20
Projects
15
Active
$2.8B
Portfolio Value
Q4 2025
Period
Cost & Schedule
1.05
CPI
0.98
SPI
+$42M
Variance
Health, Safety & Environment
0.15
TRIR
0
Fatalities
0.08
LTIR
Strategic Milestones
94%
Complete
18/22
Critical
5
At Risk
Top Risks & Watch Items
Cold Lake Turnaround Delay
Permian Labor Shortage
Baytown Permit Timeline
Key Decisions Needed
Dec 15
Baytown Phase 2 FID
$450M funding approval
Dec 20
Permian Gate 3 Review
Proceed to detailed engineering
Jan 8
Cold Lake Scope Change
Turnaround reschedule approval
Q4 Highlights
Rotterdam CCUS achieved mechanical completion
LCS
Permian Pad Development 47 wells online
Unconv
Beaumont Refinery upgrade FID reached
Conv
Year-End Forecast vs Plan
Portfolio Cost
Plan: $2.85B
$2.78B
Schedule Performance
Target: 100%
96%
Milestones Delivered
Plan: 24
22
Convention
Low Carbon
Unconventional
Heavy Oil
8
Projects
6
Active
On Track
Status
5
Projects
4
Active
On Track
Status
4
Projects
3
Active
On Track
Status
3
Projects
2
Active
Monitor
Status