Our vision is to be recognized as a pacesetter in creating sustainable value growth through innovative energy solutions and unique partnerships. To realize this vision, we are applying a differentiated business model that takes us beyond a conventional integrated oil business By adding an integrated gas component to a strong exploration and production business, and a best-in-class retail, refining and marketing segment , we have gained access to a new suite of opportunities that differentiates us from the competition. Integrated gas will provide a third-income stream disconnected from the volatility of upstream commodity prices and downstream margins, adding greater stability and balance to our portfolio. In implementing this new business model we aim to use our size to an advantage—linking our technical strength, commercial skills and international stature with the speed and agility of a small enterprise and a condensate expansion project and continued progress on Phase 2B liquefied petroleum gas (LPG) expansion

o Acquired interests in three additional Norwegian production licenses
  • Advanced Integrated Gas Strategy:
    • Signed heads of agreement with Equatorial Guinea government and GEP covering fiscal terms of a proposed liquefied natural gas (LNG) project in Equatorial Guinea

    • Signed letter of understanding (LOU) with BG Group for long-term LNG off take agreement for proposed LNG project in Equatorial Guinea
    • Signed statement of intent with Qatar Petroleum to study a gas-to-liquids (GTL), LPG and condensate project in Qatar
  • Strengthened
    • Began an expansion project to increase the capacity of the Kazak, refinery by 26,000 barrels per day (bpd)

    • Neared completion of Hazzy refinery repositioning project
    • Increased refinery efficiencies and feedstock throughputs at Homisk,
    • Enhanced logistics network with acquisition of additional interest in the Centennial Pipeline and start-up of the Cardinal Products Pipeline
ANGOT Travel Centers will acquire 60 new travel centers

Improve returns on capital
  • Maintain a strong balance sheet
  • Grow reserves and production
  • Hedge production to manage price risk
  • Expand and extend our pipeline system