John Hopper presented at the Deutsche Bank High Yield Conference on September 28, 2005. The presentation summarized El Paso Corporation's progress in turning around its business, reducing debt, and positioning itself for future growth. Key points included stabilizing production, focusing more investment onshore, improving the Texas Gulf Coast business, and having significant leverage to rising natural gas prices in 2006. Cost reductions were also continuing across the company. The presentation demonstrated that El Paso had made rapid progress in its turnaround.
EMA 2009 - 2012 & Beyond: Operating in a Carbon Constrained Environment -...fijigeorge
Presentation reviews potential legislative and regulatory issues that could impact operations of a natural gas company. Also, provides organizational response to upcoming carbon legislation/regulation
July 2016 Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
EMA 2009 - 2012 & Beyond: Operating in a Carbon Constrained Environment -...fijigeorge
Presentation reviews potential legislative and regulatory issues that could impact operations of a natural gas company. Also, provides organizational response to upcoming carbon legislation/regulation
July 2016 Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
1. John Hopper
Vice President, Treasurer
Deutsche Bank High Yield Conference
September 28, 2005
the place to work
the neighbor to have
the company to own
2. Cautionary Statement Regarding
Forward-looking Statements
This presentation includes forward-looking statements and projections, made in reliance on
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The
company has made every reasonable effort to ensure that the information and assumptions on
which these statements and projections are based are current, reasonable, and complete.
However, a variety of factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in this presentation,
including, without limitation, our ability to implement and achieve our objectives in the long-
range plan, including achieving our debt-reduction targets; our ability to obtain necessary
governmental approvals for proposed pipeline projects and our ability to successfully
construct and operate such projects; our ability to meet production volume targets in our
Production segment; uncertainties associated with exploration and production activities; our
ability to successfully execute, manage, and integrate acquisitions; our ability to close our
announced asset sales on a timely basis; changes in commodity prices for oil, natural gas,
and power; general economic and weather conditions in geographic regions or markets
served by the company and its affiliates, or where operations of the company and its affiliates
are located; the uncertainties associated with governmental regulation; political and currency
risks associated with international operations of the company and its affiliates; competition;
and other factors described in the company’s (and its affiliates’) Securities and Exchange
Commission filings. While the company makes these statements and projections in good faith,
neither the company nor its management can guarantee that anticipated future results will be
achieved. Reference must be made to those filings for additional important factors that may
affect actual results. The company assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking statements made by the
company, whether as a result of new information, future events, or otherwise.
2
3. Our Purpose
El Paso Corporation provides
natural gas and related energy
products in a safe, efficient, and
dependable manner
3
4. El Paso Overview
► Premier natural gas pipeline franchise
► One of largest independent producers
– Turnaround almost complete
► Significant leverage to favorable commodity
fundamentals
► Excellent progress on asset sales/debt
reduction
4
5. Significant Progress in Turnaround
December 2003 Current
► Liquidity ► Stressed ► Strong
► Net debt ► $20.5 billion ► $15.9 billion*
► Asset sales ► Long-Range Plan (LRP) goal: ► $4.3 billion sold under LRP
$3.3 billion–$3.9 billion
► Incremental goal: ► $1.4 billion announced or
$1.2 billion–$1.6 billion closed
► Range of businesses ► Pipes, E&P, marketing & ► Pipes, E&P, marketing (out of
trading, petroleum, chemical, or exiting all other)
domestic & international
power, midstream, others
► Corporate structure ► Large corporate center ► Small corporate center—push
► 5 divisions functions to businesses
► 2 divisions
*As of June 30, 2005
5
6. U.S. Natural Gas Market
Macro Overview
Consumption & Supply in Tcf
Demand
Growth
► Gas consumption in the 35 Domestic 2004–2014
supply
power sector will grow
30
substantially
25 +5.0 Tcf
– 200 GWs of gas-fired Power Generation
generating capacity built
since 2000 20
Industrial +1.0 Tcf
► Domestic supply grows 15
slowly Commercial +0.4 Tcf
10
► More than $20 billion in Residential +0.7 Tcf
infrastructure required 5
over next 5 Years Other +0.3 Tcf
0
2002 2004 2006 2008 2010 2012 2014
Source: CERA and FERC
6
8. Leading Natural Gas Infrastructure
Key Statistics
► 58,000 miles
► 1/3 of daily U.S. throughput
► 40% of U.S. growth capital
in 2005*
Distinguishing Features
► Unmatched connectivity
Elba
Island ► Superior market presence
► Favorable recontracting
position
► Outstanding growth potential
*Source: Energy Information Association
8
9. Connectivity Strength: Market
Catoosa Co.
Ringgold
75 SNG delivery
75 SNG delivery
points to 49 SNG delivery
points to
Calhoun
Chatsworth 49 SNG delivery
points to
Alagasco points to
Alagasco Rome AGL
Lincoln
Gadsden Cedartown/
Rockmart
Marietta AGL
Dallas
Jasper Ben Hill
Oakman
Pell City
Carrolton Augusta
Anniston
Birmingham South Atlanta Warrenton
Talladega Yates
Blythe
Newnan
Reform Oak Grove
Bass Junction
Intensive
Tuscaloosa
Sandersville
Greene Co. Thomaston
Centerville Macon
Opelika Danville
Eclectic Phenix City S. Thomaston
Dexter
Connections Demopolis
Uniontown
Selma
Montgomery
Tuskegee
Laurens County
(South)
Springfield/
Guyton
Savannah
► Citygates
► Plants SNG
SNG Delivery Points/Areas
9
10. Connectivity Strength: Supply
► Strong
presence
► Hub-to-hub ANR
service FGT
SNG
TGP
► Diversity
Most GOM take away capacity
10
11. El Paso’s Pipelines Unmatched for
Growth Projects
Why is this good?
► Superior presence
– Market
– Supply basins
Growth Capital
Commitment*
► $586 MM 2004
► + $450 MM 2005
► ± $450 MM 2006–2008
*In addition to ± $450 MM/year maintenance capex
11
13. Early Culture Shifts/Focus Items
Old New
► Basin dominance ► Best in basin
► Inadequate pre-investment ► Consistent and disciplined risk
analysis and reserve determination
► Poor portfolio management ► Comprehensive mapping with
life-of-property exploitation
plans
► Deep exploration emphasis ► Capital allocation to full risk
spectrum
► Production growth through ► Short-term focus on existing
capex properties and base
production. Long-term
emphasis on value creation
13
15. Production Company Overview
Average Daily Production1
► Production stabilized (MMcfe/d)
901 860–9002
► Creating value at 814 810+2
70 Equity
24 Equity
$4.75/MMBtu
► GOM, Onshore, and
Brazil performing well
► Texas Gulf Coast
developing low-risk
inventory
1Q 2004 2004 2005E 2005 Exit
1Includes volumes attributable to Four Star equity
2Assumes no effects from Hurricane Katrina
15
16. Dramatic Shift Towards
Onshore Production
Key takeaways
► Onshore production almost
doubles as percentage of total
International
8% ► Business more predictable
► R/P goes from 6.2 to 7.4
Onshore
GOM 25% GOM Onshore
41% 25% 47% How was this accomplished?
TX Gulf
TX Gulf ► Shifted capital towards Onshore
Coast
34% Coast mid-2004
20%
► Successful drilling program
1Q 2004 2005E Exit ► Medicine Bow accelerates
process
– 80% proved reserves in core
Onshore areas
16
17. Texas Gulf Coast
Turnaround Well Underway
Problems Response
► Focused on deep, ► New management
expensive wells ► Changed risk profile
► Generally 100% working ► Success measured by
interest PVR
► Success defined by high ► Building inventory of
flow rates low-risk prospects
► Wheels came off in 2003 ► Leveraging large
acreage position
Situation analogous to successful GOM turnaround
17
18. Creating More Value in
Shallower Objectives
► Historical focus was
Frio
► Well cost: $1.3 MM lower Vicksburg
► Reserves: 1.1 Bcfe
► F&D costs: ≈ $1.18 Mcfe
► Multi-pay
Upper Vicksburg
8,500' environment offers
► Well cost: $1.7 MM attractive, shallower
► Reserves: 2.0 Bcfe options
► F&D costs: ≈ $0.85 Mcfe
12,000'
Lower Vicksburg ► PVR increases from
► Well cost: $7.6 MM 1.2 to 2.1
► Reserves: 5.3 Bcfe
► F&D costs: ≈ $1.43 Mcfe
19,000'
Note: Estimates based on per Sand Resistivity (HC Indicator)
well data for a South Texas well
18
19. Good Progress in Texas Gulf Coast
Monte Christo Field
Hidalgo
► Early returns very good
► El Paso has ≈ 200,000 net acre
position to evaluate/leverage
Operated wells
► Expect solid inventory for
Jeffress/Samano Field
2005 wells
2006 wells
2006 capital program
EP leases
Initial
Capex Production
Field Formation ($ MM) (MMcf/d)
Hamman Ranch 361 Monte Christo U. Vicksburg $1.0 6.1
Hamman Ranch 471 Monte Christo U. Vicksburg $0.9 9.5
Hamman Ranch 601 Monte Christo L. Vicksburg $2.3 11.0
Salinas M 03 Jeffress L. Vicksburg $2.1 3.4
Hamman Ranch 71 Monte Christo U. Vicksburg $1.8 1.22
Renger 2 Speaks L. Wilcox $5.3 15.0
Saga 1 La Copita U. Vicksburg $3.0 Completing;
sets up 3 offsets
1Recompletions
2Testing continuing
19
20. Production Company Summary
► Very confident in completing E&P turnaround
► Program creating value at plan prices
► Business becoming more predictable
– More onshore production
– Longer R/P
► Strong outlook for 2006
20
22. Substantial Leverage to
Natural Gas & Oil Prices
Potential 2006 Impact
Assumed Gas
Price $/MMBtu $5 $6 $7 $8 $9 $10
$2,891
$2,649
$2,377
$2,105 $10 gas price
$1,803 $1,953
implies $670 MM
$ MM incremental cash
Revenue vs. $5
Current
Cash Loss from
Strip
($90) ($173)
Legacy Hedges ($257) ($341) ($424) ($508)
Assumptions: 330 Bcfe*; 10% basis differential and oil priced at 6x gas
*For illustrative purposes: Will provide 2006 guidance in January; assumes high end
of 2005 exit rate
22
23. Cost Reductions Continue
► Greenway lease’s approximately $50 MM annual costs
ending in 2007
► Political risk insurance cost which peaked at more than
$25 MM per year essentially eliminated with sale of
foreign assets
► D&O insurance annual expense of $29 MM reduced by
nearly one-half after 2005
► Outside legal costs of approximately $55 MM per year
expected to come down in 2006 and down sharply in 2007
► Accounting and audit annual costs of $45 MM to be trimmed
by one-third after 2005
► Trading costs reduce as book continues to shrink
23
24. Summary
► El Paso has made rapid progress
► Pipelines performing great; outlook great
► Production turnaround complete by year end
► Shaping up for a great 2006
24
26. Production Related
Derivative Schedule
2005 2006 2007 2008 2009-2012
Average Average Average Average Average
Notional Hedge Average Notional Hedge Average Notional Hedge Notional Hedge Notional Hedge
Natural Gas Volume Price Cash Price Volume Price Cash Price Volume Price Volume Price Volume Price
(Bcf) ($/MMBtu) ($/MMBtu) (Bcf) ($/MMBtu) ($/MMBtu) (Bcf) ($/MMBtu) (Bcf) ($/MMBtu) (Bcf) ($/MMBtu)
Designated
Fixed Price - Legacy 1 32.60 $6.79 $3.64 83.7 $6.36 $3.93 4.6 $3.28 4.6 $3.42 16.0 $3.74
Fixed Price 0.50 $5.78 $5.78 1.8 $5.28 $5.28 0.8 $5.23
Economic
Fixed Price 6.10 $8.05 $8.05 24.7 $8.11 $8.11
Ceiling 60.0 $9.50 $9.50 21.0 $9.00 18.0 $10.00 16.8 $8.75
Floor 18.00 $6.00 $6.00 120.0 $7.00 $7.00 21.0 $7.00 18.0 $6.00 16.8 $6.00
30.0 $6.00
2005 2006 2007 2008
Average Average Average Average
Notional Hedge Average Notional Hedge Average Notional Hedge Notional Hedge
Oil Volume Price Cash Price Volume Price Cash Price Volume Price Volume Price
(MMBbl) ($/MMBtu) ($/MMBtu) (MMBbl) ($/MMBtu) ($/MMBtu) (MMBbl) ($/MMBtu) (MMBbl) ($/MMBtu)
Designated
Fixed Price 0.1 $35.15 $35.15 0.4 $35.15 $35.15 0.2 $35.15
Economic
Fixed Price 0.2 $59.20 $59.20 1.0 $58.81 $58.81
Ceiling 1.0 $60.38 0.9 $57.03
Floor 1.0 $55.00 0.9 $55.00
See El Paso’s form 10-Q filed 8/5/05 and form 10-K/A filed 6/15/05 for additional information on the company’s derivative activity
1Hedge price and cash price are identical for 2007–2012
Note: As of August 30, 2005
26
27. John Hopper
Vice President, Treasurer
Deutsche Bank High Yield Conference
September 28, 2005
the place to work
the neighbor to have
the company to own