BUILDING A WORLD OF DIFFERENCE ® June 2007 North American 2007 Outlook for Demand and Supply...
-
date post
23-Jan-2016 -
Category
Documents
-
view
218 -
download
0
Transcript of BUILDING A WORLD OF DIFFERENCE ® June 2007 North American 2007 Outlook for Demand and Supply...
BUILDING A WORLD OF DIFFERENCE®
June 2007
North American 2007 Outlook for North American 2007 Outlook for Demand and Supply Demand and Supply
Brazilian Petroleum InstituteBrazilian Petroleum InstituteIBP Logistics Seminar IBP Logistics Seminar
Houston, TXHouston, TXJune 13, 2007June 13, 2007
BUILDING A WORLD OF DIFFERENCE®
June 2007
2
Black & Veatch delivers consulting, engineering and construction services to critical infrastructure industries
EnergyEnergy WaterWater InformationInformation GovernmentGovernment
BUILDING A WORLD OF DIFFERENCE®
June 2007
3
Services Offerings Description
Business StrategyStrategy, Mergers and Acquisition Support, Business Plan Development, Implementation and Monitoring
Financial ServicesBusiness Due Diligence, Transaction Support, Bond Issuance Support, Asset Valuation, Financial Modeling and Feasibility
Market EconomicsForward Price Curve Development, Economic Impact Studies, Risk Analysis, Fuels Analysis
Regulatory and Litigation Support
Rate Case Strategy, Preparation, Filing, Support and Expert Testimony,
Independent EngineeringAsset Assessment, Asset Valuation, Integrated Resource Planning, Performance Improvement
Asset ManagementProject Management, Maintenance Processes and Systems, Asset Assessment
Business ApplicationsCustomer Care Process and Systems Support, Requirements Development, Selection, Project Management Office
Performance Management Implementation of Performance Reporting Software, Performance Metric Development
Str
ateg
yP
roce
ssA
pplic
atio
nS
ervi
ces
Black & Veatch – Enterprise Management Solutions / Lukens Energy Group services
BUILDING A WORLD OF DIFFERENCE®
June 2007
4
Today’s discussion
Review of Winter 2006-07 Prices
Storage Status
Demand and Supply Outlook Demand
Production
LNG
Pipeline Infrastructure
Summary/Conclusions
BUILDING A WORLD OF DIFFERENCE®
June 2007
5
Prices across the US remained volatile in winter 2006-07 although lower than high levels experienced in winter 2005-06
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
11/1
/200
5
12/1
/200
5
1/1/
2006
2/1/
2006
3/1/
2006
4/1/
2006
5/1/
2006
6/1/
2006
7/1/
2006
8/1/
2006
9/1/
2006
10/1
/200
6
11/1
/200
6
12/1
/200
6
1/1/
2007
2/1/
2007
3/1/
2007
4/1/
2007
5/1/
2007
$/M
MB
tu
Chicago city-gates
Henry Hub
SoCal Gas
Transco, zone 6 N.Y.
BUILDING A WORLD OF DIFFERENCE®
June 2007
6
High price volatility is expected to continue in both natural gas and crude oil markets
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
6/3/
2002
10/7
/200
2
2/12
/200
3
6/18
/200
3
10/2
2/20
03
3/1/
2004
7/5/
2004
11/8
/200
4
3/14
/200
5
7/19
/200
5
12/6
/200
5
4/12
/200
6
8/17
/200
6
12/2
1/20
06
5/7/
2007
Oil
($/
Bar
rel)
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
Nat
ura
l G
as (
$/M
MB
tu)
WTI SpotHenry Hub
BUILDING A WORLD OF DIFFERENCE®
June 2007
7
Storage inventory correspondingly stayed close to 5-yr highs until late winter drawdown in Feb 07
EIA Weekly Storage Level and 5-yr range
BUILDING A WORLD OF DIFFERENCE®
June 2007
8
NYMEX seasonal spreads imply market concerns for tightening supplies
Max Winter less Min Summer Spreads per Gas Year (based on Daily Data)
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
Trade Day (Daily Data)
Se
as
on
al
Arb
itra
ge
in
$/M
MB
tu
2003 - 2004
2004 - 2005
2005 - 2006
2006 - 2007
2007 - 2008
2008 - 2009
2009 - 2010
2010 - 2011
2011 - 2012
2012 - 2013
Abnormally high seasonal spreadfor current gas year
BUILDING A WORLD OF DIFFERENCE®
June 2007
9
Today’s discussion
Review of Winter 2006-07 Prices
Storage Status
Demand and Supply Outlook Demand
Production
LNG
Pipeline Infrastructure
Summary/Conclusions
BUILDING A WORLD OF DIFFERENCE®
June 2007
10
Weather normalized residential and commercial natural gas demand growth is expected to grow 1.4% annually between 2007 and 2011
History Forecast
0
1
2
3
4
5
6
7
8
9
10
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tcf
/Yr
0
1
2
3
4
5
6
7
8
Ave
rag
e W
ellh
ead
Pri
ces
($/M
cf)
Historical
EIA AEO 2007
Wellhead Natural Gas Price
Source: EIASource: EIA
BUILDING A WORLD OF DIFFERENCE®
June 2007
11
Gas demand for power generation is projected to grow 2.4% annually between 2007 and 2011 – key factors include price levels and emission considerations
History Forecast
0
1
2
3
4
5
6
7
8
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tcf
/Yr
Historical
EIA AEO 2007
BUILDING A WORLD OF DIFFERENCE®
June 2007
12
Industrial natural gas demand is expected to grow 1.3 % annually between 2007 and 2011 as prices drop and economic growth continues
History Forecast
0
2
4
6
8
10
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tcf
/Yr
Historical
EIA AEO 2007
BUILDING A WORLD OF DIFFERENCE®
June 2007
13
Total US natural gas demand is projected to increase by 1.7% annually, with cumulative growth of 7% between 2007 and 2011
Source: EIA AEO 2007
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
Tc
f/y
r
Electric
Industrial
Commercial
Residential
BUILDING A WORLD OF DIFFERENCE®
June 2007
14
Winter and summer demand peaks are forecasted to grow
0
10
20
30
40
50
60
70
80
90
4/06 10/06 4/07 10/07 4/08 10/08 4/09 10/09 4/10 10/10
Bcf
/d
LNG ImportsCanadian ImportsUS ProductionUS Demand
Growing summer peak
Growingwinter peak
Source: B&V / LEG Analysis
BUILDING A WORLD OF DIFFERENCE®
June 2007
15
Peak month residential demand is growing relative to average monthly demand
USA Seasonal Demand (MMcf)
100000
200000
300000
400000
500000
600000
700000
800000
900000
1000000
Source: Dominion Resources Services, Inc
Peak Month Demand Average Monthly Demand
BUILDING A WORLD OF DIFFERENCE®
June 2007
16
Supply outlook – new sources, uncertain costs
Key sources influencing the North American supply picture :
Canada
GOM production
Rockies
Shale plays – Barnett, Fayetteville
LNG
Frontier gas – Alaska, Mackenzie Valley
BUILDING A WORLD OF DIFFERENCE®
June 2007
17
Canadian production is expected to decline and the decline is compounded by delay in the Mackenzie Valley project
0
2
4
6
8
10
12
14
16
18
20
Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16
Ontario Eastern Canada Alberta BC Northern Canada Saskatchewan
MVP delayed until 2014
MVP delayed until 2014
BUILDING A WORLD OF DIFFERENCE®
June 2007
18
Alaska pipeline project is delayed and timing is uncertain, build-out is +/- 10 years
Source: Platts Pipeline Conference, September 21, 2006
BUILDING A WORLD OF DIFFERENCE®
June 2007
19
Aggregated production projections for the Lower 48 states indicate an increase between 2007 and 2012, flattening thereafter
Lower 48 Production
0
10
20
30
40
50
60
70
Nov-2007
May-2008
Nov-2008
May-2009
Nov-2009
May-2010
Nov-2010
May-2011
Nov-2011
May-2012
Nov-2012
May-2013
Nov-2013
May-2014
Nov-2014
May-2015
Nov-2015
May-2016
Nov-2016
May-2017
Bcf
/d
Rockies Texas Gulf LA MidCont Appal CalPNW ESC NGP Midwest Permian San Juan
BUILDING A WORLD OF DIFFERENCE®
June 2007
20
GOM Offshore – Deepwater increases offset shallow water declines
GOM Offshore Production
0
2
4
6
8
10
12
14
16
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bcf
/d
GOM Shallow GOM Deep
ForecastedHistorical
Source: Lippman Consulting, LEG Analysis
BUILDING A WORLD OF DIFFERENCE®
June 2007
21
Unconventional reserves include of CBM, Gas Shale, and Tight Gas Sands
Source: DOE/EIA AEO 2006
0
2
4
6
8
10
2000 2010 2020 2030
Onshore Unconventional
Non-Associated Onshore Conventional
Non-Associated Offshore
Associated/DissolvedAlaska
Nat
ura
l G
as P
rod
uct
ion
, (T
cf)
2004
Source: DOE/EIA AEO 2006
0
2
4
6
8
10
2000 2010 2020 2030
Onshore Unconventional
Non-Associated Onshore Conventional
Non-Associated Offshore
Associated/DissolvedAlaska
Nat
ura
l G
as P
rod
uct
ion
, (T
cf)
2004
BUILDING A WORLD OF DIFFERENCE®
June 2007
22
Unconventional gas plays lead recent domestic resource discoveries
0.60.40.3Tight Gas Sands/CBMPiceance, COS. Piceance Gas Area*11
Production (Bcfd)
0.4
0.5
0.5
0.7
0.8
0.8
4.1
Year 2003
0.50.5Gas ShaleMichigan, MIAntrim10
*Includes Mamm Creek, Rulison, and Grand Valley/Parachute.Note: Fourteen of the twenty largest gas fields, based on proved reserves, hold unconventional gas.Sources: EIA 2002/2004 Annual Reserve Reports, Advanced Resources Data Base.
0.5
0.5
0.6
0.9
0.6
3.9
Year 2002
0.5Tight Gas SandsEast Texas, TXCarthage9
0.5Tight Gas SandsDenver, COWattenberg/DJ Basin7
0.7Tight Gas SandsGGRB, WYJonah5
0.9CBMPowder River, WYWyodak/Big George4
1.1Gas ShaleFt. Worth, TXNewark East3
4.0CBM/Tight Gas SandsSan Juan, NM/COSan Juan Gas Area1
Year 2004Type of
ResourceBasin/StateField NameRank(in 2002)
0.60.40.3Tight Gas Sands/CBMPiceance, COS. Piceance Gas Area*11
Production (Bcfd)
0.4
0.5
0.5
0.7
0.8
0.8
4.1
Year 2003
0.50.5Gas ShaleMichigan, MIAntrim10
*Includes Mamm Creek, Rulison, and Grand Valley/Parachute.Note: Fourteen of the twenty largest gas fields, based on proved reserves, hold unconventional gas.Sources: EIA 2002/2004 Annual Reserve Reports, Advanced Resources Data Base.
0.5
0.5
0.6
0.9
0.6
3.9
Year 2002
0.5Tight Gas SandsEast Texas, TXCarthage9
0.5Tight Gas SandsDenver, COWattenberg/DJ Basin7
0.7Tight Gas SandsGGRB, WYJonah5
0.9CBMPowder River, WYWyodak/Big George4
1.1Gas ShaleFt. Worth, TXNewark East3
4.0CBM/Tight Gas SandsSan Juan, NM/COSan Juan Gas Area1
Year 2004Type of
ResourceBasin/StateField NameRank(in 2002)
BUILDING A WORLD OF DIFFERENCE®
June 2007
23
US Rockies non-conventional production is providing valuable relief to supply constraints
Rockies Production
0
2
4
6
8
10
12
Nov-2007
May-2008
Nov-2008
May-2009
Nov-2009
May-2010
Nov-2010
May-2011
Nov-2011
May-2012
Nov-2012
May-2013
Nov-2013
May-2014
Nov-2014
May-2015
Nov-2015
May-2016
Nov-2016
May-2017
Bcf
/d
Jonah Piceance-Paradox Anadarko-Raton-Denver PinedaleUinta-TB East GR West GR Powder RiverBig Horn Wind River Madden
BUILDING A WORLD OF DIFFERENCE®
June 2007
24
Rockies production growth has largely come from key basins in the northern Rockies
Rockies production is expected to grow at about 2.5% per annum in the next ten years
Jonah, Pinedale and Piceance will lead the growth with an average rate of 4.5% per year
Jonah and Pinedale production increased from 600 Mmcf/d to 1.5 Bcf/d from 2002 to 2006, at an annual growth rate of 25%
Piceance production increased from 439 Mmcf/d to 1 Bcf/d in 2006, at an annual rate of 22% Source: Lippmann Consulting
Jonah
Pinedale
Source: Lippmann Consulting
Jonah
Pinedale
BUILDING A WORLD OF DIFFERENCE®
June 2007
25
Rockies gas producers are targeting eastern markets
Zone 3 – Lebanon to Clarington
In Service: Jun-09
Capacity: 2.0 bcf/d
FT rate: $1.094
Fuel: 2.22%
BUILDING A WORLD OF DIFFERENCE®
June 2007
26
Gulf Coast Onshore – Benefiting from Barnett Shale
Source: Lippman Consulting, LEG Analysis
0
2
4
6
8
10
12
14
16
18
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bcf
/d
N. Tx Barnett Shale Carth Tx N. Tx So. Tx Cn Tx Katy N LA ELA WLA CLA
ForecastedHistorical
BUILDING A WORLD OF DIFFERENCE®
June 2007
27
Insights into the shale resource: Barnett Shale
Dry Production in 2006: 1,421 MMcf/d
Current Rig Count: 44 Rigs
Wells First Delivered in 2006: 864
Drilling and fracturing technology has driven the Barnett Shale resource development
Source: Lippmann Consulting
BUILDING A WORLD OF DIFFERENCE®
June 2007
28
Barnett Shale – peak production not expected for another 10 years
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
1995 2000 2005 2010 2015 2020 2025 2030 2035 2040
MM
cf/
d
Historical Production Production Forecast
BUILDING A WORLD OF DIFFERENCE®
June 2007
29
Mid-Continent production also expected to grow on the strength of non-conventional shale gas plays
Mid-Continent Production
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Nov-2007
May-2008
Nov-2008
May-2009
Nov-2009
May-2010
Nov-2010
May-2011
Nov-2011
May-2012
Nov-2012
May-2013
Nov-2013
May-2014
Nov-2014
May-2015
Nov-2015
May-2016
Nov-2016
May-2017
Bcf
/d
MidCont OK MidCont TX MidCont KS MidCont ARSE OK Northeast OK Fayetteville Shale Woodford Shale
BUILDING A WORLD OF DIFFERENCE®
June 2007
30
Mid-Continent production is projected to increase due to Fayetteville Shale prospects
Fayetteville Shale is a Mississippian-age shale accumulation located in Arkoma Basin across several counties of Arkansas.
Southwest Energy, the dominant player in the play, has drilled and completed 172 wells as of Dec. 31, 2006, of which 92 are horizontal wells.
Assuming average well ultimate recovery of 1.4 Bcf and 80-acre spacing, Southwest Energy estimated an ultimate recovery of over 11Tcf
Fayetteville shale production forecast is based on Lippman Consulting projections and an assumed growth rate
BUILDING A WORLD OF DIFFERENCE®
June 2007
31
Woodford Shale, East OK also provides Mid-Continent production with upside potential
Woodford shale is the geological equivalent of Barnett Shale and Fayetteville Shale in East Oklahoma on the west part of the Arkoma basin.
Major players in Woodford shale include Newfield Exploration and Devon Energy. Newfield plans to drill 233 to 322 new wells by 2009.
Newfield Exploration estimates the ultimate recoverable reserves ranges from 2 – 5 Tcf
Woodford Shale production forecast is based on Lippman Consulting projections
BUILDING A WORLD OF DIFFERENCE®
June 2007
32
Producer commitments to new pipeline capacity is a valuable sign of confidence in supply certainty
Status: Conducting a binding Open Season, to be completed Jan-07
Texas Panhandle to Alabama
Expected Capacity: 1.4 Bcf/d to CGT, 1.0 Bcf to Transco St 85
Expected in-service date – Feb 2009
Proposed Recourse Rate:
Zone 1: Daily Demand $0.31
Zone 2: Daily Demand: $0.24
BUILDING A WORLD OF DIFFERENCE®
June 2007
33
Additional Pipeline Capacity: Boardwalk/Gulf South – Gulf Crossing Project
355 Miles Interstate Pipeline from Sherman, TX to Perryville Hub
Expected Capacity: 1.65 Bcf/d
CapEx: 1.1 Billion
Expected in service date: 4th Quarter, 2008
BUILDING A WORLD OF DIFFERENCE®
June 2007
34
Mid-continent supplies and pipelines are good news for southeast consumers (AND MARKETERS!)
OK
HSC
N. Texas Carthage Perryville
TranscoZone 4
Mobile Bay
Enbridge 0.7 Bcf/d
ETP N. TX to Harden 0.95 Bcf/d
KM MidCont Exp 1.1 Bcf/d
ETP Sherman Lateral l 1.1 Bcf/d BW Gulf Crossing 1.65 Bcf/d
KM MidCont Exp 1.0 Bcf/d
BW Gulf Crossing + SE Exp 1.5 Bcf/d
Duke- Centerpoint SE Supply Header
1.0 Bcf/d
ETP N. TX to Carthage1.0 Bcf/d
Duke Carthage to Perryville1.2 Bcf/d
BW E.TX-MS Exp 1.3 Bcf/d
KM MidCont Exp 1.4 Bcf/d
BUILDING A WORLD OF DIFFERENCE®
June 2007
35
Expectation for LNG imports – the devil is in the details…
Several LNG regasification terminals are permitted and under construction in the US
The actual volume of LNG imports will be determined by several factors:
Delivered cost of LNG
Supply sources for LNG
Competition for LNG
Quality specifications for LNG in the US
BUILDING A WORLD OF DIFFERENCE®
June 2007
36
0
2
4
6
8
10
12
14
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Bcf
/d
Freeport
Cameron
Sabine Pass
Golden Pass
Excelerate
Lake Charles
Elba Island
Cove Point
Everett
EIA - AEO 2005
EIA - AEO 2006
EIA - AEO 2007
LNG import expectations continue to moderate
Source: EIA, LEG Analysis
BUILDING A WORLD OF DIFFERENCE®
June 2007
37
World liquefaction capacity is expected to more than double through 2010
0
10
20
30
40
50
60
2005 2006 2007 2008 2009 2010
Bcf
/d
Pacific BasinMiddle EastAtlantic Basin
Source: LNG OneWorld
Expected Worldwide Liquefaction Capacity
BUILDING A WORLD OF DIFFERENCE®
June 2007
38
LNG is the lynchpin of a global market for natural gas
Source: BP Statistical Review 2006
BUILDING A WORLD OF DIFFERENCE®
June 2007
39
UK National Balancing Point (NBP) prices compared to Henry Hub; North America will compete for LNG supplies with Europe and Asia
0
2
4
6
8
10
12
Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08
Fu
ture
s P
rice
($/
Mm
btu
)
NBP Henry Hub
BUILDING A WORLD OF DIFFERENCE®
June 2007
40
North America & Europe expected to become more import-dependent;Asia (Japan, S. Korea, India, & China) expected to remain import-dependent
North America, Europe, Asia Import-Dependence through 2030
0
100
200
300
400
500
2002 2010 2030
Net
Imp
ort
s (
Bcm
)
0
10
20
30
40
50
60
70
80
90
100
Imp
ort
De
pen
den
cy (
%)
N.America Europe Asia N.America(%) Europe(%) Asia(%)
BUILDING A WORLD OF DIFFERENCE®
June 2007
41
Will GOM LNG terminals receive higher volumes in the summer?
Source: Lippman, LEG Analysis
-
200
400
600
800
1,000
1,200
Jan-0
1
Apr-01
Jul-0
1
Oct-0
1
Jan-0
2
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Vo
lum
es
in
MM
cf/
d
Lake Charles, LA
Winter & Summer Avg Average Winter to Summer Ratio is 51%
BUILDING A WORLD OF DIFFERENCE®
June 2007
42
While more attractive and restrictive markets maintain high terminal utilization?
Source: Lippman, LEG Analysis
-
100
200
300
400
500
600
700
Jan-0
1
Apr-01
Jul-0
1
Oct-0
1
Jan-0
2
Apr-02
Jul-0
2
Oct-0
2
Jan-0
3
Apr-03
Jul-0
3
Oct-0
3
Jan-0
4
Apr-04
Jul-0
4
Oct-0
4
Jan-0
5
Apr-05
Jul-0
5
Oct-0
5
Jan-0
6
Apr-06
Jul-0
6
Oct-0
6
Time
Vo
lum
es
in
MM
cf/
d
Everett, MA
Winter & Summer Avg
Average Winter to Summer Ratio is 115%
BUILDING A WORLD OF DIFFERENCE®
June 2007
43
Potential for future LNG imports to exhibit seasonality, with larger volumes in the summer Based on Europe’s
ability to store LNG
Valuation implications for storage facilities located near LNG import terminals
Impact physical need? Dependent on import facility, import schedules, and pipeline takeaway capacity.
Impact market dynamics? Uneven imports put pressure on market volatility.
Source: LEG Analysis
LNG Imports - By Month
0
1
2
3
4
5
6
7
Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12
Bcf
/d
BUILDING A WORLD OF DIFFERENCE®
June 2007
44
Natural gas storage must provide the critical flexibility and security to optimize LNG sales and satisfy demand
Source: Energy Velocity
BUILDING A WORLD OF DIFFERENCE®
June 2007
45
Golden Triangle Storage
New Storage Field
Expansion of Previously Built Storage
Proposed Storage Field
New storage will be justified as LNG imports and markets grow
100% of current Gulf Coast LNG regas capacity
BUILDING A WORLD OF DIFFERENCE®
June 2007
46
Today’s discussion
Review of Winter 2006-07 Prices
Storage Status
Demand and Supply Outlook Demand
Production
LNG
Pipeline Infrastructure
Summary/Conclusions
BUILDING A WORLD OF DIFFERENCE®
June 2007
47
Summary & Conclusions
Natural gas market expected to continue being tight in the near term – largely weather
dependent
High price volatility will continue in the near term due to combined tight supply-demand balance,
and the risk of supply or demand (weather) shocks
New gas supplies from shale and Rockies production are key to meeting long-term demand
New production areas have triggered new pipeline capacity projects to provide access to
markets
LNG still has much uncertainty around it, as does an Alaskan pipeline project
Storage is more critical than ever to managing demand cycles. Storage value has been
increased by supply reliability considerations coupled with:
Resurgence in liquidity
Expanding number of energy market participants – traders/marketers
LNG Imports off-peak
BUILDING A WORLD OF DIFFERENCE®
June 2007
Thank you.Thank you.Greg W. HopperVice President713.590.2280
BUILDING A WORLD OF DIFFERENCE®
June 2007
49
Louisiana production growing on the strength of results in ELA offshore blocks; others regions maintaining replacement rates
Louisiana Production
0
2
4
6
8
10
12
14
16
Nov-2007
May-2008
Nov-2008
May-2009
Nov-2009
May-2010
Nov-2010
May-2011
Nov-2011
May-2012
Nov-2012
May-2013
Nov-2013
May-2014
Nov-2014
May-2015
Nov-2015
May-2016
Nov-2016
May-2017
Bcf
/d
ELA Offshore CLA Offshore WLA Offshore ELA N LA WLA CLA