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Burlington Resources Reports 46 Percent Increase in Third-Quarter Earnings and 10 Percent Growth In Production.


HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy


The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry;
 -- Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas.

Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth.
 Inc. (NYSE NYSE

See: New York Stock Exchange
:BR)(TSX TSX Toronto Stock Exchange (TSE before April, 2002)
TSX Transfer from Stack Pointer to Index
TSX True Space Extension
:B) today reported estimated earnings of $389 million, or $0.98 per diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share, during the third quarter of 2004, a new quarterly earnings record for the company. The third-quarter earnings represent a 46 percent increase over the $267 million, or $0.67 per diluted share on a post-stock-split basis, earned during the third quarter of 2003. The higher quarterly earnings were attributable attributable

emanating from or pertaining to attribute.


attributable proportion
see attributable risk (below).

attributable risk
 to a 10 percent increase in production and to higher commodity prices. Total production grew to 2,815 million cubic feet of natural gas equivalent per day (MMcfed), from 2,551 MMcfed during the prior year's third quarter.

Net cash provided by operating activities increased to $930 million from $665 million during the prior year's quarter. Discretionary cash flow Discretionary cash flow

Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on.
(1) increased to $814 million from $651 million during the prior year's quarter. During the first three quarters of 2004, net cash provided by operating activities totaled approximately ap·prox·i·mate  
adj.
1. Almost exact or correct: the approximate time of the accident.

2.
 $2.5 billion, while discretionary cash flow also totaled approximately $2.5 billion.

"Burlington Burlington, town, Canada
Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway.
 continues to perform very well, both operationally and financially. We are on track to deliver significant growth in 2004, while generating robust return on capital employed Return on capital employed (ROCE)

Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets).
. This performance is consistent with our stated objectives of achieving both top-line growth and sector-leading returns to create value for our shareholders," said Bobby S. Shackouls, chairman, president and chief executive officer. "We maintain our commitment to these goals regardless of commodity price cycles."

Natural gas production during the third quarter increased 1 percent to 1,906 million cubic feet per day (MMcfd), from 1,889 MMcfd during the prior year's quarter. Natural gas liquids (NGLs) production increased 6 percent to 66.5 thousand barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day.  (Mbd), from 63.0 Mbd during the prior year's quarter. Crude oil production increased 80 percent to 85.1 Mbd, from 47.3 Mbd during the prior year's quarter.

Higher natural gas volumes were achieved from the Madden mad·den  
v. mad·dened, mad·den·ing, mad·dens

v.tr.
1. To make angry; irritate.

2. To drive insane.

v.intr.
To become infuriated.
 Field, South Louisiana Louisiana (ləwē'zēăn`ə, lē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , East Texas and the CLAM properties. Higher crude oil volumes were achieved from the Cedar Creek Cedar Creek, small tributary of the North Fork of the Shenandoah River, N of Strasburg, N Va. It was the scene of a Civil War battle (Oct. 19, 1864) in which Union general P. H. Sheridan defeated J. A. Early.  Anticline anticline: see fold.  and Bakken areas in the Williston Williston, city (1990 pop. 13,131), seat of Williams co., NW N.Dak., on the Missouri River; inc. 1904. An early riverboating town, its importance increased with the arrival of the Great Northern Railway (1887) and later by the discovery (1951) of rich oil reserves in  Basin BASIN Boulder Area Sustainability Information Network (Boulder, Colorado)
BASIN Brothers And Sisters In Need
, South Louisiana, offshore China, Algeria Algeria (ăljēr`ēə), Arab. Al Djazair, Fr. Algérie, officially People's Democratic Republic of Algeria, republic (2005 est. pop.  and Ecuador Ecuador (ĕk`wədôr) [Span., = equator], officially Republic of Ecuador, republic (2005 est. pop. 13,364,000), 109,483 sq mi (283,561 sq km), W South America. . As expected, natural gas production declined in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of  when compared to the prior year's third quarter, due to last winter's short drilling season, wet summer weather that hampered field operations, and a measured approach to capital investments in response to rising service costs and the strengthening Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin"
loonie

dollar - the basic monetary unit in many countries; equal to 100 cents
. However, Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma.  natural gas production has flattened flat·ten  
v. flat·tened, flat·ten·ing, flat·tens

v.tr.
1. To make flat or flatter.

2. To knock down; lay low: The boxer was flattened with one punch.
 in recent months, and Burlington plans to accelerate development activity there during the balance of 2004 and 2005.

This week, Burlington placed into service the Rivers Fields facilities in the East Irish Sea Irish Sea, arm of the Atlantic Ocean, c.40,000 sq mi (103,600 sq km), 130 mi (209 km) long and up to c.140 mi (230 km) wide, lying between Ireland and Great Britain. It is connected with the Atlantic by the North Channel and (on the south) by St. George's Channel. . During the past three years Burlington has developed the Calder Cal·der   , Alexander 1898-1976.

American sculptor who created the mobile in Paris in the early 1930s and also produced immobile abstract sculptures known as stabiles.

Noun 1.
 Field (one of the five Rivers Fields) and installed a production platform and 30-mile pipeline to shore, while constructing a major sour gas Sour gas is natural gas or any other gas mixture which contains significant amounts of hydrogen sulfide (H2S). According to this reference [1], natural gas is usually considered sour if there are more than 5.  processing plant at Barrow-in-Furness Barrow-in-Furness (–fûr`nĭs), city (1991 pop. 50,174) and district, Cumbria, NW England, on the tip of the Furness peninsula. The port of Barrow has c.  in Cumbria Cumbria, county (1991 pop. 486,900), 2,635 sq mi (6,826 sq km), extreme NW England. The county stretches from the Morecambe Bay to Soloway Firth along the Irish Sea coast. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. . Sales volumes are expected to ramp up Ramp Up

To increase a company's operations in anticipation of increased demand.

Notes:
A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product.
See also: Demand, Economies of Scale
 to an average of approximately 90 MMcfd as the plant reaches full capacity. It is anticipated that the Calder Field's This article is about the shopping centre in Denmark. For the Canadian chain of department stores, see Fields (department store).

Field's is the biggest shopping centre in Denmark and the second-largest in Scandinavia, surpassed only by Nordstan in
 initial production would be followed in future years by gas flow from the Crossans and Darwen Darwen (där`wĭn, dăr`ĕn), town (1991 pop. 30,833), Lancashire, NW England. Engineering and the manufacture of wallpaper, paint, and plastics are the major industries. The importance of textile production in Darwen has declined.  fields. The new project is expected to increase Burlington's total East Irish Sea production to approximately 180 MMcfd by early 2005.

Price realizations for natural gas during the third quarter were $5.29 per Mcf, compared to $4.68 per Mcf during the same quarter in 2003. Price realizations for NGLs were $26.26 per barrel barrel: see English units of measurement. , compared to $20.42 per barrel during the prior year's quarter. Crude oil price realizations were $40.13 per barrel, compared to $27.16 per barrel during the prior year's quarter.

During the third quarter Burlington repurchased 4 million shares of its common stock, up from approximately 3.1 million shares repurchased during each of the year's first and second quarters on a post-stock-split basis. The third quarter's repurchases totaled $150 million at an average cost of $37.56 per share. Since resuming share repurchases Share Repurchase

A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued.
 in late 2000, the company has acquired approximately 57.6 million shares for $1.4 billion, or an average cost of $24.30 per share on a post-stock-split basis. At the end of the third quarter, Burlington's balance sheet included nearly $1.8 billion in cash and cash equivalents, an increase of approximately $500 million during the quarter.

Outlook

Production -- Burlington expects to achieve its stated long-term Long-term

Three or more years. In the context of accounting, more than 1 year.


long-term

1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term.
 growth goals during 2004 and 2005. The guidance breakdown breakdown /break·down/ (brak´doun)
1. the act or process of ceasing to function.

2. an often sudden collapse in health.

3. loss of self-control.
 by geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map.

geographic

pertaining to geography.
 region and product for 2004 follows:
4th-Quarter 2004     Full-Year 2004
                                   Estimate            Estimate
                              ------------------- -------------------
Gas (MMcfd)
    U.S.                          900   -    945      905   -    920
    Canada                        785   -    810      810   -    825
    Other International           170   -    240      175   -    210
                              ------------------- -------------------
         Total                  1,855   -  1,995    1,890   -  1,955

Natural Gas Liquids (Mbd)
    U.S.                         39.0   -   41.5     40.0   -   41.0
    Canada                       23.5   -   24.5     23.0   -   24.0
    Other International           0.0   -    0.0      0.0   -    0.0
                              ------------------- -------------------
         Total                   62.5   -   66.0     63.0   -   65.0

Crude Oil (Mbd)
    U.S.                         39.2   -   42.3     36.6   -   37.7
    Canada                        4.7   -    5.2      5.0   -    5.5
    Other International          34.5   -   44.5     40.5   -   43.0
                              ------------------- -------------------
         Total                   78.4   -   92.0     82.1   -   86.2

      Total Equiv. Prod.
       (MMcfed)                 2,700   -  2,943    2,761   -  2,862
                              ------------------- -------------------
                              ------------------- -------------------



For 2005 the company expects to achieve total equivalent production of 2,800 to 3,100 MMcfed.

North American North American

named after North America.


North American blastomycosis
see North American blastomycosis.

North American cattle tick
see boophilusannulatus.
 Natural Gas Hedges -- As of Oct. 14, 2004, Burlington had hedged hedge  
n.
1. A row of closely planted shrubs or low-growing trees forming a fence or boundary.

2. A line of people or objects forming a barrier: a hedge of spectators along the sidewalk.
 the following volumes of future North American natural gas production using costless price collars or fixed price contracts. All prices are weighted averages adjusted to a NYMEX See New York Mercantile Exchange.

NYMEX

See New York Mercantile Exchange (NYM).
 equivalent price. Detailed information on natural gas hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market.  subsequent to the second quarter of 2005 as well as on the company's crude oil hedging is available on Burlington's Web site at www.br-inc.com/docs/hedge.pdf.
4th-Q. 2004     1st-Q. 2005     2nd-Q. 2005
                           -----------     -----------     -----------
   Costless collar volumes  443 MMcfd       331 MMcfd       115 MMcfd
        Floor price         $5.30/Mcf       $5.92/Mcf       $5.67/Mcf
        Ceiling price       $7.21/Mcf       $8.05/Mcf       $7.34/Mcf
   Sell swap                39 MMcfd        39 MMcfd        39 MMcfd
        Sales price         $3.71/Mcf       $3.70/Mcf       $3.70/Mcf

Other 2004 Financial Parameters -- Estimated expenses for the fourth
quarter and full year are:

                                4th-Q. 2004         Full-Year 2004
                             -------------------   -------------------
   Operating costs(a)        $0.57 to $0.61/Mcfe   $0.54 to $0.58/Mcfe
   Administrative costs      $0.17 to $0.20/Mcfe   $0.18 to $0.21/Mcfe
   Transportation costs      $0.43 to $0.47/Mcfe   $0.41 to $0.45/Mcfe
   Depletion, depreciation
    & amortization           $1.10 to $1.15/Mcfe   $1.07 to $1.12/Mcfe
   Interest expense          $68 MM to $72 MM      $275 MM to $285 MM
   Exploration costs         $70 MM to $90 MM      $250 MM to $270 MM

   (a) Formerly production and processing



In addition, Burlington anticipates an effective income tax rate of 32 to 36 percent for the full year of 2004. The breakdown between current and deferred taxes for the year could vary widely depending on commodity prices and other factors.

An income statement, statistics and non-GAAP reconciliation tables for the third quarter accompany To go along with; to go with or to attend as a companion or associate.

A motor vehicle statute may require beginning drivers or drivers under a certain age to be accompanied by a licensed adult driver whenever operating an automobile.
 this release.

Burlington will webcast a conference call to discuss its third-quarter 2004 earnings and operations. The call will take place on Thursday Thursday: see week. , October October: see month.  21 at 1 p.m. Central time. All materials and information related to the conference call, this press release and a package of financial and statistical information may be accessed from the Burlington Resources Web site home page at www.br-inc.com by selecting the link entitled en·ti·tle  
tr.v. en·ti·tled, en·ti·tling, en·ti·tles
1. To give a name or title to.

2. To furnish with a right or claim to something:
 "3rd Qtr 2004 Conference Call Info INFO Information
INFO Information (logging abbreviation)
INFO Inform(ed/ation)
INFO Ionic Difluoroamino Oxidizer
 Page," and then selecting the resource desired.

Burlington Resources ranks among the world's largest independent oil and gas companies, and holds one of the industry's leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation).
Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the
, the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . For additional information see the Burlington Resources Web site at www.br-inc.com.
(1) See the accompanying tables for a reconciliation of GAAP and
    non-GAAP measures utilized in calculating discretionary cash flow.


FORWARD-LOOKING STATEMENTS forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.


This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended a·mend  
v. a·mend·ed, a·mend·ing, a·mends

v.tr.
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.

2.
. Any such projections or statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company's periodic reports filed with the Securities and Exchange Commission.
Burlington Resources Inc.
            Reconciliation of GAAP to Non-GAAP Measure (a)
                       Discretionary Cash Flow
                           ($ in Millions)

Below is a reconciliation of net cash provided by operating
activities to discretionary cash flow.


                                           Third Quarter       Nine
                                          ---------------     Months
                                           2004    2003        2004
                                          ------- -------   ----------
Net cash provided by operating activities   $930    $665       $2,474
  Adjustments:
   Working capital                          (125)     12            2
   Changes in other assets and liabilities     9     (26)         (25)
                                          ------- -------   ----------
Discretionary cash flow                     $814    $651       $2,451
                                          ------- -------   ----------
                                          ------- -------   ----------

(a) GAAP -- Generally Accepted Accounting Principles

Management believes that the non-GAAP measure of discretionary cash
flow is useful information for investors because it is used
internally and accepted by the investment community as a means of
measuring the company's ability to fund its capital and dividend
programs and to service its debt. Discretionary cash flow is also
useful because it is widely used by professional research analysts in
valuing, comparing ratings and providing investment recommendations
of companies in the oil and gas exploration and production industry.
Many investors use this published research in making investment
decisions.


                      BURLINGTON RESOURCES INC.
                   CONSOLIDATED STATEMENT OF INCOME
                             (UNAUDITED)


                                    THIRD QUARTER        NINE MONTHS
                                   ---------------     ---------------
                                    2004     2003       2004     2003
                                   ------   ------     ------   ------
                               (In Millions, Except per Share Amounts)

Revenues                          $1,411   $1,059     $4,052   $3,246
                                   ------   ------     ------   ------

Costs and Other Income - Net
 Taxes Other than Income Taxes        67       47        188      141
 Transportation Expense              112      100        329      301
 Operating Costs                     152      118        426      332
 Depreciation, Depletion and
  Amortization                       284      239        831      669
 Exploration Costs                    55       55        177      175
 Impairment of Oil and Gas
  Properties                           -        -          -       30
 Administrative                       54       38        153      119
 Interest Expense                     71       66        211      193
 Loss on Disposal of Assets            -        2         10        2
 Other Expense (Income) - Net         (5)      (2)        19       13
                                   ------   ------     ------   ------
   Total Costs and Other Income
    - Net                            790      663      2,344    1,975
                                   ------   ------     ------   ------

Income Before Income Taxes and
 Cumulative Effect of Change in
 Accounting Principle                621      396      1,708    1,271
Income Tax Expense                   232      129        586      398
                                   ------   ------     ------   ------

Income Before Cumulative Effect
 of Change in Accounting
 Principle                           389      267      1,122      873
Cumulative Effect of Change in
 Accounting Principle - Net            -        -          -      (59)
                                   ------   ------     ------   ------

Net Income                          $389     $267     $1,122     $814
                                   ------   ------     ------   ------
                                   ------   ------     ------   ------

Earnings per Common Share

Basic
 Before Cumulative Effect of
  Change in Accounting
  Principle                        $0.99    $0.67      $2.85    $2.19
 Cumulative Effect of Change in
  Accounting Principle - Net           -        -          -    (0.15)
                                   ------   ------     ------   ------
 Net Income                        $0.99    $0.67      $2.85    $2.04
                                   ------   ------     ------   ------
                                   ------   ------     ------   ------

Diluted
 Before Cumulative Effect of
  Change in Accounting
  Principle                        $0.98    $0.67      $2.83    $2.18
 Cumulative Effect of Change in
  Accounting Principle - Net           -        -          -    (0.15)
                                   ------   ------     ------   ------
 Net Income                        $0.98    $0.67      $2.83    $2.03
                                   ------   ------     ------   ------
                                   ------   ------     ------   ------

Basic Common Shares                  392      398        393      399
                                   ------   ------     ------   ------
                                   ------   ------     ------   ------
Diluted Common Shares                395      401        396      402
                                   ------   ------     ------   ------
                                   ------   ------     ------   ------

This statement should be read in conjunction with the attached press
release.


                      BURLINGTON RESOURCES INC.
                       SALES VOLUMES AND PRICES

----------------------------------------------------------------------
                                                     2004
                                          ----------------------------
                                           First     Second    Third
                                          Quarter   Quarter   Quarter
----------------------------------------------------------------------
Sales Volumes
  Gas (MMCF/Day)
    U.S.                                     880       905      935
    Canada                                   846       834      796
    Other International                      227       160      175
----------------------------------------------------------------------
      Worldwide                            1,953     1,899    1,906
----------------------------------------------------------------------
  NGLs (MBBLS/Day)
    U.S.                                    40.8      40.0     41.4
    Canada                                  26.1      19.0     25.1
----------------------------------------------------------------------
      Worldwide                             66.9      59.0     66.5
----------------------------------------------------------------------
  Oil (MBBLS/Day)
    U.S.                                    32.1      35.9     39.3
    Canada                                   5.8       5.3      5.0
    Other International                     44.5      43.0     40.8
----------------------------------------------------------------------
      Worldwide                             82.4      84.2     85.1
----------------------------------------------------------------------
      Total Equivalent (MMCFE/D)           2,849     2,758    2,815
----------------------------------------------------------------------

----------------------------------------------------------------------
Average Realized Prices
  Gas ($/MCF)
    U.S.                                   $5.52     $5.46    $5.28
    Canada                                  5.53      5.76     5.68
    Other International                     3.69      3.12     3.40
----------------------------------------------------------------------
  Combined including hedging                5.31      5.40     5.29
    Hedging loss (gain)                    (0.01)     0.04    (0.02)
----------------------------------------------------------------------
  Combined before hedging                  $5.30     $5.44    $5.27
----------------------------------------------------------------------
  NGLs ($/BBL)
    U.S.                                  $19.98    $21.01   $24.19
    Canada                                 25.36     29.69    29.68
----------------------------------------------------------------------
  Combined                                $22.08    $23.81   $26.26
----------------------------------------------------------------------
  Oil ($/BBL)
    U.S.                                  $31.70    $33.10   $37.15
    Canada                                 32.78     35.26    40.68
    Other International                    27.62     35.73    42.63
----------------------------------------------------------------------
  Combined including hedging               29.57     34.62    40.13
    Hedging loss (gain)                     0.32      0.77     1.51
----------------------------------------------------------------------
  Combined before hedging                 $29.89    $35.39   $41.64



                      BURLINGTON RESOURCES INC.
                       SALES VOLUMES AND PRICES

----------------------------------------------------------------------
                                 2003                Year Ended
                         ---------------------------------------------
                            Third     Fourth
                           Quarter   Quarter    2003    2002    2001
----------------------------------------------------------------------
Sales Volumes
  Gas (MMCF/Day)
    U.S.                     848        870      865     949    1,121
    Canada                   873        876      867     802      433
    Other International      168        211      167     165      170
----------------------------------------------------------------------
      Worldwide            1,889      1,957    1,899   1,916    1,724
----------------------------------------------------------------------
  NGLs (MBBLS/Day)
    U.S.                    35.9       43.1     37.4    32.7     34.6
    Canada                  27.1       26.1     27.4    27.4     12.5
----------------------------------------------------------------------
      Worldwide             63.0       69.2     64.8    60.1     47.1
----------------------------------------------------------------------
  Oil (MBBLS/Day)
    U.S.                    30.0       30.7     29.3    35.4     44.0
    Canada                   5.2        4.9      5.1     7.8     11.9
    Other International     12.1       22.9     12.1     5.9      7.3
----------------------------------------------------------------------
      Worldwide             47.3       58.5     46.5    49.1     63.2
----------------------------------------------------------------------
      Total Equivalent
       (MMCFE/D)           2,551      2,723    2,567   2,571    2,386
----------------------------------------------------------------------

----------------------------------------------------------------------
Average Realized Prices
  Gas ($/MCF)
    U.S.                   $4.91      $4.38    $4.87   $3.39    $3.99
    Canada                  4.90       4.57     5.12    3.17     4.60
    Other International     2.46       3.81     3.07    2.27     2.83
----------------------------------------------------------------------
  Combined including
   hedging                  4.68       4.40     4.83    3.20     4.03
    Hedging loss (gain)     0.04       0.03     0.09   (0.16)    0.48
----------------------------------------------------------------------
  Combined before hedging  $4.72      $4.43    $4.92   $3.04    $4.51
----------------------------------------------------------------------
  NGLs ($/BBL)
    U.S.                  $17.81     $18.96   $18.42  $13.23   $14.75
    Canada                 23.88      23.16    23.08   15.92    22.50
----------------------------------------------------------------------
  Combined                $20.42     $20.54   $20.40  $14.46   $16.79
----------------------------------------------------------------------
  Oil ($/BBL)
    U.S.                  $27.66     $27.09   $28.08  $23.16   $22.63
    Canada                 32.30      28.52    31.11   28.32    26.51
    Other International    23.67      22.48    23.49   24.30    23.42
----------------------------------------------------------------------
  Combined including
   hedging                 27.16      25.40    27.22   24.11    23.45
    Hedging loss (gain)        -          -     0.09   (0.18)    1.10
----------------------------------------------------------------------
  Combined before hedging $27.16     $25.40   $27.31  $23.93   $24.55

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Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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