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Contents

1. Foreword 4 2. Key Performance Indicators 6 3. Market Outlook 8 3.1 Oil and Gas Markets 9 3.2 Profitability 11 3.3 Mergers and Acquisitions 12 4. Supply Chain Outlook 13 4.1 Financial Performance 14 4.2 Employment Outlook 17 5. Exploration and Production Outlook 18 5.1 Production 19 5.2 Expenditure 22 5.3 Drilling Activity 27

BUSINESS OUTLOOK

2017