First Reserve Corporation Closes Fund XII with Close to $9 Billion CommittedLargest Energy Sector Focused Fund Raised

GREENWICH, Conn, London and Houston; April 20, 2009 -- First Reserve Corporation, the largestand leading private equity firm specializing in the energy industry, today announced the closing of its most recent global buyout fund, First Reserve Fund XII, L.P. (“Fund XII”). With totalcommitments of close to $9 billion, Fund XII is the largest buyout fund ever raised in the energysector and is the largest raised by First Reserve. Fund XII is more than $1 billion larger than FundXI, which closed at $7.8 billion in 2006.For more than 25 years, First Reserve Corporation has been investing exclusively in the energyindustry. First Reserve has raised more than US$20 billion for its private-equity buyout-focusedfunds.With an initial close in mid July 2008, Fund XII was raised in just under a year which is quite acompressed timetable for funds this size. Fund XII Limited Partners include both current,longstanding investors as well as new investors. At close to $9.0 billion, the fund allows FirstReserve to secure access to high-quality deal flow and execute on its strategy of investing in globalenergy-focused companies with significant growth potential and strong market positions. “Fund XII provides us ample equity during what is expected to be an attractive investmentenvironment in the coming years. It gives us the resources to continue to secure strategic marketpositions, often with industry partners, and gives us access to high-quality deal flow. Energyremains a large, dynamic and complex industry where change creates new, attractive investmentopportunities.” said William Macaulay, Chief Executive Officer of First Reserve Corporation. “Ourexperience of investing successfully throughout varying economic cycles is an advantage in thecurrent environment and will provide long-term opportunities for our valued Fund XII investors.” First Reserve has established confidence within the investment community with over one third of itsdeals made with strategic industry partners. Recently announced strategic partner investmentsinclude an agreement between portfolio company Cobalt International Energy and TOTAL E&P USA;and an agreement with Siemens Financial Services for an investment in the Longview Power projectin West Virginia.

ENDSAbout First Reserve

First Reserve is the world’s leading private equity firm in the energy industry. For more than 25years, it has invested solely in the global energy industry, and has developed an unparalleledfranchise, utilizing its broad base of specialized energy industry knowledge as a competitiveadvantage. First Reserve invests strategically across a wide range of energy industry sectors,developing a portfolio that is diversified across the energy value chain, backing talentedmanagement teams and building value by building companies. Further information is available atwww.firstreserve.com