2Q15 results were highlighted by an 8% increase to the dividend. Kearl has exhibited impressive reliability in its fi rst phase (110 mbbl/d capacity) while the expansion ramp up has progressed better than we expected. We continue to assign a Market Perform ranking and $49.00/share target price. With continued success in the upstream division, we believe shareholders can look forward to further dividend increases in 2016e/2017e. Given where the stock price is trading, the implied upside is below ....