EFTA Document EFTA01367342

31 May 2015 Integrated Oil US Integrated Oils Implied Call on the US The new, "price driven" swing producer As we stated earlier, in our view, the three most important questions in the price of crude over the next two years is: I) Do we need US Lower 48 production to grow?, 2) How much?, and 3) what is the oil price necessary to incentivize that level of growth? Despite our view that global Non-OPEC production is not on the verge of a dramatic. capex driven decline (at least through 20