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Permian Basin Overview July 25, 2006

Permian Basin Overview July 25, 2006. Doe Canyon Unit. Sheep Mountain Unit. McElmo Dome Unit. Sheep Moutain PL. W Bravo Dome. Bravo Dome Unit. Cortez PL. Bravo PL. Denver City. Central Basin PL. CRC PL. Val Verde Plants. How did it Happen?. Salt Creek. Slaughter. Cogdell. Wasson.

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Permian Basin Overview July 25, 2006

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  1. Permian Basin Overview July 25, 2006

  2. Doe Canyon Unit Sheep Mountain Unit McElmo Dome Unit Sheep Moutain PL W Bravo Dome Bravo Dome Unit Cortez PL Bravo PL Denver City Central Basin PL CRC PL Val Verde Plants

  3. How did it Happen?

  4. Salt Creek Slaughter Cogdell Wasson Welch Adair North Hobbs Seminole New Mexico Texas SACROC Means Unit Mabee N. Dollarhide Elmar Geraldine Ford S. Cowdan Puckett Plant Permian Basin Circa 1970 S Cross Yates Mitchell Plant Grey Ranch Plant Terrell Plant

  5. Salt Creek Slaughter Wasson Cogdell Welch Adair New Mexico North Hobbs Seminole Texas SACROC Means Unit Mabee CRC Pipeline CRC Pipeline N. Dollarhide Elmar Geraldine Ford S. Cowdan McCamey Permian Basin 1972 Puckett Plant S Cross Yates Mitchell Plant Grey Ranch Plant Southern CRC Terrell Plant

  6. Windfall Profits Tax adopted in 1980 • Waterfloods unitized in the 60’s and 70’s had started to decline • Owners of Potential EOR Projects aligned with CO2 Source Fields • Major Oil Companies operating in Permian • Shell, Mobil, ARCO, Exxon, Amoco • Source Field Unitizations • Shell, Mobil, et al – McElmo Dome • ARCO/Exxon – Sheep Mountain Unit • Amoco, Hess, et al - Bravo Dome Unit • Majors commenced planning and development for their EOR projects

  7. Sheep Mountain McElmo Dome Bravo Dome Cortez Pipeline SMPL Salt Creek Bravo P/L Slaughter Denver Unit Wasson Cogdell Denver City Welch Seminole New Mexico Texas SACROC Means Unit Central Basin Mabee CRC Pipeline CRC Pipeline N. Dollarhide Elmar Geraldine Ford S. Cowdan Cordona Lake McCamey Permian Basin 1982 - 1989 Puckett Plant S Cross Yates Mitchell Plant Grey Ranch Plant Southern CRC Terrell Plant

  8. Sheep Mountain McElmo Dome Bravo Dome Cortez Pipeline SMPL Salt Creek Bravo P/L Slaughter Este Cogdell Denver City Welch Adair Sharon Ridge New Mexico Seminole SACROC Reinecke Means Unit Central Basin N. Dollarhide Mabee CRC Pipeline CRC Pipeline Elmar Geraldine Ford S. Cowdan Cordona Lake McCamey Permian Basin 1990 - 1999 Puckett Plant S Cross Yates Mitchell Plant Grey Ranch Plant Val Verde Terrell Plant

  9. Sheep Mountain McElmo Dome Bravo Dome Cortez Pipeline SMPL Salt Creek Bravo P/L Este Slaughter Este Cogdell Centerline PL Denver City Welch Adair Sharon Ridge North Hobbs New Mexico Seminole SACROC Reinecke Means Unit Central Basin N. Dollarhide Mabee CRC Pipeline CRC Pipeline Elmar Geraldine Ford S. Cowdan Cordona Lake McCamey Permian Basin 2000 - 2006 Puckett Plant S Cross Yates Mitchell Plant Grey Ranch Plant Val Verde Terrell Plant

  10. EOR Projects started in 1983 are still purchasing CO2. • Original projections indicated these projects would be on total recycle but HCPV Slugs have steadily increased. • Projects such as Denver Unit and Seminole San Andres Unit have been expanded into the Transition Zone and Residual Oil Zone respectively • Higher oil prices have justified startup of smaller and/or previously marginal projects

  11. Current Denver City CO2 supply from all sources 1,420 MMCFD • With oil price increasing, project expansions as well as new projects are justifying expansion of CO2 source fields • Kinder Morgan and partners are expanding McElmo Dome Unit by 200 MMCFD and initiating development of Doe Canyon Unit to 100 MMCFD. • Kinder Morgan and co-owners are planning expansion of Cortez Pipeline to accommodate SW Colorado source field expansions • Expansion and development opportunities also exist in NE New Mexico at Bravo Dome Unit operated by Oxy and West Bravo Dome Unit operated by Hess 2005 was record year, supplies pro-rated on occasion

  12. How does the Permian Basin success story translate to Wyoming? • Supply, Transportation and Demand have to be aligned. The 80’s had the Supply and Demand fields mostly owned by the same companies. It is different today. • Must be a win-win proposition for all • What is the catalyst for EOR expansion in Wyoming - oil price, emissions regulation, other?

  13. CO2-A (emissions) is more expensive to capture and compress than CO2-N is to develop and produce • CO2-A is likely to cost $2.00 - $2.50/MCF Delivered • 6-10 MCF/BBL has been a “rule of thumb” utilization rate for new projects in the Permian Basin

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