EFTA Document EFTA01367334

31 May 2015 Integrated Oil US Integrated Oils Capex Reductions Show me the money (or ack therecyr) In addition to the relatively robust queue of project starts, the production outlook is largely supported by what we have seen in global capex trends, where cuts have been disproportionately driven by major project deferral (ie. FID delays, with volume impact felt 3-5 years out), rather than cuts to brownfield/maintenance spend. In other words, the nature of the capex cuts are likely to h