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1. WINTER OUTLOOK FORTHE U.S. PROPANE MARKETpresented atDOE – NASEO2005-2006 Winter Fuels ConferenceOctober 12, 2005
3. Slide 3
4. Slide 4 PROPANE DEMAND IS SEASONAL,DOMESTIC SUPPLIES ARE CONSTANT
5. Slide 5 PROPANE INVENTORIESPROVIDE THE SWING SUPPLY
6. Slide 6 THE GOOD NEWS – TOTAL U.S. INVENTORIES REMAIN NEAR MID-RANGE
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8. Slide 8 PROPANE HAS MANY USES IN THE U.S.
9. Slide 9 PROPANE DEMANDIS VERY SEASONAL
10. Slide 10 ETHYLENE PLANT CONSUMPTIONOF PROPANE WAS HIGH…UNTIL RITA
11. Slide 11 DISTRIBUTORS AND CONSUMERS MAY HAVE DEFERRED PURCHASES
12. Slide 12 BECAUSE PROPANE PRICESHAVE BEEN HIGH ALL YEAR
13. Slide 13 THE U.S. HAS BEEN AN ATTRACTIVE MARKET FOR WATERBORNE IMPORTS
14. Slide 14 LARGE AMOUNTS OF PROPANE AREBEING IMPORTED FROM MANY SOURCES
15. Slide 15 PROPANE RECOVERYIS VERY PROFITABLE
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17. Slide 17 MOST WINTERS HAVE BEEN WARM
18. Slide 18 THE U.S. COULD TEMPORARILY LOSE90,000 BPD OF PROPANE PRODUCTION
19. Slide 19 PROPANE STOCKS IN CANADA ARE LOW
20. Slide 20 PROPANE STOCKS IN EASTERN CANADA ARE EXTREMELY LOW
21. Slide 21
22. Slide 22 PROPANE CONSUMPTION VARIESFROM REGION TO REGION
23. Slide 23 RESIDENTIAL/COMMERCIAL DEMANDIS HIGHEST IN THE MIDWEST
24. Slide 24 EAST COAST PROPANE STOCKSNEED 1.8 MM BARRELS
25. Slide 25 WESTERN U.S. STOCKSNEED 800,000 BARRELS
26. Slide 26 MID-CONTINENT PROPANE STOCKSSHOULD BE ADEQUATE THIS WINTER
27. Slide 27 U.S. GULF COAST STOCKS CAN SUPPLEMENT THE EAST AND WEST
28. Slide 28 TOTAL U.S. PROPANE STOCKSSHOULD BE SUFFICIENT FOR THE WINTER
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31. Slide 31 Questions
32. Slide 32