future and how soon you
could realize earning benefits through potential projects?
6) What other countries in the EMEA region would you consider exiting?
7) Given the higher expected demand growth in Asia, will future capex be weighted more
and more to Asia going forward? What are some potential growth projects (and in
which countries)?
8) What are your thoughts regarding increasing dividends above the guided 10% or further
boosting buybacks?

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Xcel Energy Inc. (NYSE: XEL)

Questions for management
1) Financial performance. How confident are you that you can close the ROE gap? By how
much would you reduce O&M growth? Which jurisdictions provide you with the best
opportunities for O&M reduction? How much low-hanging fruit is there to the upside
capex program?
2) New utility model. How do you plan to improve the customer experience? How much is
tied to new technology? In what ways must rate design change to allow for better
customer experience? What regulatory procedure do you need to go through to
implement changes?
3) Renewable/gas reserves program. What is the long-term base case for the Colorado
renewable ownership program? What are other states doing about renewable
ownership? What is the status of the gas reserve proposal? Do setbacks in Florida and
Colorado have an impact on your expectation to implement a gas reserve program?
4) Regulatory construct. How quickly can you implement new legislated tools in
Minneapolis and Texas? How robust are these tools?

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US Refining
RBC Capital Markets, LLC
Brad Heffern (Analyst) (512) 708-6311; [Link]@[Link]

Is Gasoline Enough?
We will be looking for additional color on some key refining themes:

Gasoline/distillate interplay will be key: Entering 2016, we expected an extremely strong

gasoline year and an equally weak distillate year. However, gasoline has been weaker than
we anticipated of late, while distillate has been stronger. We attribute this to catalyst
changes and other modifications that are allowing refiners to produce more gasoline and less
distillate, but we will look for incremental color from presenting companies.

Profitability in a rising crude environment: We have noted increasing investor bullishness on

oil of late. Conventional wisdom would suggest that refiners will perform poorly in a rising oil
environment. However, we think rising oil prices are likely to cause a return of US production
growth, and a return of discounted US crude, which could blunt some of the impact.

Oil sands production impact: Fires near the Canadian oil sands caused a significant
curtailment of production, which is likely to affect heavy refinery runs in June. The extent to
which refiners have been able to procure substitute crudes or to which they have to run a
sub-optimal crude slate will be important to gauge.

Impact of lower contango: Since the start of the crude oil downturn in 2014, the crude
market has expressed consistent $0.50+/bbl per month contango. However, this has started
to erode of late. Color on how much contango benefited refiners over the last several
quarters and the potential impact that a move into backwardation could have will be
impactful.

Bottom cracks: One of the primary benefits of a lower crude price is that loss-generating
secondary refining products such as asphalt, fuel oil, and coke tend to be less of a drag on
refining profitability. This has been true thus far in this cycle, but asphalt and fuel oil pricing
have shown weakness of late. The sustainability of strong bottom cracks will be important to
ascertain.

RIN prices: The market for RINs appears set to tighten substantially with the increased
ethanol blending requirements proposed by the EPA for 2017. The extent to which RIN
pricing is expected to be a drag on refining profitability will be key.

MLP market strength: With the weakness seen in the MLP market, dropdowns from refining
parents are no longer as accretive as they once were given compressed deal multiples.
However, many names in our universe are relying on drops to their MLPs to generate cash.
The ability of sponsored MLPs to continue raising capital is critical to these plans.

Companies participating:
Delek US: Assi Ginzburg (EVP and CFO)
Marathon Petroleum: Tim Griffith (SVP and CFO); Tom Kacynski (VP and Treasurer)
Tesoro Corporation: Steven Sterin (EVP and CFO); Keith Casey (EVP of Operations)
Western Refining: Gary Dalke (CFO); Jeff Beyersdorfer (SVP, Treasurer & Director of IR)

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Delek US Holding, Inc. (NYSE: DK)

Questions for management
1) DK’s standstill agreement with ALJ has expired—what are the next steps?
2) How large are the potential synergies with ALJ?
3) Will DKL be able to raise enough capital to complete the acquisition of DK’s retail
business?
4) How attractive are share repurchases at this point?
5) How much self-help potential does DK have?
6) Can DK’s current refining system be competitive without a crude spread advantage?

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Marathon Petroleum Corporation (NYSE: MPC)

Questions for management
1) How can MPC unlock sum-of-the-parts upside in its share price?
2) What forms of MPLX support are needed from MPC in the near term and longer term?
3) Will future drops to MPLX be conducted at multiples comparable to peers or lower?
4) How much upside potential does MPLX have with higher NGL prices?
5) Was MPC’s crude slate meaningfully affected by the Canadian wildfires?
6) How has refined product export demand been of late?
7) Will Speedway look at making another large acquisition with the Hess conversions
complete?
8) How do share repurchases rank as a use of cash?

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Tesoro Corporation (NYSE: TSO)

Questions for management
1) Have California gasoline cracks surprised TSO to the downside given Torrance is still not
back online?
2) How can TSO unlock some sum-of-the-parts upside in its stock?
3) What gives you confidence that permits will be received for the LA Integration, Clean
Products Upgrade, and Port of Vancouver projects?
4) Is there any desire to move out refining capex given margin weakness?
5) When will progress begin to be made on TSO’s new retail/marketing strategy?
6) What is needed for inland refining fundamentals to improve?
7) How can TLLP distribution growth be sustained with declining Bakken production?
8) How have product export markets in Latin and South America held up?

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 2016 RBC Capital Markets’ Global Energy and Power Executive Conference Preview

Western Refining, Inc. (NYSE: WNR)

Questions for management
1) How quickly does WNR plan to pay down debt after the NTI deal closes?
2) Have any incremental synergies related to the NTI acquisition been identified?
3) How confident is WNR in being able to complete a drop to WNRL in late 3Q16? What
would the potential multiple be, and how much cash could be received?
4) How critical is WNR’s dividend, and would the company consider reducing it in order to
pay down debt faster?
5) Is WNR set on completing an expansion of the El Paso refinery? Do current market
conditions give the company pause on executing such a project?
6) Is WNR concerned about crude volumes in the Four Corners region declining?
7) Has Mexico’s new import policy altered demand for WNR’s products?

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Global Energy Research Team

Integrated Oil & Gas
Kurt Hallead (Analyst) (512) 708-6356
Biraj Borkhataria (Analyst) 44 207-029-7556 [Link]@[Link]
Co-Head Global Energy Research [Link]@[Link]
Thomas Klein (Associate) 44 20 7029 7650 [Link]@[Link]
Greg Pardy (Analyst) (416) 842-7848 Royal Bank of Canada - Sydney Branch
Co-Head Global Energy Research [Link]@[Link] Australian Utilities
Paul Johnston (Analyst) +61 3 8688-6509 [Link]@[Link]
RBC Dominion Securities Inc. Paul Mason (Analyst) +61 3 8688-6556 [Link]@[Link]
Integrated Oil, Senior E&P, and Oil Sands Nira Sonah (Associate Analyst) +61 3 8688 6571 [Link]@[Link]
Greg Pardy (Analyst) (416) 842-7848 [Link]@[Link] Australian E&P
Tom Callaghan (Associate) (416) 842-7915 [Link]@[Link] Ben Wilson (Analyst) +61 2 9033 3066 [Link]@[Link]
Andrew Dranfield (Associate) (416) 842-8588 [Link]@[Link] Wayne Chatterjee (Senior Associate) +61 2 9033 3271 [Link]@[Link]
Junior & Intermediate E&P RBC Dominion Securities Inc.
Michael Harvey (Analyst) (403) 299-6998 [Link]@[Link]
Power & Pipelines, Midstream
Luke Davis (Senior Associate) (403) 299-5042 [Link]@[Link]
Robert Kwan (Analyst) (604) 257-7611 [Link]@[Link]
Shailender Randhawa (Analyst) (403) 299-6576 [Link]@[Link]
Nelson Ng (Analyst) (604) 257-7617 [Link]@[Link]
Keith Mackey (Senior Associate) (403) 299-6958 [Link]@[Link]
Orhan Eldarov (Associate) (604) 257-7383 [Link]@[Link]
Pablo Orozco (Associate) (403) 299-7434 [Link]@[Link]
Tim Tong (Associate) (604) 257-7064 [Link]@[Link]
Oil & Gas Equipment and Services Lisa K. Stewart (Associate) (604) 257-7662 [Link]@[Link]
Dan MacDonald (Analyst) (403) 299-2394 [Link]@[Link]
Matthew McKellar (Associate) (403) 299-5045 [Link]@[Link] RBC Capital Markets, LLC
RBC Capital Markets, LLC MLPs, Midstream
TJ Schultz (Analyst) (512) 708-6385 [Link]@[Link]
Oil & Gas Equipment and Services Vimal Patel (AVP) (512) 708-6386 [Link]@[Link]
Kurt Hallead (Analyst) (512) 708-6356 [Link]@[Link] Rahil Jiwan (Associate) (512) 708-6384 [Link]@[Link]
Benjamin Owens (Senior Associate) (512) 708-6355 [Link]@[Link] Elvira Scotto (Analyst) (212) 905-5957 [Link]@[Link]
US E&P Robert Muller (AVP) (212) 905-5816 [Link]@[Link]
Scott Hanold (Analyst) (512) 708-6354 [Link]@[Link] Power & Utilities
Matthew Dennison (Senior Associate) (512) 708-6353 [Link]@[Link] Shelby Tucker (Analyst) (212) 428-6462 [Link]@[Link]
Nick Reichter (Senior Associate) (512) 708-6330 [Link]@[Link] Sean He (Associate) (212) 858-7110 [Link]@[Link]
Kyle Rhodes (Analyst) (512) 708-6342 [Link]@[Link] Insoo Kim (Associate Analyst) (212) 905-2995 [Link]@[Link]
Stark Remeny (Senior Associate) (512) 708-6319 [Link]@[Link]
Jie Yong (Associate) (512) 708-6357 [Link]@[Link] RBC Europe Limited
US Independent Refiners Utilities
Brad Heffern (Analyst) (512) 708-6311 [Link]@[Link] John Musk (Analyst) 44 207-029-0856 [Link]@[Link]
Jie Yong (Associate) (512) 708-6357 [Link]@[Link] Martin Young (Analyst) 44 207-653-4481 [Link]@[Link]
Maurice Choy (Analyst) 44 207-653-4198 [Link]@[Link]
RBC Europe Limited Olly Jeffery (Senior Associate) 44 207-429-8472 [Link]@[Link]
International E&P
Energy – Credit Research
Al Stanton (Analyst) 44 131-222-3638 [Link]@[Link]
Nathan Piper (Analyst) 44 131-222-3649 [Link]@[Link] RBC Dominion Securities Inc.
Victoria McCulloch (AVP) 44 131 222 4909 [Link]@[Link] Investment Grade
Adam Naughton (Associate) 44 131 222 3695 [Link]@[Link] Matthew Kolodzie (Analyst) (416) 842-6152 [Link]@[Link]

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Contributing Authors
RBC Capital Markets, LLC
Jonathan Golub (Chief US Market Strategist) (212) 618-7634 [Link]@[Link]

Helima Croft (Global Head of Commodity Strategy) (212) 618-7798 [Link]@[Link]

Michael Tran (Commodity Strategist) (212) 266-4020 [Link]@[Link]
Christopher Louney (Commodity Strategist) (212) 437-1925 [Link]@[Link]

Kurt Hallead (Co-Head Global Energy Research) (512) 708-6356 [Link]@[Link]

Scott Hanold (Analyst) (512) 708-6354 [Link]@[Link]
Brad Heffern (Analyst) (512) 708-6311 [Link]@[Link]
Kyle Rhodes (Analyst) (512) 708-6342 [Link]@[Link]
Shelby Tucker (Analyst) (212) 428-6462 [Link]@[Link]
Insoo Kim (Analyst) (212) 905-2995 [Link]@[Link]

RBC Dominion Securities Inc.

Greg Pardy (Co-Head Global Energy Research) (416) 842-7848 [Link]@[Link]
Michael Harvey (Analyst) (403) 299-6998 [Link]@[Link]
Robert Kwan (Analyst) (604) 257-7611 [Link]@[Link]
Dan MacDonald (Analyst) (403) 299-2394 [Link]@[Link]
Nelson Ng (Analyst) (604) 257-7617 [Link]@[Link]
Shailender Randhawa (Analyst) (403) 299-6576 [Link]@[Link]

RBC Europe Limited

Biraj Borkhataria (Analyst) +44 20 7029 7556 [Link]@[Link]
Al Stanton (Analyst) +44 131 222 3638 [Link]@[Link]
Nathan Piper (Analyst) +44 131 222 3649 [Link]@[Link]
Victoria McCulloch (Analyst) +44 131 222 4909 [Link]@[Link]

Royal Bank of Canada - Sydney Branch

Ben Wilson (Analyst) +61 2 9033 3066 [Link]@[Link]

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Companies Mentioned
Abengoa Yield PLC (NASDAQ: ABY; $17.96; Outperform)
Advantage Oil & Gas Ltd. (TSX: [Link]; C$7.75; Outperform)
Apache Corp (NYSE: APA; $55.84; Sector Perform)
ARC Resources Ltd. (TSX: [Link]; C$21.74; Outperform)
Athabasca Oil Corp (TSX: [Link]; C$1.35; Sector Perform; Speculative Risk)
Baytex Energy Corp (TSX: BTE CN; C$6.48; Sector Perform)
Birchcliff Energy Ltd. (TSX: [Link]; C$5.84; Outperform)
Black Hills Corp (NYSE: BKH; $60.81; Outperform)
Calfrac Well Services Ltd. (TSX: [Link]; C$2.23; Sector Perform)
Callon Petroleum Company (NYSE: CPE; $11.38; Sector Perform)
Calpine Corporation (NYSE: CPN; $15.19; Outperform)
Canadian Natural Resources Limited (TSX: [Link]; C$38.55; Outperform)
Carrizo Oil & Gas Inc (NASDAQ: CRZO; $38.63; Outperform)
Cenovus Energy Inc. (TSX: [Link]; C$19.95; Outperform)
CMS Energy Corp. (NYSE: CMS; $42.01; Sector Perform)
Concho Resources (NYSE: CXO; $120.98; Outperform)
ConocoPhillips (NYSE: COP; $44.38; Outperform)
Consolidated Edison, Inc. (NYSE: ED; $73.64; Sector Perform)
Core Laboratories NV (NYSE: CLB; $119.85; Outperform)
Crescent Point Energy Corp. (TSX: [Link]; C$21.83; Sector Perform)
Crew Energy Inc. (TSX: [Link]; C$5.79; Outperform)
Delek US Holdings, Inc. (NYSE: DK; $14.54; Outperform)
Eclipse Resources Corporation (NYSE: ECR; $2.94; Outperform; Speculative Risk)
Ensign Energy Services Inc. (TSX: [Link]; C$7.15; Sector Perform)
EQT Corporation (NYSE: EQT; $73.79; Outperform)
Exelon Corporation (NYSE: EXC; $34.72; Outperform)
Fairmount Santrol Holdings Inc (NYSE: FMSA; $5.53; Outperform)
FAR Ltd (ASX: FAR AU; AUD0.08; Outperform; Speculative Risk)
FirstEnergy Corporation (NYSE: FE; $33.31; Sector Perform)
FMC Technologies Inc (NYSE: FTI; $26.59; Sector Perform)
Frank's International NV (NYSE: FI; $15.25; Sector Perform)
Freehold Royalties Ltd. (TSX: [Link]; C$11.62; Outperform)
Gibson Energy Inc. (TSX: [Link]; C$15.48; Sector Perform)
Gran Tierra Energy Inc (TSX: [Link]; C$3.90; Outperform)
Halliburton Company (NYSE: HAL; $42.13; Outperform)
Helmerich & Payne Inc (NYSE: HP; $58.87; Outperform)
Husky Energy Inc. (TSX: [Link]; C$15.48; Outperform)
Independence Contract Drilling Inc (NYSE: ICD; $4.24; Outperform)
Inter Pipeline Ltd. (TSX: [Link]; C$27.13; Outperform)
Kelt Exploration Ltd. (TSX: [Link]; C$4.84; Outperform)
Lundin Petroleum AB (OMX: LUPE SS; SEK150.50; Sector Perform)
Marathon Petroleum Corporation (NYSE: MPC; $36.68; Top Pick)
Matador Resources Company (NYSE: MTDR; $22.78; Outperform)
MEG Energy Corp (TSX: [Link]; C$5.92; Outperform)
Nabors Industries Ltd (NYSE: NBR; $8.93; Outperform)
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National Oilwell Varco, Inc. (NYSE: NOV; $32.00; Sector Perform)

NextEra Energy Inc. (NYSE: NEE; $119.81; Outperform)
Noble Energy Inc (NYSE: NBL; $35.44; Outperform)
Northern Oil and Gas Inc. (AMEX: NOG; $4.48; Outperform)
NuVista Energy Ltd. (TSX: [Link]; C$6.61; Outperform)
Oasis Petroleum Inc. (NYSE: OAS; $10.31; Outperform)
Oceaneering International Inc (NYSE: OII; $32.44; Sector Perform)
Painted Pony Petroleum Ltd. (TSX: PPY CN; C$7.91; Outperform)
Parex Resources Inc. (TSX: [Link]; C$13.30; Outperform)
Parsley Energy, Inc. (NYSE: PE; $26.64; Outperform)
Pattern Energy Group Inc. (NASDAQ: PEGI; $21.74; Outperform)
Patterson-UTI Energy, Inc. (NASDAQ: PTEN; $17.96; Outperform)
PDC Energy Inc (NASDAQ: PDCE; $58.40; Outperform)
Peyto Exploration & Development Corp. (TSX: [Link]; C$34.52; Outperform)
Pioneer Natural Resources Co (NYSE: PXD; $159.40; Outperform)
PNM Resources Inc (NYSE: PNM; $33.24; Outperform)
PPL Corp. (NYSE: PPL; $38.57; Sector Perform)
PrairieSky Royalty Ltd. (TSX: [Link]; C$24.71; Sector Perform)
Precision Drilling Corp (TSX: [Link]; C$6.08; Outperform)
Raging River Exploration Inc. (TSX: RRX CN; C$11.11; Outperform)
RSP Permian, Inc. (NYSE: RSPP; $33.76; Outperform)
Sanchez Energy Corporation (NYSE: SN; $8.00; Outperform)
Schlumberger Ltd (NYSE: SLB; $75.45; Outperform)
Secure Energy Services Inc. (TSX: [Link]; C$9.21; Outperform)
Sino Gas & Energy Holdings Ltd (ASX: SEH AU; AUD0.13; Outperform)
SM Energy Company (NYSE: SM; $32.15; Sector Perform)
Southern Company (NYSE: SO; $49.36; Sector Perform)
Southwestern Energy Company (NYSE: SWN; $14.42; Sector Perform)
Spire Inc (NYSE: SR; $64.43; Sector Perform)
Statoil ASA (OSLO: STL NO; NOK131.30; Underperform)
Superior Energy Services Inc (NYSE: SPN; $16.69; Sector Perform)
Tesoro Corporation (NYSE: TSO; $81.51; Sector Perform)
TETRA Technologies Inc (NYSE: TTI; $5.54; Outperform)
The AES Corporation (NYSE: AES; $10.84; Outperform)
TORC Oil and Gas Ltd (TSX: [Link]; C$8.01; Outperform)
Total SA (NXT PA: FP FP; EUR42.34; Outperform)
Transocean Ltd (NYSE: RIG US; $9.74; Sector Perform)
Trilogy Energy Corp. (TSX: [Link]; C$4.83; Sector Perform)
Tullow Oil plc (LSE: TLW LN; GBp231; Outperform)
Veresen Inc. (TSX: [Link]; C$10.09; Outperform)
Vermilion Energy Inc. (TSX: [Link]; C$43.45; Sector Perform)
Weatherford International plc (NYSE: WFT; $5.89; Outperform)
Western Refining, Inc. (NYSE: WNR; $22.52; Sector Perform)
Whitecap Resources Inc. (TSX: [Link]; C$10.05; Outperform)
Xcel Energy Inc. (NYSE: XEL; $41.40; Sector Perform)

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Required disclosures
Non-U.S. analyst disclosure
Biraj Borkhataria, Michael Harvey, Robert Kwan, Dan MacDonald, Victoria McCulloch, Nelson Ng, Greg Pardy, Nathan Piper,
Shailender Randhawa, Al Stanton, and Ben Wilson (i) are not registered/qualified as research analysts with the NYSE and/or
FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be subject to FINRA Rule
2241 restrictions on communications with a subject company, public appearances and trading securities held by a research
analyst account.

Conflicts disclosures
This product constitutes a compendium report (covers six or more subject companies). As such, RBC Capital markets chooses to
provide specific disclosures for the subject companies by reference. To access conflict of interest and other disclosures for the
subject companies, clients should refer to [Link]
These disclosures are also available by sending a written request to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay
Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7 or an email to rbcinsight@[Link].

The analyst(s) responsible for preparing this research report received compensation that is based upon various factors,
including total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been
generated by investment banking activities of the member companies of RBC Capital Markets and its affiliates.

Distribution of ratings
For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating
categories - Buy, Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of
Top Pick/Outperform, Sector Perform and Underperform most closely correspond to Buy, Hold/Neutral and Sell, respectively,
the meanings are not the same because our ratings are determined on a relative basis (as described above).

Distribution of ratings
RBC Capital Markets, Equity Research
As of 31-Mar-2016
Investment Banking
Serv./Past 12 Mos.
Rating Count Percent Count Percent
BUY [Top Pick & Outperform] 887 51.78 258 29.09
HOLD [Sector Perform] 722 42.15 115 15.93
SELL [Underperform] 104 6.07 8 7.69

Conflicts policy
RBC Capital Markets Policy for Managing Conflicts of Interest in Relation to Investment Research is available from us on
request. To access our current policy, clients should refer to [Link] or send a request
to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto,
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A short-term trade idea may differ from the price targets and recommendations in our published research reports reflecting the
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