IPAA 2004 OIL & GAS INVESTMENT SYMPOSIUM

1. IPAA 2004 OIL & GASINVESTMENT SYMPOSIUM New York, NYApril 21, 2004 Thomas B. Nusz Vice President International Division

2. Today’s Topics • Asset characterizations • Portfolio management • Production outlook • Inventory • Exploration upside potential • Cash flow generation

3. NW EUROPE CHINA EGYPT ALGERIA ANDEAN MTN. FRONT ARGENTINA High-Quality Assets ReservesWorldwide: 11.8 TCFE* PDP/PUDWorldwide: 11.8 TCFE* Drilling InventoryWorldwide: 6.5 TCFE 88% 12% 74% 26% 82% 18% WESTERN CANADA MID-CONTINENT SAN JUAN BASIN * As of 12/31/03

4. High-Quality Assets – Basin Excellence • High local market share • Information and data • Access to infrastructure • Relationships • Aligned with competencies Sustainable Differential Performance

5. Who we are, what we do Extensive resource position with Basin Excellence Fungible capital approach Consolidation platform Generate profitable growth The Role of North America WESTERN CANADA MID-CONTINENT SAN JUAN BASIN

6. Enhance BR growth Leverage core skills Symmetric risk Learn first, spend second Portfolio approach NW EUROPE EGYPT CHINA ALGERIA ANDEAN MTN. FRONT ARGENTINA The Role of International Create profitable growth opportunities that compete with N. America on a full-cycle basis, for reasonable risk

7. BR Model for Profitable Growth HIGH Development Basin Excellence • Project execution • Buy-to-build • Pay-as-you-grow • Dominant positions with upside • Expand, extend position via acquisitions or focused exploration • Cost and margin focus INVESTMENT/GROWTH POTENTIAL • Initial idea or position • Succeed quickly or drop • Harvest for cash, or • Redeploy Decision Germination CONCEPT MATURITY LOW HIGH

8. North America Exploit and expand existing inventory Execute focused exploration programs concentric exploration unconventional resources Seek accretive acquisitions Drive costs out of the system Profitable Growth – Our Plan • International • Evolve six current business areas • Near-term (<3 years) • execute projects and hone competencies • identify/cultivate options for late decade • Medium-term (late decade) • 2-3 Basin Excellence positions • 2-3 developing areas Core North America NWEurope Algeria OffshoreChina AndeanMtns. OnshoreChina Focused explorationand acquisitions Argentina Egypt

9. 14% 36% 50% 2004 Capital and Production 2004 Oil & Gas Capital: ~$1.5 Billion Growth4% – 12% }range MMCFED Divested volume adjustment

10. 2004-2006 Production Profile • Natural Advantages • Lower decline rates • Minimal cycle time impact • Vast inventory Expect ~20% cumulative growth MMCFED North America International

11. San Juan Mid-Continent Canada Kinetic Growth – North American Inventory • Vast potential inventory • Some price elasticity • A lot of running room WESTERN CANADA North American Drilling Inventory 5.3 TCFE MID-CONTINENT SAN JUAN BASIN 38% 19% 43%

12. Kinetic Growth – International Inventory • 1.2 TCFE of drilling inventory • 6 business areas today • Tight gas projects • Follow-on opportunities NW EUROPE EGYPT CHINA ALGERIA ANDEAN MTN. FRONT ARGENTINA

13. Exposure to Upside, but Managing Risk • Focus on existing core North American positions • Canadian concentric plays and trend extensions • South Louisiana • Unconventional resource plays • Develop, sustain or grow international positions • Andean Mountain Front • Algeria • East Irish Sea • China • Maximize value from non-strategic positions

14. Base Decline Base Decline Capital Program ($5B) Capital Program ($6.6 B) Difference Decline Rates Matter Capital Requirement: $5.0 B Capital Requirement: $6.6 B Growth ~20% Growth ~20% MMCFED MMCFED Base Decline: 20% Base Decline: 25% Note: assumes capital efficiency of $4,000/MCFED

15. Cash Provided by Operating Activities Capital Spending Estimate 2004-2006 Expected Cash Flow @ $4.00 7 Potential Scenario 6 >$1B Expected volume growth: ~20% ~$5.0 billion Current dividend: ~3% ~$0.3 billion Could repurchase shares: ~7% ~$0.7 billion ~10% per share growth per year 5 $ Billions 4 3 2 1 0 NYMEX $/MMBTU $4.00

16. 7 8 6 5 4 3 2 1 0 Cash Provided by Operating Activities Capital Spending Estimate 2004-2006 Expected Cash Flow @ $5.00 ~$3B $ Billions NYMEX $/MMBTU $5.00

17. Assets aligned with business model emphasis on North America supplement with International all roads lead to Basin Excellence Multi-year growthand inventory Exploration upside emphasis on low-medium risk exposure to higher impact upside Visible Profitable Growth 2004-2006: ~20% MMCFED North America International Worldwide Inventory: 6.5 TCFE

18. Forward-Looking Statement This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the company’s periodic reports filed with the U.S. Securities and Exchange Commission.

19. GAAP to Non-GAAP/Non-SEC Terms For an explanation of reconciliations of GAAP to non-GAAP measures please refer to the Investor Relations section of our Web site. For additional information regarding non-SEC terms used in this presentation please refer to the Cautionary Note on our Web site. www.br-inc.com

20. IPAA 2004 OIL & GASINVESTMENT SYMPOSIUM New York, NYApril 21, 2004 Thomas B. Nusz Vice President International Division