LNG: Reliable Gas Supply for the Northeast U.S. 116th New England Restructuring Roundtable Friday, April 30, 2010 Phil Ribbeck President Repsol Energy North America Corporation

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Let’s Talk About… Repsol – who we are LNG – what has it done for New England; do we need it here? LNG – what will be available Wrap it up

Repsol – who we are Fully integrated oil & gas company headquartered in Madrid, Spain; operating globally Over 80 years experience in the oil and gas industry Over 35,000 employees Operations in more than 30 countries Growing North American asset base: Producing E&P assets and exploration acreage in the Gulf of Mexico Offshore exploration acreage in Alaska and Newfoundland/Labradour CanaportTM LNG regasification terminal located in Saint John, NB – serves Northeast USA with 1 BCFD firm capability and 10 BCF of storage Portfolio of LNG and gas supply contracts and firm transportation allow Repsol to serve US Northeast markets reliably with great flexibility Full-service gas trading and origination organization

New LNG Facility Output - Winter 09/10

What has new LNG done for New England? Improved the dependability and flexibility of the pipeline delivery system Formerly, there were bottlenecks in Winter to deliver more natural gas in New England New LNG supplies are coming in north of such bottlenecks through existing systems that expanded without interrupting the region’s activities Delivered new secure natural gas supplies Created a new player that is changing the region’s business

How has that benefited New England? Decreased Price Spikes for one

What else has new LNG done? No oil fired generation this past Winter

North America’s LNG Imports

New LNG Supply vs. 2007 Levels

Wrapping it up New LNG supplies are accessible to New England Market without new build issues LNG supplies from the north have expanded the current infrastructure’s dependability and capability The analysts project a global oversupply of LNG during the next 3 – 5 years, at least Amount of new LNG regas capacity in New England exceeds projected demand for quite awhile OK, I am biased, but Repsol has incredible ability to meet the market’s needs for a long time to come