Oilweek Top 100 - Cream at the top

CREAM oilweek gowlings 100 BREAKFAST of CHAMPIONS AT THE TOP Oilweek's Top 100M has tracked reserves and production of Canadian oil and gas companies for the past 40 years, and is the definitive ranking of producers active in Canada. But the reality is that the top 10-the cream of Canada's producing community-accounts for fully 67% of total Canadian gross production. Here, we present the performance of that top 10, with percentages showing their respective share of the top 10 total for each key metric. REVENUE NET INCOME $ MILLIONS S MILLIONS Imperial Oil Limited 2012 2011 1 Suncor Energy Inc. $3,766.00 $3,371.00 2 Suncor Energy Inc. 26% 26% $2,783.00 $4,304.00 $40,523.00 $40,610.00 3 Husky Energy Inc. 2 Imperial Oil Limited $2,022.00 S2.224.00 20% 19% Canadian Natural Resources Limited $1,892.00 $31,188.00 $30,714.00 $2,643.00 3 Husky Energy Inc. Cenovus Energy Inc. 4% 1% 7% 1% $993.00 15% 15% $1,478.00 2011 16% Canadian Oil Sands Limited $22,741.00 $22,992.00 $981.00 14% 26% 4 Cenovus Energy Inc. $1.144.00 Nexen Inc. 2% 2% 2% 2% $333.00 11% 10% $697.00 7% 2012 PetroBakken Energy Ltd. $17,229.00 $16,185.00 $262.72 5 Canadian Natural Resouces Limited 14% Net income for the top 10 $215.79 dropped by 18% in 2012, with downstream earnings by some of the biggest masking the impact of weak commodity prices on upstream earnings. 28% Athabasca Oil Corporation 10% 10% $260.23 $142.32 15% $16,195.00 $15,507.00 10 Baytex Energy Corp. 6 Talisman Energy Inc. 21% $258.63 $217.43 5% 5% $7,312.00 $8,272.00 CANADIAN PRODUCTION 7 Nexen Inc. BARRELS OF OIL EQUIVALENT PER DAY 1) Canadian Natural Resouces Limited 6 ) Encana Corporation 4% 4% 2012 2011 2012 2011 23% 21% 10% 11% $6,711.00 $6,464.00 8 Harvest Operations Corp. 612,573 541,219 256,633 270,000 2 ) Suncor Energy Inc. 7) Penn West Exploration 4% 2012 ) 2011 O 2012 2011 |18% 18% 6% 6% $5,781.00 $4,394.70 9 Encana Corporation 459,633 469,200 161,194 163,094 3) Husky Energy Inc. 8 ) Canadian Oil Sands Limited 3% 5% 2012 2011 2012 2011 11% 12% 4% 4% $5,160.00 s৪,467,00 293,133 303,967 105,680 106,015 10 Canadian Oil Sands Limited 4) Imperial Oil Limited 9) Crescent Point Energy Corp. 2012 2011 2012 2011 2% 3% 11% 12% 4% 3% $3,905.00 $4,182.00 282,000 297,333 95,369 73,170 5) Cenovus Energy Inc. 10) ARC Resources Ltd. In 2012, Canadian producers as a group experienced the pain of crude oil prices that were discounted to North American and global averages 2012 2011 2012 2011 | 10% 10% 4% 3% and natural gas prices that continued in a multi-year slump. 264,403 243,572 93,546 83,416 CAPITAL EXPENDITURES $ MILLIONS 1 Suncor Energy Inc. $6,959.00 16% 17% 2011 $6,850.00 2 Canadian Natural Resouces Limited $6,308.00 15% $6.414.00 16% 2011 3 Imperial Oil Limited $5,683.00 13% 2012 10% 2011 $4,066.00 4 Husky Energy Inc. $4,701.00 11% $4,618.00 12% 2012 Despite the slump in 2011 commodity prices, the top 10 producers continued to $4,510.18 spend, largely reflecting the momentum of continuing Crescent Point Energy Corp. 11% 2012 oilsands project developments. Talisman Energy, however, 2011 $1,440.11 $3.476.00 pulled back in 2012 as part of a broader corporate Encana Corporation 8% restructuring, while Encana spent less as it sought to 2012 12% 2011 $4,610.00 bring more balance to its production portfolio. $3,368.00 8% 7% 7 Cenovus Energy Inc. 2012 2011 $2,723.00 $3,124.00 Nexen Inc. • 7% 7% 2012 2011 $2,575.00 Talisman Energy Inc. $2,845.00 7% 13% 2011 $5,051.00 $1,598.51 4% 10 MEG Energy Corp. O PROVEN LIQUIDS RESERVES 2011 $928.92 CANADIAN GAS PRODUCTION THOUSAND CUBIC FEET PER DAY *000 BARRELS Encana Corporation ARC Resources Ltd. | 2012 1,409,000 2011 1,521,000 2012 342,879 2011 310,600 2012 2011 Imperial Oil Limited OCanadian Natural Resources Limited 7 TAQA North Ltd. 2012 1,198,000 2011 1,231,000 2012 342,300 2011 342,400 23% 20% Cenovus Energy Inc. Penn West Exploration 2012 594,000 2011 656,000 2012 342,300 2011 359,000 4,086,000 3,121,000 2 Canadian Natural Resources Limited 4 Husky Energy Inc. Suncor Energy Inc. 2012 554,000 2011 607,000 2012 290,000 2011 357,000 22% 24% 50 Talisman Energy Inc. 10 O Tourmaline Oil Corp. 2012 410,000 2011 440,000 2012 268,000 2011 165,966 3,999,000 3,753,000 3 Suncor Energy Inc. 25% 25% 21% 22% 21% 21% 11% 10% 3,681,500 3,529,100 10% 10% 4 Cenovus Energy Inc. 7% 7% 6% 5% 11% 11% 6% 6% 2012 2011 2,016,000 1,745,000 6% 6% 5% 6% 5 MEG Energy Corp. 5% 3% 7% 5% 1,284,000 708,162 CANADIAN LIQUIDS PRODUCTION 6 Canadian Oil Sands Limited 4% 5% BARRELS PER DAY Canadian Natural Resouces Limited 6 Canadian Oil Sands Limited 801,000 848,000 2012 412,906 2011 366,052 2012 105,680 2011 106,015 7 Husky Energy Inc. 20 Suncor Energy Inc. Penn West Exploration 2012 411,300 2011 409,700 2012 104,144 2011 103,208 5% 30 Imperial Oil Limited Crescent Point Energy Corp. 2012 250,000 2011 255,000 2012 86,532 2011 66,077 752,500 757,000 Husky Energy Inc. Pengrowth Energy Corporation 8 Nexen Inc. 2012 200,800 2011 202,800 2012 42,250 2011 37,539 4% Cenovus Energy Inc. 10 Baytex Energy Corp. 2012 165,403 2011 134,239 2012 44,643 2011 40.689 634,000 643,000 2012 2011 Crescent Point Energy Corp. 23% 20% 2% 2% 24% 23% 320,839 254,986 14% 15% 10 Penn West Exploration 11% 12% 9% 2% 2% 8% 6% 6% 5% 6% 6% 4% 316,000 367,000 2% 2% PROVEN NATURAL GAS RESERVES MILLION CUBIC FEET Husky Energy Inc. Encana Canadian Natural Resouces Limited 4. ARC Resources Ltd. Peyto Energy Trust Corporation 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 32% 33% 19% 20% 10% 11% 7% 7% 5% 6,730,000 7,067,000 3,985,000 4,266,000 2.072,600 2,252,600 1.420,174 1,418,946 1,377,163 1,103,938 Tourmaline Oil Corp. Talisman Advantage Oil & Gas Ltd. Birchcliff 8. 10 Cenovus Energy Inc. Energy Inc. Energy Ltd. 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 6% 4% 6% 7% 5% 5% 4% S% 6% 1,317,831 782,457 1,186,200 1,391,200 1,013,770 844,522 961,800 791,233 955,000 1,203,000 NOT ALL PERCENTAGES AD TO 100 DUE TO ROUNDING. oilweek CANADA'S OIL & GAS AUTHORITY