Excess Cash Flow

Excess cash flow at strip pricing

2005 to 2006 ~$1.4 B

2005 to 2008 ~$2.6 B

Excess cash flow at $30 / $5 flat pricing

2005 to 2006 ~$0.5 B

2005 to 2008 ~$1.1 B

75% of future capex for development activities

Capex DCF Excess Cash Flow

Base

Plan

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