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2005 Interim Statement

2005 Interim Statement. HALF YEAR HIGHLIGHTS. IFRS CONVERSION - POLICIES. Transition l January 2004 Goodwill not amortised Dividends recognised when approved Deferred tax on asset revaluations Derivatives and hedge accounting (l January 2005)

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2005 Interim Statement

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  1. 2005 Interim Statement

  2. HALF YEAR HIGHLIGHTS

  3. IFRS CONVERSION - POLICIES • Transition l January 2004 • Goodwill not amortised • Dividends recognised when approved • Deferred tax on asset revaluations • Derivatives and hedge accounting (l January 2005) • No off-setting (bank balances, deferred tax, retirement plans, interest)

  4. IFRS CONVERSION - RESULTS

  5. Operating Profit – Six Months Ended June 2005 June 2004 Others Others Hunting Energy Hunting Energy Gibson Energy Gibson Energy

  6. Revenue and Operating Profit

  7. Financial * If rights issue and Cromar acquisition had been completed on 30 June 2005

  8. Capital Expenditure

  9. Free Cash Flow

  10. Energy, Marketing & Transportation Gibson Energy

  11. Energy, Marketing & Transportation Marketing • Favourable differentials for diluent and all oil grades • Increased capacities for storage and blending of crude oil and diluent • Diversification of wellsite fluid products Moose Jaw • Production of distillates, diesel and Naptha/gas oil increasing value from TOPS • Facilities operating year round • New market for higher specification roof flux asphalt

  12. Energy, Marketing & Transportation Truck Transportation • Increased volume for Husky Oil to 100,000 bpd • Truck trailer utilisation for heavy oil, asphalt and diluent at full capacity Canwest Propane • New distribution terminal to open in Tacoma Washington • Increase in demand from oilfield activities and Athabasca developments

  13. Energy, Marketing & Transportation Terminal Activities • Increased ultra low sulphur diesel handling facilities for Suncor • Rail car loading agreement with Petro Canada • Edmonton North Terminal start up (Q4 2005) • Increased storage and blending facilities • Increased volume from Athabasca pipeline • Hardisty Terminal modification to enhance marketing opportunities

  14. Global Oilfield Services Hunting Energy Services Manufacturing International Tubulars US Premium Production Tubing* US Patented Connections Connections Couplings Pup Joints OEM Products for Halliburton, Schlumberger, Baker Drill Stem for Telecommunications* Casing and Tubing Threading Accessories* Slickline/Wireline Tools Mud Motors* Shock Tools N. Sea Carbon & Chrome Tubulars* Patented Connections Accessories Blast Joints SE Asia-Chinese Tubulars Perforating Guns * Market Share Leadership

  15. Global Oilfield Services Hunting Energy Services Drilling Well Completion Well Construction Drill Stem for Telecommunications Mud Motors Shock Tools Premium Connections Manufacturing Accessories Premium Tubing Manufacturing Accessories Slickline/Wireline Tools Chrome and Carbon Casing

  16. Global Oilfield Services Drilling • Dominant position in telecommunications market • New mud motor designs and shock tools • Expansion into Grand Junction, Colorado Well Construction • Continued expansion of APRS • New, high speed machine tools • Development of “Deepwater” facility

  17. Global Oilfield Services Well Completion • New facility for Premium Tubing • Co-development of Slickline tools with major oilfield service providers Cromar Acquisition • Expansion of our Slickline/Wireline global “Footprint” • Introduction into pressure control market

  18. Exploration and Production Tenkay Resources • 9 out of 12 wells drilling success 8 Gas/1 Oil • Gas Production: 1,287,895 mcf • Oil Production: 47,537 bbl

  19. International Shipbroking E A GIBSON SHIPBROKERS • Encouraging half year figures with tanker and dry cargo fixtures above 2004 levels • Strengthening of the US dollar has benefited margins

  20. Petrochemical Equipment HUNTING ENERGY FRANCE • Proactive management team • Sourcing new products and pursuing new markets outside France • Good order book positions

  21. Oil Demand Growth trends are likely to continue • 15% of world (OECD) uses 50 mmb/d • 85% of world (Rest) uses 35 mmb/d Source: EIA, Simmons & Company

  22. Average Oil and Gas Prices

  23. Average Rig Count

  24. Wells Drilled

  25. Outlook • Continued “Cost Efficiency” identification • Niche acquisition opportunities • Benefit from increased operator cap ex • Ongoing investment in “Human Capital” • Debt reduction

  26. 2005 Interim Statement

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