Base Business Profile

Current ‘98 Year-end

Production Reserves

(%) (%)

Conventional Shelf 35 33

Onshore S. Texas 35 33

Indonesia - Tuban 30 33

Total 32 mboe/d 60 mmboe

This base business generates approximately $1.00/share

of earnings and in excess of $2.50/share of cash flow*

* Excludes exploration and interest expenses & preferred dividends