EFTA Document EFTA01367345

31 May 2015 Integrated Oil US Integrated Oils Incentivizing the US producer As mentioned previously, the 500 Mb/d call on US onshore growth in 2017 will begin to ramp in the 21116. We estimate that as early as late 2016 -350 Mb/d of US onshore crude production will be needed vs. 1016 production levels. Assuming the need for an incremental 350 Mb/d of YoY growth in US Lower 48 oil production starting in the 211 of 2016 there is a clear need for WTI price to incentivize incremental activi