•   2009 Financial Outlook

–   February 26, 2009

•   Forward-Looking Statements

•   Company Facts

•   2009 Financial Outlook

•   2009 Outlook

–   2009 adjusted earnings per share of $1.75 to $1.90

–   2009 reported earnings per share of $1.45 to $1.60

•   Adjusted earnings per share include the cash flow impact of the 2009 processing spread economic hedges

•   EPS Reconciliation

•   2009 Consolidated Adjusted EBITDA

•   2009 Adjusted Segment EBITDA

•   Relative Segment EBITDA Contribution

•   2009 Net Capital Expenditure Guidance

•   General Assumptions

–   Approximately 124 million weighted average diluted shares outstanding

–   Effective income tax rate of 30.5%

–   Trunkline LNG Infrastructure Enhancement Project online 3Q2009

–   Interest expense, net of capitalized interest, approximately $210 to $215 million

•   Gathering & Processing Assumptions

–   Positive processing spread environment allows conversion of equity volumes into mostly natural gas liquids

–   Equity volumes

•   Natural Gas Liquids equivalent of 40,000 to 45,000 MMBtu/d

•   Natural Gas of 2,500 to 7,500 MMBtu/d

–   Current hedge positions

•   20,000 MMBtu/d of NGL equivalent at $16.40

•   10,000 MMBtu/d of processing spread at $8.37

–   Unhedged volumes – price assumptions

•   NGL equivalents sold at $7.75 per MMBtu

•   Natural gas sold at $5.94 per MMBtu

–   Normalized fuel, flared and unaccounted for levels

•   Reg. G Reconciliation

•   Reg. G Reconciliation – cont.