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Retaining balance sheet flexibility<br />

Even with growth in capital spending, retaining flexibility to take advantage<br />

of any opportunities that may arise and debt free by 2020<br />

Debt to capital<br />

%<br />

30<br />

20<br />

10<br />

oil @ $100 / bbl<br />

0<br />

2008<br />

2009<br />

2010<br />

2011<br />

2012<br />

2013<br />

2014<br />

2015<br />

2016<br />

2017<br />

2018<br />

2019<br />

2020

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