Uses of Excess Cash Flow
Share Repurchases
- Repurchased 4.9 MM shares since 1997
- Repurchased 1.1 MM shares YTD
- Plan to initially complete remaining $164 MM of authorized share repurchases
Dividends
- Currently $.10 per share, semi-annual
Debt Reduction
- $280 MM reduction in proforma debt 3Q YTD
- Expecting less than $2.1 B of debt by YE 2005
at strip pricing, Base or Success Case
ᡪ% of current market capital
>current LT debt ($2.46 B)
ᡛ% of current book asset value
Exploration Success
- Continually building portfolio
Core Area Acquisitions
- Acquired $500 MM of core area properties since 1999