Peer Efficiency Ratio

• 3 Year Finding Cost per BOE (’00-’02): $5.92

• 2Q03 Adjusted Cash Flow per BOE: $15.36 

• 2Q03 Efficiency Ratio: 2.6x

3-Year Adjusted Cash Flow per BOE(1) / 3-Year Average FD&A

Efficiency Ratio

Average

(1) Cash flow from operations, excluding the change in assets and liabilities.

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