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Jim O’Malley

Jim O’Malley. McCloskey Petcoke Conference July 2004. 8. $/Bbl. 7. 6. 5. 4. 3. 2. 1. 0. 1998. 1999. 2000. 2001. 2002. 2003. 2004. 2005. WTI 3-2-1 Spread. 12. $/Bbl. 8.69. 10. 8. 6. 4. 2. May. 1999. 2000. 2001. 2002. 2003. 2004. Sweet/Sour Spread (WTI-Maya). 35.

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Jim O’Malley

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  1. Jim O’Malley McCloskey Petcoke Conference July 2004

  2. 8 $/Bbl 7 6 5 4 3 2 1 0 1998 1999 2000 2001 2002 2003 2004 2005 WTI 3-2-1 Spread

  3. 12 $/Bbl 8.69 10 8 6 4 2 May 1999 2000 2001 2002 2003 2004 Sweet/Sour Spread (WTI-Maya)

  4. 35 $/MT 30 2004 2003 25 20 15 10 5 Monthly Avg. 1997-2002 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ocean Freight Costs Increasing(USGC to Mediterranean Petcoke Freight Rates)

  5. $25 40 $/MT 30 USWC to Japan 20 $24 10 USGC to Mediterranean 0 May 1999 2000 2001 2002 2003 2004 Petcoke Freight Rates

  6. 140 % 120 72% Japan 100 80 60 41% 40 Mediterranean 20 0 May 1999 2000 2001 2002 2003 2004 Comparison Between Delivered Prices (Petcoke vs. Steam Coal)

  7. 3.50 $/MMBtu, CIF 3.00 Mediterranean 2.50 2.00 1.50 1.00 Japan 0.50 May 1999 2000 2001 2002 2003 2004 Coal Costs

  8. World* Petroleum Coke Production * Excluding CIS

  9. World* Petroleum Coke Production

  10. 20 DMT 18 U.S. 16 World (ex U.S.) 14 12 10 8 6 4 2 0 Power Iron & Steel Cement Residential Other Permanent Generation Industry Storage Fuel-Grade Petcoke DemandU.S. Compared to World

  11. Continues as the largest demand sector for fuel-grade petcoke • Commitment to Cement Sustainability Initiative (CSI) Petcoke in Cement Production 12 Million MT 2001 10 2006 8 6 4 2 0 Europe Latin U.S. Asia w/o Other America Japan & China Fuel-Grade Petcoke Demand (Cement Industry)

  12. Power Iron & Steel Cement Residential Others Total = 16 million MT European Petcoke Demand (2003)

  13. Note: Other includes Denmark, France, Germany, Greece, Ireland, Romania, United Kingdom & Other. Petcoke Consumption by European Countries

  14. PADD 4 0.6 MM PADD 2 4.7 MM PADD 1 1.0 MM PADD 5 7.0 MM PADD 3 21.7 MM (million MT/year) U.S. Fuel-Grade Petcoke Production by Region (2003)

  15. U.S. Utility Petcoke Receipts

  16. Fastest growingsector; U.S. is the largest consumer • Act as “swing” consumers – buying when pricesare low and pullingback when prices increase Fuel-Grade Petcoke Demand (Power Generation)

  17. Probably most significant driver for energy use/policy decisions • Greenhouse gases pose greatest threat to petcoke production and use through the Kyoto Protocol Environmental Regulatory Impacton Petcoke Supply/Demand

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