Gas Differentials
Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 NYMEX bid week average $ 3.26 $ 3.99 $ 6.60 $ 5.49 $ 5.10
NYMEX Differential before hedges
U.S. $ ( .41) $ (.29) $ ( .83) $ ( .37) $ ( .31)
Canada $ (1.17) $ (.75) $(1.23) $(1.10) $(1.38)
Argentina* $(2.84) $(3.54) $(6.06) $(4.92) $(4.56)
Total Company $(1.17) $ (.87) $(1.65) $(1.18) $(1.14)
Realized price before hedges
U.S. $ 2.85 $ 3.70 $ 5.77 $ 5.12 $ 4.79
Canada $ 2.09 $ 3.24 $ 5.37 $ 4.39 $ 3.72
Argentina $ .42 .45 $ .54 $ .57 $ .54
Total Company $ 2.09 $ 3.12 $ 4.95 $ 4.31 $ 3.96
Impact of gas price hedges per Mcf $ .16 $ ( .37) $ ( .89) $ ( .23) $ ( .32)
Realized price after hedges
Total Company $ 2.25 $ 2.75 $ 4.06 $ 4.08 $3.64
* Argentine gas priced by contract, averaging between 1.0 and 1.4 Argentine pesos per Mcf.