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    Dennis Fong • CIBC World Markets

    Dennis Fong's questions to Canadian Natural Resources Ltd (CNQ) leadership

    Dennis Fong's questions to Canadian Natural Resources Ltd (CNQ) leadership • Q2 2025

    Question

    Dennis Fong from CIBC asked for an update on the M&A environment, the company's comfort with the current policy landscape, and how it views opportunities for mine progression and optimization at the Horizon project.

    Answer

    President Scott Seltz stated that recent acquisitions are viewed as accretive opportunities that add immediate cash flow and inventory, balancing organic growth. Regarding Horizon, he detailed that the mine plan will progress through the southern portion for the next 7-8 years before moving to the North Pit, with other adjacent land holdings offering significant future development potential.

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    Dennis Fong's questions to Canadian Natural Resources Ltd (CNQ) leadership • Q1 2025

    Question

    Dennis Fong asked about the potential integration opportunities and synergies from gaining 100% ownership of the Horizon and Albian mining assets, and inquired about the strategy to utilize available capacity at the Wolf Lake and Primrose thermal facilities.

    Answer

    Scott Stauth, President, explained that full ownership of the adjacent mining sites creates significant efficiencies through shared heavy equipment, warehouse inventory, and services. Regarding Primrose, he stated that following strong well results, the company will adjust development plans to ensure steam plants run at full capacity, maximizing the value of latent facility capacity.

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    Dennis Fong's questions to Canadian Natural Resources Ltd (CNQ) leadership • Q1 2025

    Question

    Dennis Fong of CIBC Capital Markets inquired about the potential integration and synergy opportunities from gaining 100% ownership of the Horizon and Albian mining assets, and asked about the strategy to utilize latent capacity at the Wolf Lake and Primrose thermal facilities.

    Answer

    President Scott Stauth detailed that full ownership of the mining assets would enable significant efficiencies through shared equipment and inventory. Regarding Primrose, he explained that capital was reallocated to the area following strong well results, with the objective of maximizing steam plant capacity and filling available oil handling infrastructure over time.

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    Dennis Fong's questions to Canadian Natural Resources Ltd (CNQ) leadership • Q4 2024

    Question

    Dennis Fong asked about potential options if AOSP mine optimization exceeds Scotford Upgrader capacity and what steps are needed to utilize the 70,000 bbl/d of unused thermal processing capacity.

    Answer

    President Scott Stauth stated that the next step for AOSP would likely be a paraffinic treatment facility to move additional bitumen barrels to market. To unlock the thermal capacity, primarily at Primrose and Wolf Lake, he identified steam availability as the key factor, which will be addressed through pad additions and the ongoing evaluation of solvent implementation.

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    Dennis Fong's questions to Canadian Natural Resources Ltd (CNQ) leadership • Q2 2024

    Question

    Dennis Fong followed up on SCO production, asking how teams might drive outperformance beyond Horizon's stated capacity and the potential impact on cost structure. He also inquired about the long-term development strategy for the company's large conventional heavy oil assets.

    Answer

    CFO Mark Stainthorpe responded that while it's too early to quantify the full upside at Horizon post-debottleneck, early signs are positive and a clearer picture will emerge in the next quarter. Regarding heavy oil, he explained that development is guided by a corporate capital allocation strategy that prioritizes the best returns, and current activity levels are likely to continue into 2025 if oil prices remain strong.

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    Dennis Fong's questions to Suncor Energy Inc (SU) leadership

    Dennis Fong's questions to Suncor Energy Inc (SU) leadership • Q2 2025

    Question

    Dennis Fong from CIBC Capital Markets asked for details on the systematic approach behind Suncor's improved turnaround performance and requested an update on the Fort Hills North Pit development and its impact on future production.

    Answer

    President and CEO Rich Kruger and EVP of Downstream Dave Oldreive explained that improved turnaround performance stems from a disciplined, two-year advance planning process involving benchmarking, risk-based work selection, and strong execution. EVP of Oil Sands Peter Zebedee confirmed that Fort Hills is exceeding its plan, with the North Pit development progressing on schedule, supporting future production increases. Kruger added that they are exploring debottlenecking opportunities for the asset.

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    Dennis Fong's questions to Suncor Energy Inc (SU) leadership • Q1 2025

    Question

    Dennis Fong of CIBC Capital Markets inquired about Suncor's strategy for managing oil sands operations during harsh winter conditions and asked for an update on the 'Mine Connect' optimization tool's performance and any incremental benefits.

    Answer

    CEO Richard Kruger stated Suncor aims to be a 'weather maker, not a weather taker' by engineering resiliency into its operations. EVP, Oil Sands Peter Zebedee added that their integrated system buffers asset-specific issues, while EVP, Downstream Dave Oldreive noted that winterization planning begins in July. Regarding 'Mine Connect', Zebedee explained it provides real-time data for immediate operational action, which Kruger highlighted as key to optimizing fleet efficiency without delay.

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    Dennis Fong's questions to Suncor Energy Inc (SU) leadership • Q4 2024

    Question

    Dennis Fong from CIBC World Markets requested an update on the Fort Hills mine progression, including the transition between pits and heavy equipment deliveries. He also asked about risk mitigation and cost control measures for the significant 2025 turnarounds, particularly the 91-day coke drum replacement project.

    Answer

    EVP, Oil Sands, Peter Zebedee, reported that the transition to the center and north pits at Fort Hills is well underway, with ore delivery now predominantly from these new pits. He confirmed that 45 of the 55 new haul trucks were received in 2024, with the remainder arriving by February 2025. Regarding the turnaround, SVP, Operational Improvement, Shelley Powell, detailed the extensive planning for the coke drum replacement, noting that 2.3 million of the 2.8 million total project hours are already complete and all major equipment is on-site. CEO Richard Kruger added that the project's duration was already optimized from over 100 days down to the planned 91 days.

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    Dennis Fong's questions to Suncor Energy Inc (SU) leadership • Q2 2024

    Question

    Dennis Fong from CIBC asked for details on the MineConnect technology's impact on mining fleet efficiency and the effect of new ultra-class trucks. He also requested an update on downstream marketing, inventory management, and the strategy for utilizing the TMX pipeline.

    Answer

    EVP of Oil Sands Peter Zebedee explained that MineConnect drives performance through data transparency and internal competition. CFO Kris Smith noted that strong downstream margin capture was driven by high utilization, effective channel mix, and actively marketing into TMX end-markets. CEO Rich Kruger added that Suncor's refined product sales growth is outpacing the market due to reliability and strategic relationships.

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    Dennis Fong's questions to Cenovus Energy Inc (CVE) leadership

    Dennis Fong's questions to Cenovus Energy Inc (CVE) leadership • Q2 2025

    Question

    Dennis Fong asked for details on the capital expenditure sizing and spending cadence for future growth projects, and inquired about what was learned during the Toledo and Lima turnarounds that provides confidence in future reliability.

    Answer

    President & CEO Jon McKenzie explained that the current major investment cycle concludes in 2025, with 2026 capital expected to be significantly lower. He noted that during the Toledo turnaround, teams were 'pleasantly surprised' by not finding significant unexpected work, which boosts confidence in achieving a 'good clean run' and higher reliability.

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    Dennis Fong's questions to Cenovus Energy Inc (CVE) leadership • Q2 2025

    Question

    Dennis Fong asked for details on the capital expenditure sizing and spending cadence for upcoming growth projects, and what was learned during the Toledo and Lima turnarounds that provides confidence in future operational strength.

    Answer

    Jon McKenzie, Director, President & CEO, reiterated that 2026 capital would be significantly lower, using a 'low $4 billion' marker, and outlined a potential $150-$200 million investment for the Lloydminster heavy oil business. He added that during the Toledo turnaround, inspections of major units revealed no significant unexpected issues, which increases confidence in future reliability.

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    Dennis Fong's questions to Cenovus Energy Inc (CVE) leadership • Q1 2025

    Question

    Dennis Fong asked about further optimization opportunities at the Toledo refinery post-turnaround and the expected trajectory for operating expenses and steam-oil ratios (SOR) at the Sunrise asset.

    Answer

    CEO Jon McKenzie highlighted a medium-term goal to operate the Lima and Toledo refineries as an integrated unit and improve market access via all egress options. For Sunrise, he stated the plan is to increase production to 75,000 bbl/d, which will drive the SOR down towards 3.0 as operations move into the higher-quality East development area.

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    Dennis Fong's questions to Cenovus Energy Inc (CVE) leadership • Q4 2024

    Question

    Dennis Fong inquired about specific projects improving U.S. Downstream utilization, the drilling plan and cost controls for the West White Rose project, and learnings from the product supply agreement with BP for the Toledo refinery.

    Answer

    CEO Jon McKenzie detailed reliability improvements at the Lloydminster Upgrader and Lima refinery, and outlined upcoming work at Toledo. For West White Rose, he stated drilling will begin in Q4 2025, targeting first oil in H1 2026. Executive Geoff Murray added that the BP supply agreement for Toledo is a relatively small but useful tool for placing physical volumes, which is continuously evaluated for optimization.

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    Dennis Fong's questions to Cenovus Energy Inc (CVE) leadership • Q2 2024

    Question

    Dennis Fong from CIBC World Markets questioned the operational status of the Lima and Toledo refineries following reported hiccups and inquired about the strategy for bolstering production at thermal heavy oil assets.

    Answer

    Executive Keith Chiasson confirmed that Lima and Toledo experienced process upsets but were undergoing maintenance and expected to restart shortly. He emphasized ongoing work to improve reliability across the U.S. refining fleet. For thermal assets, he highlighted the deployment of Cenovus technology, resource delineation, NCG injection, and new well pads at Sunrise as key drivers of resilient production and future growth.

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    Dennis Fong's questions to Baytex Energy Corp (BTE) leadership

    Dennis Fong's questions to Baytex Energy Corp (BTE) leadership • Q1 2025

    Question

    Dennis Fong inquired about the company's commodity hedging strategy, including its ultimate goals and appetite for adding more hedges. He also asked for the rationale behind shifting 100% of post-dividend free cash flow to debt repayment instead of share buybacks.

    Answer

    President and CEO Eric Greager stated that the hedging program is anchored to the balance sheet, with the $60 floor designed to protect capital spending. He noted that while they would like to extend hedges, market conditions have been unfavorable. Regarding capital allocation, Greager described the pivot to debt repayment as a prudent, near-term discretionary move in a weak price environment to prioritize the balance sheet, while emphasizing the dividend remains a commitment.

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    Dennis Fong's questions to Imperial Oil Ltd (IMO) leadership

    Dennis Fong's questions to Imperial Oil Ltd (IMO) leadership • Q1 2025

    Question

    Dennis Fong requested more detail on the factors giving Imperial confidence to extend turnaround intervals at Kearl to four years and asked how the company is strategically thinking about deploying capital opportunistically given its balance sheet strength.

    Answer

    CEO Bradley Corson and SVP of Upstream Cheryl Gomez-Smith explained that the confidence in extending turnaround intervals comes from a long-term journey of optimization. This includes integrating technology, data analytics, benchmarking, and a relentless focus on defining essential turnaround tasks. On capital strategy, CEO Bradley Corson reiterated that the M&A bar is high. Incoming CEO John Whelan added that the strategy will remain consistent, focusing on maximizing existing assets, targeted growth, and leveraging competitive advantages rather than major shifts.

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    Dennis Fong's questions to Imperial Oil Ltd (IMO) leadership • Q4 2024

    Question

    Dennis Fong from CIBC World Markets asked for details on the specific initiatives driving record performance at the Kearl asset, including the autonomous fleet and technology. He also questioned the company's capital allocation priorities between organic growth, M&A, and shareholder returns, and how it evaluates its portfolio against external opportunities.

    Answer

    SVP of the Upstream Cheryl Gomez-Smith detailed Kearl's success, citing reliability improvements, an 8-10% productivity increase from automated trucks, and digital optimization. CEO Bradley Corson added that turnaround durations have been cut from 70 days annually to under 20. On capital allocation, Mr. Corson and SVP of Finance Dan Lyons reiterated their framework: a growing dividend, sustaining capital, high-return growth projects (with a high bar for M&A vs. internal options like Aspen), and returning all surplus cash to shareholders.

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    Dennis Fong's questions to Imperial Oil Ltd (IMO) leadership • Q2 2024

    Question

    Dennis Fong from CIBC World Markets inquired about potential redevelopment opportunities at other Cold Lake regions, similar to the Leming project. He also asked about the company's comfort level with its cash balance and how that influences shareholder return decisions.

    Answer

    Bradley Corson, Chairman, President and CEO, confirmed the team is evaluating the entire Cold Lake resource base for future redevelopment opportunities. He also reiterated that the company does not target a specific cash balance and aims to return surplus cash to shareholders, feeling comfortable with the lower balance seen at the end of 2023.

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    Dennis Fong's questions to Imperial Oil Ltd (IMO) leadership • Q1 2024

    Question

    Dennis Fong asked for an update on the Grand Rapids project's production ramp-up and the criteria for sanctioning Phase 2, and also inquired about learnings from the Kearl digital twin.

    Answer

    Bradley Corson, Chairman, President and CEO, reported that Grand Rapids is progressing as planned, with initial production expected in the coming weeks and a ramp-up to 15,000 bpd by Q4. A decision on Phase 2 will follow after capturing learnings from Phase 1. Simon Younger, SVP of the Upstream, added that the digital twin technology at Kearl and Cold Lake has been a major success, improving maintenance, project execution, and production optimization through AI, with the technology now being adopted more broadly by ExxonMobil.

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    Dennis Fong's questions to Imperial Oil Ltd (IMO) leadership • Q1 2024

    Question

    Dennis Fong requested more detail on the factors giving Imperial confidence in extending turnaround intervals at its Kearl facility to four years. He also asked how the company is strategically thinking about opportunistic capital deployment given current market uncertainty.

    Answer

    SVP of Upstream Cheryl Gomez-Smith explained that confidence in extending Kearl's turnaround intervals comes from a combination of integrating new technology, data analytics, global benchmarking, and a relentless focus on optimizing maintenance scope. Incoming CEO John Whelan addressed capital strategy, stating it will remain consistent, focusing on maximizing existing assets and maintaining a high bar for any potential M&A, ensuring any new opportunity competes with their high-quality internal portfolio.

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    Dennis Fong's questions to Ovintiv Inc (OVV) leadership

    Dennis Fong's questions to Ovintiv Inc (OVV) leadership • Q4 2024

    Question

    Dennis Fong inquired about the key characteristics Ovintiv seeks in long-term gas contracts and how its supply chain management group is managing risks like potential tariffs.

    Answer

    Executive Brendan McCracken described a portfolio approach to gas marketing, seeking a mix of LNG and local demand while avoiding long-term, fixed-cost transport contracts into uncertain markets. Both McCracken and Executive Gregory Givens detailed a proactive supply chain strategy, noting they have secured most 2025 tubulars domestically and have traced supply chains to mitigate tariff and security risks.

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