Oil and gas prices down off 2008 highs

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1 Oil and gas prices down off 28 highs $ US$ per per barrel barrel US$ $ per thousand cubic feet Natural gas (wellhead) 6 1 (Right) Crude oil 2 (Left) Sources: U.S. Energy Information Administration and NYMEX.

2 Highest domestic reserves in the world Fossil fuel reserves in barrels of oil equivalent Percentage of Proved Reserves 2.% 17.5% 15.% 12.5% 1.% 7.5% 5.% 2.5%.%

3 Oil imports trending downward Imports of crude oil, United States Million barrels per day 1.5 Projected

4 Strategic Petroleum Reserve (SPR) Historical reserve levels Million barrels Source: U.S. Department of Energy. SPR Inventory (left) Value of reserves (right) US$ billions

5 Natural gas comprises bulk of planned new capacity Planned new capacity ( ), United States Other renewable 6% Coal 3% Other fossil fuels 2% Wind 1% Solar 18% Natural gas 61% Sources: Milken Institute, U.S. Energy Information Administration.

6 Higher global demand for natural gas Natural gas consumption, OECD and non-oecd countries Trillion Cubic Feet Total OECD 6 4 Non-OECD

7 U.S. energy surplus by 22 Natural gas imports and exports, United States Trillion cubic feet Imports Exports Net exports

8 The rise of shale Natural gas withdrawals by source, United States Trillion cubic feet Shale gas Oil wells Gas wells Sources: Milken Institute, U.S. Energy Information Administration.

9 Major shale basins around the world

10 Shale will continue to drive future production Natural gas withdrawals share by source, United States Shale Tight gas 5 Onshore conventional Offshore Coalbed Sources: U.S. Energy Information Administration.

11 Transitioning to natural gas in transportation sector Natural gas demand from transport sector Billion cubic feet Sources: Bloomberg New Energy Finance, U.S. Energy Information Administration.

12 Transitioning to natural gas in transportation sector Compressed (CNG) & liquefied (LNG) natural gas fueling stations, United States Number of fueling stations 1,2 1, 8 6 CNG 4 2 LNG Sources: Bloomberg New Energy Finance, U.S. Energy Information Association.

13 Compressed natural gas (CNG) as cheaper alternative Average retail fuel prices in gasoline gallon equivalent, United States US$ per gasoline gallon equivalent 5 4 Gasoline Retail CNG Source: U.S. Department of Energy.

14 Massive shale withdrawals keeping natural gas prices low US$ per million BTUs Henry Hub spot price (Left) Shale withdrawals (Right) Trillion cubic feet

15 Natural gas substantially cheaper than oil Brent crude oil to Henry Hub gas price ratio, energy equivalent Forecast

16 Gas production continues rising as rig count falls Monthly dry natural gas production and average monthly rig count, United States Billion cubic feet 2,5 2, 1,5 1, 5 Monthly production (left) Rig count (right) Average monthly rig count 1,8 1,6 1,4 1,2 1,

17 Gas production outpaces domestic oil production Million barrels per day Oil production (left) Billion cubic feet per day Natural gas production (right) 45 4

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