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December 1, 2011 Energy Data Highlights Crude oil futures price

11/29/2011: $98.21/bbl up$0.20 from week earlier up$12.48 from year earlier
Natural gas futures price

11/29/2011: $3.633/mmBtu up$0.218 from week earlier down$0.577 from year earlier
Retail heating oil price

11/28/2011: $3.895 /gal down$0.040 from week earlier up$0.782 from year earlier
Crude oil inventories

11/25/2011: 334.7 mmbbl up3.9 mmbbl from week earlier down24.9 mmbbl from year earlier
Weekly coal production

11/19/2011: 21.218 million tons down0.055 million tons from week earlier down0.315 million tons from year earlier

Natural Gas/ Power News


EIA Storage Release 11/23/11 (Actual): +9 Bcf Previous Week: +19 Bcf +0.6% Change from 1 Year Ago +6.4% Change 5-year Average Natural gas set to lead Turkish power market: utility executive Renewable energy capacity is surging in Turkey, but natural gas will remain the fuel of choice for power generation in the coming years, the managing director of OMV Turkey said at the Platts Mediterranean Power Markets Conference late Tuesday. http://www.platts.com/RSSFeedDetailedNews/RSSFeed/NaturalGas/8643804

Plains All American Pipeline Signs Definitive Agreement to Acquire BPs Canadian NGL & LPG Business for $1.67 Billion Plains All American Pipeline, L.P.), announced today that its wholly owned subsidiary Plains Midstream Canada ULC has entered into a definitive agreement with BP to acquire its Canadian natural gas liquids (NGL) and liquefied petroleum gas (LPG) business for total consideration of approximately $1.67 billion BPs Canadian NGL business is an asset-rich platform that significantly expands our LPG asset footprint, providing a supply-based complement to our existing demand-focused business and making PAA one of the largest LPG service providers in North America, said Greg L. Armstrong, Chairman and CEO of PAA. We expect to be able to generate meaningful operating and commercial synergies by more fully connecting, integrating and utilizing these assets together with our existing North American LPG assets and our Canadian crude oil assets and activities. http://www.businesswire.com/portal/site/moreover/index.jsp? ndmViewId=news_view&ndmConfigId=1000027&newsId=20111201005775&news Lang=en

Green/ Alternative Energy News


National Solar announces plans for second solar project in Florida National Solar Power plans to build 200 MW of solar photovoltaic facility in Hardee County, Florida and has reached an agreement to sell a portion of the output to Progress Energy Florida, the developer said Wednesday. http://www.platts.com/RSSFeedDetailedNews/RSSFeed/ElectricPower/6722621

Crude Oil News


OPEC Daily Basket Price 11/30/2011- $110.38 (OPEC Daily Basket Price 11/29/2011- $109.74) Crude Futures Trade Near Two-Week High in New York on Iran Supply Risks Oil traded near its highest in two weeks as the clash between Iran and Western governments heightened speculation that Middle East supplies may be at risk. Futures were little changed, erasing gains as a strengthening dollar reduced the appeal of commodities priced in the U.S. currency. Prices earlier advanced as much as 0.6 percent after the U.K. closed its embassy in Iran, OPECs secondbiggest oil producer, following an attack by protesters. Any shortfall of Iranian production on the world market would bring a massive deterioration to the world balance, Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, said in an interview with Maryam Nemazee on Bloomberg Televisions The Pulse. Prices could surge to $150 in the event of conflict in the Persian Gulf, he said. http://www.bloomberg.com/news/2011-11-30/oil-futures-open-15-centshigher-at-100-51-a-barrel-in-new-york-trading.html

Brent Falls on Euro Zone, Demand Concerns Brent crude slipped below $110 on Thursday on increasing signs of further economic slowdown in Europe, a risk underscored by Goldman Sachs analysts who warned of a possible sharp drop in demand. Brent crude started December on a weaker tone, falling $1.33 to $109.19 to reverse a modest gain in earlier trade. U.S. crude prices were trading 28 cents down at $100.08 a barrel by the same time. Trading volume was relatively thin for both contracts. "We continue to view the crude oil market as navigating between the currently tight physical oil markets and the threat that the European debt crisis could trigger a global economic recession in the near future, which would lead to a sharp drop in oil demand," Goldman Sachs analysts led by David Greely said in a research note. http://www.cnbc.com/id/45499222 Oil extends gains in electronic trading Benchmark Nymex oil futures extended gains in electronic trading Thursday after steps taken to support liquidity in Europe and China boosted global risk appetite. Crude for January delivery added 25 cents, or 0.3%, to $100.62 a barrel in electronic New York Mercantile Exchange trading during Asian hours. Oils rise tracked a sharp rally in Asian stocks as investors welcomed coordinated moves by global central banks to ease credit costs in Europe, as well as monetary easing in China. Read more about Asia markets. The positive sentiment remained intact despite data showing Chinese manufacturing activity slowed in November. http://www.marketwatch.com/story/oil-extends-gains-in-electronic-trading-201111-30?siteid=rss EU Split on Iran Oil Embargo The European Union is split over whether to press ahead with an Iranian oil import embargo, with European diplomats describing an intense debate on the matter ahead of a Thursday meeting of EU foreign ministers. Iran and its nuclear program will top the agenda at Thursday's foreign ministers meeting in Brussels. EU foreign ministers are expected to add close to 200 Iranian companies and individuals to its sanctions list and will discuss the regional response to the attack on the British embassy in Tehran. The foreign ministers are also set to expand sanctions on Syria, including slapping an export ban on equipment and software used for telecommunications and an export ban on key technology for the oil and gas sector. At least, 25 companies and individuals will be added to the current sanctions list, including financial and trade-related firms... Several of the region's weakest economies, including Italy, Greece and Spain, import significant amounts of Iranian crude oil. Greece has recently boosted imports of Iranian oil because it is cheaper than the Russian crude it normally uses, Mediterranean oil traders and shipping professionals said. Iran accounted for 5.7% of EU oil imports in 2010, according to Fitch Ratings service. http://online.wsj.com/article/SB1000142405297020401200457707020009451477 4.html?mod=WSJ_Commodities_LEFTTopNews Iran set to dominate EU foreign ministers talks Discussion of new measures against Iran is expected to dominate a meeting of European foreign ministers on Thursday. Ministers will consider responses to a

report by the UN nuclear watchdog that said Iran had carried out tests related to "development of a nuclear device". Iran denies this, saying its nuclear programme is for peaceful purposes. The UK is seeking new sanctions after its Tehran embassy was attacked. It is expelling Iranian diplomats from London and has pulled its own out of Tehran. http://www.bbc.co.uk/news/world-europe-15978420

Syria curbs set to hit oil output The European Union and Turkey are increasing economic pressure on the regime of Bashar al-Assad with fresh sanctions that are set to prompt the departure from Syria of foreign oil companies Royal Dutch Shell and Total of France. The new sanctions will be a significant blow to Syria: Turkey is a major trading partner and by targeting foreign oil companies, Brussels could hit Syrian crude production. EU foreign ministers are poised to include Syrias state-owned General Petroleum Corporation in a list of individuals and companies banned in dealing with European counterparts at a meeting on Thursday, diplomats and oil executives said. GPC is the partner of Shell and Total in Syria and the move would prompt both companies to abandon the country, people familiar with the talks said.http://www.ft.com/intl/cms/s/0/d52e894a-1b43-11e1-8b1100144feabdc0.html#axzz1fHtw0Z3R Recent Rig Counts Date of Last Year's Count 24 Nov 10 24 Nov 10 September 2010

Area U.S. Canada

Date of Last Cou Change from Prior Count nt Prior Count Count 23 Nov 2000 11 23 Nov 484 11 -1 -3 +23 18 Nov 11 18 Nov 11 Septembe r 2011

Change from Last Year +313 +69 +98

Internatio October 1197 nal 2011

http://investor.shareholder.com/bhi/rig_counts/rc_index.cfm

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