Are you adequately balancing risk and reward when … · Are you adequately balancing risk and...

Are you adequately balancing risk and reward when reducing maintenance spend?Evolving asset challenges and opportunities in Canada’s oil and gas downstream sector

Executive summary1

Introduction2

Market study findings6

Contact us18

Leading practices12

Study of the Canadian downstream sector4

Conclusions11

Where does your organization sit?13

How EY can help15

Operators have been cautious in implementing new preventative maintenance technologies.

Contracting different vendors often wastes time as vendors need to relearn the asset.

Equipment that operates for longer, runs a higher risk of breakdown.

Businesses will continue to allocate budget if operating decisions have an impact on safety.

The use of data and analytics has been shown to reduce both cost and risk to safety.

Pumps and valves typically cause a greater volume of outages.

1Evolving asset challenges and opportunities in Canada’s oil and gas downstream sector

Executive summary

Critical assets in every upgrader and refinery in Canada continue to age, yet maintenance dollars are shrinking. We asked operators what they were doing to address this challenge. Our market study results revealed leading industry practices that allow Canadian operators to maintain or exceed average asset availability without compromising safety. Our research also found that maintenance spend will continue to shrink over the coming years.

Leading practices

Reduce and simplify the scope of planned turnarounds.

1Utilize data and technology to learn more about facility assets.

3

Key themes and insights

Budget reductions result in deferred

maintenance.

Operators rely less on original

equipment manufacturers

(OEMs).

Operators rely more on data.

Asset maintenance programs continue to be consolidated.

Operators value convenience

when using third parties.

Operators want to use the same

person for services.

Safety remains paramount.

Why refiners should care

4Employ or retain a consistent workforce.

2Perform routine inspections and act on issues identified in a shorter time frame.

2 Evolving asset challenges and opportunities in Canada’s oil and gas downstream sector

Introduction

Operators at Canadian upgraders and refineries continue to experience significant pressure to reduce operating and capital costs while maximizing the uptime of aging infrastructure. Capital spending remains restricted for operators in the Canadian downstream sector. Below are some examples that demonstrate the impact of capital restriction in not only the upstream sector, but also the downstream sector:

• Suncor’s capital spending guidance does not include any new capital expenditures, and it is only sustaining projects for 2017.1

• Canadian Natural Resources (CNRL) will spend less on Horizon and more on exploration for 2017. 2

• Imperial Oil slashed capital spending by 50% in 2016.3

In response to low oil prices, US refineries have also deferred regular maintenance. 4 Based on our interviews, the Canadian downstream sector is seeing a similar trend.

1 “Suncor provides capital spending, production outlook for 2017,” OGJ editors, 17 November 2016, http://www.ogpe.com/articles/ogj/2016/11/suncor-provides-capital-spending-production-outlook-for-2017.html.

2 “Canadian Natural Resources to spend less on Horizon oilsands project in 2017, more on exploration,” The Canadian Press, 15 December 2016, http://globalnews.ca/news/3128637/canadian-natural-resources-to-spend-less-on-horizon-oilsands-project-in-2017-more-on-exploration/.

3 “Low oil prices dent Imperial Oil earnings; 2016 capital spending set 50% lower,” Calgary Herald, 2 February 2016, http://calgaryherald.com/business/energy/low-oil-prices-dent-imperial-oil-earnings-2016-capital-spending-set-50-lower.

4 “U.S. refiners face severe labor shortage for deferred maintenance,” Reuters, 3 January 2017, http://www.reuters.com/article/us-usa-refineries-labor-analysis-idUSKBN14I0FA.

5 “Suncor extends time between turnaround at oil sands operations,” Reuters, 7 June 2013, http://ca.reuters.com/article/businessNews/ idCABRE95618K20130607.

6 Driving operational performance in oil and gas, EY, 2015, http://www.ey.com/ca/en/industries/oil---gas/ey-driving-operational-performance-in-oil-and-gas-1-low-oil-price-highlights-the-need-for-operational-excellence.

http://www.ogpe.com/articles/ogj/2016/11/suncor-provides-capital-spending-production-outlook-for-2017.html

http://www.ogpe.com/articles/ogj/2016/11/suncor-provides-capital-spending-production-outlook-for-2017.html

http://globalnews.ca/news/3128637/canadian-natural-resources-to-spend-less-on-horizon-oilsands-project-in-2017-more-on-exploration/



http://calgaryherald.com/business/energy/low-oil-prices-dent-imperial-oil-earnings-2016-capital-spending-set-50-lower

http://calgaryherald.com/business/energy/low-oil-prices-dent-imperial-oil-earnings-2016-capital-spending-set-50-lower

http://www.reuters.com/article/us-usa-refineries-labor-analysis-idUSKBN14I0FA

http://ca.reuters.com/article/businessNews/ idCABRE95618K20130607

http://www.ey.com/ca/en/industries/oil---gas/ey-driving-operational-performance-in-oil-and-gas-1-low-oil-price-highlights-the-need-for-operational-excellence




Industry challenges

Everyone is cost conscious.

The sustained lower price of oil has had an impact on the reduction of operating budgets for oil refinery and upgrader operators. They are also working to maintain an aging infrastructure requiring more upkeep dollars.

Turnaround and maintenance activity scope continue to be squeezed as operators reduce maintenance operating expenditure and capital expenditure.

Delays in major turnarounds.

Operators are delaying turnarounds and regular service, opting to conduct servicing beyond the OEM-recommended operating hours. As an example, Suncor has announced a change in turnaround policy from four to five years between major turnarounds for Upgraders 1 and 2 at its base plant operations.5 As assets continue to age, turbines and compressors are rarely replaced, as the preference is to overhaul. Therefore, most equipment is original since installation.

Assets continue to age.

Aging assets continue to be a challenge for the industry. Most critical equipment installed is in excess of 20 years old.

According to an EY global study on operational excellence, more than 50% of global production comes from assets beyond their midpoint of the asset life cycle. 6


Study of the Canadian downstream sector

To understand the challenges associated with asset reliability and integrity better, we conducted a targeted market study of the Canadian downstream sector. The focus was on critical equipment, such as turbines, compressors, pumps and valves.

This report presents key insights from our research and leading practices shared by operators, which can allow downstream facilities to become capable of achieving improved availability of assets.

What we asked• Are asset failures common, and are the effects greater

than expected?

• Are the majority of maintenance activities focused on repairs and corrective efforts?

• Do facility shutdowns, turnarounds and startups exceed budget or schedule?

• Are spare parts linked across the asset network?

• Are critical components known and managed through a preventive maintenance program?

Scope of the studyThe facilities in this study include seven upgraders and 18 refineries in Canada. We also conducted secondary research that covered the entire scope of facilities and engaged in primary interviews with a representative sample of operators.

The objectives of the study were to:

• Understand asset reliability and integrity in the downstream sector in the Canadian context

• Identify common challenges that operators are currently facing

• Identify key trends in asset reliability and integrity that are shaping the industry

• Identify leading practices of upgraders and refineries in Canada

19

25

17

8 20 2316

22

24

15 43

129

14

1 2 7 18

PrinceGeorge

Burnaby

FortMcMurray

Regina

MississaugaSarnia

Levis

Corunna

SaintJohn

11

Come ByChance

Edmonton 5 2113

6 10

Index Name Operator

Upgrader 1 and 2 Suncor

Mildred Lake and UE1 Syncrude

Irving Oil Refinery Irving Oil

Jean-Gaulin Refinery Valero

Scotford Upgrader Shell Canada

Strathcona Refinery Imperial Oil

Horizon Upgrader CNRL

Co-op Refinery CCRL

Montreal Refinery Suncor

Edmonton Refinery Suncor

North Atlantic Refinery North Atlantic

Sarnia Refinery Imperial Oil

Scotford Refinery CNRL

Nanticoke Refinery Imperial Oil

Sarnia Refinery Suncor

Corunna Refinery Shell Canada

Lloydminster Husky

Long Lake Upgrader* Nexen

Burnaby Refinery Parkland

Co-op Upgrader CCRL

Sturgeon Refinery NW Redwater

Lloydminster Refinery Husky

Moose Jaw Refinery Gibson Energy

Clarkson Refinery Holly Frontier

Prince George Refinery Husky

*Not currently in operation.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Lloydminster

19

25

17

8 20 2316

22

24

15 43

129

14

1 2 7 18

PrinceGeorge

Burnaby

FortMcMurray

Regina

MississaugaSarnia

Levis

Corunna

SaintJohn

11

Come ByChance

Edmonton 5 2113

6 10

Index Name Operator








Co-op Refinery CCRL









Lloydminster Husky



Co-op Upgrader CCRL







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Lloydminster

19

25

17

8 20 2316

22

24

15 43

129

14

1 2 7 18

PrinceGeorge

Burnaby

FortMcMurray

Regina

MississaugaSarnia

Levis

Corunna

SaintJohn

11

Come ByChance

Edmonton 5 2113

6 10

Index Name Operator








Co-op Refinery CCRL









Lloydminster Husky



Co-op Upgrader CCRL







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Lloydminster


71% 29% 14% 29%


Market study findings

Asset managementCritical equipmentThe quantity, mix and brand of critical equipment varies dramatically, even at newer facilities. This makes it more difficult to manage assets, because there are different OEM specifications, maintenance schedules and vendors to contact. Not surprisingly, operators prefer a simpler approach for responding to incidents by looking at in-house support.

Turbines• One to 40 per facility, with range between 25hp to 30khp• Dominant brand: Dresser Rand (now part of Siemens), Nuovo Pignone and Elliot• Average age: 25 years

Compressors• Five to 15 per facility• Dominant brand: Dresser Rand and Nuovo Pignone• Average age: 25 years

Critical pumps• 20 to 40 per facility• Dominant brand: Flowserve• Average age: 10 to 15 years

Critical valves• 10 to 30 per facility• Dominant brand: Fisher and Dresser Rand• Average age: insufficient data

Initial response protocol to OEM equipment outage would involve:

In-house support Local unions Third-party contractor OEM

71%29%

Will defer minor maintenanceWill not defer minor maintenance

Will defer major maintenanceWill not defer major maintenance

86%14%

Manual measurementAutomated measurement

Real-time monitoringPeriodic monitoring


MaintenanceOperators are using data and analytics to operate critical equipment for longer and at times, longer than OEM specification. When equipment is operating for longer, the additional wear increases the demand for parts and resources, and the amount of potential time for minor defects worsens.

Active maintenance (current state)

Ranking in order of prevalence

Key insightThere is pressure to defer both regular servicing and overhauls or turnarounds beyond the OEM operating hours guidance.

1 Regular servicing

2 Overhauls or turnarounds

3 Repairs and maintenance

4 Replacement

Passive maintenance (current state)

Ranking in order of prevalence

Key insightThe use of real-time monitoring sensors and software for the collection and analysis of data is on the rise.

1 Instrumentation and control (monitoring)

2 Analytics

3 Inspections

4 Nondestructive testing (NDT)

1 2 3 4 5

When equipment breaks down

When defects have been identified

through unplanned activities

When defects have been identified

through scheduled inspections

During regular maintenance

intervals (overhauls and turnarounds)

During optimized maintenance windows

that predict when equipment needs

servicing

71%29% 0% 29% 43%71%29% 0% 29% 43%71%29% 0% 29% 43%71%29% 0% 29% 43%71%29% 0% 29% 43%


“ Things were getting replaced, now they are not.”

“ Most of the [maintenance] activities are when something goes down or wrong.”

TurnaroundsWhile turnarounds are still the primary driver as to when critical equipment is serviced, there is owner pressure to widen the window between turnarounds. This increases the scope and complexity for planned turnarounds, as well as the risk of delays, resulting in cost and schedule overruns.

All participants aspire to have a proactive approach to planning critical equipment servicing; however, a facility’s ability to be proactive is a function of how well it can predict or detect impending issues.

Participants indicated that the primary drivers of critical equipment servicing happen as follows:

Market study findings (cont’d)

MonitoringWith the pressure to widen intervals between servicing critical equipment, many operators indicated that it feels more reactive now than it used to.

Observations• Turnarounds are being scheduled further apart.• Scheduled maintenance is being delayed due to

budget cuts.• These pressures result in equipment running for longer,

which increases the risk of equipment failure.• Equipment outages are therefore more likely to occur

outside planned maintenance windows, which results in reactive spending.

“ [Management] really wanted to limit found work.”

Key insightThere is some association with the level of reactive spend and the frequency of monitoring at facilities. Facilities with better knowledge of their assets (whether through real-time monitoring or regular inspection intervals) experience lower break-in work or found work.

“ We are looking at a two-year turnaround instead of one ... A two-year run will be difficult; critical pumps and such will need to be overhauled.”

“ [The level of proactiveness] used to be good … Due to costs, now [maintenance happens] during overhauls and turnarounds.”

Common reasons for turnaround budget and schedule overruns

Lack of manpower, resources / expertise

Complexity in logistics and coordination

Human error / poor workmanship

Reduced maintenance budget, resulting

in additional unplanned work

Unplanned found work

71%29% 0% 29% 43%71%29% 0% 29% 43%71%29% 0% 29% 43%71%29% 0% 29% 43%71%29% 0% 29% 43%



Common challenges facing operatorsThe majority of challenges Canadian operators are facing involve people and not infrastructure. Decisions that involve the workforce have the most impact when it comes to the success of planned turnarounds.

Mitigation actions taken by operators

• Engaging local contractors to retain institutional knowledge of the facility

• Planning more frequent, smaller turnarounds to manage scope better

• Increasing accessibility of data so everyone can aim for the same goal

• Strengthening training program

• Managing talent pipeline to ensure consistent knowledge transfer

• Leveraging data and technology to make better maintenance decisions.

• Planning more frequent inspections to identify issues ahead of time



Key themesIn our discussions with facility operators, we identified key themes that are top of mind for the Canadian downstream sector. Here are the main themes and supporting quotes from the organizations we interviewed.

Themes What we heard

Pressure to reduce maintenance budget has resulted in an increasing number of deferred maintenance activities.

• “ It is frustrating when management cuts routine maintenance, which is the only thing that can help tokeep things running.”

• “ There is a complete lack of reality when management tries to cut scope [for turnarounds].”• “ [The level of proactiveness when it comes to planning critical equipment servicing] used to be very

good. Due to costs, it happens during overhauls and turnarounds.”• “Things were getting replaced, now they are not.”• “ If there was any found work, it would be carried out during a turnaround. [Management] really wanted

to limit found work.”

Operators continue to rely less and less on OEMs for service.

• “For critical equipment, we order from OEM.”• “ Our maintenance manual and knowledge is very good, and we do not need them [OEM].”• “We would not call OEM for failures. For a failure, we [use] in-house or use a third party.”• “We will only call OEM in exceptional circumstances.”• “Once we learn more about the equipment, we rely less on OEM.”• “I don’t remember any time an OEM came over and took over the whole thing.”• “ Instead of bringing OEM here, we need to prepare for the kind of repair and submit the information to

the OEM to make the part.”

There is an increasing reliance on data-driven decision making.

• “ Whenever we take the risk to extend the number of running hours, it will be based on data.”• “We have an inspection program that says when we do what on what asset.”• “ We know what level of servicing each pump has. Some will be good for seven years, some need

maintenance yearly.”• “ We do pay a lot of attention on predictive maintenance – [it is] high-valued. We see it helping reduced

unplanned shutdowns.”

Organizations continue to consolidate and centralize decision making around asset maintenance.

• “There is a push to do things more centrally.”• “ They have postmortems and try to identify the things that should be done so [cost and scheduling

overruns] don’t happen. But it is filed away, and then they repeat the mistake.”• “Management is not letting people take initiative.”• “ You find that most turnarounds are put in by the business. We have a schedule given by business,

and it doesn’t match what is actually on site, and the site needs to push back the date.”

Decision to use a third party is driven primarily by convenience and accessibility.

• “ [Some vendors] have a lot of authorized contractors. For [other vendors], we have on-site [serviceindividual] all the time.

• “[Some vendors] don’t have guys here.”• “ I’ll call [one vendor] to check it out, not to look or maintain the equipment, but to offer technical

expertise – ‘Have you seen this issue before?’”• “ It requires lots of coordination between engineering, maintenance etc. … to make sure we are aiming

for the same goal. One thing that has helped is accessibility of data.”• “ Decisions to use a third party is driven by familiarity and accessibility.”

There is a preference for the same individual when a facility contracts out services.

• “Local guys, we will contract. We are not using [a service vendor] – just local guys.”• “ They look after us well. They come back year after year, and will be there at any time.• “Calling [a typical vendor] – you won’t get the same guy you got last time.”• “ We do like the same guy back.”• “ When you put the wrong people in a turnaround position … without expertise – the turnaround suffers.”

Market study findings

Critical pumps and valves cause a greater volume of outages because they are not as rigorously monitored compared with compressors and turbines:

• Much more information and monitoring is available for compressors and turbines than it is for pumps and valves. Therefore, undetected issues are more likely, which lead to failures.

• Pumps and valves are often of lower rating, and exist in redundant design and therefore higher quantity.

Safety remains paramount, and continues to be a driver in maintenance and operating decisions despite cost pressures:

• The first assessment criteria in any event involves any impact to safety.

• Messages about safety have remained consistent from management.

Institutional knowledge is valued by operators when choosing vendors; operators want to talk to the same person throughout the life cycle of critical equipment:

• Delays due to contractors being unfamiliar with a facility or with the asset waste valuable time.

• Engagement with local contractors can help ensure the same individual returns year after year.

The trend toward increasing duration between turnarounds means that equipment is operating for longer before scheduled maintenance occurs:

• Equipment that operates for a longer period of time will experience a higher risk of failure, especially if a noncritical defect was identified but not corrected.

• When a decision is made to defer maintenance, it is more risky when the time between durations is longer.

Operators consistently recognize the importance of preventative maintenance, but are risk adverse in implementing new technology or processes:

• Deferring minor maintenance means that machines are running under non-ideal conditions, which increases the chances for a more impactful equipment failure.

• Addressing minor issues at the onset means preventing the propagation of more complex issues.

The use of data and analytics continues to rise, and the driver now is cost and safety instead of performance:

• A plan based on historical data and followed through with process rigor allows for better planning and scheduling when scope is known well ahead of time.

• Better operational decisions can be made when there is both a higher quantity and quality of data.


The operating decisions made by Canadian operators in response to slashed budgets can adversely increase safety risk and paradoxically increase maintenance cost in the long term. This is because equipment that runs longer has a greater risk of failure and reduced operating life.

Conclusions


Leading practices

Industry-leading practices are simple, but can be difficult to implement due to management and cost pressures. However, operators that employ these leading practices can reap the benefits of fewer outages, high availability and lower risk to safety.

Reduce and simplify the scope of planned turnarounds

• This leads to shorter turnarounds that result in less disruption to the facility. There are fewer critical paths that could cause delays.

• There is more consistency with resource planning, which reduces shortages in manpower – a big factor in why delays happen.

1

Utilize data and technology to learn more about facility assets

• Analytics provides operators with better data to help optimize the performance of their equipment without compromising safety or increasing risks.

• The better the data available, the better the operating decisions that can be made.

3

Perform routine inspections and act on issues identified in a shorter time frame

• Taking critical equipment offline for minor issues may be based on the number of hours, but could prevent longer outages in the future.

• Detecting issues earlier can prevent break-in work or found work during turnarounds, which is a huge factor in cost overruns.

2

Employ or retain a consistent workforce

• Retaining institutional knowledge of the facility means there is less time wasted on locating under-performers and helps to reduce mistakes based on unfamiliarity with unique assets.

• A training program to retain institutional knowledge or programs to retain the same contractors helps to prevent errors that involve inexperience.

• Regular workforce planning should be performed in order to understand the workforce needed to execute on business strategy, and identify the gaps between current and future workforce needs.

4


The maintenance approach allows equipment to run until it fails, and there is no focus on preventative activities.

Where does your organization sit?

Different approaches to asset reliability and integrity fall along a spectrum of maturity. On one end, there is no maintenance. The other end, there is a comprehensive, integrative approach to maximizing asset availability. The leading practices identified are often aspects of mature asset reliability and integrity programs.

Level of Maturity

The maintenance approach provides rapid response to breakdowns.

This is maintenance that is time based, and requirements- and regulation-driven. Activities are designed to reduce asset downtime or wear on assets.

Predictive maintenance is an advanced preventative maintenance technique that is focused on using tools, analytics and algorithms to determine the condition of assets.

Reliability-centred maintenance (RCM) is a methodology used to determine the right maintenance tasks to ensure that any physical asset or system continues to operate in its present operating context.

Total productive maintenance (TPM) is a company-wide team-based effort to build quality into equipment and to improve overall equipment effectiveness. It requires full organizational participation to be successful.

TPMRCMPredictivePreventativeCorrective or reactiveDon’t

fix it

Maintenance strategy and

objectives

1

Planning of maintenance

resources

6

2Categorization�of equipment

and definition of maintenance

programs

Management of material and

spare parts

3

4Definition of mix of maintenance

resources

Maintenance organization,

roles and responsibilities

5

Maintenance planning and

economic management7

Maintenance Execution

8

Performance management

system

9

Maximum reliability and availability of

production equipment

Effective management

of maintenance performance

Ensuring safety and legal

compliance

Optimal maintenance costs

Main objectives for the optimization of maintenance processes and organization

• Increase in mechanical availability of production equipment

• Increase in the proportion of planned maintenance to the total maintenance work

• Increase in productivity of internal and external maintenance services

• Decrease in total maintenance costs as US$/pressure relief valve

• Reduction of money tied up in inventory of spare parts and material

• Decrease in costs of purchasing the spare parts, material and external services


How EY can help

Maintenance managementEY’s approach to maintenance management is a broad and interlinked system of tools and rules that support companies to attain objectives effectively with concurrent adherence to nine key areas. Each of these areas aims to achieve the main objective of increasing asset availability and lowering costs without compromising safety.

Relevant data

Transaction / behavior history

Appropriatedata sources

Insights

Actions drive cost optimization

and manage risk

Continual feedback loop

To drive better decisions, we must first ask the right business questions and then seek answers in the data. Thus, our work moves left to right, but our thinking must move from right to left.


Business analyticsIn today’s data-rich world, organizations, facilities and assets need to harness the power of data in order to stay competitive. EY works with oil and gas clients to drive actionable insights through the use of advanced analytics.

EY analytics value chain

Manage big data

Perform analytics

Drive decisions

Manage risk

Disruptive forces*

Labor market

Key elements of workforce planning

Improves candidate and new hire experience

Executes planning to support current and

future business objectives

Identifies, predicts and prioritizes talent risks and opportunities

Tracks, reinforces and evaluates performance

while considering business demand

Analyzes, tracks and matches talent profiles to opportunities available

*Automation, contingent labor and off-shoring.

These elements drive insight into the workforce, supporting decision making, cost optimization and enhanced employee experiences across the organization

Demand and supply management

Performance management

Predictiveanalytics

Competency management

Recruitment and onboarding

Workforce planning is the method to understand the workforce needed to execute the business strategy and identify the gaps between current and future workforce needs.

Right people

Right time

Right blend

Right place

Right cost

Right skills

Workforce planning provides a rational basis to

prioritize, develop and fund the people needs to fulfill the client’s strategy.


Workforce planningEY’s workforce planning approach looks at the current-state workforce capability within the facility or asset and assesses its viability against given future-state assumptions to identify the organization’s talent gap and needs in the future. We approach this not as headcount planning, but as an activity interconnected to the business strategy.

About EYEY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com/ca.

How EYís Global Oil & Gas Sector can help your businessThe oil and gas sector is constantly changing. Increasingly uncertain energy policies, geopolitical complexities, cost management and climate change all present significant challenges. EYís Global Oil & Gas Sector supports a global network of more than 10,000 oil and gas professionals with extensive experience in providing assurance, tax, transaction and advisory services across the upstream, midstream, downstream and oil field subsectors. The team works to anticipate market trends, execute the mobility of our global resources and articulate points of view on relevant sector issues. With our deep sector focus, we can help your organization drive down costs and compete more effectively.

© 2017 EYGM Limited. All Rights Reserved.

EYG no. 04735-174Gbl 2370035

ED NoneThis material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.

ey.com/ca

EY | Assurance | Tax | Transactions | AdvisoryContact usFor any specific questions or more detailed information, please contact one of our professionals below.

Sue Duong

Senior Consultant, Strategy Advisory Services +1 403 206 5381 [email protected]

Authors

Contacts

Mike Miller

Partner, Business Analytics Advisory Services +1 403 206 5630 [email protected]

Shane Monte

Partner, People Advisory Services +1 403 206 5391 [email protected]

Kent Kaufield

Partner, Energy segment leader +1 403 206 5100 [email protected]

Lance Mortlock

Partner, Strategy Advisory Services +1 403 206 5277 [email protected]

Robert Alexander

Senior Manager, Strategy Advisory Services +1 403 206 5195 [email protected]

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