A Leader in F & D Costs*

• Replaced 258 percent of production at $6.30 per BOE in 2002

• 3-year average finding cost of $6.24 per BOE with 210% reserve replacement

• 5-year average finding cost of $6.88 per BOE

*Source: CSFB Equity Research

3 Year Average Costs

($/BOE)

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