Argentina Overview

• 12% of proved reserves

• 10% of 2005E capex

• Expecting 8 to 10% production growth through 2008

• Operating cash flow expected to grow ~20% in 2004 vs. 2003

• 1.8 million net acres

• 82% of acreage on operated properties covered by 3-D seismic

• Demand for natural gas rising

• Record gas production in 2004

• Natural gas prices rising
  • Recent contract with Bolivia to supply gas to Buenos Aires market at ~$2.60 per MMbtu beginning in 2007

Base

Plan

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