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./

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

2087 1667 1% 26% Net Debt 4,147 4,800 16.7% $3,771 $4,242 27.3% 13.1% Production: Oil (MMboe/d) 293 300 2% 308 267 3% 12% NGLs (MMboe/d) 79 78 -2% 84 72 -7% 8% Natural Gas IMMcfeld) 1,267 1,273 0% 1,310 1,352 -).:./ -6% Total Production (Mboe/d) 583 589 1% 626 4

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%

: ($ 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