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Credit Agricole CIB
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November 2012 Credit Update
| Jeb S. Armstrong | Page 9 of 11 |
November 21, 2024
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"November 2012 Credit Update"
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251 2012 Credit Agricole Securities (USA) Inc . Page 9 IMPORTANT: Please refer to important disclosures on the last page. P r o d u c e d b y P r o d u c e d b y P r o d u c e d b y North American supply growth In our view supply growth is beginning to slow Domestic growth slowing from 8% in 2011 to 4.5% in 2012 Gulf of Mexico production has fallen to 6% of total production from 19% prior to Hurricanes Katrina and Rita LNG and Canadian imports are in rapid decline 12- 15 month lag between the decline in the rig count and a supply response 400 800 1,200 1,600 2,000 2,400 2,800 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Gas rig count Oil rig count adjustment Horizontal rig adjustment Onshore production was flat - to - down during this period Adjusted gas rig count Source: B aker Hughes, Credit Agricole Securities (USA)