Amerada Hess Pipeline Corporation submits FERC Form 6 annual report of oil pipeline companies for the year 1999.

JORDAN COVE LNG EXPORT PROJECT MARKET ANALYSIS STUDY Prepared for: Jordan Cove Energy Project, L.P. Navigant Consulting, Inc. 3100 Zinfandel Drive Suite 600 Rancho Cordova, California 95670 (916) 631-3200 www.navigantconsulting.com January 2012 2011 Navigant Consulting, Inc. Disclaimer: This report was prepared by Navigant Consulting, Inc. for the benefit of Jordan Cove Energy Project, LP. This work product involves forecasts of future natural gas demand, supply, and prices. Navigant Consulting applied appropriate professional diligence in its preparation, using what it believes to be reasonable assumptions. However, since the report necessarily involves unknowns, no warranty is made, express or implied. Table of Contents Summary of Assignment ........................................................................................................... 1 Executive Summary .................................................................................................................... 2 Supply Outlook to 2045 .............................................................................................................. 5 Factors Underpinning the Forecasted Increase in Gas Supply ...................................................................... 7 Improvements in Hydraulic Fracturing and Horizontal Drilling ........................................................... 7 Size of the Shale Gas Resource ..................................................................................................................... 9 Character of the Shale Gas Resource ......................................................................................................... 14 Comparison of Navigants Supply Outlook to Other Outlooks .................................................................. 17 Demand Is Likely to Increase Steadily ............................................................................................................ 18 Demand by Sector........................................................................................................................................ 19 Competition from Oil and Other Fuels ........................................................................................................... 20 Oil................................................................................................................................................................... 20 Coal ................................................................................................................................................................ 21 Nuclear, Renewables, and Efficiency ........................................................................................................ 24 Risks to the Supply and Demand Forecasts .................................................................................................... 25 Environmental Issues .................................................................................................................