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Energy Marketing & Strategy
September 8, 2015
Ray Reipas, Senior Vice President, Energy
Forward Looking Information
Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) and comparable legislation in
other provinces. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or
state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking
statements include statements relating to management’s expectations regarding future oil prices, that PFT bitumen produced at Fort Hills is expected to
be equivalent to WCS, other statements regarding our Fort Hills project, including mine life of Fort Hills, projected revenues and economics, cash flow
potential, future production targets, our market access options and projected railway and pipeline capacity.
These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. Management’s
expectations of mine life are based on the current planned production rate and assume that all resources described in this presentation are developed.
Certain forward-looking statements are based on assumptions regarding the price for Fort Hills product and the expenses for the project. In addition,
certain statements are based on assumptions set out in the presentation slides or oral presentation or assumptions regarding general business and
economic conditions, market competition, availability of market access options described in this presentation, our ongoing relations with our partners,
performance by customers and counterparties of their contractual obligations, and the future operational and financial performance of the company
generally. The foregoing list of assumptions is not exhaustive.
Events or circumstances could cause actual results to differ materially. Factors that may cause actual results to vary include, but are not limited to:
unanticipated developments in business and economic conditions in the oil market, changes in interest or currency exchange rates, changes in taxation
laws or tax authority assessing practices, legal disputes or unanticipated outcomes of legal proceedings, unanticipated operational or development
difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability
of materials and equipment, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters),
assumptions used to generate our economic analysis, decisions made by our partners or co-venturers, political events, social unrest, lack of available
financing for Teck or its partners or co-venturers, and changes in general economic conditions or conditions in the financial markets. Our Fort Hills project
is not controlled by us and construction and production schedules may be adjusted by our partners.
Certain of these risks are described in more detail in Teck’s annual information form available at www.sedar.com and in public filings with the SEC at
www.sec.gov. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise
them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
2
Building a Valuable Energy Business
3
Oil market rebalance expected post-2016,
corresponding with first oil at Fort Hills
Strategy for diversified market access
Market access improving due to falling
industry production levels
Significant free cash flow over 50 year
project life at expected long term oil price
Agenda
Oil Pricing & Quality
Market Strategy
Market Access
Fort Hills Introduction
Summary
4
Global Oil Market to Rebalance
$0
$20
$40
$60
$80
$100
$120
$140
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
US$/bbl
plotted to
August 2015
Source: EIA Short-Term Energy Outlook, July 2015
Forecast
-3
0
3
6
82
86
90
94
98
102
2010-Q1
2011-Q1
2012-Q1
2013-Q1
2014-Q1
2015-Q1
2016-Q1
MMbod
MMbpd
Implied stock change and balance (right axis)
World production (left axis)
World consumption (left axis)
2014-2015: Price drop due market imbalance
• Supply growing
− OPEC: highest ever production at 31.7 MMbpd; more
supply from Iran & Iraq
− Non-OPEC: production growing faster than global
demand; abnormally high US inventories
• Demand growth eased in 2014
− Slowing growth (especially non-OECD)
− Economic uncertainty in China
+2016: More balanced market expected
• Demand growth stronger than non-OPEC production
• Decline rates of existing fields require >5 Mbpd new
production annually
West Texas Intermediate (WTI) Price
World Production & Consumption Balance
5
MMbpd
~40
US$
Oil Price Forecasts: Near term & Long Term
North American Weekly Oil Rig Counts
Wood Mackenzie Global Market Balance 2025F
Near Term: Limited upside for North American prices
• Growing US production despite rig decline
− US shale continues to play a significant role
− No firm decision on US export capability
• Shale production economics improved, due to:
− Improved operating efficiency
− Drilling productivity gains
− Higher initial production rates
− Lower servicing costs
• Large inventory build-up
− Inventory of wells drilled but not in production
− US crude inventory above five-year averages
Long Term: Strong supply/demand fundamentals
remain in place
• Global annual demand growth of 1.0-1.5%1 expected
• Additional supply will be required
− ~20 MMbpd to offset production declines
− Wood Mackenzie forecasts ~40 MMbpd required from OPEC
in ten years, based on US$90 long-term price
Source: Baker Hughes, Wood Mackenzie, Goldman Sachs
1. PIRA Energy Consulting & EIA
0
2000
4000
6000
8000
10000
12000
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1/7/11
1/7/12
1/7/13
1/7/14
1/7/15
kbpd
#Rigs
US Rig Count CAD Rig Count
plotted to
8/21/15
6
Source: Shorecam, Net Energy
Narrower Heavy Oil Price Differential
Average Monthly WTI-WCS Differential • Western Canadian Select (WCS) is the benchmark
price for Canadian heavy oil
• WCS differential to West Texas Intermediate (WTI)
− Based on supply/demand, alternate feedstock
accessibility, refinery outages & export capability
− Long-term differential of US$10-20/bbl
− Narrowed in 2014/2015, due to:
• Export capacity growth
• Rail capability increases
• Short term production outages Q2 2015
− Improved export capability to mitigate volatility
− Recent increase due to refinery and pipeline
interruptions
• Fort Hills bitumen will be produced via Paraffinic Froth Treatment (PFT),
producing a better refinery feedstock
− Requires less diluent to meet pipeline specifications
− Improves refinery productivity
− Does not require investment in an upgrader
Fort Hills pricing expected to be at or near WCS
Long-term WTI-WCS differential
$15.69
$23.12
$16.65
Plotted to
August 2015
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
2010 2011 2012 2013 2014 2015
WCS Differential (US$/bbl)
7
Agenda
Oil Pricing & Quality
Market Strategy
Market Access
Fort Hills Introduction
Summary
8
Strategy for Diversified Market Access
Teck Marketing Plan for
50 kbpd Diluted Bitumen Blend
Cushing
Flanagan
Houston
Kitimat
Hardisty
Edmonton
Saint John
N.E.
US
US
Gulf Coast
Europe
Asia
TransCanada Energy East (Europe, Asia, US Gulf Coast, N.E. US)
Teck can enter long-term commitments
Enbridge Northern Gateway (Asia)
Keystone XL (US Gulf Coast and export)
Enbridge Flanagan South (US Gulf Coast)
Vancouver
TransMountain Pipeline (Asia)
Steele City
Asia
Europe
Asia
Superior
Sufficient export capacity in place,
including pipeline and rail capacity
• 3rd parties seeking to reduce committed pipeline
capacity, due to production cuts
Seeking long term market access to US
Gulf Coast and deep water ports
• Secured 425 kbbls dedicated storage capacity at
Hardisty
• Evaluating options to secure pipeline capacity:
− Keystone XL to US Gulf
− Transmountain expansion to Vancouver
− Energy East to East coast
9
Agenda
Oil Pricing & Quality
Market Strategy
Market Access
Fort Hills Introduction
Summary
10
The US is a Prime Market
• The United States is a prime market for Canadian blended bitumen
- Midwest is the traditional market for Canadian heavy oil
- Gulf Coast market access is a priority for long term growth
Existing North American Pipelines to US/Canadian Markets
Chicago
Flanagan
Cushing
PatokaSteele City
Sarnia
Superior
U.S. Gulf
Coast
Houston
Vancouver
Kitimat
Hardisty
Edmonton
Montreal
Saint John
Enbridge Mainline
• In service
• US Midwest,Eastern Canada markets
Enbridge Flanagan South
• Phases 1 & 2 operational Q4 2014
• 600 k bbls/day capability to US Gulf Coast
Trans Canada Keystone
• In service
• Lower US Midwest markets
Kinder Morgan TransMountain
• In service
• BC, Pacific Northwest, offshore markets
11
Additional US Pipeline Capacity Proposed
New/Proposed North American Pipelines to US Markets
Chicago
Flanagan
Cushing
PatokaSteele City
Sarnia
U.S. Gulf
Coast
Vancouver
Kitimat
Hardisty
Superior
Edmonton
Montreal
Saint John
Houston
1. Pipeline from Steele City to Houston via Cushing already in service
Enbridge Line 9B Reversal
• Construction competed, operational 2nd half 2015
• Ontario, Quebec markets
Keystone XL1
• Cushing-US Gulf Coast Market Link: In service
• Hardisty to Steele City: Awaiting US approval
• US Gulf Coast market
Enbridge Mainline (AB Clipper & Line 3 Replacement)
• Under regulatory review
• US Midwest market, Flanagan South optimization
Enbridge Line 61 Twin
• Feasibility review
• US Midwest market, Flanagan South optimization
Enbridge Flanagan South Expansion
• Feasibility review
• US Gulf Coast market
• Several new pipelines and expansions have been proposed
• Market access will be improved as projects move forward
12
Asia is a Growing Market
Proposed North American Pipelines to Tidewater Ports
Edmonton
Montreal
Chicago
Flanagan
Cushing
PatokaSteele City
Sarnia
Vancouver
Kitimat
Hardisty
Superior
Saint John
Houston
Trans Canada Energy East
• Under regulatory review
• Eastern Canada, offshore markets
Enbridge Northern Gateway
• Conditionally approved, pending sanction
• Offshore markets
TransMountain TMX Pipeline
• Under regulatory review
• Offshore markets
• Globally, heavy oil refining capacity exceeds supply
- China, India and others have been building complex refining process
units to process heavy oil
13
Growing Rail Capacity in Western Canada
• Several rail loading terminals constructed or under development
• Several market options are available, as rail off-loading facilities have been
developed throughout North America
Western Canadian Rail Capacity
Source: CAPP Crude Oil Forecast, Markets and Transportation June 2014
Estimated Rail Costs & Cycle Times
Oil Sands
Port
Arthur
US East
Coast
Vancouver
Canada West Coast
8-11 days
$9-$16/bbl East Coast
13-17 days
$15-22/bbl
US Gulf Coast
13-17 days
$15-$22/bbl
0.0
0.5
1.0
1.5
Q12013
Q12014
Q12015
Q12016
Q12017
Q12018
Q12019
Q12020
Millionbarrels/day
Base Capacity Capacity Added/Under Development Proposed Capacity
14
Sufficient Transportation Capacity in Western Canada
Assumptions
• Fort Hills first oil late 2017
• Enbridge mainline capacity expansions
move forward
• Two of the proposed new export pipelines
are put in place between 2019-2022
− Providing incremental capacity of 1.0-1.6
MM bbls/day
− Based on three potential new pipelines:
• TransMountain TMX
• Keystone XL
• Energy East
− Northern Gateway delayed
Source: CAPP (Canadian Association of Petroleum Producers), Lee& Doma, Teck
Sufficient pipeline & rail capacity to accommodate all production
2 New Pipelines
Western Canadian Transport Supply & Demand
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Millionbbls/day
2015 CAPP Supply Forecast 2014 CAPP Supply Forecast
Total Pipeline Total Pipe plus Rail
Constrained
Pipe&
Balanced
Rail
Constrained Pipe &
Excess Rail
Excess PipeBalanced
Pipe
Constrained
Pipe &
Balanced Rail
Enbridge Expansions
Fort Hills’ First Oil
15
East Tank Farm
Blending w/Condensate
Committed Logistics Solutions in Alberta
Pipeline/Terminal Operator
Pipeline
Capacity
(kbpd)
Teck
Capacity
(kbpd)
Status
Northern Courier Hot
Bitumen
TransCanada 202 40.4 Construction- ROW cleared, 30km complete
East Tank Farm - Blending Suncor 292 58.4
Construction- Civil construction and tank
foundation work initiated
Wood Buffalo Blend
Pipeline
Enbridge 550 65.3 In service
Wood Buffalo Extension Enbridge 550 65.3
Regulatory - Permit application to be submitted
by end of Q3 2015, ISD May 2017
Norlite Diluent Pipeline Enbridge 130 18.0
Regulatory - Permit and construction start-up
expected in Q3, 2015. ISD May 2017
Hardisty Blend Tankage Gibsons 425kbbls 425kbbls
Construction- Civil work ongoing, materials
ordered: ISD May 2017
Wood Buffalo
Extension
Norlite
Diluent Pipeline
Cheecham
Terminal
Hardisty
Terminal
Wood Buffalo
Pipeline
Athabasca
Pipeline
Edmonton
Terminal
Fort Hills
Mine Terminal
Northern Courier
Hot Bitumen Pipeline
Teck
Options
Export Pipeline
Rail
Local Market
Pipeline Legend
Bitumen
Blend
Diluent
Existing
New
Kirby Athabasca
Twin Pipeline
16
Northern Courier Hot Bitumen Pipeline Progress
Source: TransCanada PipeLines17
Northern Courier Pipeline Progress at Fort Hills
Source: TransCanada PipeLines18
East Tank Farm Progress
Source: Suncor Energy19
Hardisty Blend Tankage Progress
Source: Gibson Energy20
Agenda
Oil Pricing & Quality
Market Strategy
Market Access
Fort Hills Introduction
Summary
21
Truck and Shovel Feeder/Crusher Feed Surge Ore Preparation Hydrotransport
Hydrocyclones
Primary
Separation
Cells
Flotation
Thickener
Bitumen Froth
Solvent
Recovery
Unit
Froth
Settling
UnitTailings
Solvent
Recovery
Unit
Fine Asphaltene Tailings
Product
Ore Preparation
Utilities &
Offsites
Primary Extraction
Tailings
Paraffinic
Froth
Treatment
(PFT)
Mining
Coarse Tails
Fine Tails
Ore
Reject
Fort Hills
Simplified Process Flowsheet
22
Project Status and Progress
Safety and Environment
continued positive performance
construction hours
without a reportable environmental or
regulatory non-compliance
13 million
recordable injury frequency
per 200,000 exposure hours
0.35-0.45
90% engineering complete
as at August 2015
40% construction complete
as at August 2015
global fabrication, module
and logistics program
performing well to date, delivering
positive results
all critical schedule milestones
have been achieved to date
supporting target 2017 first oil
Project Progress
continues to track positively within
project sanction cost and schedule
expectations
23
Fort Hills construction productivity has improved over previous regionally
executed projects since the launch of a formal productivity improvement
program
Construction Productivity
24
Improved construction productivity serves to de-risk project execution and
contributes to on-plan schedule and on-budget cost attainment
Improved
productivity level
has been reflected in
the sanction
estimate and
schedule
Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp)
1. Estimates are based on exchange rates as shown, expected bitumen netbacks, operating costs of C$25 per barrel (including
sustaining capital of C$3-5 per barrel) and Phase 1 (pre-capital payout) royalties.
Cash Margin1 Calculation Example
Teck seeks to secure dedicated transportation capacity for
Fort Hills volumes to key markets to minimize WCS discount
~75%
Bitumen
~25%
Diluent
Typical Diluted Bitumen
(Dilbit) Blend
Western Canadian Select
(WCS) at Hardisty
Example Scenarios
WTI
Exchange
(US$/C$)
Bitumen
Netback
Cash
Margin1
US$50 $0.75 C$37 C$11
US$60 $0.80 C$43 C$16
US$70 $0.85 C$48 C$21
Fort Hills
Bitumen Netback Calculation Model
$60 $60
$43
$16
$0
$10
$20
$30
$40
$50
$60
$70
$80
25
Source: Teck
1. Estimates are based on exchange rates as shown, expected bitumen netbacks, and operating costs of C$25 per barrel (including
sustaining capital of C$3-5 per barrel).
2. Per barrel of bitumen.
3. Go-forward capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in
Canadian dollars and on a fully-escalated basis.
4. Pre-tax free cash flow yield during capital recovery period.
The Fort Hills project is expected to have significant
free cash flow yield across a range of WTI prices
Fort Hills Free Cash Flow Yield4
Sensitivity to WTI Price
Potential Contribution
from Fort Hills
US$60 WTI
& $0.80
CAD/USD
US$80 WTI
& $0.90
CAD/USD
Teck’s share of annual production
(36,000 bpd)
13 Mbpa 13 Mbpa
Estimated netback2 ~$43/bbl ~$55/bbl
Estimated operating margin2 ~$18/bbl ~$30/bbl
Alberta oil royalty – Phase 1
(prior to capital recovery) 2 ~$2/bbl ~$3/bbl
Estimated net margin2 ~$16/bbl ~$27/bbl
Annual pre-tax cash flow ~$258 M ~$335 M
Teck’s share of go-forward capex3 ~$2,940 M ~$2,940 M
Free cash flow yield4 ~9% ~11%
Fort Hills
Project Economics Are Robust1
0%
5%
10%
15%
20%
25%
$50 $60 $70 $80 $90 $100 $110 $120
WTI US$/bbl
C$0.80/US$
C$0.90/US$
FreeCashFlowYield
26
27
Proven bitumen process and no upgrading required
~50% completion at year end expected
Significant productivity improvements achieved
Attractive Free Cash Flow yield at conservative long term prices
Fort Hills
Summary
Agenda
Oil Pricing & Quality
Market Strategy
Market Access
Fort Hills Introduction
Summary
28
Building a Valuable Energy Business
29
Oil market rebalance expected post-2016,
corresponding with first oil at Fort Hills
Strategy for diversified market access
Market access improving due to falling
industry production levels
Significant free cash flow over 50 year
project life at expected long term oil price
Energy Marketing & Strategy
September 8, 2015
Ray Reipas, Senior Vice President, Energy

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Teck’s Fort McMurray Oil Sands Site Visit

  • 1. Energy Marketing & Strategy September 8, 2015 Ray Reipas, Senior Vice President, Energy
  • 2. Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) and comparable legislation in other provinces. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to management’s expectations regarding future oil prices, that PFT bitumen produced at Fort Hills is expected to be equivalent to WCS, other statements regarding our Fort Hills project, including mine life of Fort Hills, projected revenues and economics, cash flow potential, future production targets, our market access options and projected railway and pipeline capacity. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially. Management’s expectations of mine life are based on the current planned production rate and assume that all resources described in this presentation are developed. Certain forward-looking statements are based on assumptions regarding the price for Fort Hills product and the expenses for the project. In addition, certain statements are based on assumptions set out in the presentation slides or oral presentation or assumptions regarding general business and economic conditions, market competition, availability of market access options described in this presentation, our ongoing relations with our partners, performance by customers and counterparties of their contractual obligations, and the future operational and financial performance of the company generally. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to differ materially. Factors that may cause actual results to vary include, but are not limited to: unanticipated developments in business and economic conditions in the oil market, changes in interest or currency exchange rates, changes in taxation laws or tax authority assessing practices, legal disputes or unanticipated outcomes of legal proceedings, unanticipated operational or development difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), assumptions used to generate our economic analysis, decisions made by our partners or co-venturers, political events, social unrest, lack of available financing for Teck or its partners or co-venturers, and changes in general economic conditions or conditions in the financial markets. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. Certain of these risks are described in more detail in Teck’s annual information form available at www.sedar.com and in public filings with the SEC at www.sec.gov. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. 2
  • 3. Building a Valuable Energy Business 3 Oil market rebalance expected post-2016, corresponding with first oil at Fort Hills Strategy for diversified market access Market access improving due to falling industry production levels Significant free cash flow over 50 year project life at expected long term oil price
  • 4. Agenda Oil Pricing & Quality Market Strategy Market Access Fort Hills Introduction Summary 4
  • 5. Global Oil Market to Rebalance $0 $20 $40 $60 $80 $100 $120 $140 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 US$/bbl plotted to August 2015 Source: EIA Short-Term Energy Outlook, July 2015 Forecast -3 0 3 6 82 86 90 94 98 102 2010-Q1 2011-Q1 2012-Q1 2013-Q1 2014-Q1 2015-Q1 2016-Q1 MMbod MMbpd Implied stock change and balance (right axis) World production (left axis) World consumption (left axis) 2014-2015: Price drop due market imbalance • Supply growing − OPEC: highest ever production at 31.7 MMbpd; more supply from Iran & Iraq − Non-OPEC: production growing faster than global demand; abnormally high US inventories • Demand growth eased in 2014 − Slowing growth (especially non-OECD) − Economic uncertainty in China +2016: More balanced market expected • Demand growth stronger than non-OPEC production • Decline rates of existing fields require >5 Mbpd new production annually West Texas Intermediate (WTI) Price World Production & Consumption Balance 5
  • 6. MMbpd ~40 US$ Oil Price Forecasts: Near term & Long Term North American Weekly Oil Rig Counts Wood Mackenzie Global Market Balance 2025F Near Term: Limited upside for North American prices • Growing US production despite rig decline − US shale continues to play a significant role − No firm decision on US export capability • Shale production economics improved, due to: − Improved operating efficiency − Drilling productivity gains − Higher initial production rates − Lower servicing costs • Large inventory build-up − Inventory of wells drilled but not in production − US crude inventory above five-year averages Long Term: Strong supply/demand fundamentals remain in place • Global annual demand growth of 1.0-1.5%1 expected • Additional supply will be required − ~20 MMbpd to offset production declines − Wood Mackenzie forecasts ~40 MMbpd required from OPEC in ten years, based on US$90 long-term price Source: Baker Hughes, Wood Mackenzie, Goldman Sachs 1. PIRA Energy Consulting & EIA 0 2000 4000 6000 8000 10000 12000 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 1/7/11 1/7/12 1/7/13 1/7/14 1/7/15 kbpd #Rigs US Rig Count CAD Rig Count plotted to 8/21/15 6
  • 7. Source: Shorecam, Net Energy Narrower Heavy Oil Price Differential Average Monthly WTI-WCS Differential • Western Canadian Select (WCS) is the benchmark price for Canadian heavy oil • WCS differential to West Texas Intermediate (WTI) − Based on supply/demand, alternate feedstock accessibility, refinery outages & export capability − Long-term differential of US$10-20/bbl − Narrowed in 2014/2015, due to: • Export capacity growth • Rail capability increases • Short term production outages Q2 2015 − Improved export capability to mitigate volatility − Recent increase due to refinery and pipeline interruptions • Fort Hills bitumen will be produced via Paraffinic Froth Treatment (PFT), producing a better refinery feedstock − Requires less diluent to meet pipeline specifications − Improves refinery productivity − Does not require investment in an upgrader Fort Hills pricing expected to be at or near WCS Long-term WTI-WCS differential $15.69 $23.12 $16.65 Plotted to August 2015 $- $5 $10 $15 $20 $25 $30 $35 $40 $45 2010 2011 2012 2013 2014 2015 WCS Differential (US$/bbl) 7
  • 8. Agenda Oil Pricing & Quality Market Strategy Market Access Fort Hills Introduction Summary 8
  • 9. Strategy for Diversified Market Access Teck Marketing Plan for 50 kbpd Diluted Bitumen Blend Cushing Flanagan Houston Kitimat Hardisty Edmonton Saint John N.E. US US Gulf Coast Europe Asia TransCanada Energy East (Europe, Asia, US Gulf Coast, N.E. US) Teck can enter long-term commitments Enbridge Northern Gateway (Asia) Keystone XL (US Gulf Coast and export) Enbridge Flanagan South (US Gulf Coast) Vancouver TransMountain Pipeline (Asia) Steele City Asia Europe Asia Superior Sufficient export capacity in place, including pipeline and rail capacity • 3rd parties seeking to reduce committed pipeline capacity, due to production cuts Seeking long term market access to US Gulf Coast and deep water ports • Secured 425 kbbls dedicated storage capacity at Hardisty • Evaluating options to secure pipeline capacity: − Keystone XL to US Gulf − Transmountain expansion to Vancouver − Energy East to East coast 9
  • 10. Agenda Oil Pricing & Quality Market Strategy Market Access Fort Hills Introduction Summary 10
  • 11. The US is a Prime Market • The United States is a prime market for Canadian blended bitumen - Midwest is the traditional market for Canadian heavy oil - Gulf Coast market access is a priority for long term growth Existing North American Pipelines to US/Canadian Markets Chicago Flanagan Cushing PatokaSteele City Sarnia Superior U.S. Gulf Coast Houston Vancouver Kitimat Hardisty Edmonton Montreal Saint John Enbridge Mainline • In service • US Midwest,Eastern Canada markets Enbridge Flanagan South • Phases 1 & 2 operational Q4 2014 • 600 k bbls/day capability to US Gulf Coast Trans Canada Keystone • In service • Lower US Midwest markets Kinder Morgan TransMountain • In service • BC, Pacific Northwest, offshore markets 11
  • 12. Additional US Pipeline Capacity Proposed New/Proposed North American Pipelines to US Markets Chicago Flanagan Cushing PatokaSteele City Sarnia U.S. Gulf Coast Vancouver Kitimat Hardisty Superior Edmonton Montreal Saint John Houston 1. Pipeline from Steele City to Houston via Cushing already in service Enbridge Line 9B Reversal • Construction competed, operational 2nd half 2015 • Ontario, Quebec markets Keystone XL1 • Cushing-US Gulf Coast Market Link: In service • Hardisty to Steele City: Awaiting US approval • US Gulf Coast market Enbridge Mainline (AB Clipper & Line 3 Replacement) • Under regulatory review • US Midwest market, Flanagan South optimization Enbridge Line 61 Twin • Feasibility review • US Midwest market, Flanagan South optimization Enbridge Flanagan South Expansion • Feasibility review • US Gulf Coast market • Several new pipelines and expansions have been proposed • Market access will be improved as projects move forward 12
  • 13. Asia is a Growing Market Proposed North American Pipelines to Tidewater Ports Edmonton Montreal Chicago Flanagan Cushing PatokaSteele City Sarnia Vancouver Kitimat Hardisty Superior Saint John Houston Trans Canada Energy East • Under regulatory review • Eastern Canada, offshore markets Enbridge Northern Gateway • Conditionally approved, pending sanction • Offshore markets TransMountain TMX Pipeline • Under regulatory review • Offshore markets • Globally, heavy oil refining capacity exceeds supply - China, India and others have been building complex refining process units to process heavy oil 13
  • 14. Growing Rail Capacity in Western Canada • Several rail loading terminals constructed or under development • Several market options are available, as rail off-loading facilities have been developed throughout North America Western Canadian Rail Capacity Source: CAPP Crude Oil Forecast, Markets and Transportation June 2014 Estimated Rail Costs & Cycle Times Oil Sands Port Arthur US East Coast Vancouver Canada West Coast 8-11 days $9-$16/bbl East Coast 13-17 days $15-22/bbl US Gulf Coast 13-17 days $15-$22/bbl 0.0 0.5 1.0 1.5 Q12013 Q12014 Q12015 Q12016 Q12017 Q12018 Q12019 Q12020 Millionbarrels/day Base Capacity Capacity Added/Under Development Proposed Capacity 14
  • 15. Sufficient Transportation Capacity in Western Canada Assumptions • Fort Hills first oil late 2017 • Enbridge mainline capacity expansions move forward • Two of the proposed new export pipelines are put in place between 2019-2022 − Providing incremental capacity of 1.0-1.6 MM bbls/day − Based on three potential new pipelines: • TransMountain TMX • Keystone XL • Energy East − Northern Gateway delayed Source: CAPP (Canadian Association of Petroleum Producers), Lee& Doma, Teck Sufficient pipeline & rail capacity to accommodate all production 2 New Pipelines Western Canadian Transport Supply & Demand 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Millionbbls/day 2015 CAPP Supply Forecast 2014 CAPP Supply Forecast Total Pipeline Total Pipe plus Rail Constrained Pipe& Balanced Rail Constrained Pipe & Excess Rail Excess PipeBalanced Pipe Constrained Pipe & Balanced Rail Enbridge Expansions Fort Hills’ First Oil 15
  • 16. East Tank Farm Blending w/Condensate Committed Logistics Solutions in Alberta Pipeline/Terminal Operator Pipeline Capacity (kbpd) Teck Capacity (kbpd) Status Northern Courier Hot Bitumen TransCanada 202 40.4 Construction- ROW cleared, 30km complete East Tank Farm - Blending Suncor 292 58.4 Construction- Civil construction and tank foundation work initiated Wood Buffalo Blend Pipeline Enbridge 550 65.3 In service Wood Buffalo Extension Enbridge 550 65.3 Regulatory - Permit application to be submitted by end of Q3 2015, ISD May 2017 Norlite Diluent Pipeline Enbridge 130 18.0 Regulatory - Permit and construction start-up expected in Q3, 2015. ISD May 2017 Hardisty Blend Tankage Gibsons 425kbbls 425kbbls Construction- Civil work ongoing, materials ordered: ISD May 2017 Wood Buffalo Extension Norlite Diluent Pipeline Cheecham Terminal Hardisty Terminal Wood Buffalo Pipeline Athabasca Pipeline Edmonton Terminal Fort Hills Mine Terminal Northern Courier Hot Bitumen Pipeline Teck Options Export Pipeline Rail Local Market Pipeline Legend Bitumen Blend Diluent Existing New Kirby Athabasca Twin Pipeline 16
  • 17. Northern Courier Hot Bitumen Pipeline Progress Source: TransCanada PipeLines17
  • 18. Northern Courier Pipeline Progress at Fort Hills Source: TransCanada PipeLines18
  • 19. East Tank Farm Progress Source: Suncor Energy19
  • 20. Hardisty Blend Tankage Progress Source: Gibson Energy20
  • 21. Agenda Oil Pricing & Quality Market Strategy Market Access Fort Hills Introduction Summary 21
  • 22. Truck and Shovel Feeder/Crusher Feed Surge Ore Preparation Hydrotransport Hydrocyclones Primary Separation Cells Flotation Thickener Bitumen Froth Solvent Recovery Unit Froth Settling UnitTailings Solvent Recovery Unit Fine Asphaltene Tailings Product Ore Preparation Utilities & Offsites Primary Extraction Tailings Paraffinic Froth Treatment (PFT) Mining Coarse Tails Fine Tails Ore Reject Fort Hills Simplified Process Flowsheet 22
  • 23. Project Status and Progress Safety and Environment continued positive performance construction hours without a reportable environmental or regulatory non-compliance 13 million recordable injury frequency per 200,000 exposure hours 0.35-0.45 90% engineering complete as at August 2015 40% construction complete as at August 2015 global fabrication, module and logistics program performing well to date, delivering positive results all critical schedule milestones have been achieved to date supporting target 2017 first oil Project Progress continues to track positively within project sanction cost and schedule expectations 23
  • 24. Fort Hills construction productivity has improved over previous regionally executed projects since the launch of a formal productivity improvement program Construction Productivity 24 Improved construction productivity serves to de-risk project execution and contributes to on-plan schedule and on-budget cost attainment Improved productivity level has been reflected in the sanction estimate and schedule
  • 25. Source: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp) 1. Estimates are based on exchange rates as shown, expected bitumen netbacks, operating costs of C$25 per barrel (including sustaining capital of C$3-5 per barrel) and Phase 1 (pre-capital payout) royalties. Cash Margin1 Calculation Example Teck seeks to secure dedicated transportation capacity for Fort Hills volumes to key markets to minimize WCS discount ~75% Bitumen ~25% Diluent Typical Diluted Bitumen (Dilbit) Blend Western Canadian Select (WCS) at Hardisty Example Scenarios WTI Exchange (US$/C$) Bitumen Netback Cash Margin1 US$50 $0.75 C$37 C$11 US$60 $0.80 C$43 C$16 US$70 $0.85 C$48 C$21 Fort Hills Bitumen Netback Calculation Model $60 $60 $43 $16 $0 $10 $20 $30 $40 $50 $60 $70 $80 25
  • 26. Source: Teck 1. Estimates are based on exchange rates as shown, expected bitumen netbacks, and operating costs of C$25 per barrel (including sustaining capital of C$3-5 per barrel). 2. Per barrel of bitumen. 3. Go-forward capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in Canadian dollars and on a fully-escalated basis. 4. Pre-tax free cash flow yield during capital recovery period. The Fort Hills project is expected to have significant free cash flow yield across a range of WTI prices Fort Hills Free Cash Flow Yield4 Sensitivity to WTI Price Potential Contribution from Fort Hills US$60 WTI & $0.80 CAD/USD US$80 WTI & $0.90 CAD/USD Teck’s share of annual production (36,000 bpd) 13 Mbpa 13 Mbpa Estimated netback2 ~$43/bbl ~$55/bbl Estimated operating margin2 ~$18/bbl ~$30/bbl Alberta oil royalty – Phase 1 (prior to capital recovery) 2 ~$2/bbl ~$3/bbl Estimated net margin2 ~$16/bbl ~$27/bbl Annual pre-tax cash flow ~$258 M ~$335 M Teck’s share of go-forward capex3 ~$2,940 M ~$2,940 M Free cash flow yield4 ~9% ~11% Fort Hills Project Economics Are Robust1 0% 5% 10% 15% 20% 25% $50 $60 $70 $80 $90 $100 $110 $120 WTI US$/bbl C$0.80/US$ C$0.90/US$ FreeCashFlowYield 26
  • 27. 27 Proven bitumen process and no upgrading required ~50% completion at year end expected Significant productivity improvements achieved Attractive Free Cash Flow yield at conservative long term prices Fort Hills Summary
  • 28. Agenda Oil Pricing & Quality Market Strategy Market Access Fort Hills Introduction Summary 28
  • 29. Building a Valuable Energy Business 29 Oil market rebalance expected post-2016, corresponding with first oil at Fort Hills Strategy for diversified market access Market access improving due to falling industry production levels Significant free cash flow over 50 year project life at expected long term oil price
  • 30. Energy Marketing & Strategy September 8, 2015 Ray Reipas, Senior Vice President, Energy