Strategic Advisors in Global Energy Investing in Oil and Natural Gas: A Few Key Issues Prepared for EIA Conference Susan Farrell, Senior Director PFC Energy.

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Strategic Advisors in Global Energy Investing in Oil and Natural Gas: A Few Key Issues Prepared for EIA Conference Susan Farrell, Senior Director PFC Energy April 8, 2009

Investing in Oil and Gas| PFC Energy| Page 2 The Top 20 IOCs and Top 20 NOCs Account for Over Half of E&P Spend Source: PFC Energy, Global E&P Surveys

Investing in Oil and Gas| PFC Energy| Page 3 Oil Prices Rose, But So Did Costs + 52% Large Gulf of Mexico Facility Costs by Segment Avg $28.31 Avg $59.13 Source: PFC Energy

Investing in Oil and Gas| PFC Energy| Page 4 Near term Spending Cuts will be Significant -24% -29% -27% Further cuts expected E&P Spending by Selected IOCs 2007 $mm Oil Price 2007 $/bbl Source: PFC Energy, Global E&P surveys

Investing in Oil and Gas| PFC Energy| Page 5 Some Companies will Disappear: 46 of 79 Independents No Longer Exist Source: PFC Energy mbd

Investing in Oil and Gas| PFC Energy| Page 6 Non-OPEC Decline Rates Continued to Climb in Spite of Higher Prices Source: PFC Energy

Investing in Oil and Gas| PFC Energy| Page 7 The Deepwater Contribution … Can it Continue? 12% average annual decline rate Source: PFC Energy

Investing in Oil and Gas| PFC Energy| Page 8 The Global Liquids Supply Crunch Still Exists Non-OPEC Liquids OPEC Liquids Tar Sands Biofuels 0.5% 1.0% 1.5% Demand Source: PFC Energy