DEAR COLLEAGUES AND FELLOW STAKEHOLDERS

At Heritage Petroleum, we believe that energy security is key to enhancing the livelihoods of the citizens of Trinidad and Tobago. We also believe that responsible actions and behaviours underpin our cause, helping us to innovate and build resilience into the fabric of our company culture.

For over a century, our country has been a major hydrocarbon producer both regionally and internationally. Over the course of my four-decade long career, I have observed what this sector can do to help build a prosperous nation, with a citizenry that can compete at world-class levels. That’s why we are proud of and committed to our vision of being a source of pride for Trinidad and Tobago by focusing on profitability, operational excellence and world-class talent as a performance-driven oil and gas company.

But we must take a balanced approach to how we manage our operations and shape a sustainable and responsible company. Oil and gas will continue to be a major

• Growing Production Sustainably

• Optimising Capacity and Capability

• Progressing our ESG Agenda

• Partnering for Value economic contributor to our economy for the foreseeable future and we at Heritage will help manage the energy transition in a measured, practical manner. A key objective for us is still very much to maximise production, but we will continue to do it as responsibly as we can.

Our four strategic business pillars are very much aligned to our four key areas of focus for sustainability/ESG.

• Protecting the Environment

• Building Community Capacity

• Supporting Economic Development

• Empowering Future Leaders

We integrate ESG principles into our corporate strategy and balance long-term growth with strong governance, responsible business policies and practices and positive environmental impact.

In 2021-2022, we showed once again how our sustainability efforts support our national economy and our local neighbouring communities and help maximise our people performance. In addition to contributing $4.8 billion in taxes (or 8.9% of all revenues collected by the State) and managing a supply chain vendor base of circa 1,470 across 32 national locations, our employee base grew by 9% and we provided third-party contracts (and by extension approximately 4,000 jobs) across the value chain. We also continue to be a major net foreign exchange earner and a key member of our country’s National Steering Committee on Carbon Capture/ Enhanced Oil Recovery and Carbon Dioxide (CCUS/EOR CO2).

Our commitment to sustainability has also made an impact in our workplace and environment. We continued to embed our world-class Operating Management System (OMS), strengthen our Occupational Health (OH) activity set and measure and monitor our vented and fugitive emissions.

We created more than 100 professional development and on-the-job training experiences for our employees. We also awarded four scholarships on our flagship HERO programme to pupils with the potential to become the next generation of leaders, and our staff continued to passionately support our local communities with our bespoke volunteering activities including employee salary contributions and company matching. And of course, we continued to manage through the COVID-19 challenges with care and resilience.

This second report builds on our key learnings and is a reflection of our continued journey towards successfully measuring future progress. We established more robust goals, targets and Key Performance Indicators (KPIs) for specific topical areas and are growing more confident and capable in evaluating opportunities to increase our level of disclosure and reporting depth. You will read the details further into this report.

As I reflect on the past decades and observe, with deep interest, how the future is being shaped, I feel confident that the next generation of leaders will significantly change our industry and environment. The depth and reach of change are not to be underestimated though and we have a duty of care to support them in creating a sustainable and prosperous future. I might be the CEO of Heritage, but I am also a mother and grandmother, and therefore a key stakeholder in leaving a legacy on which they can build.

I am proud of what this team has achieved yet again. I am also confident that our commitment to the values of the company and our drive to do better will enable us to continue to be a source of pride for our country.

We will do it together in the spirit of our company’s rallying cry…One Team, One Journey.

Arlene Chow Chief Executive Officer