10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512

Volume 4 . Issue 1February 2016

CAPP’s member magazine

Publication Number: 2016-9201

REPORT TO M EMBER S2015 YEAR IN REVIEW AND 2016 STRATEGIC PRIORITIES

MESSAGE FROM THE

PRESIDENT AND CEOQ& A: ASSESSING ALBERTA’ S

NEW ROYALTY REGIME

CO NTE XT IS P R IN T ED O N 10 0 P ER CEN T P O ST‑ CO N S U M ER FIB R E , M A N U FAC T U R ED U SIN G BIO G A S EN ERGY

BY USING 471 KG OF RECYCLED MATERIAL WE SAVED:

9 T R E E S

32,219 L I T R E S O F WAT E R92 days of water consumption

Volume 4 Issue 1REPORT TO MEMBERS

CONTENTSTabl

e of

Departments

3 inContext

4 President and CEO’s Message

6 What’s Up at CAPP? 2015 Year in Review

Features

9 Royalty Review Report Q&A:CAPP president and CEO Tim McMillan talks about the Alberta government’s new royalty regime

10 2016 Priorities:CAPP’s 2016 strategic priorities as approved by our board of governors

3 7 9

The official member magazine for the Canadian Association of Petroleum Producers (CAPP)

Volume 4 Issue 1Publication Number: 2016-9201

context@capp.ca | www.capp.ca/context

Publisher

Jeff Gaulin, vice-president communications CAPP

Jeff.Gaulin@capp.ca

Managing Editor

Brenda Jones, manager communications CAPP

Brenda.Jones@capp.ca

Editor

Andrew Mah, communications advisor CAPP

Andrew.Mah@capp.ca

Art Director

Birdeen Selzer, Blunt Strategic in co-operation with Mindjello Creative

Distribution and Member Updates

Janine Vandenberghe, administrative assistant CAPP

Janine.Vandenberghe@capp.ca

Please contact for changes in contact names and delivery addresses.

Context Concept, Strategy and Product Development

Agnes Zalewski, Blunt Strategic

CAPP EXECUTIVE TEAM

President and CEO

Tim McMillan Tim.McMillan@capp.ca

Vice-President, Policy and Performance

Alex Ferguson Alex.Ferguson@capp.ca

Vice-President, Communications

Jeff Gaulin Jeff.Gaulin@capp.ca

Vice-President, Western Canada Operations

Brad Herald Brad.Herald@capp.ca

Vice-President, Pipeline Regulation and General Counsel

Nick Schultz Nick.Schultz@capp.ca

Printed in Canada by McAra Printing. Copyright © 2016

Canadian Association of Petroleum Producers. All rights reserved.

Reproduction in whole or in part is strictly prohibited.

OFFICES

Calgary

2100, 350 – 7th Ave SW, Calgary, Alberta T2P 3N9, Tel: 403-267-1100

Ottawa

1000, 275 Slater Street, Ottawa, Ontario K1P 5H9, Tel: 613-288-2126

St. John’s

904, 235 Water Street, St. John’s, Newfoundland and Labrador,

A1C 1B6, Tel: 709-724-4200

Victoria

310, 1321 Blanshard Street, Victoria, British Columbia, V8W 0B5,

Tel: 778-410-5000

395 KG O F WA S T E8 waste containers

1,296 KG C 0 28,666 km driven

2 KG N O Xemissions of one truck during 5 days

8 G J35,805 60-watt light bulbs for one hour

2 C A P P.C A /CO N T E X TCONTE X T . VO LU M E 4 . ISS U E 1 . F EB RUA RY 2 0 16

AER’S NEAR TERM ACTION PROGRAM (NTAP): NTAP is an Alberta Energy Regulator (AER) project to increase efficiency by eliminating duplication and streamlining regulatory requirements for low-risk activities. CAPP and members provide expertise and insight on areas for efficiency savings.

PIPELINES: TOLL SETTLEMENT AND NEB HEARING

CANADA’S ENERGY CITIZENS: The grassroots nation of oil and natural gas industry champions and supporters grew by 1,200 per cent through 2015 and January 2016 thanks to ongoing outreach, marketing and recruitment by CAPP and member support.

ENBRIDGE LINE 9B REVERSAL: CAPP provided support to Enbridge’s

application to reverse and expand Line 9B to 300,000 b/d. The pipeline can move Western

Canadian and U.S. Bakken crude oil east from Sarnia to refineries in Quebec. First oil reached Montreal on December 2, 2015.

Prior to the reversal, refineries in Quebec imported about 320,000 b/d of oil from foreign countries. The reversal means Canadian oil can displace overseas imports, providing a secure source of supply and keeping more jobs in Canada.

CAPP VALUE CREATION:

2015/16 HIGHLIGHTS

Competitiveness

Public Confidence

Negotiation

Market Access

*Confirmed, verifiable savings as published in AER annual reports. Note that actual savings to members are dependent on commodity prices and industry activity levels.

**Targeted savings *TMEP = Trans Mountain Expansion Project

NTAP COST SAVINGS TO INDUSTRYApr 2013 – Mar 2014

$60 MILLION*

Apr 2014 – Mar 2015

$270 MILLION*

Apr 2015 – Mar 2016

$400 MILLION**

Alliance Pipeline Hearing Victory Saves Shippers from “Unlimited Pricing”

The NEB sided with CAPP in disallowing a request by Alliance for unlimited pricing discretion

for interruptible and seasonal services. The decision prevents unfettered

pricing discretion that could have led to unlimited costs to shippers.

Trans Mountain Settlement Saves Producers Shipping Costs

CAPP reached a three-year toll agreement (2016 till 2018 or TMEP* startup) on the Trans Mountain pipeline. This provides cost certainty and saves hundred of thousands of dollars in potential hearing costs.

OIL

NATURAL GAS

OIL

NATURAL GAS

90,000-plus Energy Citizens and growing means industry’s voice will be heard

by policy makers on issues impacting Canada’s oil and gas industry.

90,0007,300

vs

TOTAL ESTIMATED SAVINGS BY MAR 31, 2016 = $730 MILLION

JAN 1, 2015

JAN 31, 2016

Line 9B: 300,000 b/dForeign sources: 320,000 b/d

QUEBEC REFINERIES

3C A P P.C A /CO N T E X T CONTE X T . VO LU M E 4 . ISS U E 1 . F EB RUA RY 2 0 16

inCONTEXT

Welcome to our first issue of Context in 2016. The focus of this edition is reporting out what CAPP accomplished in 2015, and the goals and priorities you, through our member-appointed board of governors, have identified for us for the year ahead.

While 2015 was certainly a challenging year for all of us in Canada’s natural gas and oil industry, there were bright spots. The successful reversal of Enbridge Line 9, allowing Western Canadian oil to be delivered to refineries in Montreal, was one step toward helping Ontario and Quebec be less reliant on imported oil and help keep more jobs in Canada. A major toll settlement CAPP negotiated on behalf of shippers for the Trans Mountain pipeline provides shippers cost certainty while saving several hundred thousand dollars in

potential hearing costs. Continued modernization of regulations and streamlining of regulatory processes via the Alberta Energy Regulator’s Near Term Action Program (NTAP) have already achieved $400 million in cost savings for industry, with more to come.

We also provided comprehensive submissions in response to both the Alberta government’s royalty and climate change reviews.

Since our submissions, the government has released details on its climate leadership plan and updated royalty regime. There are positive elements in each, suggesting that the concerns expressed by CAPP and members through our submissions and other feedback, were heard. Yet, it is likewise clear that as the government moves forward towards policy implementation in the year ahead, CAPP

STRIVING TO BE THE BEST

ADVOCACY ORGANIZATION IN CANADA

4 C A P P.C A /CO N T E X TCONTE X T . VO LU M E 4 . ISS U E 1 . F EB RUA RY 2 0 16

PRESIDENT AND CEO’S MESSAGE

and members will need to continue to consult vigorously, working to ensure the detailed policies are effective and efficient—that they avoid harm to and, where possible, enhance industry’s ability to compete and grow.

The milestones I’ve highlighted are just a few examples of the value creation CAPP brings to its members. On that note, I’d like to take a moment to reflect more generally on what CAPP does, and why we’re able to achieve value for our membership.

When I joined CAPP just over a year ago, it was mentioned to me a few times that at CAPP, “we strive to be the best advocacy organization in Canada.” It’s a key aspiration—and one that I’ve come to recognize in my time here as being absolutely sincere.

But what does it mean to be Canada’s best advocacy organization? Who is it that we advocate to, and why?

We have three primary, absolutely vital audiences at CAPP.

The first is the public. It is essential that as an industry, we understand and take into account the views, values and interests of Canadians. Aligning ourselves to what matters most to Canadians helps ensure we have support for our operations near and within communities, as well as for market access infrastructure initiatives like pipelines and shipping terminals.

Through strong market research and ongoing communications initia-tives highlighting industry benefits, such as jobs, economic growth and world-class environmental, health and safety standards, CAPP has moved the needle of public opinion to the extent that industry supporters outnumber opponents by two to one. Now, we are at the vital stage of developing outreach and grassroots campaigns. Through the Canada’s Energy Citizens program, we are identifying, informing and involving industry supporters in key markets and on key issues—ensuring we have the kind of visible public support needed to engage and influence public policy.

Our second audience are government and regulatory agencies. CAPP engages early and often to build strong relationships at all levels of

government, the bureaucracy and regulatory agencies. With input from members, CAPP advances policy and regulatory positions that seek to enhance competitiveness, develop new markets and position our industry for success. While governments and agencies possess their own policy agendas, most recognize that their decisions are better informed when they consult with experts in impacted industries. By working collaboratively and taking a strong science-based and solutions-oriented approach, CAPP has made itself a trusted resource to governments at all levels and of all political stripes. This in turn helps us drive for policies that maintain industry competitiveness, and that enable a more streamlined and risk-based approach to regulatory oversight and enforcement.

Finally, our third audience is industry. By building consensus within the upstream industry, we are able to be a strong negotiating partner within a broader economic and stakeholder context. We can, for example, advocate for member interests effectively at things like pipeline hearings and toll negotiations, regulatory reviews and policy forums. We are also able to provide valuable resources to members in the form of industry research, reports and presentations, and to promote industry-wide performance improvement through the development and dissemination of health, safety and environmental best practices. As well, we can help attract investment opportunities through events like our annual investment symposium.

At CAPP, we know our three audiences—the public, government/regulatory agencies and industry—very well. We’ve built the neces-sary relationships, developed leading expertise and initiated the right strategies to advance our industry’s interests. We also continually work to refine our approaches, adapting to a complex and ever-changing external context. This quality of adaptation, I believe, is the founda-tion that allows us to be Canada’s best advocacy organization.

Equally important is that we never forget who we do this for: you, our members. While your companies operate in different parts of the country, and consist of varying sizes, and resource types and methods of production, the trust you place in us to speak with a unified voice is greatly empowering. It allows us to speak on your behalf to our three audiences with consistency, credibility and persuasion.

As we head into 2016, I speak for all CAPP staff in saying that it is a privilege and a responsibility to work on your behalf. We thank you all for your trust in helping us continually build a strong, resilient and competitive Canadian natural gas and oil industry. I encourage you to read this and subsequent issues of Context to stay up to date on how we are creating value for your organization throughout this year and beyond.

Sincerely,Tim McMillan

Alberta Royalty Regime Q&AFor more on CAPP’s response to the recently released Alberta royalty regime, read Tim’s Q&A on page 9.

We’ve built the necessary relationships, developed

leading expertise and initiated the right strategies to advance

our industry’s interests.

CAPP’s Three Audiences1. The public2. Government and regulatory agencies3. Industry

5C A P P.C A /CO N T E X T CONTE X T . VO LU M E 4 . ISS U E 1 . F EB RUA RY 2 0 16

PRESIDENT AND CEO’S MESSAGE

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10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 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10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 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10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 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10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 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WHAT’S UP at CAPP

2 0 15 Y E A R IN R E VIE W

JAN 22FOX CREEK, AB SEISMIC EVENT

Fox Creek, AB, experiences induced

seismicity magnitude 4.4 believed due to hydraulic

fracturing activities. For this, and a subsequent

event in the north Montney (B.C.), CAPP provides information

enabling a responsive regulatory approach,

and through community outreach fosters positive discussion and dialogue.

FEB 19LNG GETS A BOOST

The federal government announces LNG suppliers are eligible for a 30% capital

cost allowance rate, up from 8%. CAPP advocated a change along these lines in its

2015 federal budget submission.

MAR 13:ALBERTA TAILINGS

MANAGEMENT FRAMEWORK

Alberta government releases its Tailings Management Framework.

CAPP provided input to govern-ment’s policy development and

is supportive of the approach used based on project-specific

triggers and limits.

MAR 20B.C. WATER STRATEGY

B.C. government releases its Northeast Water Strategy, a framework for water-use management in the region. CAPP provided key input on pragmatic approaches to licensing groundwater under the Water Sustainability Act, thus enabling the use of low-quality or difficult-to-access groundwater sources for beneficial use in resource development in northeastern B.C. and relief from significant regulatory cost and burden.

MAY 5A NEW ALBERTA GOVERNMENT

NDP and leader Rachel Notley win provincial election, forming the first new Alberta government in 44 years. CAPP and industry form a task group and

communications and outreach plan to work with the new government on priorities to protect and grow oil and gas industry jobs.

30% CCA

MAYAPRILMARCHFEBRUARYJANUARY

APRIL 8, 9CAPP INVESTMENT SYMPOSIUM25th CAPP Scotiabank Investment Symposium held in Toronto con-nected 329 investors (a 20% increase from 2014) with oil and gas producers.

MAR 31: AER REGULATORY SAVINGS

The Alberta Energy Regulator’s (AER) 2015-16 annual report identifies $270 million in savings to upstream producers through streamlined regulations. CAPP provides ongoing input to the AER through the Near Term Action Program (NTAP).

The past year was filled with challenges, yes, but also opportunities. The following are a few highlights and milestones from the year that was, with a focus on CAPP value creation for members.

$

Photog

raph: C

ourtesy

Governm

ent of Alb

erta

$

6 C A P P.C A /CO N T E X TCONTE X T . VO LU M E 4 . ISS U E 1 . F EB RUA RY 2 0 16

WHAT’S UP AT CAPP?

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OCT 19LIBERALS WIN MAJORITY

IN FEDERAL ELECTION

The Liberals and Justin Trudeau win Canadian federal election. CAPP is engaged on key Liberal policy

proposals impacting industry, including a proposed tanker ban off

the coast of northern B.C., and the elimination of fossil fuel ‘subsidies’.

OCT 26ROYALTY REVIEW SUBMISSION

CAPP submits 60 recommendations to the Alberta royalty review panel designed to enhance Alberta’s royalty regime.

MAY 17 TO JULY 16RAISE YOUR HAND PHASE I

CAPP launches its Raise Your Hand advertising campaign, using traditional and digital media to engage oil and natural gas supporters as industry champions and advocates.

JUNECRUDE OIL FORECAST

CAPP releases its Crude Oil Forecast, Markets and Transportation predicting continued but slowing growth.

JULY 9ALLIANCE PIPELINE HEARING

The National Energy Board agrees with CAPP position that Alliance Pipeline should not be granted unlimited pricing discretion for interruptible and seasonal services.

SEP 9SPEAKER SERIES

Dave Mowat, chair of the Alberta government’s royalty review panel, addresses member questions at a CAPP-hosted Speaker Series luncheon with 500 members in attendance.

JULY OCTOBERJUNE SEPTEMBERAUGUST

203043 %+

PRODUCTION

150 MILLIONVIEWS

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JULY 6CLEAR SEAS LAUNCHED

The federal government announces the launch of Clear Seas, an independent research organization created to study and support safe and sustainable marine shipping. CAPP is providing arms- length support to the Clear Seas initiative.

7C A P P.C A /CO N T E X T CONTE X T . VO LU M E 4 . ISS U E 1 . F EB RUA RY 2 0 16

WHAT’S UP AT CAPP?

10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 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10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 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10294928375974692387480912830823758436587237498081204723965874369120387493128749537649238765489437869560870347674342165436938786045786832563762156948787256923873485347657940318748152689758043867953276749053876985086076786923653476138265490378468734906587056978934648732974856943674028343675793082479574685094238769043812094897436590548698547503487598327647215687347657326563918247680956876834650547693408975682351367863472153682365468792346095786874356983746T461245397593746492034869085476592347868746340238746815289740983475 092348U9387589436019832409812984782376476523758347590283047891826386326758723750983405890347582638457619872094381032745923658346785823974902387409819092839129736172536152437654832975094380683948756823476471625347512 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NOV 27B.C. CLIMATE LEADERSHIP RECOMMENDATIONS

The B.C. government releases the Climate Leadership Team Recommendations Report. The report favourably reflects CAPP’s climate submission recommendations on methane management, upstream electrification and protection of trade-exposed, emissions-intensive sectors.

NOV 22CLIMATE LEADERSHIP PLANAlberta government releases Climate Leadership plan which includes economy-wide carbon price, Oil Sands emissions limit, methane reduction strategy and accelerated phase-out of coal-fired electricity. In october, CAPP had submitted balanced, solutions-based recommendations to the climate panel led by Dr. Andrew Leach.

NOV 30NEW GOVERNMENT IN NEWFOUNDLAND AND LABRADOR

Liberal party defeats Conservative government in provincial election for Newfoundland and Labrador. CAPP is engaged with the new government on key policy issues including royalties and streamlining of regulatory processes.

DEC 2LINE 9B REVERSAL

Enbridge Line 9B begins delivering oil to refineries in Montreal. CAPP provided evidence on the need for market access during National Energy Board Hearings.

DEC 7TRANS MOUNTAIN TOLL SETTLEMENT

Trans Mountain toll settlement provides certainty in pre-expansion tolling and saves several hundred thousand dollars in potential hearing costs.

NOV 6OBAMA REJECTS KEYSTONE XL

Keystone XL pipeline permit application rejected by U.S. President Barack Obama. CAPP had argued that the pipeline deserved to be approved on its environmental, economic and energy security merits.

NOV 2 TO DEC 31RAISE YOUR HAND PHASE II

Fall campaign focused on driving sign-ups to the Canada’s Energy Citizens (CEC) program. Key results:

6,596 CEC sign-ups

211,713,264 online impressions

104,369 sessions on energycitizens.ca

267,492 social media reach

DECEMBERNOVEMBER

COMMUNICATIONS AND OUTREACH FOR 2015: BY THE NUMBERS

CANADA’S ENERGY CITIZENS CAMPAIGN

16,232 emailable Canada’s Energy Citizens, a 126% increase from January 2015

40,000-plus social media likes

105 Canada’s Energy Citizens events

MEDIA RELATIONS

651 interviews

20 news releases

16 opinion editorials

10 editorial board meetings

1 media tour

MARKETING

“Count Us In” Campaign for COP21: 5 digital ads, 1 web page, 2,585 pageviews

Raise Your Hand Campaign Phase I and II: 23 TV and print ads, 100+ digital ads, 17 weeks in market

22 infographics

17 fact sheets

OUTREACH

82 events with stakeholders reaching

1,630 individuals

80 events/conferences sponsored and attended

3 updated factbooks

Over 1.8 million pageviews over 7 web properties

5 new websites launched

RESEARCH

6 Alberta issues surveys

3 national polling surveys

MEMBERS

4 issues of Context Magazine

50 issues of Context Weekly e-newsletter

2 Tim Talk videos

3 Speaker Series events

1 CAPP Scotiabank Investment Symposium

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WHAT’S UP AT CAPP?

Q: What’s your perspective on the Alberta Royalty Review Report that came out on January 29, 2016?

TM: We feel that it is a balanced report guided by a set of lasting principles. Most importantly, the report helps restore certainty and predictability needed to attract investment to create more jobs and value to Albertans. It’s a foundation that allows us to move forward.

We also appreciate that the review was conducted in a timely manner that was open to input from all Albertans, including our industry. I think it followed a fair, credible process which confirms that Albertans do already get their “fair share” of benefit from the province’s oil and natural gas resources.

The 200-page report covers a lot of ground, and there are important details that remain to be defined as the government shifts toward policy implementation. We are reviewing the report thoroughly to assess its full impact on our industry and provide input where needed.

One thing we’ll be looking closely at is the mandate to increase public disclosure of oil sands project costs. It will be important for this to be implemented in a manner that avoids unintended consequences, such as putting Alberta projects at a competitive disadvantage relative to other jurisdictions. We are also looking forward to getting more details on proposed value-added programs for the natural gas and oil sands sectors. I think we can provide input to ensure these programs are successful at creating jobs and enhancing industry competitiveness.

Q: Did the government listen to industry’s concerns? Are these concerns reflected in the new regime?

TM: As an industry, we made a strong case for a royalty framework that is stable, predictable and competitive. I think that decisions like maintaining the existing oil sands regime and the fact that the new rules will only apply to projects starting in 2017, are positive signals that the government understands and is serious about encourag-ing investment in Alberta at this difficult time.

That said, I think this report sets the stage for more work between industry and government to ensure Alberta’s oil and gas sector is competitive in North America. Royalties are just one part of the competitiveness equation. Given today’s economic situation, now is the time for industry and government to work together on solutions to make Alberta a world-class province to do business.

Q: What are the next steps?

TM: Over the next 60 days, till March 31st, there will be a calibration period where the government will finalize details of the framework. We will be engaging government to understand further the imple-mentation phase and provide feedback as needed.

Also, we’ll be approaching the government on developing a broad competitiveness strategy. This strategy should examine the province’s cost structure in light of current and future policies, and look at what can be done by government and industry on key matters such as market access, regulatory timeliness, First Nations engagement, promoting technological innovation and so on.

Q: Anything members can or should be doing?

TM: Member volunteers on our executive policy groups and working committees continue to provide essential expertise in analyzing and understanding the new royalty regime and providing solutions-oriented recommendations as needed, with a focus on enhancing industry competitiveness.

As well, given our broader focus on working with the government on competitiveness issues, members can definitely help. Through their communications with friends, colleagues and government, as well as by joining our Canada’s Energy Citizens campaign [www.energycitizens.ca], they can add their voices to ensure the government understands how important this industry is to Albertans, and that there’s still work to be done to ensure this industry continues to provide jobs and economic benefits for all Albertans over the long-term.

Q&A:ALBERTA’S ROYALTY REVIEW REPORT

“Now is the time for industry and government to work together on solutions to make Alberta a world-class province to do business.”

Alberta’s New Royalty Regime: Key Facts• No changes to the oil sands royalty regime;• New royalty rates for non-oil sands wells will only apply on

new wells starting in 2017 and beyond. Existing wells will have current royalty rates grandfathered for 10 years;

• A simpler and more standardized royalty framework applies to both oil and natural gas:

This framework includes a flat royalty rate of five per cent until a project’s costs are recovered;

Royalty calculations based on revenue minus costs will replace calculations based on commodity price.

Context chats with CAPP president and CEO Tim McMillan about the Alberta government’s new royalty regime and what it means for upstream producers in the province.

Learn more at www.alberta.ca/royalties-overview.cfm

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FEATURE STORY

C A P P ’ S 2 0 16 ST R AT EGIC P R IO R ITIE S , A S A P P ROV ED BY T H E C A P P B OA R D O F GOV ER N O R S.

THE YEAR AHEAD

2016 PRIORITIES

Government Change ManagementWHERE WE'RE ATThere is a new federal government, new governments in Alberta and Newfoundland and upcoming elections in Manitoba (April 19, 2016) and Saskatchewan (April 4, 2016).

The federal government has iden-tified several key policy/legislation targets which have direct impacts on industry (i.e. NEB review, fossil fuel “subsidies”, B.C. crude tanker moratorium, Aboriginal engagement, SARA, etc).

KEY ACTIONS/TARGETS FOR 2016· Continue education, dialogue and relationship building across all levels of government.

· Advocate on behalf of industry priori-ties: market access and competitiveness.

Aboriginal Engagement

WHERE WE'RE ATCAPP’s Aboriginal Engagement Initiative is under way with initially positive responses.

KEY ACTIONS/TARGETS FOR 2016· Continue CAPP’s Engagement Initiative and seek to build posi-tive partnerships among industry and Aboriginal groups.

· Continue advo-cacy with provincial governments (and initiate at federal level) on UNDRIP* implemen-tation: build-ing upon strength-ened Crown engagement and seeking an imple-mentation approach consistent with Canadian constitu-tion and law.

Royalty FrameworkWHERE WE'RE ATThe Alberta govern-ment’s new royalty regime leaves oil sands royalties unchanged while introducing a simpler and more stan-dardized royalty framework to non-oil sands wells to take effect in 2017.

KEY ACTIONS/TARGETS FOR 2016· Advocate for balanced policy decisions that maintain competitiveness and minimize adverse impact to industry.

· Provide industry expertise to ensure design details are effective and efficient.

Climate Change Policy

WHERE WE'RE ATThe Alberta gov-ernment climate leadership plan includes a broad carbon price and an overall emis-sions cap for oil sands. The fed-eral government plans to introduce a pan-Canadian framework for com-bating climate change.

KEY ACTIONS/TARGETS FOR 2016· Advocate for balanced policy decisions that maintain competitiveness and minimize adverse impact to industry.

· Provide industry expertise to ensure design details are effective and efficient.

*UNDRIP: U.N. Declaration on the Rights of Indigenous Peoples

WHERE WE'RE ATOil: More capacity is required to

accommodate future production growth and increasing global energy demand.

Natural Gas: The shrinking of traditional markets in the U.S.

creates a need for new markets such as overseas LNG.

KEY ACTIONS/TARGETS FOR 2016· Gain regulatory support for new infrastructure and capacity.

· Gain public and government support through advocacy emphasizing the safety and economic benefits of trans-portation infrastructure.

Market Access

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FEATURE STORY

Did You Know?Municipal taxes represent $1.1 billion in annual costs to CAPP members. It’s estimated that this tax burden has been increasing at a rate of $60 million annually.

Hydraulic FracturingWHERE WE'RE ATRecent seismic events in Alberta and B.C. have raised concern regard-ing hydraulic fracturing practices and regulations.

KEY ACTIONS/TARGETS FOR 2016· Continue to develop awareness of the issue and the strong regulatory practices in place to mitigate risks.

· Develop stronger advocacy messages with science-based evidence of past performance and innovation.

LiabilityWHERE WE'RE ATLiability manage-ment (related to, for example, orphan wells) is an area of growing concern.

KEY ACTIONS/TARGETS FOR 2016· Continue to develop policy/reg-ulatory solutions and alternatives for government consideration.

Species at Risk ActWHERE WE'RE ATThe federal government requires the provinces have range plans to protect

caribou habitat in place by 2017. There is a risk of a

moratorium on resource development and increased access costs within caribou ranges in

B.C. and Alberta.

KEY ACTIONS/TARGETS FOR 2016· Continue advocacy for a strong solutions-based approach, highlighting the net positive impact of oil and gas development.

Oil Sands Policy IssuesWHERE WE'RE ATUpstream environmental per-formance for the oil sands con-tinues to be a focus for the public, industry and governments.

KEY ACTIONS/TARGETS FOR 2016· Seek areas of alignment within CAPP and beyond (e.g. COSIA) to demonstrate envi-ronmental performance and leadership.

· Provide technical expertise to the Government of Alberta on select topics to inform responsible policy/regulation development.

· Ensure government understands the cumulative cost burden caused by multiple policies and regulations impacting the industry.

Municipal TaxesWHERE WE'RE ATThe Alberta municipal government act (MGA) review is in the legislative development phase. Saskatchewan is undertaking a municipal tax review. Municipal taxes are a significant cost burden for producers.

KEY ACTIONS/TARGETS FOR 2016· Continue to advo-cate for a review of legislation that focuses on tax reductions and assessment prac-tice improvements.

The CAPP Value PropositionCAPP members get value from a strong, unified industry voice that provides advocacy focused on:

REGULATORY AND LEGISLATIVE CHANGEResponding to changes or proposed changes made by government. Working with members, CAPP assembles technical and legal expertise to develop and advocate positions and solutions that lead to balanced policies and credible, efficient regulatory systems.

PIPELINE HEARINGSIntervening to ensure fairness of structure and reasonable costs that are competitive for shippers while enabling pipelines to operate safely and reliably.

CURRENT ISSUES AND COMMUNICATIONS MANAGEMENTEnsuring that upstream oil and gas producers have a voice and clearly articulated positions on public issues that arise.

HEALTH AND SAFETY LEADERSHIPFostering best practices and world-leading health and safety standards through active engagement with safety associations and occupational health and safety regulatory bodies.

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FEATURE STORY

Not actors. Real Canadians.

RAISE YOUR HAND FORCANADAWith the third largest oil reserves on the planet Canada has the

energy the world and Canadians need. More than half of the oil

in Quebec and Atlantic Canada is imported from countries such

as the U.S., Saudi Arabia, Iraq, Norway and Algeria. Now is the time

to build the infrastructure to get our energy to more Canadians

and keep the economic benefi ts at home.

Think oil and natural gas developed the Canadian way is good

for Canada? Then raise your hand and show your support by

joining Canada’s Energy Citizens at

energycitizens.ca