i-1
15:00 3,500 85% 158 A 30 2005 11 15 2005 12 14 2
...1...3...4...5...7...14...24...25...26 6...28...29...30 i-3
A 8.8 / 2 18.18% A 2005 10 31 1
2
3
4
5 2005 10 26 < > 2005 10 28 8.80 / 20000 18.18% 17.60 3.52 20% 2005 10 28 2005 10 27 40 14.08 80%
30 2005 11 15 2005 12 14 15:00 3,500 85% 158 6
A, WTI 2005 WTI 1 51.51 / 2003 2004 65.8% 24.1% 2005 6 30 2004 12 31 2005 6 30 (3) 2004 12 31 2,050,515 2,096,359 229,789 114,039 3,332,882 3,399,400 3,054,153 3,236,421 / 2.78 2.94 / 2.78 2.94 2005 1-6 2004 1-12 367,732 618,572 367,653 644,281 (1) / 0.334 0.56 (2) % 12.0% 19.1% 1 West Texas Intermediate 7
2005 6 30 (3) 2004 12 31 521,334 830,911 1 2 2005 1-6 3 2005 6 30 2005 6 30 10% 100% 794,823 244,295 69.26% 2005 2004 2003 2002 794,823 1,436,490 1,386,905 1,205,892 533,602 940,988 853,197 670,187 367,732 618,572 538,108 397,864 67.1% 65.5% 61.5% 55.6% 46.3% 43.1% 38.8% 33.0% 12.0% (1) 19.1% 17.6% 14.5% 11.0% (1) 18.2% 16.7% 13.5% 1 2005 1-6 2004 14.36 9.41 65.5% 2005 67.1% 2004 1,738.87 / 2003 196.41 / 8
2005 4.14 2.71 1.92 14.3% 18.1% 29.7% 65.5% 46.3% 2005 2004 2003 2002 15.6% 3.6% 15.0% 9.6% 25.7% 10.3% 27.3% 10.4% 30.8% 15.0% 35.2% 9.2% 2004 1,738.87 / 2003 196.41 / 11.3% 2005 2,053 / 2004 18.1% 2003 2004 5.6% 8.9% (1) 2005 2004 2003 2002 5.28 10.35 11.00 9.02 7.60 36.78 104.20 36.32 6.89 19.60 14.23 15.48 1 2005 1-6 9
2004 36.78 2005 7.6 2004 1,090 2005 6 30 6,001 6.89 4,911 2005 2004 2003 2002 8.92 18.38 20.45 13.56 8.75 18.17 20.44 13.49 8.4% 4.8% 4.9% 6.8% 1998 2004 18.38 18.17 4.8% 2005 4,561 958 8.4% 2005 2004 2003 2002 521,334 830,911 741,749 677,264-36,032 325,386 24,023-1,068,501-549,977-439,984-219,986-219,986-64,674 716,313 545,786-611,222 2005 0.56 0.53 0.58 0.66 10
11 2003 2004 10.4 5.6 2.9 2.5 2.4 23.9% 18.1% 17% 2005 3,603 4.5% 55.3% 81.8% 88.9% 99%, 2004 1.2 1 34.7% 2004 5 11 WTI 40 2004 WTI 41.51 / 2002 2003 58.6% 33.6% 2005 WTI 51.51 / 2005 12.1 8 5.6 15.1% 23% 30.4% 4.82 5.33 / 2005 66.6% 46.3% 2002 55.6% 33% 2003 2004 1 BP 2005
12 2002 2004 635.1 544.6 458.4 2004 1 5.3 13.4 14.9 19.8 14.1 2 2002 2004 98.8 97.5 85.9 2003 2004 1.3% 11.9% 2005 1.9% 2004 746 3.31% 2004 WTI 13.46 / WTI 5.63 / 2003 2004 64.6% 71.8% WTI 2003 0.32 / 2005 7.65 / WTI 2003 4.19 / 2005 15.74 / WTI 2003 2005 8.9 / 16.23 / WTI 20.44 / 2002 2004 36.8% 1 / 2 2004 20F
19.1% 13
8.8 / 1 2 6.30 8.8 / 14
1 1998 5 28 2005 10 30 1 2 12 10 8 6 4 2 0 98/05/28 99/05/28 00/05/28 01/05/28 02/05/28 03/05/28 04/05/28 05/05/28 57% 3 36 2004 3 17 11.33 / 1999 2 8 3.97 / 2004 3 17 10.05 / 1999 2 8 3.21 / 1 2 3 2005 10 26 15
6 6 2005 5 1 2005 10 30 1 8 6 7 6 5 05/05/09 05/06/09 05/07/09 05/08/09 05/09/09 05/10/09 22.3% 2 12.2% 12.2% 2005 10 26 7.41 / 2005 7 18 5.91 / 2005 10 26 7.41 / 2005 6 2 2005 6 3 5.61 / 1 6 2 2005 10 26 16
2005 11 1-2005 11 14 8.80 8.60 8.40 8.58 8.63 8.63 8.62 8.61 8.60 8.64 8.66 8.68 8.20 8.00 7.80 8.15 11/1 11/2 11/3 11/4 11/7 11/8 11/9 11/10 11/11 11/14 A 2005 11 14 8.68 2005 11 1 8.15 1.38% 7.98% 8.58 2005 11 14 8.68 2 (3) a b c=b/a-1 7.41 8.8 18.8% 2005 10 26 30 6.98 8.8 26.1% (1) 3 6.94 8.8 26.8% (2) 6 6.57 8.8 33.9% 8.58 8.8 2.6% 8.68 8.8 1.4% 2005 11 14 1 3 2005 8 1 2005 10 30 2 6 2005 5 1 2005 10 30 3 17
(3) a b c=b/a-1 7.38 8.8 19.2% 2005 10 26 30 7.00 8.8 25.7% 3 (1) 6.94 8.8 26.8% 6 (2) 6.57 8.8 33.9% 8.58 8.8 2.6% 8.68 8.8 1.4% 2005 11 14 1 3 2005 8 1 2005 10 30 2 6 2005 5 1 2005 10 30 3 1 30 3 6 2 3 1 18
P/E P/B EV 1 /EBITDA 2 2 Anadarko Apache Burlington Devon Energy EOG Resources Kerr Mcgee Murphy Oil Noble Energy XTO Energy Canadian Natural Resources Encana Nexen Talisman Energy 3 ONGC PTTEP Inpex Lukoil Yukos Statoil BG Group 100 4 219 211 3 9.45 5 14 A ST 14 6 1 EV= + + - + 2 EBITDA= + + 3 4 Factset 2005 11 9 5 11 9 1 8.0857 6 2004 10.09% 24.92% 19
3 P/E P/B EV /EBITDA (1) P/E P/E (2) P/B P/B (2) EV/EBITDA (3) 2004 2005E 2004 2005E 2004 000956 7.07 6,187.27 9.88 9.27 1.30 1.17 4.50 000406 5.72 2,081.33 15.60 14.12 1.19 1.11 5.69 4,134.30 12.74 11.69 1.25 1.14 5.09 000817 6.94 7,637.41 12.35 11.06 2.36 2.10 5.23 8.80 9,680.00 15.65 14.02 2.99 2.66 7.10 1 3 2005 8 1 2005 10 30 2 2005 3 2005 EBITDA 1 2004 15.65 2 2005 14.02 3 2004 2.99 4 2005 2.66 20
5 2004 EV/EBITDA 7.10 8.8 4 8 28 200 1 10 28 2 39 3 4 / 5 / EBITDA / / 6 / /2004 / /2005 (1) EBITDA 22/8/2005 28/10/2005 3.9 9.99 3.57 7.02 8.56 4/4/2005 11/8/2005 20.0 11.40 5.98 12.41 N.A. 10.70 4.78 9.71 8.56 31/10/2005 0.17 30.39 6.5 13.7 14.0 1 Bloomberg 2 CNPCI 3 Bloomberg 4 = + + 5 6 Factset 21
1 2004 (proved reserve) / 11 9 1 8.0857 Factset 1 /2004 2 / EBITDA 3 / 4 /2005 8.8 5 22
6 12 10 8 6 4 2 6,000 5,000 4,000 3,000 2,000 1,000 0 98/05/28 99/05/28 00/05/28 01/05/28 02/05/28 03/05/28 04/05/28 05/05/28-2.02% 4.89 400 979 23
,, 24
25
[2003]16 A A 15:00 3,500 85% 158 26
A 27
6 6 28
: 1 2 28 010-65051166 010-65051156 29
1 2 3 2005 2005 4 5 6 7 8 9 10 0427-7298299 0427-7298293 30
9 00 11 30 13 30 16 30 31
32