Oil Sands Mining and Upgrading

Oil sands mining and upgrading at Horizon Oil Sands (100%) and Athabasca Oil Sands Project (AOSP - Muskeg River + Jackpine Mines, 100% as of Nov-2025 asset swap with Shell). Produces Synthetic Crude Oil (SCO) including mining bitumen through Horizon Upgrader and Scotford Upgrader. Record SCO production 565.1 mbbl/d in 2025. AOSP swap added 10% in mines, divested 10% in Scotford (now 80% NOI) and Quest CCS. Long life zero-decline. Combined with thermal bitumen represents approximately 50% of total proved reserves at RLI of 39 years.