Natural Gas Demand Outlook - Mercator Energy€¦ · 10 What Fracking Means to Low Income Households 2003‐2008 2NYMEX1 Avg. Price /MMBtu 1 NYMEX – Average last 3 days of close

1

Natural Gas Demand Outlook

June 14, 2013By:

John Harpole

Presentation to:NARO Annual Convention

Loveland, CO

2

NYMEX Henry Hub Natural Gas Price* 1996 - 2016 Actual/Forecast**

Source: *Average of last three days of trading as published in the Platts Gas Daily Report

** Future forecasts based on NYMEX Henry Hub indices in Clearport Software as of 4/30/2013

$ pe

r MM

Btu $ per M

MB

tu

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.0019

96

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

3

Futures, Are They Accurate?

Sources: Bloomberg, TPH Estimates

Dave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

“That's mathematics, son. You can argue with me, but you can't argue with figures”

-Foghorn Leghorn

-60%

-30%

0%

30%

60%

90%

120%

Jan-99

Jan-01

Jan-03

Jan-05

Jan-07

Jan-09

Jan-11

Jan-13NYM

EX S

trip

, Pre

dict

ed -

Actu

al, %

Strip Too High

(Strip Too Low)

44Source: America’s New Natural Gas, America’s Natural Gas Alliance

5

Conventional vs Unconventional Reservoirs

Source: Chris Wright, Liberty Resources Tuesday Lunch Club Presentation, 3/5/13

6

7

THE SUPPLY CURVE HAS MOVED

According to the Potential Gas Committee, during the last two years, the future gas supply estimate for the

US rose nearly 25% to a 48-year record of 2,688 TCF.

8

Forecasts for Shale Gas Resource?

• 2008 - 347 TCF - Energy Information Administration (EIA)• 2008 - 840 TCF - Navigant for Clean Skies Foundation• 2009 - 616 TCF - Potential Gas Committee (PGC)• 2011 - 827 TCF - Energy Information Administration (EIA)• 2013 – 1,073 TCF - Potential Gas Committee (PGC)

Source: Various resource estimates

9

The U.S. Has An Enormous N. Gas Resource Base

2012 Tot Prod(Gross Withdrawal)

30 Tcf

Reserve Base As OfDec. 2012

Proved 304 Tcf(EIA)

Probable 709 Tcf(PGC)

Possible 952 Tcf(PGC)

Speculative 559 Tcf(PGC)

CBM 158 Tcf(PGC)

Source: Ponderosa Advisors LLC

Total 2,682 Tcf

10

What Fracking Means to Low Income Households

2003‐2008 NYMEX1 Avg. Price2/MMBtu‐

1 NYMEX – Average last 3 days of close of Natural Gas Contract as reported in Platts Gas Daily Report

2 See Addendum A for supporting documentation

3 2012 Residential Gas Usage – EIA Natural Gas Consumption by End Use

2012 NYMEX1 Avg. Price/MMBtu $2.80

$7.21

Price Differential/MMBtu $4.41

2012 Residential Gas Usage3/MMBtu 4,179,740,000x

2012 Residential Cash Savings = $18,432,653,400

61%Drop

11

4 US Census Bureau State and County Quickfacts

5 LIHEAP Home Energy Notebook for FY 2009: Appendix B: Income Eligibility Household Estimates; See Addendum A

6 Households with income up to 150% of the federal poverty income guidelines or, if greater, 60% of the state median income

7 10% decrease due to General Administrative Expense; 15% due to efficiency

• 36% of residential households (114 million total4) are estimated to qualify for LIHEAP assistance5

Percentage of Low Income Households6 .36x

= $6,635,755,2242012 Low Income Cash Savings

2012 Residential Cash Savings = $18,432,653,400

What Fracking Means to Low Income Households

2012 LIHEAP Total Cash Assistance7 = $2,625,000,000

12

Much Of The U.S. Is Economical Even With $70 OilIRR Across Oil, Gas & NGLs Base ‐ $85 oil, $3.50 Gas & $37 NGLsBase ‐ $85 oil, $4.00 Gas & $37 NGLsBase ‐ $70 oil, $4.00 Gas & $28 NGLs

Assumes 10% cost of capital

Source: Ponderosa Advisors, LLCSource: Ponderosa Advisors LLC

13

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

Niobrara Fracture

Niobrara High Re

sistivity

Bone

Spring

Vertical Permian

Mon

terey

Bakken

New

Mexico Ve

rtical

California

Eagle Ford Oil

Uinta Oil

Utica Co

ndensate

Wolfcam

p Midland

Barnett C

ombo

Eagle Ford Con

densate

DJ B

asin

MS Lime

Marcellus SW

PA

Cleveland Tonkaw

aGOM deep gas

Marcellus NE PA

Wolfcam

p Delaw

are

Marcellus Ce

ntral

Avalon

Jonah

Haynesville Co

reBa

rnett C

ore

Pine

dale

Anadarko‐Woo

dford Wet

Fayetteville

Arkom

a‐Woo

dford

Anadarko‐Woo

dford

Granite W

ash

Barnett N

on‐Core

Arkom

aPiceance

Haynesville Non

‐Core

South Texas

Powde

r River

Anadarko‐Woo

dford Dry

Eagle Ford Gas

Anadarko

East Texas Con

ventional

App

alachia Gas

Niobrara Low Resistiv

ity

Breakeven Gas Price ($

/mcf)

Dry gasLow liquids gas

High liquids gasOil

* Economics assume $87/bbl WTI

Current Gas Prices

TPH Long‐term Gas Price

Basin Economics – Gas Price Required for 10% ATROR

• Improving well productivity and cost efficiencies continue to move marginal costs to the left

• Incremental activity from Marcellus/Haynesville likely happens in the ~$4/mcf or lower range…major headwind

TPH Medium‐term Gas Price

Source: TPHDave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

1414

15

Falling NGL Prices Have Minimal Impacts In Liquids Rich Areas

Rate of Return on Drilling Activity

Source: Ponderosa AdvisorsSource: Ponderosa Advisors LLC

16

Dry Natural Gas Production Is Expected To Grow

11.8 Bcfd

Source: Ponderosa AdvisorsSource: Ponderosa Advisors LLC

17

0

100

200

300

400

500

600

0

1

2

3

4

5

6

7

Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

Rig

Coun

t

Prod

ucti

on (b

cf/d

)Barnett Gas Production

Historical Gas Production (bcf/d) Rig Count

Barnett – Model for Future Shale Development

Source: HPDI, RigData, TPH EstimatesDave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

18

If Exploration Is Maintained, The U.S. Produces A Lot of Natural Gas

9.3 Bcfd23.1 Bcfd

34.3 Bcfd

PA Production Projection Given Stable Rig Count & Constant Technology


19Source: BENTEK Supply and Demand Report

Jan JulApr Oct

Average Daily Produ

ction (B

cfd)

Data through January 18, 2013

Q‐2Q‐1 Q‐3 Q‐4

Comparison of Dry Production

US Production Is Up From 2012 By Almost 400 MMcfd

< 0.7 Bcfd

2013


20

15% Onshore Active Rigs Are Working In Dry Gas Areas

Dry (0‐1.15 GPM)Medium (1.15‐3.0)Wet (> 3.0)

Active Rigs By GPM(03/22/2013)

Onshore

Offshore 117282

225

1,327

No. Active Rigs By GPM


21

Production Grows Despite A Decline In “Natural Gas” Drilling

21

Active Rig Co

unt A

verage Daily Production (Bcfd)

H. Hub Cash Price$1.94


22

Faster Drilling Times Yield More Wells, More Production

3% Imp Time to Drill

10% Imp In IP Rate

Prod

uction

(MMcfd)


23

Fracturing Application Exploded


24

10-fold growth in 10 years


25

The “Ferrari” Affect Substantially Reduces The Likelihood Of Price Spikes

6 Month Drilling Curtailment

5 months after drilling restarts, previous production level exceeded

One Rig In the Haynesville


26

The Impact of Abundant Gas on Sales of ReservesDate Announced Buyer Seller Value($/MCFE)6/21/2012 Linn Energy LLC BP America

Production Co.$1.40

6/1/2012 Vanguard Natural Resources LLC

Antero Resources Corp.

$0.82

5/17/2012 Atlas Resource Partners, L.P.

Titan Operating LLC $0.74

4/17/2012 Memorial Production Partners LP

Undisclosed $2.81

4/2/2012 KKR: Premier Natural Resources LLC

WPX Energy Inc. $1.54

3/15/2012 Atlas Resource Partners, LP

Carrizo Oil & Gas Inc. $0.69

3/14/2012 Undisclosed Comstock Resources, Inc.

$2.03

3/9/2012 Linn Energy LLC Undisclosed $1.29

Average $1.42

27

Will the Demand Side Curve Move?

“There is no opportunity for which we can’t overcompensate.”

Four areas to consider:1. CNG/NGV vehicle demand2. Coal to gas electric gen conversion3. New industrial demand4. LNG Exports

28

1. CNG/Natural Gas Vehicles

29

How Many NGVs to Get to 1 BCF Per Day of Demand?

• “The U.S. currently has about 110,000 NGVs on the road (less than 0.1% of total U.S. vehicles), mostly owned by fleets.”

• “To get to 1 BCF per day would mean a roughly ten-fold increase in the number of U.S. NGVs.”

• It will take the right incentives and plenty of time.• Let’s be aggressive and say 1 BCF per day of

demand by 2020.

Source: Raymond James & Associates, Inc., Weekly Energy Report 6-13-11

30

2. Coal to Gas Electric Generation Fuel Switching

31

10

15

20

25

30

35

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

bcfd

Natgas Demand by End User1997‐2012

Why Care About Power Generation?• Power demand historically 20-33% of total US natural gas demand

• Grew to 39% in 2012

• Impressive but power’s relative growth even more dramatic

Commercial & Industrial

Residential

Power

Source: EIADave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

32

70

90

110

130

150

170

190

210

230

250

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Natgas Demand Growth by End User

indexed 1997 = 100

Why Care About Power Generation?• FY 2012 power gen gas demand increased 21% y/y with total power consumption down -

2% y/y

• From 1997 to 2012 power gen gas demand grew 2.25x from 11 bcfd to 25 bcfd

• Impressively demand peaked July 2012 at 36 bcfd

Source: EIADave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

33

Coal/Gas Switching Price Driven• FY 2102 Natgas gained an average 8.5 bcfd of power generation market share

• 2012 Switching strong but shy of our 12 bcfd “theoretical” ceiling @ $4/mmbtu gas… got close (Feb-June 2012) but required <$2.50/mmbtu gas

• Currently switching run rate ~5+ bfcd

(3.0)

(1.0)

1.0

3.0

5.0

7.0

9.0

11.0

(20)

(10)

0

10

20

30

40

Jan‐08

Mar‐08

May

‐08

Jul‐0

8

Sep‐08

Nov

‐08

Jan‐09

Mar‐09

May

‐09

Jul‐0

9

Sep‐09

Nov

‐09

Jan‐10

Mar‐10

May

‐10

Jul‐1

0

Sep‐10

Nov

‐10

Jan‐11

Mar‐11

May

‐11

Jul‐1

1

Sep‐11

Nov

‐11

Jan‐12

Mar‐12

May

‐12

Jul‐1

2

Sep‐12

Nov

‐12

Coal/Gas

Switching Bcf/d

Coal/Gas

Spread $/MWh

Price Driven Coal/Gas Switching

Gas Demand ‐ Actual vs. Baseline Switching Estimate Coal Gas Price Spread

<$2.50/mmbtu gas (Feb-June ’12) makes for lots o’ switching

Source: EIA, TPH ResearchDave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

34

Generation Supply Stack - $3.50 Natural Gas Price Deck

$20

$25

$30

$35

$40

$45

$50

$55

$60

‐ 50,000 100,000 150,000 200,000 250,000 300,000

Cost of P

ower Produ

ction ($/M

Wh)

Cumulative Capacity (MW)

Coal Capacity

Gas Capacity

This represents 100 GW of efficient gas-fired generation. Deep in-the-money vs. much of the coal supply stack. Running full out, that’s 18 Bcf/d of peak gas demand…that’s a lot of gas!

Source: TPHe, EIA, SNL EnergyDave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

35


$20

$25

$30

$35

$40

$45

$50

$55

$60

‐ 50,000 100,000 150,000 200,000 250,000 300,000

Cost of P

ower Produ

ction ($/M

Wh)


Coal Capacity

Gas Capacity

The 100 GW of gas generation that was in-the-money on the $3.50/mmbtu gas page is more expensive to run at $4.50/mmbtu gas than a similar amount of coal generation.


36


$20

$25

$30

$35

$40

$45

$50

$55

$60

‐ 50,000 100,000 150,000 200,000 250,000 300,000

Cost of P

ower Produ

ction ($/M

Wh)


Coal Capacity

Gas Capacity

@$4/mmbtu nat gas, the meat of the coal and gas supply stacks sit on top of each other...here it doesn’t take much to tip the balance to coal or gas. This is where we are today with a lot of market share potentially up for grabs.


37

Power Generation Supply Stack – Coal & $4.00 Gas

$20

$25

$30

$35

$40

$45

$50

$55

$60

‐ 100,000 200,000 300,000 400,000 500,000 600,000

Cost of Po

wer Produ

ction ($/M

Wh)

Cummulative Capacity (MW)

Gas‐fired Generation

Coal‐fired Generation

2012 Average Power Demand

2011 Peak Power Demand

Same data points shown on pervious page stacked in production cost order. At $4 gas, coal and gas generation are fully intermingled in the dispatch stack.


38

US Coal Production

850

900

950

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

MM ton

s / Year

Week

Total US Coal Production 2005‐13 by Wk

2011

2013

2012

Early 2013 y/y comps are tougher than balance of year but even on an absolute basis production estimates are weak

Total US Production (mtpa) Year / Year Change 2008 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

Q1TD 1,173 1,155 1,060 1,106 1,097 979 Q1TD -2% -8% 4% -1% -11%Q2 1,140 1,045 1,059 1,052 950 Q2 -8% 1% -1% -10%Q3 1,177 1,063 1,100 1,087 1,029 Q3 -10% 3% -1% -5%Q4 1,182 1,022 1,090 1,124 1,001 Q4 -14% 7% 3% -11%FY 1,170 1,068 1,082 1,093 1,008 FY -9% 1% 1% -8% -11%

Source: Dave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

39

End of New Coal?

• “Based on today’s energy fundamentals, the rational economic decision is to shutter inefficient coal plants and replace them with natural gas combined-cycle power plants.”1

1 Coal’s burnout, Washington Post, January 2, 2011

40

3. Industrial Demand Growth(Chemical, Manufacturing, Ethane Crackers, etc.)

41

The Ammonia Story• Current approximate economics

– Ammonia worth $600 per ton in world market– Can be produced for $180 per ton at current U.S

NYMEX natural gas price strip• 14 Ammonia plants closed in the U.S. between

1998 and 2006 thanks in part to high natural gas prices

• Top 5 world producers would like to build new facilities in the U.S.

• 1 ammonia plant can consume as much as 100,000 MMBtu per day

42

Dow Exec Sees 90 Manufacturing Projects Planned Using 7 Bcf/d

• “We believe the increase demand will be seen as early as 2015-2020.”*

• Manufacturing industry is concerned about “the undisciplined export of liquefied natural gas”.

• US manufacturing industry will not support LNG exports

Source: NGI’s Daily Gas Price Index, October 25, 2012

*George Blitz, Vice President of Dow’s Energy and Climate Change Division

43

North American Nitrogen Project Activity

2016-17BXXX850NDNat gasND Corn Growers

2016-17B?XX850INNat gasMFC

2016-17C-1375-810Becancoeur PQNat gasIFFCO, others

?C????CanadaNat gasFNA

2016-17?????Il or IANat gasCronus

2016-17BXXX850NDNat gasCHS

2016-17?????MidwestNat gasAgrium

New Greenfield Sites

UANUreaNH3Target Date

(a) Probability

Primary Product Mix For Use/SaleBase NH3

Capacity (Mstpy)

Proposed Location (s)FeedstockCompany

Items in red are considered firm projects as of the date of this file

(a) Assumed probability as of the date of this file: A = high, B = medium, C = low, ? = no opinion

Source: Blue, Johnson Associates, Inc.

44

North American Nitrogen Project Activity (cont’d)

2015-16A1500XX850Wever, IANat gasOCI

?B-C--XMini-NH3 plants

MidwestNat gasVarious

2016-17?????UnspecifiedNat gasUnspecified 2

2016-17?????UnspecifiedNat gasUnspecified 1

2017-18?????MidwestNat gasSumitomo

2016-17C1050110350850INNat gasOhio Valley Resources

New Greenfield Sites


(a) Probability


Capacity (Mstpy)





45


2014-16A-+1350+80+850Port Neal, IANat gasCF

2014-16A+1770+685+185+1275D’ville, LANat gasCF

2015-16B-1375-810TrinidadNat gasAUM

2014-15A-+190-110-Redwater, ABNat gasAgrium

2014-15A-+705-275+135Borger, TXNat gasAgrium

??????Pasadena, TXNat gasAgrifos et al

Brownfield Sites


(a) Probabi

lity


Capacity (Mstpy)





46


2016-17A-+1450-+850Belle Plaine SKNat gasYara

2013-14A?+20?+70E. Dubuque, ILNat gasRentech

2016-17?XX??PANat gasPES

2015-16B-C--X+700NOLANat gasMosaic

2016-17B--X+385El Dorado, ARNat gasLSB

2015-16???--Existing SitesNat gasKoch

2016A--850850Waggaman, LANat gasDyno-Cornerstone

Brownfield Sites


(a) Probability


Capacity (Mstpy)





47

Ethane Supply Gets to Gulf Coast before DemandGiven lengthy lead times for cracker construction (5-7 years), we expect an ethane glut in 2H 2013-2018. We assume all potential ethylene projects are constructed.

Source: SEC filings, company press releases, Dave Pursell, Tudor Pickering Holt & Co., Macro Natural Gas and Oil Thoughts presentation, May 2, 2013

Note: Dark blue bar indicates pipe capacity for which corresponding fractionation has not yet been announced.

Demand

Supply

48

Nucor EnCana – A Creative Solution• A price protection deal for Nucor Steel• $3.6 billion 20 year investment in 4,000 wells located in

western Colorado• Lack of counterparty creditworthiness drove the structure of

the deal• A financial investment/partnership in drilling and development

was the only solution for Nucor• Nucor will sell the gas in western Colorado and use the cash

to purchase like volumes in Louisiana• This deal structure allowed for the phased development of a

$1.4 billion DRI steel mill• The EnCana Nucor deal is responsible for all of EnCana’s 5

drilling rigs in western Colorado and will eventually increase to 8 rigs

4949

50

Drilling Rig Productivity Continues To ImproveSouthwestern EnergyFayetteville Shale

2,104

4,942

+135%

18

5

‐69%

1,066

2,373

+123%

$2.1$2.9

‐28%

21

68

+224%

160,397

18,360

+621%

Source: Southwestern Energy Financials

Time To Drill(Days)

Wells Per YrPer Rig

AverageLateral Length

(Feet)

30 Day Ave.Prod Rate(Mcf/d)

Unit ProdAdditions

Per Rig Per Yr(Mcf/d)

Drill & Complete

Costs ($MM)

51

4. LNG Exports

52

1

2

34

56

7

8

910

11

12131415161718192021

53

2223242526

54

55

LNG Update

• U.S. Department of Energy Grants Freeport LNG Non-FTA Export Approval

• This is the first such license granted to an LNG export facility in the U.S. since approval was granted to Sabine Pass LNG in May 2011.

Source: http://gcaptain.com/u-s-energy-department-grants/ Rob Almeida, May 17, 2013

56

Australia LNGWhile we review, they build…

Gladstone Australia’s 3 LNG plants represent $60 billion in investments

57

The Japanese Crude Cocktail Story

• LNG prices in Pacific Basin (ie – Northeast Asia) are closely tied to crude oil prices

• On a Btu equivalent– One barrel of crude oil equals approximately 5.8

MMBtu of natural gas– Crude oil at $90 per barrel should mean (on a Btu

equivalent) that natural gas is worth $15.52 per MMBtu (today’s price approximately $3.20 per MMBtu)

• LNG in Japan sold for an average of $17.70 per MMBtu in September 2012.

58

World LNG Estimated June 2013 Landed Prices

59

The Effect of Fracking on Residential Gas Cost

• With the gas cost in Spain of $10.05/MMBtu, the total residential bill would have been:

• With the gas cost in China of $13.70/MMBtu, the total residential bill would have been:

$67.84

$82.29

80%Increase

118%Increase

60

• Gas vs Oil• Oil price on energy equivalent basis• Asia, Europe, US (US 5:1 oil equivalent vs

gas)US Gas boom

US Gas discount


Gas Prices by Region

61

Incremental Demand/Supply Increase By 2020?

22.0 BCF/day11.5 BCF/dayIncremental Demand Total

25.0 BCF/day15.0 BCF/dayIncremental Supply Total*

7.0 BCF/day3.0 BCF/day3. Industrial Demand Growth

8.0 BCF/day5.0 BCF/day2. Coal to Gas

1.0 BCF/day0.5 BCF/day1. CNG/Natural Gas Vehicles

Low Case High Case

4. LNG Exports 3.0 BCF/day 6.0 BCF/day

*Current daily supply is 65 BCF per day.

62

Conclusions• U.S. continues to produce more gas, shale gas

revolution was too successful, end-users will benefit

• During the next 3 years, supply will likely exceed demand

• Prices will remain in the $3.00 to $4.00 range, with short period above and below that band during adjustments

• Long term prices depend on demand growth. Without demand growth, supply will continue to be long and prices relatively low.

• A significant demand response can’t occur for at least 3-5 years

63

Conclusions (cont’d)• Infrastructure investment in the 4 areas of potential new

demand (CNG/NGV, coal to gas, industrial demand growth, LNG exports) could take 5-8 years to be meaningful

• Natural gas liquids will continue to be the driving force in drilling

• BTU value disparity between natural gas and crude oil will continue for many years

• Beware of entities that are “talking their own book” (ie –chemical and manufacturing trade associations, LNG developers, NGV advocates, etc.)

• Exports must become a greater part of the demand equation, with obvious political implications.

64

Wildcards• World economy (every one is “talking their

own book”)• Ban on hydraulic fracturing in U.S. (it is a

battle city by city, town by town)• Quad “O”• The Streetlight Effect

65

Fracturing: Big Three Issues• Waste Water Disposal: Re-injection is generally best

option. Viable and safe in most all areas. • Air Pollution: Industrial activity on site – burning

diesel like farm equipment and possible hazard from methane gas escaping (casing head gas).

• Community / Landowner issues. Biggest one in my opinion. Different communities evaluate tradeoffs differently. Benefit sharing is also variable.

• Fracture growth up into groundwater is a hyped but not real issue. Surface handling of water / chemicals is a real issue, as is casing / cement integrity.

66

Citations for ReportAll of the information utilized for this report is a compilation of information pulled from the following data sources:Ponderosa Advisors LLCBlue, Johnson Associates, Inc.Chris Wright, Liberty ResourcesOffice of Fossil EnergyDave Pursell, Tudor Pickering Holt & CoTudor Pickering Holt & CoBloombergAmerica’s Natural Gas AllianceHPDIRigDataSNL EnergyOffice of Oil Gas Global Security SupplyU.S. Department of EnergyRaymond James and Associates, Inc.Charif Souki, Cheniere Energy Inc.; Cheniere ResearchU.S. Federal Energy Regulatory CommissionInstitute for Energy Research (IER) Energy Information Administration (EIA)Bernstein ResearchWestern Energy AlliancePlatts Gas Daily Report, A McGraw Hill PublicationSEC Filings

67

John A. HarpolePresident

Mercator Energy LLC26 W. Dry Creek Circle, Suite 410

Littleton, CO [email protected]

(303) 825-1100 (work)(303) 478-3233 (cell)

Contact Information

Natural Gas Demand Outlook - Mercator Energy€¦ · 10 What Fracking Means to Low Income Households 2003‐2008 2NYMEX1 Avg. Price /MMBtu 1 NYMEX – Average last 3 days of close

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