Product Netbacks After Royalties 1

Net of Royalties – US$ 2010 2009 2008
North America      
Oil and liquids (US$/bbl)      
Sales price 62.59 48.13 81.96
Hedging gain – – 0.01
Transportation 0.90 0.65 0.49
Operating costs 14.25 12.71 13.10
  47.44 34.77 68.38
Natural gas (US$/mcf)      
Sales price 4.79 4.12 8.23
Transportation 0.20 0.17 0.22
Operating costs 1.48 1.43 1.55
  3.11 2.52 6.46
UK      
Oil and liquids (US$/bbl)      
Sales price 79.34 59.86 94.17
Hedging loss – – (0.82)
Transportation 1.01 1.07 1.11
Operating costs 29.34 24.08 27.81
  48.99 34.71 64.43
Natural gas (US$/mcf)      
Sales price 4.58 4.14 9.14
Transportation 1.05 0.96 0.77
Operating costs 0.23 0.13 0.46
  3.30 3.05 7.91
Scandinavia      
Oil and liquids (US$/bbl)      
Sales price 81.32 61.06 95.13
Transportation 2.24 2.06 2.29
Operating costs 18.94 18.69 22.13
  60.14 40.31 70.71
Natural gas (US$/mcf)      
Sales price 6.66 5.13 6.70
Transportation 0.94 1.02 0.90
Operating costs 0.89 0.81 –
  4.83 3.30 5.80
Southeast Asia      
Oil and liquids (US$/bbl)      
Sales price 80.54 62.32 94.64
Transportation 0.88 0.53 0.73
Operating costs 25.07 16.54 23.40
  54.59 45.25 70.51
Natural gas (US$/mcf)      
Sales price 6.72 5.60 9.49
Transportation 0.43 0.42 0.52
Operating costs 0.72 0.58 0.61
  5.57 4.60 8.36
Other      
Oil (US$/bbl)      
Sales price 82.69 64.83 98.73
Transportation 2.87 2.19 1.92
Operating costs 11.41 10.02 10.11
  68.41 52.62 86.70
Total Company      
Oil and liquids (US$/bbl)      
Sales price 78.19 58.99 92.61
Hedging loss – – (0.41)
Transportation 1.35 1.17 1.22
Operating costs 23.74 19.61 22.78
  53.10 38.21 68.20
Natural gas (US$/mcf)      
Sales price 5.59 4.63 8.57
Transportation 0.34 0.30 0.32
Operating costs 1.22 1.17 1.27
  4.03 3.16 6.98
  1. Pursuant to US reporting practice, netbacks are calculated using US$ and production after deduction of royalty volumes.