Strategic Advisors in Global Energy Benchmarking Results Prepared for the Department of Revenue, State of Alaska Torsten Wucherpfennig, Manager 20 October 2007
Methodology Data � The data displayed is based on approximately 190 models run at price decks between $20 and $90/bbl. � Prices and costs were escalated at 3% p.a. � The monetary numbers displayed are in 2006 US-Dollars. � Data for year 10 refers to the 10 th year of production; in cases where production does not exceed 10 years, the penultimate year of the producing field life was used. Classification � Regimes with flat tax rates have been classified tax-royalty regimes. � PSC and tax-royalty regimes with variable profit rates have been classified as PSCs. Document Title | Group Name | Page 2
Distribution Marginal Government Take (All Projects) 100% $20 - $30 $30 - $40 90% $40- $50 $50 - $60 $60 - $70 $70 - $80 80% 70% 60% 50% 40% 30% 20% 10% 0% % % % % % % % % % % % % % 0 5 0 5 0 5 0 5 0 5 0 5 0 4 4 5 5 6 6 7 7 8 8 9 9 0 1 Document Title | Group Name | Page 3
Median Marginal Government Take in Year 10 (by regime) 100% All Tax PSA 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% $20 $30 $40 $50 $60 $70 $80 Document Title | Group Name | Page 4
Median Marginal Government Take in Year 10 (Tax regimes by country) 90% Tax GoM UK Norway Other 80% 70% 60% 50% 40% 30% 20% 10% 0% $20 $30 $40 $50 $60 $70 $80 Document Title | Group Name | Page 5
Marginal Government Take – high vs low prices Example Angola 90% 80% 70% 60% 50% 40% 30% 20% IRR Low Marginal Government Take Low 10% Marginal Government Take High IRR High 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Years Document Title | Group Name | Page 6
Marginal vs Average Government Take Example GoM 48% 47% 46% 45% 44% 43% 42% Marginal Take 41% Average Government Take 40% $20 $30 $40 $50 $60 $70 $80 $90 Oil Price Document Title | Group Name | Page 7
Median Undiscounted Government Share in DI (by regime) 90% All Tax PSA 80% 70% 60% 50% 40% 30% 20% 10% 0% $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 8
Median Undiscounted Government Share in DI (Tax regimes by country) 100% Tax GoM UK Norway Other 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 9
Median Discounted Government Share in DI (by regime) 90% All Tax PSA 80% 70% 60% 50% 40% 30% 20% 10% 0% $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 10
Median Discounted Government Share in DI (Tax regimes by country) 100% Tax GoM UK Norway Other 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 11
Median NPV per boe (by regime) $12.00 All Tax PSA $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 12
Median NPV per boe (Tax regimes by country) $16.00 Tax GoM UK Norway Other $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 -$2.00 -$4.00 $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 13
Median PVI (by regime) 4.5 All Tax PSA 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 14
Median PVI (Tax regimes by country) 5.0 Tax GoM UK Norway Other 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 15
Median NCF per boe in Year 10 (by regime) $55.00 All Tax PSA $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 16
Median NCF per boe in Year 10 (Tax regimes by country) $60.00 Tax GoM UK Norway Other $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 $20 $30 $40 $50 $60 $70 $80 $90 Document Title | Group Name | Page 17
After tax cash flow effect of $1 incremental investment $0.80 Tax Shield Norwegian Uplift Tax Shield Norwegian Depreciation $0.60 Incremental Cash Flow Effect US MACRS 5 Incremental Cash Flow Effect Norway $0.40 $0.20 $0.00 -$0.20 -$0.40 Recovery of Investment Undiscounted PV 15 -$0.60 Norway 93% 60% US 35% 24% -$0.80 -$1.00 0 1 2 3 4 5 6 7 Year Document Title | Group Name | Page 18
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