Presentation from Maersk Oil's recent Capital Markets Day

1. DELIVERY TODAY, GROWTH TOMORROW
Maersk Oil, Capital Markets Day, 24 September 2014

2. Legal notice
This presentation contains certain forward looking statements (all statements that are not entirely based on historical facts,
among others expectations to future financial performance, developments, resources growth and production levels). Those
forward looking statements reflect current views on future events and are by their nature subject to significant risks and
uncertainties because they relate to events and depend on circumstances that will occur in the future. We consider such
forward looking statements reasonable based on the information available to us at this time, but the actual results etc. may
differ materially from our expectations because of external factors as well as changes to APMM’s goals and strategy. Thus, no
undue reliance should be placed on such statements. Neither APMM, nor any other person, shall assume responsibility for the
accuracy or completeness of the forward looking statements and do not undertake any obligation to update such statements
except as required by law. This Legal Notice shall be governed by Danish Law. Any dispute arising out of or in relation to this
Legal Notice which can not be solved amicably shall be decided by the Danish Courts.
page 2

3. Jakob Thomasen
Chief Executive Officer
Today’s speakers
Graham Talbot
Chief Financial Officer
Gretchen H. Watkins
Chief Operating Officer
page 3

4. Production growth
has returned
Ambition of value
creating production
growth to 2020
remains; ROIC >10%
Significant reserves
additions over the next
2-3 years as projects
are sanctioned
6% 300 mmboe 400,000 boepd
Maersk Oil - On track
page 4

5. M aersk Oil – A Top 30 oil company
Gross production by operator, 2013 (‘000 boepd)
Note: Data from Wood Mackenzie. National Oil Companies are not included.
Maersk Oil at a glance
• 4,000 employees
• ~350 licences , incl. ~150 operated
• Active in 11 countries
• Entitlement production (2013):
235,000 boepd
• Headquartered in Copenhagen
• Wholly-owned subsidiary of APMM
0
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
5.000
Super
Majors
Midsize
companies
Majors
page 5

6. The headlines
• Maersk Oil delivers solid financial results
• Delivery of major projects in line with
expectations
• Positive discussions for next stage
development and licence renewal in Qatar
• Exploration performance is challenged
• Impairment against Brazilian oil assets
• Growth strategy rooted in core capabilities
page 6

7. Changed market
dynamics since 2012
present both challenges
and opportunities for
Maersk Oil
Safe and reliable
Operations
Delivering profitable
projects
Exploration & Acquisition
Securing value in a
challenging market
Maximising near-term
business value;
optimising production
operations and asset
integrity
NEAR-TERM
BUSINESS VALUE
OUR THREE
PILLARS
PROFITABLE
GROWTH
MARKET
DYNAMICS
page 7

8. MARKET DYNAMICS
The Al Shaheen field, Qatar
page 8

9. Industry Response
Market dynamics
The fundamental underlying change
• Softening mid-term oil price outlook
• Capital expenditure increasing;
returns declining
• Price correction expected for oil
field services
• Boom in US unconventionals
• Increasing importance of gas
• Capital discipline
• Portfolio rationalisation
• Focus
• Cancelled or postponed projects
• Continued retreat to US onshore
• Focus on LNG (East Africa, etc.)
Trends
page 9

10. I ncreasing Capex and declining returns
among peers
Annual upstream Capex1)
(USD billion, 2005-13)
Annual Return on Invested Capital
(ROIC)2) (2005-13)
25
31 31
46
33
56
60
65
58
0
10
20
30
40
50
60
70
80
2005 2006 2007 2008 2009 2010 2011 2012 2013
1) Sum of upstream Capex for Maersk Oil’s Peer Group (Anadarko, Apache, BG, Hess, Marathon, Murphy, Noble, Occidental, Talisman)
2) Average ROIC for Peer Group
Source: Evaluate Energy
23
21
18
20
5
10
8 8
7
0%
5%
10%
15%
20%
25%
30%
2005 2006 2007 2008 2009 2010 2011 2012 2013
+11% CAGR 3x lower
page 10

11. M ore Capex for less production
Major oil companies production and upstream investment 2002-131)
Capex in FY, USD billion
Source: Evaluate Energy
1) Oil companies included: BP, Chevron, ConocoPhillips, ENI, ExxonMobil, Shell, Statoil, Total
0
50
100
150
200
250
19 20 21 22 23 24
FY 2013
12 11
08
09
10
07
06
04
05
FY 2002 03
Cumulative CAPEX
FY 2002 - FY 2013
= USD 1.4 trillion
mmboed
production
page 11

12. S ignificant change as industry responds
Divestments
“Apache has committed to completely exit its
two LNG projects, and review its international
portfolio”
Wood Mackenzie, September 2014
“Anadarko sells Mozambique gas to reinvest in
American oil”
Forbes, August 2013
“Statoil has sold a further tranche of North
Sea oil and gas assets to Wintershall for
$1.25bn”
Financial Times, September 2014
Capital Discipline
“Statoil became the latest of the western
majors to promise greater capital discipline”
Financial Times, February 2014
“Oil majors like Total and Chevron are now
prepared to ditch or delay costly
megaprojects”
New York Times, June 2013
“Experts say the issue of capital discipline has
become pivotal to any assessment of the
sector”
Financial Times, November 2013
page 12

13. Maersk Oil advantaged by:
• Consistent financial performance
• Robust and diverse portfolio
• Dominated by low cost barrels
• Material growth through existing projects
• Technical ability to unlock future
potential
• Skilled and demographically
advantaged international workforce
Well positioned for growth –
focused on value, not just volume
The Dunga field, Kazakhstan
page 13

14. NEAR-TERM
BUSINESS VALUE
Graham Talbot
Chief Financial Officer
The Skjold platform, Danish North Sea
page 14

15. M aersk Oil’s financial ambitions remain intact
Value creating growth to 400,000 boepd by 2020
Reduced exploration expenditures during portfolio rebuild
Development Capex within investment range of USD 3-5 billion annually
Sustain ROIC at a double digit level through the growth cycle
A robust resource base – focus on maturing resources to production
page 15

16. V alue creating growth to 400,000 boepd by 2020
Total production bottomed out at 226,000 boepd in Q2 2013
Entitlement production (´000 boepd)
428
377
333
257 235
400
0
50
100
150
200
250
300
350
400
450
2009 2010 2011 2012 2013 2014E 2020
>240
page 16

17. M aersk Oil delivers solid financial results
Underlying profit stabilising around USD ~1 billion per year during growth phase
Underlying segment result after tax (USD million)
1) H1 2014 adjustments incl. Brazil impairment
1.368
1.561
2.121
1.358
980 1.000
2009 2010 2011 2012 2013 2014E
-204 98 -9 1,086 66 -1,828 1)
Impairments
& other
one-offs
~
2,500
2,000
1,500
1,000
500
0
page 17

18. C ontinued strong cash flow
Will be utilised to fund Maersk Oil’s portfolio of growth projects
Cash flow from operating activities
(USD million)
• 2009-2013 total cash flow from
operations after exploration costs
of USD ~19 billion
• Total investments of USD ~12 billion –
USD ~8.5 billion for development
Capex and USD ~3.5 billion for
acquisitions
• Generating net cash flow of USD 6.8
billion over the past five years
• Development Capex increasing
towards USD 3-5 billion/year with
maturing major projects
2,232
1,277 1,326
1,757 1,670
685
2,462
840
1,992
577
1,898
1,446
2009 2010 2011 2012 2013
1) Average Oil price (USD/bbl) 2) Production level (‘000 bpd)
Oil Price1) 62 80 111 112 109
Production2) 428 377 333 257 235
5,000
4,000
3,000
2,000
1,000
0
3,191
3,954
4,365
3,857
3,246
Net Cash Flow Acquisitions Development Capex
page 18

19. R OIC to remain at a double digit level
Continued cost efficient operations will be the driver through the growth cycle
Maersk Oil ROIC (%) Industry ROIC
(%, 3 year avg. 2011-2013)
Note: Peer group data based on Evaluate Energy information
-5
0
5
10
15
20
25
30
35
Maersk Oil
Occidental
Hess
Murphy
BG Group
Marathon
Apache
Noble
Anadarko
Talisman
23%
33%
37% 36%
16% 19%
2009 2010 2011 2012 2013 Q2
2014
2020
1)
-97%
1) Underlying Q2 2014 ROIC excl. Brazil impairment.
2020 ROIC target based on oil price assumption of USD 100/bbl.
Target
>10%
40
30
20
10
0
-100
page 19

20. B uilding our reserves
and resources
(million boe) End 2013 End 2012
Proved reserves (1P) 392 410
Probable reserves (2Pincrement) 207 209
Proved and Probable reserves (2P) 599 619
Contingent resources (2C) 874 740
Reserves & resources (2P + 2C) 1,473 1,359
2013 Highlights
• 1P reserves replacement ratio increased to 79% with
86 million barrels entitlement production (2012: 65%)
• 2P + 2C reserves and resources increased 8%
• Post-2017 Qatar reserves and resources not included
3D seismic relief map, North Sea
page 20

21. Solid financial delivery
during the growth phase
• Material growth through existing
projects
• Consistent contribution to
Group results
• Maintain double digit ROIC
• Increased focus on cost and efficiency
The El Merk facility, Algeria
page 21

22. OUR THREE PILLARS
Gretchen H. Watkins
Chief Operating Officer
page 22

23. T he three pillars of our business
SAFETY – INCIDENT FREE
TECHNOLOGY
PEOPLE AND LEADERSHIP
Short-term delivery:
OPERATIONS EXCELLENCE
Medium-term growth:
PROJECT DELIVERY
Long-term growth:
EXPLORATION & ACQUISITION
page 23

24. O ur portfolio of assets
Exploration Projects Production
Entitlement Production 2013
(’000 boepd) Total: 235
Algeria 28
Denmark 70
Qatar 99
UK 30
Kazakhstan 3 Brazil 5
page 24

25. An evolving portfolio - Maersk Oil Entitlement Production, 2013 and 2020
Hydrocarbon type (%) Location (%) Operatorship (%) OECD/non-OECD (%)
0
20
40
60
80
100
2013 2020
0%
20%
40%
60%
80%
100%
2013 2020
0%
20%
40%
60%
80%
100%
2013 2020
0
20
40
60
80
100
2013 2020
Note: Future production excludes contributions from Exploration portfolio
Operations Excellence
Oil
Gas
Deepwater
Shallow water Onshore
Operated
Operated by others
OECD
Non-OECD
page 25

26. Realising untapped value from late life assets
Production gains from Operations
Excellence
Danish Business Unit, Gross oil production (‘000 boepd)
Shutdown performance within
target range
Entire Portfolio, Performance index (YTD 2014)
Protect the base and improve recovery through
production optimisation and well work-over campaigns
Operations Excellence gains in 2013-14
Excellence in execution of planned integrity programs
to preserve assets for the future
101 98 95
60
70
80
90
100
110
120
Duration Adherence
to Scope
Entitlement
production losses
Target range
Operations Excellence
0
50
100
150
200
250
300
Mid
2014
2013
30%
page 26

27. Safe and reliable operations
Maersk Oil safety performance
Lost Time Injury Frequency (LTIF)
- per million working hours
• Reduced personal injuries over the
last 5 years, but the journey to
incident free continues
• Reducing process safety risks through
focused 5-year plans
• Environmental agenda has led to
80% CO2 reduction from flaring
since 2007
2.2
1.2
0.9 0.8 0.9 0.9
0,0
0,5
1,0
1,5
2,0
2,5
2009 2010 2011 2012 2013 2014 YTD
Operations Excellence
page 27

28. Maersk Oil’s project portfolio
1) Based on careful analysis and evaluation, both technical and commercial, Maersk Oil has decided to terminate the Ockley project.
2) Development of oil resources in the Greater Gryphon Area (Quad 9) before initiating the Gas Blowdown project in the area
>100 mmboe 50-100 mmboe <50 mmboe
Bubble size indicates estimate of net resources:
Primarily oil Primarily gas Discoveries and prospects
(Size of bubbles do not reflect volumes)
Colour indicates resource type:
Progress of key projects
since CMD October 2012
Project Delivery
Initiate &
Discoveries Assess Select Define Execute Assets
Exploration Project Maturation Process
75
Prospects in
the pipeline
10 33 11 11 16
Resources Reserves Production
Total no. of projects
per phase
Total of 75 exploration
prospects and leads in
the exploration pipeline
Golden
Johan Sverdrup Eagle
Swara Tika
Courageous
Flyndre &
Cawdor
Greater
Gryphon Area 2)
Culzean
Jackdaw
Wahoo
Itaipu
Tyra Future
Tyra SE
Ockley1) Zidane
Valdemar WI
Jack II
Al Shaheen
FDP 2012
UK
Algeria
Chissonga
Denmark
Kazakhstan
Qatar
Dunga III
Buckskin
Farsund Jack I
Uncertainty
page 28

29. Portfolio of projects to deliver growth >10% ROIC
Entitlement Production (´000 boepd)
1) Operated by Maersk Oil
Note: Existing fields decline is net of work programmes to increase well potential
0
50
100
150
200
250
300
350
400
450
2013 Chissonga
Angola
Culzean
UK
Johan Sverdrup
Norway
Golden Eagle
UK
Jack
USA
Tyra SE Other
Projects
Existing
fields
decline
2020
1) 1)
1)
235
400
Project Delivery
page 29

30. Projects in Execute - First Oil 2014/2015
Tyra Southeast, Denmark
• Operated by Maersk Oil (31.2%)
• Co-venturers are Shell (36.8%),
Nordsoefonden (20%) and
Chevron (12%)
• Net plateau production is estimated
at 4,000 boepd
• Net Capex USD 0.3 billion
Jack, USA
• Operated by Chevron (50%)
• Co-venturers are Maersk Oil (25%)
and Statoil (25%)
• Net plateau production is estimated
at 8,000 boepd
• Net Capex USD 0.7 billion
1)
Golden Eagle, United Kingdom
• Operated by Nexen (36.54%)
• Co-venturers are Maersk Oil
(31.56%), Suncor Energy (26.69%)
and Edinburgh Oil & Gas (5.21%)
• Net plateau production is
estimated at 20,000 boepd
• Net Capex USD 1.1 billion
Project Delivery
1) Phase 1 Maersk Oil estimate
page 30

31. Projects in Define - Sanction in 2014/2015
Johan Sverdrup, Norway
• Operated by Statoil (pre-unit operator
for all three licenses covering PL265,
PL501 and PL502)
• PL501 operator is Lundin (40%), with
co-venturers Maersk Oil (20%) and
Statoil (40%)
• Net plateau production is estimated at
50-70,000 boepd
• Net Capex (phase 1): USD 2.0 billion
1)
Culzean, United Kingdom
• Operated by Maersk Oil (49.99%)
• Co-venturers are JP Nippon
(34.01%) and BP (16%)
• Net plateau production is
estimated at 30-45,000 boepd
• Net Capex USD 3.0 billion
Chissonga, Angola
• Operated by Maersk Oil (65%)
• Co-venturers are Sonangol P&P
(20%) and Odebrecht (15%)
• Development plan submitted to the
authorities, awaiting approval and
project sanction
• Tender process ongoing
1) Estimates based on concept selection in Q1 2014 for phase 1
Project Delivery
page 31

32. Exploration & Acquisition
Building long-term value
Increased costs and fewer commercial
discoveries have led to:
• Full review of exploration portfolio
• Reduced 2014 exploration spend while
in review
• Rebuilding portfolio for long-term growth
through exploration and acquisitions
Exploration & Acquisition
3D salt bodies, Angola
page 32

33. T he three pillars of our business
• An evolving portfolio
• Production gains of 30% in the
Danish North Sea
• Shutdown performance with
in target range
• Material growth through
existing projects
• Projects progressing on schedule
• Sharp focus on value delivery
• Exploration performance
is challenged
• Unit finding costs have increased
• Exploration excellence
programme launched
Short-term delivery:
OPERATIONS EXCELLENCE
Medium-term growth:
PROJECT DELIVERY
Long-term growth:
EXPLORATION & ACQUISITION
page 33

34. PROFITABLE GROWTH
Jakob Thomasen
Chief Executive Officer
page 34

35. LEVERAGE
CAPABILITIES
FOR GROWTH
• Subsurface resolution
• Well solutions
• Technology
deployment
• Solid project delivery
STRENGTHEN
EXISTING
POSITIONS
• Sustained materiality
• Organic and inorganic
growth
• Preference to operate
MAXIMISE VALUE
FROM HERITAGE
ASSETS
• Top quartile
operational
performance
• Qatar renewal
• Maximise value - short
and long-term value
A strategy built on Maersk Oil’s capabilities
page 35

36. Maersk Oil’s portfolio priorities
MAXIMISE VALUE FROM
HERITAGE ASSETS
• Denmark
• Qatar
• UK
• Algeria
STRENGTHEN EXISTING
POSITIONS
• Norway
• Kazakhstan
• Iraqi Kurdistan
• Angola
MANAGE FOR VALUE
• Brazil
• US Gulf of Mexico
• Greenland
page 36

37. Near-term
strategic actions
• Focus
• Capital discipline
• De-risking ultra-deep water
• Capital risk management
• Positioning for long-term growth The Al Shaheen field, Qatar
page 37

38. Production growth
has returned
Ambition of value
creating production
growth to 2020
remains; ROIC >10%
Significant reserves
additions over the next
2-3 years as projects
are sanctioned
6% 300 mmboe 400,000 boepd
A great deal achieved, much more to do
page 38

39. Thank you