FILED: NEW YORK COUNTY CLERK 06/19/2018 12:51 PM NYSCEF DOC. NO. 328 INDEX NO. 451962/2016 RECEIVED NYSCEF: 08/31/2018 Oleske Aff. Exhibit 48 INDEX NO. 451962/2016 FILED: NEW YORK COUNTY CLERK 06/19/2018 12:51 PM NYSCEF DOC. NO. 328 RECEIVED NYSCEF: 08/31/2018 From: Sent: October Monday, 05, 2015 2:41 PM To: Subject: FW: Mtadsis-:iata: Impact of GHG 2015 Plan GHG Tax Price Assumptions Emissions Planning on Cold Lake Reserves Basis - final June 26 rev.xlsx; FW: Revised AB carbon price assumptions for 2015 plan EMCW - IOL Categories: And this is the 'corporate' guidance I was referring to for GHG costs for western Canada OperationsTechnical, Imperial PO Box 2480, Stn M, CalgaryAB T2P 3M9 QP N4C.224 Y From: Sent: Friday, October 02, 2015 1:10 PM Subject: RE: Impact of GHG Tax Price Assumptions See attached -this is what came from and on Cold Lake Reserves . It outlines what prices came from EM Corp Gü dGbGGk (which forms the basis of the 'hybrid' scenario). visor UpstreamController's,Imperial imperialoil.ca Twitter YouTube From: Sent: Friday, October 02, 2015 1:06 PM To: Sub ect: FW: Impact of GHG Tax Price Assumptions , can you forward me the western on Cold Lake Reserves Canada GHG price and intensity assumptions, so I can use this in conversation with GRG, thanks. OperationsTechnical, Imperial PO Box 2480, Stn M, CalgaryAB T2P 3M9 QP N4C.224 I Yo From: Sent: Friday, October 02, 2015 1:02 PM Subject: RE: Impact of GHG Tax Price Assumptions I would summarize 1) 2) 3) on Cold Lake Reserves our discussion as follows: Test EMPC Planning on what their standards are for GHGs in their economic models for Company Reserves / Planning] Test with Global Reserves what their ess p+!ons are on GHGs cost-basis and intensity-basis post-2017 for Company Reserves If #1 and #2 show a deviation with what you think Imperial guidance is on GHG essumpt!Gñs, hold a follow-up meeting with to determine way forward ] I recognize that part of the reason Imperial counun d model assumptions different, ] myself however we need a clear exp!enetion (i.e. one-pager) may differ from ExxonMobil is simply that our local legislation if those differéñces are distinct, significant, and mandatory. is anager - pera ions Technical Geoscience Cold Lake/ ConventionalProduction,Imperial 237 Fourth Avenue SW, Calgary, AB T2P 3M9 N4A.074 ube Confidential / FOlL Treatrñênt Requested by Exxon Mobil Corp. Pursuant to Pub. Officers Law § 87(2) EMC 001427003 INDEX NO. 451962/2016 FILED: NEW YORK COUNTY CLERK 06/19/2018 12:51 PM NYSCEF DOC. NO. 328 RECEIVED NYSCEF: 08/31/2018 From: Sent: Friday, October 02, 2015 10:06 AM Cc: Sub ect: RE: Impact of GHG Tax Price Assumptions on Cold Lake Reserves - did you have a chance to discuss the GHG treatment in company reserves? Should we be fa Gwing up with the Global Reserves folks? visor UpstreamController's,Imperial !mper!=!cil.ca Twitter YouTube From: Sent: Thursday, October 01, 2015 1:22 PM To: u: Subject: RE: Impact of GHG Tax Price Assumpt ons on Cold Lake Reserves Sorry to keep sending out notes about this, but I've just finished running the proved and PD forecasts with the hybrid GHG case through the econamic model and though an update was required. The P+P impact is approximately the same a However, since the proved forecast runs on our low case LRFS curves, which have lower net revenue, the impact to end of life is much greater. Proved end of life is reduced by 20 years, with a gross reserves impact o1 YE2015 Reserves using 2015 Corporate Mbbi Gross PD relative to AB Legislated prices. GHG Tax Price Eddance and AB 1agislated Intensity Mbbl NAR PU PVD PB P+P PD PU PVD PB P+P YE2014 Steam-ins Change OSRt to 0.09 End of Life Truncation Royalty Rate Update YE2015 Reserves Change YE2014 Royalty Rate YE2015 Royalty Rate Sorry that I missed this important Cold LakeDe é Gpi Phone From: Sent: Wednesday, Subject: detail in my note yesterday. t & Studies,Imperial Oil Resources Office: N4A.173 September 30, 2015 3:30 PM RE: Impact of GHG Tax Price Assumptions Very helpful Give me a call with any questions, on Cold Lake Reserves . thanks. - I have to leave early today but let's be sure to get our heads together on this during a break at tamarrow's everyone with consistent guidance before we get too far down the Company Reserves path. offsite. Will need to help ons Technical Geoscience Cold Lake/ ConventionalProduction,Imperial 237 Fourth Avenue SW, Calgary, AB T2P 3M9 N4A.074 ube Confidential / FOlL Treatment Requested by Exxon Mobil Corp. Pursuant to Pub. Officers Law § 87(2) EMC 001427004 INDEX NO. 451962/2016 FILED: NEW YORK COUNTY CLERK 06/19/2018 12:51 PM NYSCEF DOC. NO. 328 RECEIVED NYSCEF: 08/31/2018 From: Sent: Wednesday, September 30, 2015 3:23 PM To: Cc: Subject: Impact of GHG Tax Price Assumptions on Cold Lake Reserves and As we work out what is the best GHG tax price and intensity to use for Company reserves for Cold Lake, I thought it might help if I sent you all a more · emp!éte summary of the impact of various sets of assumptiGñs. I've used the AB Legislated values as a base case, and calculated the gross and net impact to YE2015 P+P reserves in the table below. All cases are run on the 2015 Financial price case. GHG Sensitivities All cases run on YE2015 P+P Basis with 2015 Price Case Gross Reserves Total GHG Gross P+P Tax Case (2015M$) 2471 AB Legislated 2014 Corporate Guidance 5246 2015 Corporate Guidance 12409 Hybrid - Legislated Intensity Price End of Life vs. Net P+P Net Reserve Rachw+ian vs. RêssiTGs Legislated Reserves Legislated (Mbbl) (Mbbl) (Mbbl) (Mbbl) & 2015 Corporate 3291 (Last year there was no gross impact due to the 2014 corporate assumptions, P+P Royalty Rate Reduction guidance because of the higher prices. This year, due to the lower price opex to shorten asset life and reduce gross reserves.) both the 2014 and 2015 guidance result in enough edditione! GHG Tax Forecasts -2014terporae COñfidential / FOlL Treatment Requested by Exxon Mobil Corp. Pursuant to Pub. Officers Law § 87(2) EMC 001427005 INDEX NO. 451962/2016 FILED: NEW YORK COUNTY CLERK 06/19/2018 12:51 PM NYSCEF DOC. NO. 328 RECEIVED NYSCEF: 08/31/2018 GHG Tax Intensity Forecasts AStegigated intensity 2014corporaterateouty g -20tSCorporacintensity Please give me a call if you have any questicñs, Cold LakeDe é épi.isiit & Studies,Imperial Oil Resources Phone [ Office: N4A.173 Carifidential / FOlL Treatment Requested by Exxon Mobil Corp. Pursuant to Pub. Officers Law § 87(2) EMC 001427006