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North American Natural Gas Markets. April 10th 2010 J. Cameron Bailey CFA President and Chief Executive Officer. Historical Decline Rates. US Production Declining by 30 - 35% per annum. US Natural Gas Production – Gas Drilling Activity. Source: EIA.

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north american natural gas markets

North American Natural Gas Markets

April 10th 2010

J. Cameron Bailey CFA

President and Chief Executive Officer

historical decline rates
Historical Decline Rates

US Production Declining by 30 - 35% per annum

us natural gas production declining
US Natural Gas Production – Declining?

USProduction

Source: Bentek

us production declining when
US Production - Declining When?

Source: Bentek

Acquire and Exploit

understanding the natural gas investment cycle
Understanding the Natural Gas Investment Cycle

Concept

Land Acquisition

Permits

Rig Count – Baker Hughes Rig Count

Completions

Pipeline Construction & Tie-in

Production – Daily Estimates

Six Month

Delay?

Acquire and Exploit

delayed production response natural gas drilling activity in texas
Delayed Production Response – Natural Gas Drilling Activity in Texas

Source: Railroad Commission of Texas

texas natural gas production declining
Texas - Natural Gas Production - Declining

Source: Railroad Commission of Texas

canadian gas drilling rig count future supply
Canadian Gas Drilling Rig Count – Future Supply?

Lowest levels witnessed in 10 years

Acquire and Exploit

Source: Baker Hughes

canadian gas production declining
Canadian Gas Production - Declining

Canadian gas production is declining leaving less for exports to the US

Acquire and Exploit

Source: NEB

lng higher prices supply
LNG – Higher Prices = Supply

Acquire and Exploit

Source: Bentek

recession and demand industrial demand
Recession and Demand? – Industrial Demand

Acquire and Exploit

Source: Bentek 2010

recession and demand power demand
Recession and Demand? – Power Demand

Power Demand continues to be strong.

Acquire and Exploit

Source: Bentek 2009

natural gas inventories awash in gas
Natural Gas Inventories – Awash in Gas ?

Acquire and Exploit

Source: EIA

drilling rig efficiency improving
Drilling Rig Efficiency – Improving?

No Change in Drilling Times

Acquire and Exploit