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PERMIAN BASIN PETROLEUM ASSOCIATION Midland, Texas May 8, 2001 Barry Russell President

PERMIAN BASIN PETROLEUM ASSOCIATION Midland, Texas May 8, 2001 Barry Russell President Independent Petroleum Association of America. Overview. The Nature Of The Energy Problem The Issues Changes In Washington IPAA’s Role. Major Focus: Energy Policy. Domestic Production Of Oil And

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PERMIAN BASIN PETROLEUM ASSOCIATION Midland, Texas May 8, 2001 Barry Russell President

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  1. PERMIAN BASIN PETROLEUM ASSOCIATION Midland, Texas May 8, 2001 Barry Russell President Independent Petroleum Association of America

  2. Overview • The Nature Of The Energy Problem • The Issues • Changes In Washington • IPAA’s Role

  3. Major Focus: Energy Policy • Domestic Production Of Oil And Natural Gas • Meeting Growing Future Demand For Energy

  4. ACTUAL FOCUS PERIOD EXTENDED VIEW 35 E X T E N D E D V I E W A C T U A L F O C U S P E R I O D 30 25 TRILLION CUBIC FEET 1999 NPC Reference Case 1992 NPC High Case 20 1992 NPC Low Case Actual 1999 NPC Range of Outcomes 15 1990 1995 2000 2005 2010 2015 YEAR U.S.Natural Gas DemandComparison of 1992 and 1999 NPC Study Results

  5. F O C U S P E R I O D E X T E N D E D V I E W A C T U A L 35.0 30.0 Electricity Generation 25.0 20.0 Industrial TRILLION CUBIC FEET 15.0 10.0 Residential Commercial 5.0 Other 0.0 1990 1995 2000 2005 2010 2015 YEAR U.S. Natural Gas Demand by Sector

  6. Drilling Year: 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Pre-1990 U.S. Production History* BCFD 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Production Decline Rate of Base: 23% 16% 17% 15% 17% 18% 18% 19% 21% 23% * Representing 91% of US Production

  7. Natural Gas Prices(NYMEX)

  8. Natural Gas Producers are Responding Rigs Drilling for Natural Gas Have Doubled 1,125 Oil Rigs 488 Natural Gas Rigs April, 1999 February, 2001

  9. Issue: Building a Sound Energy Policy • Recognize Importance Of Energy • Establish Energy Advocacy • Require Consideration Of “Energy Impact” In Regulatory Decision Making

  10. Critical Factors • Access • Technology • Financial Requirements • Skilled Workers • Rigs • Lead Times • Requirements Of New Customers

  11. Issue: Resource Base • Knowing How Many Laws, Regulations And Conflicting Management Plans Are In Play

  12. Issues: Access to Capital • Increase Spending By $10 Billion A Year Through 2015 • Double Wells Just To Deal With Natural Gas Demand • Retain As Much Revenue As Possible • Old And New Tax Reforms

  13. What’s Going On In Washington • Bush-Cheney National Energy Policy Task Force • Transition Advisory Teams • The Administration And The Agencies • The Congress

  14. Our Role In The Process • Wildcatters’ PAC • The Transition • Congressional Hearings • Congressional Oil & Gas Forum

  15. Political Effectiveness • Record-Breaking Fundraising • Increased IPAA Member Involvement • The Wildcatters Fund Contributed To 71 Open Congressional Seats And Competitive Races To Ensure A Pro-Business/ Pro-Oil & Gas Congress

  16. Grassroots Activism • Voter Education Guide • “Get Out The Vote” Campaign

  17. Hearings & Testimony • The 107th Congress • House Energy and Air Quality Subcommittee • House Resources Committee • House Energy and Mineral Resources Subcommittee • Senate Energy and Natural Resources Committee • Federal Energy Regulatory Commission Rep. Barbara Cubin (R-Wyoming) Rep. Joe Barton (R-Texas) Rep. James Hansen (R-Utah) Sen. Frank Murkowski (R-Alaska)

  18. Congressional Oil & Gas ForumAdvocacy • The Oil and Gas Forum Hosted by IPAA on March 15, 2001 Drew 90 Participants and 7 Members of Congress

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