Oil Differentials
Q3 02 Q4 02 Q1 03 Q2 03 Q3 03
NYMEX calendar month average $28.27 $28.15 $33.70 $28.91 $30.20
NYMEX Differential before hedges
U.S. $(2.95) $(1.02) $(2.07) $ ( .43) $ (1.10)
Canada $(3.60) $(1.26) $(1.89) $(3.82) $ (1.23) Tunisia* - - - - $ (3.26)
Argentina** $(6.38) $(5.00) $(5.03) $(4.84) $ (4.10) Total Company $(3.84) $(2.06) $(2.78) $(1.51) $ (1.93)
Realized oil price before hedges
U.S. $25.32 $27.13 $31.63 $28.48 $29.10
Canada $24.67 $26.89 $31.81 $25.09 $28.97
Argentina $21.89 $23.15 $28.67 $24.07 $26.10
Total Company $24.43 $26.09 $30.92 $27.40 $28.27
Impact of oil hedges per Bbl $(2.66) $(3.13) $(5.10) $(3.15) $(2.92)
Realized oil price after hedges
Total Company $21.77 $22.96 $25.82 $24.25 $25.35
*Tunisia oil differentials will fluctuate due to the oil being sold periodically such that the price received is dependent upon the date the oil is sold.
**Argentina oil differentials will fluctuate due to Tierra Del Fuego and exported Neuquen oil being sold periodically
(i.e. every 30-45 days) such that the price received is dependent upon the date the oil is sold.