Who owns the natural gas export capacity out of the Rockies? Brian Jeffries Executive Director Wyoming Pipeline Authority August 21, 2007

2 Many export paths exist out of the Rockies

3 Methodology Analyzed public data for ten pipelines Examined twelve pathways Reviewed receipt and delivery points in over 900 individual contracts Identified 300+ contracts fitting export criteria Assigned “class” status based upon primary business

4 Current mix is roughly a 40/40/20 percent split

5 The 20 largest capacity holders dominate the total

6 The 20 largest capacity holders include all classes

7 Post REX roughly a 50/30/20 percent split

8 The largest capacity holders still dominate

9 The 20 largest holders post Rockies Express

10 Expansion support since 2001

11 The 20 largest expansion supporters since 2001 Total $ commitment to expansion by all shippers since 2001 > $9 Billion

12 Points to take away Capacity is widely distributed Only post REX does a single entity own > 10% All customers classes control space Expansions have been supported by nearly all classes Expansion agreements carry very large costs and risks Given the costs, timing and risks, Wyoming needs to continue to actively to support capacity expansion