Recycle ratio is indicative of the value created for each dollar invested and accounts for the quality of reserves, operating costs and attractiveness of acquisitions and internal development capital. We have shown only conventional recycle ratios as most of our oil sands portfolio is in the early stages of development and consequently has no operating income or proved plus probable reserves.

Recycle ratio is calculated as operating income divided by Finding, Development & Acquisition ("FD&A") costs including Future Development Capital ("FDC").