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DD&A $17.93 $17.77 -1% $16.93 $14.28 5% 24% Operating Costs $35.59 $35.03 -2% $35.32 $33.86 -1% 3% Source CPYredrly dilla Dann,* ant Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117173 CONFIDENTIAL SDNY_GM_00263357 EFTA01457569
25 257 (62.6%) 49.0% Net Debt 1,648 2,286 38.6% 1,640 2,449 39.33% -6.70% Production: Oil (MMboe/d) 97 99 2% 101 79 -2% 25% NGLs (MMboe/d) 41 35 -14% 43 36 -17% -1% Natural Gas (MMcfeld) 337 359 7% 347 346 4% 4% Total Production (Mboe/d) 194 194 0.0% 201 172 -4%
) P/E (x) Revenue (USD) Source: Deutsche Bank estimates, company data 1 Includes the impact of FAS123R requiring the expensing of stock options. Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have
: ($ in Millions) Funds from Operations (FFO) Balance Sheet: ($ in Millions) Total Debt Cash Balance Net Debt Production: Oil (MMboe/d) NGLs (MMboe/d) Natural Gas (MMcfe/d) Total Production (Mboe/d) Unhedged Realizations Oil ($/bbl) NGL ($/bbl) Gas ($/mcf) Unit Costs (US$/boe) : O&G Reven
rovide a moderate haircut to base production over the next couple of years, this is more than offset by the scale of new projects starts. Page 20 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058871 CONFIDENTIAL SDNY_GM_00205055 EFTA01367338
for good reason. Since its peak production in 2000, North Sea production has steadily declined from -6 MMboe/d to current production levels of 2.5 MMboe/d, or an average decline rate of 6%/yr. This happened despite steadily increasing capex levels. Figure 31 North Sea Oil Production TO:0 60:0 1./
40) - 128) • 1000 2283 Ileet Sue Dui .6m0 688‘2 shit ON growl, pgict• Swot Deux**aft KOS Madlessm. '54 2435 • 1% • 4 II 0•31n8 DIN 2510 j Deutsche Bank Securities Inc. Page 59 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0058910 SDNY_GM_00205094 EFTA01367377
for good reason. Since its peak production in 2000, North Sea production has steadily declined from -6 MMboe/d to current production levels of 2.5 MMboe/d, or an average decline rate of 6% YoY. This happened despite steadily increasing capex levels. Despite multi-year trends, we expect North Sea pro
Entities connected to both Deutsche Bank Securities Inc. and MMboe