SlideShare ist ein Scribd-Unternehmen logo
1 von 32
Downloaden Sie, um offline zu lesen
a meaningful company
doing meaningful work
delivering meaningful results
                                                    Mark Leland
                                       Executive Vice President and
                                             Chief Financial Officer

                                                Credit Suisse
                                Leveraged Finance Conference
                                                    March 27, 2008
Cautionary Statement
                           Regarding Forward-looking Statements
This presentation includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and
projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in this presentation, including, without limitation, changes in unaudited and/or unreviewed
financial information; our ability to implement and achieve our objectives in the 2008 plan, including earnings and cash flow targets; the effects of any
changes in accounting rules and guidance; our ability to meet production volume targets in our E&P segment; uncertainties and potential consequences
associated with the outcome of governmental investigations, including, without limitation, those related to the reserve revisions; outcome of litigation; our
ability to comply with the covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline
projects and our ability to successfully construct and operate such projects; the risks associated with recontracting of transportation commitments by our
pipelines; regulatory uncertainties associated with pipeline rate cases; actions by the credit rating agencies; the successful close of our financing
transactions; our ability to successfully exit the energy trading business; our ability to close our announced asset sales on a timely basis; changes in
commodity prices and basis differentials for oil, natural gas, and power and relevant basis spreads; inability to realize anticipated synergies and cost
savings associated with restructurings and divestitures on a timely basis; general economic and weather conditions in geographic regions or markets
served by the company and its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental
regulation; political and currency risks associated with international operations of the company and its affiliates; competition; and other factors described
in the company’s (and its affiliates’) Securities and Exchange Commission filings. While the company makes these statements and projections in good
faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for
additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking
statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or
otherwise.

Certain of the production information in this presentation include the production attributable to El Paso’s 49 percent interest in Four Star Oil & Gas
Company (“Four Star”). El Paso’s Supplemental Oil and Gas disclosures, which are included in its Annual Report on Form 10-K, reflect its proportionate
share of the proved reserves of Four Star separate from its consolidated proved reserves. In addition, the proved reserves attributable to its proportionate
share of Four Star represent estimates prepared by El Paso and not those of Four Star.

Cautionary Note to U.S. Investors—The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to
disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use certain terms in this presentation that the SEC's guidelines strictly prohibit us from
including in filings with the SEC. U.S. Investors are urged to consider closely the disclosures regarding proved reserves in this presentation and the
disclosures contained in our Form 10-K for the year ended December 31, 2007, File No. 001-14365, available by writing; Investor Relations, El Paso
Corporation, 1001 Louisiana St., Houston, TX 77002. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Non-GAAP Financial Measures
This presentation includes certain Non-GAAP financial measures as defined in the SEC’s Regulation G. More information on these Non-GAAP financial
measures, including EBIT, EBITDA, and the required reconciliations under Regulation G, are set forth in this presentation or in the appendix hereto. El
Paso defines Resource Potential as subsurface volumes of oil and natural gas the company believes may be present and eventually recoverable. The
company utilizes a net, geologic risk mean to represent this estimated ultimate recoverable amount.

                                                                                                                                                          2
Leading Positions in Two Core Businesses


   Interstate
 Pipelines

                           Exploration &
                               Production




                                        3
Seizing Opportunities



                                             Pipelines
Favorable Macro Outlook
                                             • Assets well positioned
• Increasing demand for natural gas
                                                – Rockies expansions: CIG, WIC, Ruby
• Strong commodity prices
                                                – LNG related: Elba Express, Cypress
• Infrastructure opportunities with
  shifting supply source
                                             E&P
Environmental                                • Improved portfolio
• Carbon emissions                           • Increased profitability
• Power generation turning to natural gas    • Drilling success




                                                                                   4
Sustainable Long-Term Growth




            Pipelines                                                  E&P
  6%–8% EBIT Growth 2007–2012                        8%–12% production growth 2007–2010

                                                            • 3.1 Tcfe proved reserves*
    • Unprecedented infrastructure
      opportunities                                         • Multi-year drilling inventory
    • Committed project inventory
      nearly $4 billion



*Includes proportionate share of Four Star equity volumes                                     5
El Paso Pipeline Group
                 North America’s Leading Natural Gas Pipeline Company
                                                                                  Tennessee
                                                 Wyoming                          Gas Pipeline
                 Colorado
                                                 Interstate
              Interstate Gas
                                                            Cheyenne
Mojave
                                                          Plains Pipeline
Pipeline

                                                                                                  Southern
                                                                                                 Natural Gas

                                                                                                         Elba Island
       El Paso
                                                                                                            LNG
      Natural Gas

                                 Mexico
                                                                                               Florida Gas
                                Ventures                                    Gulf LNG
                                                                                           Transmission (50%)
                                                                             (50%)

                    • 19% of total U.S. interstate pipeline mileage
                    • 24 Bcf/d capacity (16% of total U.S.)
                    • 17 Bcf/d throughput (28% of gas delivered to U.S. consumers)
Source: El Paso Corporation based on 2007 data
                                                                                                                  6
Note: Includes El Paso Corporation and El Paso Pipeline Partners, L.P.
Well Positioned Assets
Major Flow Changes 2007–2016
                                                    Canada
(Bcf/d)
                                                Declining exports
                                      -2.0
                                                     to U.S.
             -0.7                                                                                        0.6
                             -0.8
                                              -1.1
                                                                                   -1.3
  -1.0                                                                                     Eastern Demand
                                                                                               Growth
                                                                                              Especially
                                                                                              Southeast
                                                                                  2.2
                           2.7                    1.5
                                                                                                                 1.1
                                                                                                       0.6
                                                                    3.8
                          Rockies
                    Increasing supplies                 4.9
                       leaving region                                                            1.2
   0.6
                                                                          2.1


                                                                            5.6                     LNG
             0.6
                                                                                           Expanding current
                                                                                          facilities, Gulf Coast
                                                                                                  additions
                                                                          0.4
                                                                                                             7
 Source: El Paso Pipeline Group December 2007 Macro
Committed Growth Backlog
                                                           Approaching $4 Billion

                                               WIC Medicine Bow                                                            TGP Concord
                                                  Expansion                                                                   $21 MM
                                                    $32 MM                                                                   Nov 2009
                                                   July 2008
     CIG High Plains Pipeline                                                                                               30 MMcf/d
                                                  330 MMcf/d
         $196 MM (100%)
         November 2008
                                                          WIC Piceance
           900 MMcf/d
                                                             Lateral
                                CP Coral Expansion                                                                  Elba Expansion III &
                                                             $62 MM          SNG SESH –Phase I
                                     $23 MM                                                                            Elba Express
                                                            4Q 2009              $137 MM
        CIG Totem Storage           July 2008                                                                           $1.1 Billion
                                                           219 MMcf/d            Jun 2008
         $120 MM (100%)             70 MMcf/d                                                                            2010–2013
                                                                                140 MMcf/d
            July 2009
                                                                                                                          1.2 Bcf/d
           200 MMcf/d

                                                                                                                  SNG Cypress Phase II & III
                                                                                                                       $20 MM/$82 MM
                                                                                                                     May 2008/ Jan 2011
                                                                  TGP Carthage                                     114 MMcf/d/ 161 MMcf/d
                                                                   Expansion
                                                                     $39 MM
                                                                    May 2009
                                                                   100 MMcf/d
                                                                                                              SNG South System III/
                                                                                                                  SESH Phase II
                                                                                          Gulf LNG              $286 MM/ $33 MM
                                                                                     $1.1 Billion (100%)           2010–2012
                                                                                          Oct 2011            375 MMcf/d/ 360MMcfd
         El Paso Pipeline Partners                                                        1.3 Bcf/d

         El Paso                                                                                      FGT Phase VIII
                                                                                                        Expansion
                                                                                                     $2+ Billion (100%)
                                                                                                            2011
                                                                                                         0.8 Bcf/d




                                                                                                                                           8
Note: El Paso Pipeline Partners owns 10% of SNG and CIG
FGT Phase VIII Added to Committed Expansions
                                      Proposed Pipeline Expansion
                             GA
              AL                      FGT




          $2+ billion (100%)
        •
        • 50% EP, 50% SUG
        • 500 miles
        • 0.8 Bcf/d capacity                           FL
        • PA with FPL for 0.4 Bcf/d for
          25-year term
        • 2011 in-service


                                                                    9
Leveraging LNG Experience
        Elba Island LNG                                   Gulf LNG
            Savannah, GA                               Pascagoula , MS




• $1.1 billion terminal expansion and       • $1.1 Billion (100%); 50% EP
  Elba Express Pipeline                     • $870 MM non-recourse financing
• 8.4 Bcf incremental storage capacity        completed
• 0.9 Bcf/d incremental send-out capacity   • 1.3 Bcf/d base sendout
• Fully contracted with Shell and BG        • Fully contracted with Angola LNG and ENI
• Current expansion will double facility    • EPC with Aker Kvaerner
  by 2012                                   • 2011 In-service


  Investing more than $2 billion on LNG and related projects
                                                                                         10
Managing Capital Costs
 Major Greenfield Pipeline Project Costs


30%–35%          35%–40%                    25%–35%

 • Pipe     • Contractor-related           • Right-of-way
                                           • Engineering studies
                                           • Other
                         Primary Party
           $ Billion   At-Risk for Capex
             $1.7          Contractor
              0.8          Customer
              1.3          El Paso
             $3.8
                                                                   11
El Paso Pipeline Partners
                                            • Primary focus is natural gas transmission
                                              and storage assets
                                            • Three FERC regulated interstate pipelines:
                                               – 100% of WIC: 800 miles, 2.7 Bcf/d
                                               – 10% of CIG: 4,000 miles, 3.0 Bcf/d
                                               – 10% of SNG: 7,600 miles, 3.7 Bcf/d
                                            • Demand-based revenues from high-quality
                                              customers with strong credit profiles
                                            • Several organic expansions underway




   WIC
                                      SNG
   CIG

Diverse, Growing Supply Regions   High Connectivity to Growing Markets
                                                                                           12
Pipeline Summary

• High-quality, committed growth backlog
  – Approaching $4 billion

• Focus on project execution
• Manage capital costs
• Long-term EBIT growth expectation 6%–8%
  – Higher with continued success


                                                  13
El Paso E&P: Top 10 Independent
       Total Company
                                                                                           Nile
• Well situated in key U.S.                                                                Delta
                                                                                                      Sinai
  basins                                          Onshore                                          Gulf
                                                                                    Egypt
• Focused on resource &                                                                              of
                                                                                     Egypt
                                         • 51% of 2007 production
  unconventional programs                                                                               Suez
                                         • Primarily coal seam and
• ~80% natural gas
                                           tight-gas programs
                                                                                         Egypt
                                         • Low risk repeatable plays
                                                                                • Onshore
                                                                                  conventional
                                                                                  exploration
           Brazil                                                               • 1MM acres
                                                                                • First drilling 2H 2008
                                 Texas Gulf Coast
                   Rio de
                   Janeiro
                              • 25% of 2007 production
          Brazil              • Low-to-medium risk
                                                                               GOM/SLA
                                tight–gas programs
 • 2 discoveries is 2007
                                                                       • 22% of 2007 production
 • 15,000–20,000 BOE/D
                                                                       • Medium to high-risk
   beginning 2H 2009
                                                                         exploration
 • 20 undrilled prospects
                                                                       • Large acreage position
 • 2% of 2007 production

Note: 2007 production percentages include equity in Four Star                                                  14
2007 YE Proved Reserves—3.1 Tcfe

                                                  Solid Growth Onshore & TGC
          18% Reserve Growth
                       (Tcfe)

                                    3.1
                                                                       TGC
                                                                     550 Bcfe
             2.6
                                                                       18%
                                                                             Int’l
                                                                           247 Bcfe
                                                                              8%
                                                                             GOM
                                                        Onshore
                                                                           269 Bcfe
                                                       2,043 Bcfe
                                                                              9%
                                                          65%




            2006                   2007            72% of reserves proved developed


                                                                                      15
Note: Includes proportionate share of Four Star
97% Drilling Success Rate
                                                              2007
                                                           Gross Wells      Actual
                                                           Completed     Success Rate

       High                 PC < 40%
                                                                 6          50%
                            High Impact
                            Exploration
Risk




                          PC 40%–80%
       Med
                                                               29           76%
                      Medium Risk Development
                           and Exploration




                            PC > 80%                          568           99%
       Low
                   Low Risk Domestic Development
                                                              603           97%

                     Success Rate by Division
        Onshore          99%     Texas Gulf Coast    92%
        Gulf of Mexico   46%     International      100%
                                                                                    16
Significant Undrilled Inventory
                                                •   6.1 Tcfe unrisked non-proved resources
                                                                                                      3,400
                                                •   2.8 Tcfe risked non-proved resources
                                                •   Risked resources grew 12% in 2007
      Resource Potential (Bcfe)




                                                •   Excludes domestic divestiture properties
                                   Non-Proved
                                   Risked
                                   Unrisked                                    2,130

                                                                        1,460

                                  869                                                           835
                                                       495 530


                                  PUD*              Unconventional      Conventional           Conventional
                                                                         Low-Risk              Higher-Risk
                                                     Raton, Arkoma,
                                                     Black Warrior,    Arklatex, Rockies,        GOM, TGC,
                                                      New Albany          TGC, Brazil          Int’l Exploration,
                                                                                                 Brazil, Egypt

*As of 12/31/07 and Includes proportionate share of Four Star                                                       17
E&P Production
                      Solid Growth Trajectory Through 2010
MMcfe/d

                                                                           R
                                                                CAG
                                                          %–12%
                                                        8

                                                 870–930
        862
                              798




                                                   20082
        2007                 2007                                        2009            2010
                          Pro Forma1

Note: Includes proportionate share of Four Star
1 Excludes volumes from domestic assets being sold; assumes full year of Peoples

                                                                                                18
2 Assumes 25 MMcfe/d annualized contributed by the divestiture assets prior to closing
E&P Profitability
                                      Has Grown Faster Than Peers
EBITDA*/Mcfe, Including Hedging
                                                                                $5.75–
                $6.04
                                                                                 $6.00
                                                     $5.84
                                                                         $5.59
                                            $5.57



                        $4.82




                    2006                         2007                        2008E
                                   Peer Average                 El Paso

 Peer group: APA, APC, CHK, DVN, EOG, FST, NBL, NFX, PXD, XEC, XTO
 Actual results from Peer company reports for 2006 and 2007; analyst models 2008E
                                                                                         19
 *EBITDA excludes exploration and dry hole expense for successful efforts companies
E&P Summary

• Growing reserves and production

• Continued improvement in cost structure

• High grading portfolio improves overall performance
  – Divestitures on-track

• Solid inventory provides visible long term growth

         E&P moving towards top-tier performance

                                                      20
2008 Natural Gas and
                                                                       Oil Hedge Positions
Positions as of February 22, 2008
(Contract months January 2008 – Forward)
                                                  188 TBtu
                                          Average cap $10.21/MMBtu
              Ceiling

                                   155 TBtu                            33 TBtu
  2008 Gas                       $10.75 ceiling/                         $7.65
                                  $8.00 Floor                         fixed price

               Floors
                                                  188 TBtu
                                                                                        Balance at
                                          Average floor $7.94/MMBtu
                                                                                       Market Price
                                                 3.7 MMBbls
              Ceiling
                                            Average cap $81.44/Bbl

                                2.8 MMBbls                           0.9 MMBbls
   2008 Oil                           $89.58                         $57.03 ceiling/
                                   fixed price                        $55.00 floor

               Floors
                                                3.7 MMBbls
                                           Average floor $80.94/Bbl


                                                                                                      21
 Note: See full Production-Related Derivative Schedule in Appendix
Substantial Leverage to
                                                 Higher Commodity Prices
$ Earnings Per Share
                                                                   $1.62–
                                                                    $1.72
          $1.70                                       $1.44–
                                                       $1.54
          $1.50                           $1.25–
                      Base Case
                                           $1.35
          $1.30
                       $1.00–
                        $1.10
          $1.10

          $0.90

          $0.70

          $0.50
                      Assumes            Assumes      Assumes      Assumes
                      $7.50 Gas          $9.00 Gas   $10.00 Gas   $11.00 Gas


                                                                               22
 Note: All data includes $70.00 WTI assumption
Improved Financial Strength

                                                                    Proforma Total Debt
• Four consecutive years                                  $22,282
  of debt reduction                                                  $19,196
                                                                            $18,234
• Debt down 17% vs. 2006                                                           $15,430
• Interest expense down                                                                            $12,814
  approximately $300
  million vs. 2006
• Minimal debt maturities
  in 2008

                                                                                                    2007
                                                                                            2006
                                                             2003                    2005
                                                                         2004



Note: debt and interest expense include discontinued operations and assets held for sale
                                                                                                             23
Visible Long-Term Growth

• Focus on growth opportunities
• Pipelines working to expand committed inventory
• E&P more profitable, more focused, increased
  opportunities post high grading
• Committed to grow El Paso Pipeline Partners
• Visible multi-year growth for both businesses
  – Pipelines 6%–8% EBIT growth
  – E&P 8%–12% production growth

                                                    24
a meaningful company
doing meaningful work
delivering meaningful results
                                                    Mark Leland
                                       Executive Vice President and
                                             Chief Financial Officer

                                                Credit Suisse
                                Leveraged Finance Conference
                                                    March 27, 2008
Appendix




           26
Disclosure of Non-GAAP
                                                               Financial Measures
The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP
financial measure. In the event of such a disclosure or release, Regulation G requires (i) the presentation of the most
directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of
the differences between the non-GAAP financial measure presented and the most directly comparable financial
measure calculated and presented in accordance with GAAP. The required presentations and reconciliations are
provided herein.

El Paso uses the non-GAAP financial measure “earnings before interest expense and income taxes” or “EBIT” to
assess the operating results and effectiveness of the company and its business segments. The company defines EBIT
as net income (loss) adjusted for (i) items that do not impact its income (loss) from continuing operations, such as
extraordinary items, discontinued operations, and the impact of accounting changes; (ii) income taxes; (iii) interest and
debt expense; and (iv) distributions on preferred interests of consolidated subsidiaries. The company excludes interest
and debt expense and distributions on preferred interests of consolidated subsidiaries so that investors may evaluate
the company’s operating results without regard to its financing methods or capital structure. EBITDA is defined as
EBIT plus depreciation, depletion, and amortization. El Paso’s business operations consist of both consolidated
businesses as well as substantial investments in unconsolidated affiliates. As a result, the company believes that EBIT
and EBITDA, which include the results of both these consolidated and unconsolidated operations, is useful to its
investors because it allows them to evaluate more effectively the performance of all of El Paso’s businesses and
investments.

El Paso defines Resource Potential as subsurface volumes of oil and natural gas the company believes may be present
and eventually recoverable. The company utilizes a net, geologic risk mean to represent this estimated ultimate
recoverable amount.

El Paso believes that the non-GAAP financial measures described above are also useful to investors because these
measurements are used by many companies in the industry as a measurement of operating and financial performance
and are commonly employed by financial analysts and others to evaluate the operating and financial performance of
the company and its business segments and to compare the operating and financial performance of the company and
its business segments with the performance of other companies within the industry.

These non-GAAP financial measures may not be comparable to similarly titled measurements used by other companies
and should not be used as a substitute for net income, earnings per share or other GAAP measurements.

                                                                                                                            27
28
Reconciliation of EBIT/EBITDA
$ Millions


                                         Twelve Months Ended   Twelve Months Ended
                                          December 31, 2006     December 31, 2007
 EBITDA                                        $ 2,797                $2,828
 Less: DD&A                                      1,047                 1,176
 EBIT                                            1,750                 1,652
 Interest and debt expense                      (1,228)                 (994)
 Income before income taxes                        522                   658
 Income taxes (benefit)                             (9)                  222
 Income from continuing operations                 531                   436
 Discontinued operations, net of taxes             (56)                  674
   Net Income                                      475                 1,110
 Preferred stock dividends                          37                    37
   Net income available to
     common stockholders                       $   438                $1,073



                                                                                 29
Reconciliation of Exploration & Production
                                        EBITDA/Mcfe
$ Millions, Except $/Unit



                            Twelve Months Ended   Twelve Months Ended
                             December 31, 2006     December 31, 2007
         EBIT                     $   640               $   909
         Add: DD&A                    645                   780
         EBITDA                   $ 1,285               $ 1,689


         MMcfe                    266,518               289,242
         EBITDA/Mcfe              $ 4.82                $ 5.84




                                                                        30
Production-Related Derivative Schedule
                                           2008                              2009                       2010                2011–2012
                               Notional        Avg. Hedge         Notional      Avg. Hedge   Notional     Avg. Hedge   Notional   Avg. Hedge
Natural Gas                    Volume             Price           Volume           Price     Volume          Price     Volume        Price
                                (TBtu)         ($/MMBtu)           (TBtu)       ($/MMBtu)     (TBtu)      ($/MMBtu)     (TBtu)    ($/MMBtu)
Designated—EPEP
   Fixed price—Legacy              4.6            $ 3.42               4.6          $ 3.56     4.6             $3.70      6.8       $3.88
   Fixed price                    21.0            $ 8.37
   Ceiling                       121.1            $ 10.84
   Floor                         121.1            $ 8.00
Economic—EPEP
   Fixed price                      7.3           $ 8.24
   Ceiling                         33.8           $ 10.43
   Floor                           33.8           $ 8.00
Economic—EPM
   Ceiling                                                           16.8           $ 8.75
   Floor                                                             16.8           $ 6.00

Avg. ceiling                     187.8            $ 10.21            21.4           $ 7.63     4.6             $3.70      6.8       $3.88
Avg. floor                       187.8            $ 7.94             21.4           $ 5.48     4.6             $3.70      6.8       $3.88

                                           2008
                                 Notional Avg. Hedge
Crude Oil                        Volume      Price
                                (MMBbls)    ($/Bbl)

Designated—EPEP
   Fixed price                     2.79           $ 89.58
Economic—EPM
   Ceiling                         0.93           $ 57.03
   Floor                           0.93           $ 55.00

Avg. ceiling                       3.70           $ 81.44
Avg. floor                         3.70           $ 80.94

                                                                                                                                            31
 Note: Positions are as of February 22, 2008 (contract months: January 2008–forward)
Debt and Interest Reconciliation
$ Millions

                                                                                          2006
                                                         2003     2004       2005
                                                       $ 21,732 $ 19,196   $ 17,266   $ 14,689
 Debt—as presented in most recent Form 10-K
 Debt—discontinued operations & assets held for sale
                                                                               743         741
    ANR
                                                            174                225
    Power
                                                           376
   Petroleum Markets
 Proforma debt                                         $ 22,282 $ 19,196   $ 18,234   $ 15,430


                                                                             2006         2007
                                                                           $ 1,228    $    994
 Interest expense—as reported
 Interest expense—discontinued operations
                                                                                65          10
    ANR
                                                                                14
    Power
                                                                           $ 1,307    $ 1,004
 Proforma interest expense


                                                                                             32

Weitere ähnliche Inhalte

Was ist angesagt?

EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...
EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...
EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...fijigeorge
 
el paso 032607_presentation
el paso  032607_presentationel paso  032607_presentation
el paso 032607_presentationfinance49
 
el paso Pipelines
el paso  Pipelinesel paso  Pipelines
el paso Pipelinesfinance49
 
el paso 09_07Foshee_LehmanBrothers_FINAL
el paso  09_07Foshee_LehmanBrothers_FINALel paso  09_07Foshee_LehmanBrothers_FINAL
el paso 09_07Foshee_LehmanBrothers_FINALfinance49
 
Tcr Presentation Feb2309 (Final)
Tcr Presentation Feb2309 (Final)Tcr Presentation Feb2309 (Final)
Tcr Presentation Feb2309 (Final)fijigeorge
 
Rengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TX
Rengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TXRengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TX
Rengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TXMarcellus Drilling News
 
EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)finance49
 
el paso 08_11_Leland_UBS
el paso  08_11_Leland_UBSel paso  08_11_Leland_UBS
el paso 08_11_Leland_UBSfinance49
 
Enservco jan2013corppresentation
Enservco jan2013corppresentationEnservco jan2013corppresentation
Enservco jan2013corppresentationnabarnes
 
sempra energy 2007 Annual Report
sempra energy 2007 Annual Reportsempra energy 2007 Annual Report
sempra energy 2007 Annual Reportfinance24
 
devon energy 2007 ar
devon energy 2007 ardevon energy 2007 ar
devon energy 2007 arfinance23
 

Was ist angesagt? (11)

EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...
EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...
EMA 2009 - 2012 &amp; Beyond: Operating in a Carbon Constrained Environment -...
 
el paso 032607_presentation
el paso  032607_presentationel paso  032607_presentation
el paso 032607_presentation
 
el paso Pipelines
el paso  Pipelinesel paso  Pipelines
el paso Pipelines
 
el paso 09_07Foshee_LehmanBrothers_FINAL
el paso  09_07Foshee_LehmanBrothers_FINALel paso  09_07Foshee_LehmanBrothers_FINAL
el paso 09_07Foshee_LehmanBrothers_FINAL
 
Tcr Presentation Feb2309 (Final)
Tcr Presentation Feb2309 (Final)Tcr Presentation Feb2309 (Final)
Tcr Presentation Feb2309 (Final)
 
Rengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TX
Rengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TXRengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TX
Rengecy Energy Partners Analyst Day Presentation - Nov 2014 in Dallas, TX
 
EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)
 
el paso 08_11_Leland_UBS
el paso  08_11_Leland_UBSel paso  08_11_Leland_UBS
el paso 08_11_Leland_UBS
 
Enservco jan2013corppresentation
Enservco jan2013corppresentationEnservco jan2013corppresentation
Enservco jan2013corppresentation
 
sempra energy 2007 Annual Report
sempra energy 2007 Annual Reportsempra energy 2007 Annual Report
sempra energy 2007 Annual Report
 
devon energy 2007 ar
devon energy 2007 ardevon energy 2007 ar
devon energy 2007 ar
 

Andere mochten auch

MerrillLynch111406
MerrillLynch111406MerrillLynch111406
MerrillLynch111406finance49
 
el paso 3Q2007Earnings_FINALv2(B&WPrint)
el paso  3Q2007Earnings_FINALv2(B&WPrint)el paso  3Q2007Earnings_FINALv2(B&WPrint)
el paso 3Q2007Earnings_FINALv2(B&WPrint)finance49
 
EP01_24GuidanceConfCallFinal
EP01_24GuidanceConfCallFinalEP01_24GuidanceConfCallFinal
EP01_24GuidanceConfCallFinalfinance49
 
EPC2005AnnualReportForm10K
EPC2005AnnualReportForm10KEPC2005AnnualReportForm10K
EPC2005AnnualReportForm10Kfinance49
 
el paso 12_03Baerg_BankofAmericaFINAL(Web)
el paso  12_03Baerg_BankofAmericaFINAL(Web)el paso  12_03Baerg_BankofAmericaFINAL(Web)
el paso 12_03Baerg_BankofAmericaFINAL(Web)finance49
 
el paso 3Q2005Earnings
el paso  3Q2005Earningsel paso  3Q2005Earnings
el paso 3Q2005Earningsfinance49
 
EP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINALEP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINALfinance49
 
el paso 0803ClearyCOGA
el paso  0803ClearyCOGAel paso  0803ClearyCOGA
el paso 0803ClearyCOGAfinance49
 
el paso 09_04LehmanBrothersConference_FINAL
el paso  09_04LehmanBrothersConference_FINALel paso  09_04LehmanBrothersConference_FINAL
el paso 09_04LehmanBrothersConference_FINALfinance49
 
EPElPasoCorporation1Q06WebcastFinal
EPElPasoCorporation1Q06WebcastFinalEPElPasoCorporation1Q06WebcastFinal
EPElPasoCorporation1Q06WebcastFinalfinance49
 
el paso Marketing_Summary
el paso  Marketing_Summaryel paso  Marketing_Summary
el paso Marketing_Summaryfinance49
 
el paso PlattsRockiesConference
el paso  PlattsRockiesConferenceel paso  PlattsRockiesConference
el paso PlattsRockiesConferencefinance49
 
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Report
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportel paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Report
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
 
el paso PoliticalAccountability
el paso PoliticalAccountabilityel paso PoliticalAccountability
el paso PoliticalAccountabilityfinance49
 
el paso 092005Foshee_BOA
el paso  092005Foshee_BOAel paso  092005Foshee_BOA
el paso 092005Foshee_BOAfinance49
 
EPC2006Proxy
EPC2006ProxyEPC2006Proxy
EPC2006Proxyfinance49
 
el paso 05_16Wright_Wachovia
el paso  05_16Wright_Wachoviael paso  05_16Wright_Wachovia
el paso 05_16Wright_Wachoviafinance49
 

Andere mochten auch (18)

MerrillLynch111406
MerrillLynch111406MerrillLynch111406
MerrillLynch111406
 
el paso 3Q2007Earnings_FINALv2(B&WPrint)
el paso  3Q2007Earnings_FINALv2(B&WPrint)el paso  3Q2007Earnings_FINALv2(B&WPrint)
el paso 3Q2007Earnings_FINALv2(B&WPrint)
 
EP01_24GuidanceConfCallFinal
EP01_24GuidanceConfCallFinalEP01_24GuidanceConfCallFinal
EP01_24GuidanceConfCallFinal
 
EPC2005AnnualReportForm10K
EPC2005AnnualReportForm10KEPC2005AnnualReportForm10K
EPC2005AnnualReportForm10K
 
el paso 12_03Baerg_BankofAmericaFINAL(Web)
el paso  12_03Baerg_BankofAmericaFINAL(Web)el paso  12_03Baerg_BankofAmericaFINAL(Web)
el paso 12_03Baerg_BankofAmericaFINAL(Web)
 
el paso 3Q2005Earnings
el paso  3Q2005Earningsel paso  3Q2005Earnings
el paso 3Q2005Earnings
 
EP10K
EP10KEP10K
EP10K
 
EP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINALEP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINAL
 
el paso 0803ClearyCOGA
el paso  0803ClearyCOGAel paso  0803ClearyCOGA
el paso 0803ClearyCOGA
 
el paso 09_04LehmanBrothersConference_FINAL
el paso  09_04LehmanBrothersConference_FINALel paso  09_04LehmanBrothersConference_FINAL
el paso 09_04LehmanBrothersConference_FINAL
 
EPElPasoCorporation1Q06WebcastFinal
EPElPasoCorporation1Q06WebcastFinalEPElPasoCorporation1Q06WebcastFinal
EPElPasoCorporation1Q06WebcastFinal
 
el paso Marketing_Summary
el paso  Marketing_Summaryel paso  Marketing_Summary
el paso Marketing_Summary
 
el paso PlattsRockiesConference
el paso  PlattsRockiesConferenceel paso  PlattsRockiesConference
el paso PlattsRockiesConference
 
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Report
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportel paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Report
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Report
 
el paso PoliticalAccountability
el paso PoliticalAccountabilityel paso PoliticalAccountability
el paso PoliticalAccountability
 
el paso 092005Foshee_BOA
el paso  092005Foshee_BOAel paso  092005Foshee_BOA
el paso 092005Foshee_BOA
 
EPC2006Proxy
EPC2006ProxyEPC2006Proxy
EPC2006Proxy
 
el paso 05_16Wright_Wachovia
el paso  05_16Wright_Wachoviael paso  05_16Wright_Wachovia
el paso 05_16Wright_Wachovia
 

Ähnlich wie el paso 03_27Leland_CreditSuisse_FINAL(Web)

el paso 04_08FosheeHowardWeil(Web)2
el paso  04_08FosheeHowardWeil(Web)2el paso  04_08FosheeHowardWeil(Web)2
el paso 04_08FosheeHowardWeil(Web)2finance49
 
EP09_18BankofAmerica
EP09_18BankofAmericaEP09_18BankofAmerica
EP09_18BankofAmericafinance49
 
el paso Yardley_IPAAMLPConference1
el paso  Yardley_IPAAMLPConference1el paso  Yardley_IPAAMLPConference1
el paso Yardley_IPAAMLPConference1finance49
 
el paso 020508_CreditSuisse_Leland
el paso  020508_CreditSuisse_Lelandel paso  020508_CreditSuisse_Leland
el paso 020508_CreditSuisse_Lelandfinance49
 
el paso AGAFinancialForum_FINAL(Web)
el paso  AGAFinancialForum_FINAL(Web)el paso  AGAFinancialForum_FINAL(Web)
el paso AGAFinancialForum_FINAL(Web)finance49
 
EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)finance49
 
el paso 032607_presentation
el paso  032607_presentationel paso  032607_presentation
el paso 032607_presentationfinance49
 
el paso MerrillLynch_FINAL(Web)
el paso  MerrillLynch_FINAL(Web)el paso  MerrillLynch_FINAL(Web)
el paso MerrillLynch_FINAL(Web)finance49
 
EP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINALEP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINALfinance49
 
Us Chamber Of Commerce (May 20)Final
Us Chamber Of Commerce (May 20)FinalUs Chamber Of Commerce (May 20)Final
Us Chamber Of Commerce (May 20)Finalfijigeorge
 
el paso Pipelines
el paso  Pipelinesel paso  Pipelines
el paso Pipelinesfinance49
 
WF Basin Book July 2018.pdf
WF Basin Book July 2018.pdfWF Basin Book July 2018.pdf
WF Basin Book July 2018.pdfEagleFord1
 
WF Basin Book July 2018.pdf
WF Basin Book July 2018.pdfWF Basin Book July 2018.pdf
WF Basin Book July 2018.pdfEagleFord1
 
EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)finance49
 
EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)finance49
 
EP05_08Cleary_AGA
EP05_08Cleary_AGAEP05_08Cleary_AGA
EP05_08Cleary_AGAfinance49
 
EP05_08Cleary_AGA
EP05_08Cleary_AGAEP05_08Cleary_AGA
EP05_08Cleary_AGAfinance49
 
atmos enerrgy BofA111308_Handout
atmos enerrgy BofA111308_Handoutatmos enerrgy BofA111308_Handout
atmos enerrgy BofA111308_Handoutfinance35
 
el paso 092805Hopper_Deutsche
el paso  092805Hopper_Deutscheel paso  092805Hopper_Deutsche
el paso 092805Hopper_Deutschefinance49
 
el paso 129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...
el paso  129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...el paso  129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...
el paso 129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...finance49
 

Ähnlich wie el paso 03_27Leland_CreditSuisse_FINAL(Web) (20)

el paso 04_08FosheeHowardWeil(Web)2
el paso  04_08FosheeHowardWeil(Web)2el paso  04_08FosheeHowardWeil(Web)2
el paso 04_08FosheeHowardWeil(Web)2
 
EP09_18BankofAmerica
EP09_18BankofAmericaEP09_18BankofAmerica
EP09_18BankofAmerica
 
el paso Yardley_IPAAMLPConference1
el paso  Yardley_IPAAMLPConference1el paso  Yardley_IPAAMLPConference1
el paso Yardley_IPAAMLPConference1
 
el paso 020508_CreditSuisse_Leland
el paso  020508_CreditSuisse_Lelandel paso  020508_CreditSuisse_Leland
el paso 020508_CreditSuisse_Leland
 
el paso AGAFinancialForum_FINAL(Web)
el paso  AGAFinancialForum_FINAL(Web)el paso  AGAFinancialForum_FINAL(Web)
el paso AGAFinancialForum_FINAL(Web)
 
EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)EP09_03LehmanFoshee_FINAL(Web)
EP09_03LehmanFoshee_FINAL(Web)
 
el paso 032607_presentation
el paso  032607_presentationel paso  032607_presentation
el paso 032607_presentation
 
el paso MerrillLynch_FINAL(Web)
el paso  MerrillLynch_FINAL(Web)el paso  MerrillLynch_FINAL(Web)
el paso MerrillLynch_FINAL(Web)
 
EP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINALEP09_19Foshee_BankofAmerica_FINAL
EP09_19Foshee_BankofAmerica_FINAL
 
Us Chamber Of Commerce (May 20)Final
Us Chamber Of Commerce (May 20)FinalUs Chamber Of Commerce (May 20)Final
Us Chamber Of Commerce (May 20)Final
 
el paso Pipelines
el paso  Pipelinesel paso  Pipelines
el paso Pipelines
 
WF Basin Book July 2018.pdf
WF Basin Book July 2018.pdfWF Basin Book July 2018.pdf
WF Basin Book July 2018.pdf
 
WF Basin Book July 2018.pdf
WF Basin Book July 2018.pdfWF Basin Book July 2018.pdf
WF Basin Book July 2018.pdf
 
EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)
 
EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)EP_10_07Smolik_IPAAOGIS(Web)
EP_10_07Smolik_IPAAOGIS(Web)
 
EP05_08Cleary_AGA
EP05_08Cleary_AGAEP05_08Cleary_AGA
EP05_08Cleary_AGA
 
EP05_08Cleary_AGA
EP05_08Cleary_AGAEP05_08Cleary_AGA
EP05_08Cleary_AGA
 
atmos enerrgy BofA111308_Handout
atmos enerrgy BofA111308_Handoutatmos enerrgy BofA111308_Handout
atmos enerrgy BofA111308_Handout
 
el paso 092805Hopper_Deutsche
el paso  092805Hopper_Deutscheel paso  092805Hopper_Deutsche
el paso 092805Hopper_Deutsche
 
el paso 129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...
el paso  129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...el paso  129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...
el paso 129E17E7-B9DE-4351-A90B-947315FA05EF_EP_RayJamesDLF(Orlando)_FinalCo...
 

Mehr von finance49

jarden 2001_ar
jarden   2001_arjarden   2001_ar
jarden 2001_arfinance49
 
jarden 2001_ar
jarden   2001_arjarden   2001_ar
jarden 2001_arfinance49
 
jarden 2002_AR
jarden   2002_ARjarden   2002_AR
jarden 2002_ARfinance49
 
jarden 2002_AR
jarden   2002_ARjarden   2002_AR
jarden 2002_ARfinance49
 
jarden 2004AR
jarden   2004ARjarden   2004AR
jarden 2004ARfinance49
 
jarden 2004AR
jarden   2004ARjarden   2004AR
jarden 2004ARfinance49
 
jarden AR2006
jarden   AR2006jarden   AR2006
jarden AR2006finance49
 
chiquita brands international annual
chiquita brands international annualchiquita brands international annual
chiquita brands international annualfinance49
 
chiquita brands international 2000annual
chiquita brands international 2000annualchiquita brands international 2000annual
chiquita brands international 2000annualfinance49
 
chiquita brands international 2001annual
chiquita brands international 2001annualchiquita brands international 2001annual
chiquita brands international 2001annualfinance49
 
chiquita brands international 2002annual
chiquita brands international 2002annualchiquita brands international 2002annual
chiquita brands international 2002annualfinance49
 
chiquita brands international 2003annual
chiquita brands international 2003annualchiquita brands international 2003annual
chiquita brands international 2003annualfinance49
 
chiquita brands international 2004annual
chiquita brands international 2004annualchiquita brands international 2004annual
chiquita brands international 2004annualfinance49
 
chiquita brands international 2005annual
chiquita brands international 2005annualchiquita brands international 2005annual
chiquita brands international 2005annualfinance49
 

Mehr von finance49 (20)

Jah112008
Jah112008Jah112008
Jah112008
 
Jah112008
Jah112008Jah112008
Jah112008
 
jarden 2001_ar
jarden   2001_arjarden   2001_ar
jarden 2001_ar
 
jarden 2001_ar
jarden   2001_arjarden   2001_ar
jarden 2001_ar
 
jarden 2002_AR
jarden   2002_ARjarden   2002_AR
jarden 2002_AR
 
jarden 2002_AR
jarden   2002_ARjarden   2002_AR
jarden 2002_AR
 
Jarden_AR
Jarden_ARJarden_AR
Jarden_AR
 
Jarden_AR
Jarden_ARJarden_AR
Jarden_AR
 
jarden 2004AR
jarden   2004ARjarden   2004AR
jarden 2004AR
 
jarden 2004AR
jarden   2004ARjarden   2004AR
jarden 2004AR
 
jarden ar05
jarden   ar05jarden   ar05
jarden ar05
 
jarden ar05
jarden   ar05jarden   ar05
jarden ar05
 
jarden AR2006
jarden   AR2006jarden   AR2006
jarden AR2006
 
chiquita brands international annual
chiquita brands international annualchiquita brands international annual
chiquita brands international annual
 
chiquita brands international 2000annual
chiquita brands international 2000annualchiquita brands international 2000annual
chiquita brands international 2000annual
 
chiquita brands international 2001annual
chiquita brands international 2001annualchiquita brands international 2001annual
chiquita brands international 2001annual
 
chiquita brands international 2002annual
chiquita brands international 2002annualchiquita brands international 2002annual
chiquita brands international 2002annual
 
chiquita brands international 2003annual
chiquita brands international 2003annualchiquita brands international 2003annual
chiquita brands international 2003annual
 
chiquita brands international 2004annual
chiquita brands international 2004annualchiquita brands international 2004annual
chiquita brands international 2004annual
 
chiquita brands international 2005annual
chiquita brands international 2005annualchiquita brands international 2005annual
chiquita brands international 2005annual
 

Kürzlich hochgeladen

Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Guillaume Ⓥ Sarlat
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...mwangimwangi222
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources PresentationAdnet Communications
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...Antonis Zairis
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.Arifa Saeed
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Matthews Bantsijang
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023SkillCircle
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxOffice for National Statistics
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptxFinTech Belgium
 

Kürzlich hochgeladen (20)

Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024Monthly Economic Monitoring of Ukraine No.230, March 2024
Monthly Economic Monitoring of Ukraine No.230, March 2024
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation
 
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
 
Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptx
 

el paso 03_27Leland_CreditSuisse_FINAL(Web)

  • 1. a meaningful company doing meaningful work delivering meaningful results Mark Leland Executive Vice President and Chief Financial Officer Credit Suisse Leveraged Finance Conference March 27, 2008
  • 2. Cautionary Statement Regarding Forward-looking Statements This presentation includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation, including, without limitation, changes in unaudited and/or unreviewed financial information; our ability to implement and achieve our objectives in the 2008 plan, including earnings and cash flow targets; the effects of any changes in accounting rules and guidance; our ability to meet production volume targets in our E&P segment; uncertainties and potential consequences associated with the outcome of governmental investigations, including, without limitation, those related to the reserve revisions; outcome of litigation; our ability to comply with the covenants in our various financing documents; our ability to obtain necessary governmental approvals for proposed pipeline projects and our ability to successfully construct and operate such projects; the risks associated with recontracting of transportation commitments by our pipelines; regulatory uncertainties associated with pipeline rate cases; actions by the credit rating agencies; the successful close of our financing transactions; our ability to successfully exit the energy trading business; our ability to close our announced asset sales on a timely basis; changes in commodity prices and basis differentials for oil, natural gas, and power and relevant basis spreads; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; political and currency risks associated with international operations of the company and its affiliates; competition; and other factors described in the company’s (and its affiliates’) Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise. Certain of the production information in this presentation include the production attributable to El Paso’s 49 percent interest in Four Star Oil & Gas Company (“Four Star”). El Paso’s Supplemental Oil and Gas disclosures, which are included in its Annual Report on Form 10-K, reflect its proportionate share of the proved reserves of Four Star separate from its consolidated proved reserves. In addition, the proved reserves attributable to its proportionate share of Four Star represent estimates prepared by El Paso and not those of Four Star. Cautionary Note to U.S. Investors—The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosures regarding proved reserves in this presentation and the disclosures contained in our Form 10-K for the year ended December 31, 2007, File No. 001-14365, available by writing; Investor Relations, El Paso Corporation, 1001 Louisiana St., Houston, TX 77002. You can also obtain this form from the SEC by calling 1-800-SEC-0330. Non-GAAP Financial Measures This presentation includes certain Non-GAAP financial measures as defined in the SEC’s Regulation G. More information on these Non-GAAP financial measures, including EBIT, EBITDA, and the required reconciliations under Regulation G, are set forth in this presentation or in the appendix hereto. El Paso defines Resource Potential as subsurface volumes of oil and natural gas the company believes may be present and eventually recoverable. The company utilizes a net, geologic risk mean to represent this estimated ultimate recoverable amount. 2
  • 3. Leading Positions in Two Core Businesses Interstate Pipelines Exploration & Production 3
  • 4. Seizing Opportunities Pipelines Favorable Macro Outlook • Assets well positioned • Increasing demand for natural gas – Rockies expansions: CIG, WIC, Ruby • Strong commodity prices – LNG related: Elba Express, Cypress • Infrastructure opportunities with shifting supply source E&P Environmental • Improved portfolio • Carbon emissions • Increased profitability • Power generation turning to natural gas • Drilling success 4
  • 5. Sustainable Long-Term Growth Pipelines E&P 6%–8% EBIT Growth 2007–2012 8%–12% production growth 2007–2010 • 3.1 Tcfe proved reserves* • Unprecedented infrastructure opportunities • Multi-year drilling inventory • Committed project inventory nearly $4 billion *Includes proportionate share of Four Star equity volumes 5
  • 6. El Paso Pipeline Group North America’s Leading Natural Gas Pipeline Company Tennessee Wyoming Gas Pipeline Colorado Interstate Interstate Gas Cheyenne Mojave Plains Pipeline Pipeline Southern Natural Gas Elba Island El Paso LNG Natural Gas Mexico Florida Gas Ventures Gulf LNG Transmission (50%) (50%) • 19% of total U.S. interstate pipeline mileage • 24 Bcf/d capacity (16% of total U.S.) • 17 Bcf/d throughput (28% of gas delivered to U.S. consumers) Source: El Paso Corporation based on 2007 data 6 Note: Includes El Paso Corporation and El Paso Pipeline Partners, L.P.
  • 7. Well Positioned Assets Major Flow Changes 2007–2016 Canada (Bcf/d) Declining exports -2.0 to U.S. -0.7 0.6 -0.8 -1.1 -1.3 -1.0 Eastern Demand Growth Especially Southeast 2.2 2.7 1.5 1.1 0.6 3.8 Rockies Increasing supplies 4.9 leaving region 1.2 0.6 2.1 5.6 LNG 0.6 Expanding current facilities, Gulf Coast additions 0.4 7 Source: El Paso Pipeline Group December 2007 Macro
  • 8. Committed Growth Backlog Approaching $4 Billion WIC Medicine Bow TGP Concord Expansion $21 MM $32 MM Nov 2009 July 2008 CIG High Plains Pipeline 30 MMcf/d 330 MMcf/d $196 MM (100%) November 2008 WIC Piceance 900 MMcf/d Lateral CP Coral Expansion Elba Expansion III & $62 MM SNG SESH –Phase I $23 MM Elba Express 4Q 2009 $137 MM CIG Totem Storage July 2008 $1.1 Billion 219 MMcf/d Jun 2008 $120 MM (100%) 70 MMcf/d 2010–2013 140 MMcf/d July 2009 1.2 Bcf/d 200 MMcf/d SNG Cypress Phase II & III $20 MM/$82 MM May 2008/ Jan 2011 TGP Carthage 114 MMcf/d/ 161 MMcf/d Expansion $39 MM May 2009 100 MMcf/d SNG South System III/ SESH Phase II Gulf LNG $286 MM/ $33 MM $1.1 Billion (100%) 2010–2012 Oct 2011 375 MMcf/d/ 360MMcfd El Paso Pipeline Partners 1.3 Bcf/d El Paso FGT Phase VIII Expansion $2+ Billion (100%) 2011 0.8 Bcf/d 8 Note: El Paso Pipeline Partners owns 10% of SNG and CIG
  • 9. FGT Phase VIII Added to Committed Expansions Proposed Pipeline Expansion GA AL FGT $2+ billion (100%) • • 50% EP, 50% SUG • 500 miles • 0.8 Bcf/d capacity FL • PA with FPL for 0.4 Bcf/d for 25-year term • 2011 in-service 9
  • 10. Leveraging LNG Experience Elba Island LNG Gulf LNG Savannah, GA Pascagoula , MS • $1.1 billion terminal expansion and • $1.1 Billion (100%); 50% EP Elba Express Pipeline • $870 MM non-recourse financing • 8.4 Bcf incremental storage capacity completed • 0.9 Bcf/d incremental send-out capacity • 1.3 Bcf/d base sendout • Fully contracted with Shell and BG • Fully contracted with Angola LNG and ENI • Current expansion will double facility • EPC with Aker Kvaerner by 2012 • 2011 In-service Investing more than $2 billion on LNG and related projects 10
  • 11. Managing Capital Costs Major Greenfield Pipeline Project Costs 30%–35% 35%–40% 25%–35% • Pipe • Contractor-related • Right-of-way • Engineering studies • Other Primary Party $ Billion At-Risk for Capex $1.7 Contractor 0.8 Customer 1.3 El Paso $3.8 11
  • 12. El Paso Pipeline Partners • Primary focus is natural gas transmission and storage assets • Three FERC regulated interstate pipelines: – 100% of WIC: 800 miles, 2.7 Bcf/d – 10% of CIG: 4,000 miles, 3.0 Bcf/d – 10% of SNG: 7,600 miles, 3.7 Bcf/d • Demand-based revenues from high-quality customers with strong credit profiles • Several organic expansions underway WIC SNG CIG Diverse, Growing Supply Regions High Connectivity to Growing Markets 12
  • 13. Pipeline Summary • High-quality, committed growth backlog – Approaching $4 billion • Focus on project execution • Manage capital costs • Long-term EBIT growth expectation 6%–8% – Higher with continued success 13
  • 14. El Paso E&P: Top 10 Independent Total Company Nile • Well situated in key U.S. Delta Sinai basins Onshore Gulf Egypt • Focused on resource & of Egypt • 51% of 2007 production unconventional programs Suez • Primarily coal seam and • ~80% natural gas tight-gas programs Egypt • Low risk repeatable plays • Onshore conventional exploration Brazil • 1MM acres • First drilling 2H 2008 Texas Gulf Coast Rio de Janeiro • 25% of 2007 production Brazil • Low-to-medium risk GOM/SLA tight–gas programs • 2 discoveries is 2007 • 22% of 2007 production • 15,000–20,000 BOE/D • Medium to high-risk beginning 2H 2009 exploration • 20 undrilled prospects • Large acreage position • 2% of 2007 production Note: 2007 production percentages include equity in Four Star 14
  • 15. 2007 YE Proved Reserves—3.1 Tcfe Solid Growth Onshore & TGC 18% Reserve Growth (Tcfe) 3.1 TGC 550 Bcfe 2.6 18% Int’l 247 Bcfe 8% GOM Onshore 269 Bcfe 2,043 Bcfe 9% 65% 2006 2007 72% of reserves proved developed 15 Note: Includes proportionate share of Four Star
  • 16. 97% Drilling Success Rate 2007 Gross Wells Actual Completed Success Rate High PC < 40% 6 50% High Impact Exploration Risk PC 40%–80% Med 29 76% Medium Risk Development and Exploration PC > 80% 568 99% Low Low Risk Domestic Development 603 97% Success Rate by Division Onshore 99% Texas Gulf Coast 92% Gulf of Mexico 46% International 100% 16
  • 17. Significant Undrilled Inventory • 6.1 Tcfe unrisked non-proved resources 3,400 • 2.8 Tcfe risked non-proved resources • Risked resources grew 12% in 2007 Resource Potential (Bcfe) • Excludes domestic divestiture properties Non-Proved Risked Unrisked 2,130 1,460 869 835 495 530 PUD* Unconventional Conventional Conventional Low-Risk Higher-Risk Raton, Arkoma, Black Warrior, Arklatex, Rockies, GOM, TGC, New Albany TGC, Brazil Int’l Exploration, Brazil, Egypt *As of 12/31/07 and Includes proportionate share of Four Star 17
  • 18. E&P Production Solid Growth Trajectory Through 2010 MMcfe/d R CAG %–12% 8 870–930 862 798 20082 2007 2007 2009 2010 Pro Forma1 Note: Includes proportionate share of Four Star 1 Excludes volumes from domestic assets being sold; assumes full year of Peoples 18 2 Assumes 25 MMcfe/d annualized contributed by the divestiture assets prior to closing
  • 19. E&P Profitability Has Grown Faster Than Peers EBITDA*/Mcfe, Including Hedging $5.75– $6.04 $6.00 $5.84 $5.59 $5.57 $4.82 2006 2007 2008E Peer Average El Paso Peer group: APA, APC, CHK, DVN, EOG, FST, NBL, NFX, PXD, XEC, XTO Actual results from Peer company reports for 2006 and 2007; analyst models 2008E 19 *EBITDA excludes exploration and dry hole expense for successful efforts companies
  • 20. E&P Summary • Growing reserves and production • Continued improvement in cost structure • High grading portfolio improves overall performance – Divestitures on-track • Solid inventory provides visible long term growth E&P moving towards top-tier performance 20
  • 21. 2008 Natural Gas and Oil Hedge Positions Positions as of February 22, 2008 (Contract months January 2008 – Forward) 188 TBtu Average cap $10.21/MMBtu Ceiling 155 TBtu 33 TBtu 2008 Gas $10.75 ceiling/ $7.65 $8.00 Floor fixed price Floors 188 TBtu Balance at Average floor $7.94/MMBtu Market Price 3.7 MMBbls Ceiling Average cap $81.44/Bbl 2.8 MMBbls 0.9 MMBbls 2008 Oil $89.58 $57.03 ceiling/ fixed price $55.00 floor Floors 3.7 MMBbls Average floor $80.94/Bbl 21 Note: See full Production-Related Derivative Schedule in Appendix
  • 22. Substantial Leverage to Higher Commodity Prices $ Earnings Per Share $1.62– $1.72 $1.70 $1.44– $1.54 $1.50 $1.25– Base Case $1.35 $1.30 $1.00– $1.10 $1.10 $0.90 $0.70 $0.50 Assumes Assumes Assumes Assumes $7.50 Gas $9.00 Gas $10.00 Gas $11.00 Gas 22 Note: All data includes $70.00 WTI assumption
  • 23. Improved Financial Strength Proforma Total Debt • Four consecutive years $22,282 of debt reduction $19,196 $18,234 • Debt down 17% vs. 2006 $15,430 • Interest expense down $12,814 approximately $300 million vs. 2006 • Minimal debt maturities in 2008 2007 2006 2003 2005 2004 Note: debt and interest expense include discontinued operations and assets held for sale 23
  • 24. Visible Long-Term Growth • Focus on growth opportunities • Pipelines working to expand committed inventory • E&P more profitable, more focused, increased opportunities post high grading • Committed to grow El Paso Pipeline Partners • Visible multi-year growth for both businesses – Pipelines 6%–8% EBIT growth – E&P 8%–12% production growth 24
  • 25. a meaningful company doing meaningful work delivering meaningful results Mark Leland Executive Vice President and Chief Financial Officer Credit Suisse Leveraged Finance Conference March 27, 2008
  • 26. Appendix 26
  • 27. Disclosure of Non-GAAP Financial Measures The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure. In the event of such a disclosure or release, Regulation G requires (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. The required presentations and reconciliations are provided herein. El Paso uses the non-GAAP financial measure “earnings before interest expense and income taxes” or “EBIT” to assess the operating results and effectiveness of the company and its business segments. The company defines EBIT as net income (loss) adjusted for (i) items that do not impact its income (loss) from continuing operations, such as extraordinary items, discontinued operations, and the impact of accounting changes; (ii) income taxes; (iii) interest and debt expense; and (iv) distributions on preferred interests of consolidated subsidiaries. The company excludes interest and debt expense and distributions on preferred interests of consolidated subsidiaries so that investors may evaluate the company’s operating results without regard to its financing methods or capital structure. EBITDA is defined as EBIT plus depreciation, depletion, and amortization. El Paso’s business operations consist of both consolidated businesses as well as substantial investments in unconsolidated affiliates. As a result, the company believes that EBIT and EBITDA, which include the results of both these consolidated and unconsolidated operations, is useful to its investors because it allows them to evaluate more effectively the performance of all of El Paso’s businesses and investments. El Paso defines Resource Potential as subsurface volumes of oil and natural gas the company believes may be present and eventually recoverable. The company utilizes a net, geologic risk mean to represent this estimated ultimate recoverable amount. El Paso believes that the non-GAAP financial measures described above are also useful to investors because these measurements are used by many companies in the industry as a measurement of operating and financial performance and are commonly employed by financial analysts and others to evaluate the operating and financial performance of the company and its business segments and to compare the operating and financial performance of the company and its business segments with the performance of other companies within the industry. These non-GAAP financial measures may not be comparable to similarly titled measurements used by other companies and should not be used as a substitute for net income, earnings per share or other GAAP measurements. 27
  • 28. 28
  • 29. Reconciliation of EBIT/EBITDA $ Millions Twelve Months Ended Twelve Months Ended December 31, 2006 December 31, 2007 EBITDA $ 2,797 $2,828 Less: DD&A 1,047 1,176 EBIT 1,750 1,652 Interest and debt expense (1,228) (994) Income before income taxes 522 658 Income taxes (benefit) (9) 222 Income from continuing operations 531 436 Discontinued operations, net of taxes (56) 674 Net Income 475 1,110 Preferred stock dividends 37 37 Net income available to common stockholders $ 438 $1,073 29
  • 30. Reconciliation of Exploration & Production EBITDA/Mcfe $ Millions, Except $/Unit Twelve Months Ended Twelve Months Ended December 31, 2006 December 31, 2007 EBIT $ 640 $ 909 Add: DD&A 645 780 EBITDA $ 1,285 $ 1,689 MMcfe 266,518 289,242 EBITDA/Mcfe $ 4.82 $ 5.84 30
  • 31. Production-Related Derivative Schedule 2008 2009 2010 2011–2012 Notional Avg. Hedge Notional Avg. Hedge Notional Avg. Hedge Notional Avg. Hedge Natural Gas Volume Price Volume Price Volume Price Volume Price (TBtu) ($/MMBtu) (TBtu) ($/MMBtu) (TBtu) ($/MMBtu) (TBtu) ($/MMBtu) Designated—EPEP Fixed price—Legacy 4.6 $ 3.42 4.6 $ 3.56 4.6 $3.70 6.8 $3.88 Fixed price 21.0 $ 8.37 Ceiling 121.1 $ 10.84 Floor 121.1 $ 8.00 Economic—EPEP Fixed price 7.3 $ 8.24 Ceiling 33.8 $ 10.43 Floor 33.8 $ 8.00 Economic—EPM Ceiling 16.8 $ 8.75 Floor 16.8 $ 6.00 Avg. ceiling 187.8 $ 10.21 21.4 $ 7.63 4.6 $3.70 6.8 $3.88 Avg. floor 187.8 $ 7.94 21.4 $ 5.48 4.6 $3.70 6.8 $3.88 2008 Notional Avg. Hedge Crude Oil Volume Price (MMBbls) ($/Bbl) Designated—EPEP Fixed price 2.79 $ 89.58 Economic—EPM Ceiling 0.93 $ 57.03 Floor 0.93 $ 55.00 Avg. ceiling 3.70 $ 81.44 Avg. floor 3.70 $ 80.94 31 Note: Positions are as of February 22, 2008 (contract months: January 2008–forward)
  • 32. Debt and Interest Reconciliation $ Millions 2006 2003 2004 2005 $ 21,732 $ 19,196 $ 17,266 $ 14,689 Debt—as presented in most recent Form 10-K Debt—discontinued operations & assets held for sale 743 741 ANR 174 225 Power 376 Petroleum Markets Proforma debt $ 22,282 $ 19,196 $ 18,234 $ 15,430 2006 2007 $ 1,228 $ 994 Interest expense—as reported Interest expense—discontinued operations 65 10 ANR 14 Power $ 1,307 $ 1,004 Proforma interest expense 32