2023 capital programs and dividends forecast for U.S. large-cap producer

GA907
2023-04-10

BMO Capital Markets: $WTI Crude Oil - main 2305(CLmain)$ $Micro WTI Crude Oil - main 2305(MCLmain)$ $E-mini Crude Oil - main 2305(QMmain)$

We believe that on average, oil sands producers should be able to cover their 2023 capital budgets at WTI US$37/bbl and base dividends at WTI US$46/bbl

This is well below the average U.S. large-cap producer, which we estimate require WTI prices of US$48/bbl and US$53.50/bbl, respectively, in order to fund 2023 capital programs and dividends.

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