INTERSTATE PIPELINES EXPLORATION & PRODUCTION Fourth Quarter 2010 Financial & Operational Update February 24, 2011
O Track On T k for f Another A th Good G d Year Y 2010 execution provides substantial momentum E&P ramping up multi-faceted oil opportunity Pipeline execution remains high priority Most projects well along along, substantially…
Financial Results
2010 Fourth F th Quarter Q t Financial Fi i l Results R lt Millions, Except EPS Adjusted Adjusted Adjusted Diluted EPS EBIT EBITDA 844 17 733 630 4 13 342 490 242 236 0.34 117 0.20 374 487 485 381 2010 2009 2010…
2010 Scorecard S d Millions, Except EPS Met or Performance Metric Original Guidance1 Actual Results Exceeded Adj. Diluted EPS 0.750.95 0.98 9 Operating Cash Flow p g 1,6001,840 , , 1,845 , 9 Adj. EBITDA 2,9003,100 3,082 9…
Oth 2010 Key Other K Metrics M ti 13.7 billion net debt 1.1 1 1 billion Ruby (non (non-recourse recourse1) 3.4 billion EPB (consolidated) 2.4 billion of total liquidity2 at year-end 4.2 4 2 billion capital expenditures3…
2011 Fi Financial i l Objectives Obj ti Improve balance sheet & financial flexibility No let up in MLP strategy Continue successful commodity risk management Maintain adequate liquidity Remain on path to investment--grade…
E ll t Hedge Excellent H d Position P iti Natural Gas Production Hedges Volume % of U.S. Gas EP Avg. Hedge Price1 Current Market Year (Bcf) Production (/MMBtu) Prices (NYMEX) 2011 178 75% 5.95 4.14 2012 105 45% 6.01 4.71 Oil…
Pipeline Group
Pi li Highlights Pipeline Hi hli ht Th Three projects j t placed l d iin service i iin 4Q 100MM under budget and on-time Five projects to be placed in service during 2011 FGT Phase VIII, Ruby, SNG SSIII*, Gulf LNG, TGP 300…
A Annual l Throughput Th h t 2010 vs. 2009 Percent Pipeline Change Key Drivers: TGP 10% Weather; increasing supplies from Marcellus, Rex SNG 8% Weather; power generation; industrial demand CIG/WIC/CPG (8%) Pipeline…
R b Construction Ruby C t ti Update U d t 85% of pipeline welded Current guidance: 3.55 billion Julyy in service Now greater certainty around key variables: Weather W th Permitting Fish & game windows Finish line in sight…
Exploration & Production
E&P Highlights Hi hli ht 2010 validates successful strategy Production, cash costs, reserve metrics, inventory growth 2011 off to a strong start Began year at 800 MMcfe/d Added eighth and ninth oil rigs Positive Eagle Ford…
2010 Key K Performance P f M Metrics ti Production P d ti Cash Cash Reserve (MMcfe/d) Operating Costs Replacement Cost (/Mcfe) (/Mcfe) 782 2 04 2.04 763 1.82 1.78 1.40 2010 2009 2010 2009 2010 2009 Achieving…
I Increasing i Oil-Related Oil R l t d Activity A ti it 2011 Drilling Rig Profile Began year with 11 rigs 1520 7 oil Altamont (34) 4 gas (Haynesville) 13 Added 2 oil rigs in Eagle Ford Oil (67) Eagle Ford Altamont (3)…
E l Ford Eagle F d Update U d t Operating 4 rigs (oil) Three of 14 wells tested 1,000 BOE/d All 650 BOE/d Experimenting with longer laterals Recent 6,380 lateral with 21-stage frac Added 9 new completions La Salle County,…
Our Eagle Ford Program is T Targeting ti Oil OilNot N t NGL NGLs ATASCOSA ZAVALA FRIO Northern Northern 1 rig 85% oil* 85% oil* Oil 10% gas 10 % gas % g 5% NGL MC MULLEN DIMMIT Central Central3 rigs 3 rigs 75%…
E l Ford Eagle F d Execution E ti Spud to TD p Avg. Frac Avg. Frac Stages Feet Per Day Feet Per Day (Days) Per Day 31 3.6 1,200 2 475 11 Pilot Wells Best ToDate Pilot Wells Best ToDate Pilot Wells Best ToDate…
Summary Another exciting year for EP; off to a great start Oil will show rapid growth Balance sheet improvement throughout the year Pipeline Pi li nearing i the th end d off 8 billi billion b backlog kl Midstream providing…
INTERSTATE PIPELINES EXPLORATION & PRODUCTION Fourth Quarter 2010 Financial & Operational Update February 24, 2011
Appendix
2010 F Fullll Year Y Financial Fi i l Results R lt Millions, Except EPS Adjusted Adj t d Adjusted Adj t d Adjusted Adj t d Diluted EPS EBIT EBITDA 2,515 3,382 2 140 2,140 3,082 1.29 1,099 13 660 1,137 1,539 0.98 1,492…
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