Kitimat LNG Asia-Pacific Economic Cooperation (APEC) Energy Working Group May 10, 2011

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Kitimat LNG Project – B.C., Canada 1/11/2019 3

EOG Resources Canada Inc. Kitimat LNG Ownership EOG Resources Canada Inc. (30%) Apache Canada Ltd. (40% & Operator) Encana Corp. (30%) Kitimat LNG Project Jan 2010 - Apache acquires of 51% of the Kitimat LNG Project Nov 2010 - EOG concludes acquisition of Galveston LNG Inc. taking ownership of 49% of the Kitimat LNG Project Feb 2011 - Apache and EOG acquire remaining 50% ownership of PTP Pipeline aligning ownership with plant 18 March 2011 - Encana acquires a 30% stake in the Kitimat LNG Project Apache at 40% remains the operator for the Kitimat LNG Project Apache continues as Lead LNG Marketer for joint sales.

Kitimat Project: Recent Milestones & Way Forward November 2010 – Haisla 1st Nation approves land leases End November 2010 – EOG joins project February 2011 – PTP capacity acquired 4 March 2011 - KBR selected as FEED Contractor 18 March 2011 – Encana joins project. Forward Targets: 4Q 2011 - FEED completed 4Q 2011 - SPA(s) concluded End 2011 – FID EPC commencement upon FID 4Q 2015 – first LNG production targeted.

Kitimat LNG Project Components Horn River (~30 Tcf): Acreage (gross) Ownership: >400k: Apache & Encana (50%/50%) >150k: EOG (100%) Spectra Pipeline Pacific Trail’s Pipelines (PTP) Ownership as of March 2011: Apache(40%), EOG (30%) & ECA (30%), 1.4 Bcf /day capacity Kitimat LNG Plant (~5 MMtpa, expandable to ~10 MMtpa) Ownership: Apache 40%, EOG 30% & Encana 30%

Kitimat LNG Facility Overview Located in Bish Cove along the Douglas Channel near Kitimat B.C. FEED for an initial train of approx. 5 MMtpa export capacity awarded in March 2011. On-site storage of up to 420,000 m3 of run- down Expansion capability to approx. 10 MMtpa Plant will utilize existing hydro power Well developed local shipping route used by industry for over 40 years Deep-water port characteristic (over 50 metres) provides ice-free year-round shipping No capex intensive break-water required Planning to accommodate a range of LNG ship sizes. For more info visit: www.kitimatlngfacility.com

Pacific Trails Pipeline (PTP) The PTP, when constructed, will provide the Kitimat Terminal with a direct connection to the Spectra Energy Transmission pipeline and other existing pipeline systems Kitimat acquired full capacity rights in February 2011 Summit Lake connections will provide access to natural gas supplies in British Columbia and Alberta All major environmental permits received Clearing and construction period: ~ 3 years Capacity: ~ 10 MMtpa LNG equivalent. Summit Lake 4A PTP

Vast Potential Shale Gas Supply Resources Yukon British Columbia (OGIP) # Horn River Basin > 500 Tcf Cordova Embayment > 200 Tcf Montney Formation up to 400 Tcf Total > 1000 Tcf Horn River Basin and Cordova Embayment Northwest Territories Alberta Montney / Deep Basin British Columbia Manitoba Saskatchewan Quebec Colorado Group Ontario Kitimat LNG Terminal Note: (#) OGIP - Original Gas In Place Source: Canadian Society for Unconventional Gas

Horn River: Development Drilling Utilising multi-well surface pad design to minimise surface foot-print & lease costs Incorporating a tapered casing string of 7 x 5.5 inch to reduce costs & maximise completion flexibility Drill horizontal wells to optimise completion stages per well. 150 ft 320 ft Horn River Stratigraphy Klua/Evi Shale Muskwa/Otter Park Shale Depth: 8500 ft tvd 13000 ft md Keg River Slave Point

Conventional vs. Unconventional LNG Supplies? With available conventional sources of gas declining.. World LNG demand increasing but the large conventional gas sources available to supply LNG projects are becoming fewer / more expensive. Exploration of unconventional resources is becoming more prevalent globally. And unconventional gas supplies growing.. Unconventional gas supplies to the North American markets are approaching the conventional supply levels. Unconventional gas predicted to be the predominant supply source (in North America by 2030 or sooner. Asian Buyers now securing increasing amounts of unconventional LNG for future long-term supply requirements.. In 2010, Asian LNG buyers secured LNG supplies, taking unprecedented equity from Australia's CSM projects. Major Asian LNG buyers are taking large positions in the N.A. unconventional gas plays. Unconventional gas, particularly from N.A. with its huge supply base, is considered the new frontier to meet future reliable LNG supplies.

Kitimat LNG Project Summary Kitimat LNG poised to move first on shale gas to LNG in NW Canada: Kitimat LNG is best positioned to capture this opportunity with new project ownership. As operator, Apache has international oil and gas experience, strong balance sheet and proven track record. Apache, EOG & Encana in Canada have a diverse supply portfolio to deliver to the Kitimat LNG Project. Approx. 5 MMtpa LNG facility at Kitimat expandable to approx. 10 MMtpa. The project has stable jurisdiction with strong political and community support. Canada has a proven track-record as a reliable exporter of resources, incl. gas. Shale is now an attractive supply source for Asian Buyers, some of who have acquired acreage in North America. Kitimat LNG Project shipping is approx. 10 laden days from Japan & Korea, and 12 from China.

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