Gas Processors Report Copyright (c) 2014 Hart Energy Publishing, LP http://www.midstreambusiness.com/Gas-Processors-Report Gas Processors Report RSS en-us Barclays: Natural Gas Will Rebound If Production Continues to Fall http://www.midstreambusiness.com/Gas-Processors-Report/27/2/Barclays-Natural-Gas-Rebound-Production-Continues-Fall_5304 <p style=' text-indent: 0.5in; ' >The economic outlook for 2009 remains foggy at best, but it is possible that the natural gas market will rebalance itself by the end of the year if the economy begins to rebound in the second half of 2009 and production of natural gas continues to drop, according to Barclays Capital.</p> MLP Capital Market: It’s Not What You’re Doing, But Who You Are http://www.midstreambusiness.com/Gas-Processors-Report/27/2/MLP-Capital-Market-Its-What-Youre-Doing-Who-Are_5303 <p style=' text-indent: 0.5in; ' >It has largely been felt by many in the midstream that projects in some of the more unconventional basins would be skewered until natural gas prices increased. While this is true, it isn’t because bankers and financiers aren’t confident in them or perceive them as risky. Rather it is the companies involved in these infrastructure projects viewing them in such a way. </p><p style=' text-indent: 0.5in; ' >When <span style='font-style: italic; ' >GPR</span> spoke this week with several confidential banking sources to get their views on where the MLP market is in 2009 we found that the available capital to MLPs isn’t dependent on a project’s viability, but instead on the company’s viability. </p><p> </p> Pritchard Capital Partners, Calyon Securities Re-Rate E&Ps http://www.midstreambusiness.com/Gas-Processors-Report/27/2/Pritchard-Capital-Partners-Calyon-Securities-Re-Rate-EPs_5305 <p style=' text-indent: 0.5in; ' >Given the drastic retrenchment in asset valuations, the tight credit markets, and the sharp correction in oil and natural gas prices, Mandeville, La.-based Pritchard Capital Partners LLC downgraded several credit ratings of the 17 E&Ps in its universe.</p> Energy Transfer Partners Expands Capacity Out of Barnett http://www.midstreambusiness.com/Gas-Processors-Report/27/2/Energy-Transfer-Partners-Expands-Capacity-of-Barnett_5300 <p style=' text-indent: 0.5in; ' >Energy Transfer Partners increased its shipping capacity out of the Barnett shale by 1.1 billion cubic feet per day (cf/d) by completing construction of two pipelines. </p><p style=' text-indent: 0.5in; ' >The 31-mile Southern Shale Pipeline will run from Tarrant County to the company’s Maypearl compressor station. The pipeline features 700 million cf/d of takeaway capacity. </p><p> </p> GeoPetro Acquires Texas Gas Treatment Plant from Madisonville http://www.midstreambusiness.com/Gas-Processors-Report/27/2/GeoPetro-Acquires-Texas-Gas-Treatment-Plant-Madisonville_5301 <p style=' text-indent: 0.5in; ' >GeoPetro Resources acquired a natural gas treatment plant and related gathering pipelines and facilities from Madisonville (Texas) Gas Processing LP via the assumption of debt, outstanding payables and common stock.</p> Hart Energy Accepting Ads for GPA Convention Papers http://www.midstreambusiness.com/Gas-Processors-Report/27/2/Hart-Energy-Accepting-Ads-GPA-Convention-Papers_5302 <p style=' text-indent: 0.5in; ' >Hart Energy Publishing has been endorsed by the Gas Processors Association to publish a daily newspaper showcasing the 88<span style='vertical-align: super; font-size:70%;' >th</span> Annual GPA Convention, which will be held March 8-11, 2009, at the San Antonio Rivercenter Hotel in San Antonio, Texas.</p> Palomar Pipeline Seeks to Bring Rockies Gas West http://www.midstreambusiness.com/Gas-Processors-Report/27/2/Palomar-Pipeline-Seeks-Bring-Rockies-Gas-West_5299 <p style=' text-indent: 0.5in; ' >The transportation of natural gas out of the Rockies has focused on the Rockies Express pipeline and the potential logjams that will ensue in the Northeast (<span style='font-style: italic; ' >GPR 11/12/08</span>). </p><p style=' text-indent: 0.5in; ' >Of course, there is another region of the country that the Rockies can serve without this potential logjam: the West Coast. The Palomar Gas pipeline, a joint venture between TransCanada and Northwest Natural Gas Co., is being built to transport gas from the Rockies and Alberta, Canada into the Portland, Ore. market.</p><p style=' text-indent: 0.5in; ' >“We have two reasons for this project’s existence. The first is we need to have a second way to get natural gas into the Wauna Valley, Ore. region,” Henry Morse, the pipeline’s project manager told <span style='font-style: italic; ' >GPR</span>.</p><p> </p> Frac Spread Margins Continue to Improve http://www.midstreambusiness.com/Gas-Processors-Report/27/2/Frac-Spread-Margins-Continue-Improve_5306 <p style=' text-indent: 0.5in; ' >Frac spread margins continue to rise, due to increased NGL prices and decreased natural gas values at Conway and flat feedstock prices at Mont Belvieu.</p><p> </p><table class='UtxtSmall' ><tr height='12.75' ><td width='433.5' colspan='6' ><p align='center' >Current Frac Spread (Cents/Gal)</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Date: January 14, 2009</p></td><td width='51.5' ><p align='center' >Conway</p></td><td width='80.6' ><p align='center' >Change from</p></td><td width='47' ><p align='center' >Mont </p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p> </p></td><td width='51.5' ><p> </p></td><td width='80.6' ><p align='center' >last week</p></td><td width='47' ><p align='center' >Belvieu</p></td><td width='60.55' ><p align='center' >last week</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Ethane</p></td><td width='51.5' ><p align='right' >29.20</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >36.67</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Shrink</p></td><td width='51.5' ><p align='right' >27.95</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >33.53</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Margin</span></p></td><td width='51.5' ><p align='right' >1.25</p></td><td width='80.6' ><p align='right' >58.32%</p></td><td width='47' ><p align='right' >3.14</p></td><td width='60.55' ><p align='right' >-104.93%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Propane</p></td><td width='51.5' ><p align='right' >81.28</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >72.70</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Shrink</p></td><td width='51.5' ><p align='right' >38.56</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >46.26</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Margin</span></p></td><td width='51.5' ><p align='right' >42.72</p></td><td width='80.6' ><p align='right' >25.54%</p></td><td width='47' ><p align='right' >26.44</p></td><td width='60.55' ><p align='right' >10.01%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Normal Butane</p></td><td width='51.5' ><p align='right' >77.08</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >84.65</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Shrink</p></td><td width='51.5' ><p align='right' >41.97</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >50.35</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Margin</span></p></td><td width='51.5' ><p align='right' >35.11</p></td><td width='80.6' ><p align='right' >13.31%</p></td><td width='47' ><p align='right' >34.30</p></td><td width='60.55' ><p align='right' >10.35%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Iso-Butane</p></td><td width='51.5' ><p align='right' >94.00</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >92.58</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Shrink</p></td><td width='51.5' ><p align='right' >43.66</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >52.37</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Margin</span></p></td><td width='51.5' ><p align='right' >50.34</p></td><td width='80.6' ><p align='right' >29.19%</p></td><td width='47' ><p align='right' >40.21</p></td><td width='60.55' ><p align='right' >2.67%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Pentane+</p></td><td width='51.5' ><p align='right' >90.63</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >87.06</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Shrink</p></td><td width='51.5' ><p align='right' >47.24</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >56.66</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Margin</span></p></td><td width='51.5' ><p align='right' >43.39</p></td><td width='80.6' ><p align='right' >31.22%</p></td><td width='47' ><p align='right' >30.40</p></td><td width='60.55' ><p align='right' >29.89%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >NGL $/Bbl</p></td><td width='51.5' ><p align='right' >27.17</p></td><td width='80.6' ><p align='right' >7.38%</p></td><td width='47' ><p align='right' >27.12</p></td><td width='60.55' ><p align='right' >2.63%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Shrink</p></td><td width='51.5' ><p align='right' >15.38</p></td><td width='80.6' ><p> </p></td><td width='47' ><p align='right' >18.45</p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Margin</span></p></td><td width='51.5' ><p align='right' >11.78</p></td><td width='80.6' ><p align='right' >25.08%</p></td><td width='47' ><p align='right' >8.67</p></td><td width='60.55' ><p align='right' >7.39%</p></td></tr><tr height='12.75' ><td width='187.1' ><p> </p></td><td width='6.75' ><p> </p></td><td width='51.5' ><p> </p></td><td width='80.6' ><p> </p></td><td width='47' ><p> </p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Gas ($/mmBtu)</p></td><td width='51.5' ><p align='right' >4.21</p></td><td width='80.6' ><p align='right' >-6.18%</p></td><td width='47' ><p align='right' >5.05</p></td><td width='60.55' ><p align='right' >0.40%</p></td></tr><tr height='13.5' ><td width='187.1' ><p >Gross Bbl Margin (in cents/gal)</p></td><td width='6.75' ><p> </p></td><td width='51.5' ><p align='right' >27.30</p></td><td width='80.6' ><p align='right' >26.03%</p></td><td width='47' ><p align='right' >20.24</p></td><td width='60.55' ><p align='right' >6.93%</p></td></tr><tr height='12.75' ><td width='187.1' ><p> </p></td><td width='6.75' ><p > </p></td><td width='51.5' ><p> </p></td><td width='80.6' ><p> </p></td><td width='47' ><p> </p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='433.5' colspan='6' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >NGL Value in $/mmBtu</span></p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p > Ethane</p></td><td width='51.5' ><p align='right' >1.61</p></td><td width='80.6' ><p align='right' >-3.42%</p></td><td width='47' ><p align='right' >2.02</p></td><td width='60.55' ><p align='right' >-8.62%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p > Propane</p></td><td width='51.5' ><p align='right' >2.82</p></td><td width='80.6' ><p align='right' >10.49%</p></td><td width='47' ><p align='right' >2.52</p></td><td width='60.55' ><p align='right' >3.89%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p > Normal Butane</p></td><td width='51.5' ><p align='right' >0.87</p></td><td width='80.6' ><p align='right' >2.70%</p></td><td width='47' ><p align='right' >0.95</p></td><td width='60.55' ><p align='right' >4.43%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p > Iso-Butane</p></td><td width='51.5' ><p align='right' >0.56</p></td><td width='80.6' ><p align='right' >12.77%</p></td><td width='47' ><p align='right' >0.55</p></td><td width='60.55' ><p align='right' >1.38%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p > Pentane+</p></td><td width='51.5' ><p align='right' >1.16</p></td><td width='80.6' ><p align='right' >11.73%</p></td><td width='47' ><p align='right' >1.11</p></td><td width='60.55' ><p align='right' >10.69%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p >Total Barrel Value in $/mmbtu</p></td><td width='51.5' ><p align='right' >7.01</p></td><td width='80.6' ><p align='right' >6.73%</p></td><td width='47' ><p align='right' >7.15</p></td><td width='60.55' ><p align='right' >1.30%</p></td></tr><tr height='12.75' ><td width='193.85' colspan='2' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' > Margin</span></p></td><td width='51.5' ><p align='right' >2.80</p></td><td width='80.6' ><p align='right' >26.14%</p></td><td width='47' ><p align='right' >2.10</p></td><td width='60.55' ><p align='right' >3.47%</p></td></tr><tr height='12.75' ><td width='187.1' ><p> </p></td><td width='6.75' ><p> </p></td><td width='51.5' ><p> </p></td><td width='80.6' ><p> </p></td><td width='47' ><p> </p></td><td width='60.55' ><p> </p></td></tr><tr height='12.75' ><td width='433.5' colspan='6' ><p >Price, Shrink of 42-gal NGL barrel based on following: Ethane, 36.5%; Propane, 31.8%; Normal Butane, 11.2%; Isobutane, 6.2%; Pentane+, 14.3%, Fuel, frac, transport costs not included. Conway gas based on NGPL Midcontinent zone, Mont Belvieu based on Houston Ship Channel.</p></td></tr><tr height='12.75' ><td width='433.5' colspan='6' ><p >Shrink is defined as Btus that are removed from natural gas through the gathering and processing operation.</p></td></tr></table><p> </p> October C5+ Storage Levels Emphasize Industry’s Reverse Trend http://www.midstreambusiness.com/Gas-Processors-Report/27/2/October-C5-Storage-Levels-Emphasize-Industrys-Reverse-Trend_5307 <p style=' text-indent: 0.5in; ' >Stock levels in October for C<span style='vertical-align: sub; font-size:70%;' >5+ </span>fell 22% from storage levels in the same period in 2007. While the decreased storage levels coincided with the winter heating season, the reduced storage levels are at least partially due to more ethane rejection and the lack of NGL production as producers attempt to reduce costs by selling the product in gas rather than liquid form.</p><p> </p> NGL Prices Are Up, but It’s Not a Trend Yet http://www.midstreambusiness.com/Gas-Processors-Report/27/2/NGL-Prices-Up-Its-a-Trend-Yet_5308 <p style=' text-indent: 0.5in; ' >NGL prices continued their upward movement this past week with iso-butane, C<span style='vertical-align: sub; font-size:70%;' >5+</span> and propane leading the trend. While it may appear that the market is starting to rebound, En*Vantage’s Peter Fasullo told <span style='font-style: italic; ' >GPR</span> that this may not be the case.</p><p> </p><table class='UtxtSmall' ><tr height='14.25' ><td width='122.4' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Mont</span><span style='font-weight: bold; ' > Belvieu</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Eth</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Pro</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Norm</span></p></td><td width='49.8' ><p align='center' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Iso</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Pen+</span></p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >NGL Bbl</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Jan 7 - 13, '09</p></td><td width='49.8' ><p align='right' >36.67</p></td><td width='49.8' ><p align='right' >72.70</p></td><td width='49.8' ><p align='right' >84.65</p></td><td width='49.8' ><p align='right' >92.58</p></td><td width='49.8' ><p align='right' >87.06</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$27.12</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Jan 1 - 6, '09</p></td><td width='49.8' ><p align='right' >39.83</p></td><td width='49.8' ><p align='right' >69.87</p></td><td width='49.8' ><p align='right' >80.90</p></td><td width='49.8' ><p align='right' >91.30</p></td><td width='49.8' ><p align='right' >77.75</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$26.41</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Dec. 23 - 31, '08</p></td><td width='49.8' ><p align='right' >34.14</p></td><td width='49.8' ><p align='right' >60.05</p></td><td width='49.8' ><p align='right' >69.00</p></td><td width='49.8' ><p align='right' >71.10</p></td><td width='49.8' ><p align='right' >68.55</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$22.57</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Dec. 17 - 22, '08</p></td><td width='49.8' ><p align='right' >33.85</p></td><td width='49.8' ><p align='right' >64.60</p></td><td width='49.8' ><p align='right' >72.13</p></td><td width='49.8' ><p align='right' >76.53</p></td><td width='49.8' ><p align='right' >81.05</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$24.23</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >December '08</p></td><td width='49.8' ><p align='right' >34.07</p></td><td width='49.8' ><p align='right' >61.02</p></td><td width='49.8' ><p align='right' >64.97</p></td><td width='49.8' ><p align='right' >69.00</p></td><td width='49.8' ><p align='right' >78.08</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$23.06</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >November '08</p></td><td width='49.8' ><p align='right' >40.61</p></td><td width='49.8' ><p align='right' >74.19</p></td><td width='49.8' ><p align='right' >86.23</p></td><td width='49.8' ><p align='right' >92.06</p></td><td width='49.8' ><p align='right' >100.82</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$28.91</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >4th Qtr '08</p></td><td width='49.8' ><p align='right' >40.89</p></td><td width='49.8' ><p align='right' >81.37</p></td><td width='49.8' ><p align='right' >94.02</p></td><td width='49.8' ><p align='right' >96.08</p></td><td width='49.8' ><p align='right' >111.21</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$31.03</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >3rd Qtr '08</p></td><td width='49.8' ><p align='right' >107.38</p></td><td width='49.8' ><p align='right' >167.71</p></td><td width='49.8' ><p align='right' >197.87</p></td><td width='49.8' ><p align='right' >201.81</p></td><td width='49.8' ><p align='right' >250.51</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$69.27</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >2nd Qtr '08</p></td><td width='49.8' ><p align='right' >104.51</p></td><td width='49.8' ><p align='right' >169.58</p></td><td width='49.8' ><p align='right' >204.61</p></td><td width='49.8' ><p align='right' >209.23</p></td><td width='49.8' ><p align='right' >267.79</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$70.77</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >1st Qtr '08</p></td><td width='49.8' ><p align='right' >100.88</p></td><td width='49.8' ><p align='right' >146.98</p></td><td width='49.8' ><p align='right' >180.46</p></td><td width='49.8' ><p align='right' >187.21</p></td><td width='49.8' ><p align='right' >210.40</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$61.77</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Jan. 9 - 15, '08</p></td><td width='49.8' ><p align='right' >113.38</p></td><td width='49.8' ><p align='right' >150.30</p></td><td width='49.8' ><p align='right' >187.28</p></td><td width='49.8' ><p align='right' >193.96</p></td><td width='49.8' ><p align='right' >208.25</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$64.48</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p > </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.4' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' > </span></p></td></tr><tr height='14.25' ><td width='122.4' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' >Conway, Group 140</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Eth</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Pro</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Norm</span></p></td><td width='49.8' ><p align='center' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Iso</span></p></td><td width='49.8' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >Pen+</span></p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >NGL Bbl</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Jan 7 - 13, '09</p></td><td width='49.8' ><p align='right' >29.20</p></td><td width='49.8' ><p align='right' >81.28</p></td><td width='49.8' ><p align='right' >77.08</p></td><td width='49.8' ><p align='right' >94.00</p></td><td width='49.8' ><p align='right' >90.63</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$27.17</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Jan 1 - 6, '09</p></td><td width='49.8' ><p align='right' >30.20</p></td><td width='49.8' ><p align='right' >72.75</p></td><td width='49.8' ><p align='right' >75.00</p></td><td width='49.8' ><p align='right' >82.00</p></td><td width='49.8' ><p align='right' >80.00</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$25.16</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Dec. 23 - 31, '08</p></td><td width='49.8' ><p align='right' >26.72</p></td><td width='49.8' ><p align='right' >67.30</p></td><td width='49.8' ><p align='right' >69.67</p></td><td width='49.8' ><p align='right' >70.77</p></td><td width='49.8' ><p align='right' >84.50</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$23.67</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Dec. 17 - 22, '08</p></td><td width='49.8' ><p align='right' >25.90</p></td><td width='49.8' ><p align='right' >77.03</p></td><td width='49.8' ><p align='right' >73.50</p></td><td width='49.8' ><p align='right' >76.40</p></td><td width='49.8' ><p align='right' >90.08</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$25.42</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >December '08</p></td><td width='49.8' ><p align='right' >22.58</p></td><td width='49.8' ><p align='right' >69.57</p></td><td width='49.8' ><p align='right' >61.18</p></td><td width='49.8' ><p align='right' >66.16</p></td><td width='49.8' ><p align='right' >79.64</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$22.36</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >November '08</p></td><td width='49.8' ><p align='right' >24.34</p></td><td width='49.8' ><p align='right' >79.71</p></td><td width='49.8' ><p align='right' >72.30</p></td><td width='49.8' ><p align='right' >94.91</p></td><td width='49.8' ><p align='right' >90.96</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$25.98</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >4th Qtr '08</p></td><td width='49.8' ><p align='right' >26.34</p></td><td width='49.8' ><p align='right' >85.91</p></td><td width='49.8' ><p align='right' >85.11</p></td><td width='49.8' ><p align='right' >93.99</p></td><td width='49.8' ><p align='right' >108.78</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$28.90</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >3rd Qtr '08</p></td><td width='49.8' ><p align='right' >79.74</p></td><td width='49.8' ><p align='right' >161.20</p></td><td width='49.8' ><p align='right' >176.28</p></td><td width='49.8' ><p align='right' >191.33</p></td><td width='49.8' ><p align='right' >234.25</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$62.52</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >2nd Qtr '08</p></td><td width='49.8' ><p align='right' >88.21</p></td><td width='49.8' ><p align='right' >166.29</p></td><td width='49.8' ><p align='right' >188.87</p></td><td width='49.8' ><p align='right' >206.56</p></td><td width='49.8' ><p align='right' >260.41</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$67.36</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >1st Qtr '08</p></td><td width='49.8' ><p align='right' >90.53</p></td><td width='49.8' ><p align='right' >147.60</p></td><td width='49.8' ><p align='right' >172.17</p></td><td width='49.8' ><p align='right' >181.77</p></td><td width='49.8' ><p align='right' >211.59</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$60.66</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p >Jan. 9 - 15, '08</p></td><td width='49.8' ><p align='right' >104.10</p></td><td width='49.8' ><p align='right' >145.32</p></td><td width='49.8' ><p align='right' >181.58</p></td><td width='49.8' ><p align='right' >211.15</p></td><td width='49.8' ><p align='right' >208.60</p></td><td width='49.4' ><p align='right' style='font-weight: bold; ' ><span style='font-weight: bold; ' >$63.69</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p > </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.8' ><p> </p></td><td width='49.4' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' > </span></p></td></tr><tr height='14.25' ><td width='420.8' colspan='7' ><p style='font-style: italic; ' ><span style='font-style: italic; ' >Data Provided by Intercontinental Exchange. Individual product prices in cents per gallon.</span></p></td></tr><tr height='14.25' ><td width='122.4' ><p style='font-style: italic; ' ><span style='font-style: italic; ' >NGL barrel in $/42 gallons</span></p></td><td width='49.8' ><p > </p></td><td width='49.8' ><p > </p></td><td width='49.8' ><p > </p></td><td width='49.8' ><p > </p></td><td width='49.8' ><p > </p></td><td width='49.4' ><p style='font-weight: bold; ' ><span style='font-weight: bold; ' > </span></p></td></tr></table><p> </p>