Exhibit 99.2

2008 Lehman Brothers
CEO Energy/Power Conference
September 3, 2008

Slides 9, 12, and 17:

Reconciliation From Net Income to Adjusted EBITDAX (excluding impact of non-recurring items: excluding
           noncash gain on Cal Dive investment in 4Q07, gain on sale of Cal Dive IPO in 4Q06 and non-
           recurring items:
           OTSL impairment, DOJ accrual, and sale of diving assets in 2Q07:

Reconciliation from Net Income to EBITDAX ($ in thousands)	2003			2004		2005		2006			2007			2008E		2009E
Net income applicable to common shareholders	$	32,771		$	79,916	$	150,114	$	344,036		$	316,762		$	321,000	$	430,000
Cal Dive gain		—			—		—		(96,531	)		(98,602	)		—		—
Other non-recurring items		—			—		—		5,300			66,954			—		—
Accretion and dividends on preferred stock		1,437			2,743		2,454		3,358			3,716			3,000		3,000
Cumulative effect of accounting change		(530	)		—		—		—			—			—		—
Income tax provision		18,993			43,034		75,019		133,253			137,567			178,000		258,000
Net interest expense and other		3,403			5,265		7,559		34,524			53,303			82,000		117,000
Depreciation and amortization		70,793			108,305		110,683		193,205			307,735			317,000		392,000
Non-cash impairment		—			—		790		—			—			13,000		—
Exploration expense		—			—		6,465		43,115			16,847			26,000		—
Adjusted EBITDAX	$	126,867		$	239,263	$	353,084	$	660,260		$	804,282		$	940,000	$	1,200,000

(1) We calculate adjusted EBITDAX as earnings before net interest expense, taxes, depreciation and amortization, and exploration expense. Further, we reduce adjusted EBITDAX for the minority interest in Cal Dive that we do not own. Adjusted EBITDAX margin is defined as adjusted EBITDAX divided by net revenues. These non-GAAP measures are useful to investors and other internal and external users of our financial statements in evaluating our operating performance because they are widely used by investors in our industry to measure a company’s operating performance without regard to items which can vary substantially from company to company and help investors meaningfully compare our results from period to period. Adjusted EBITDAX should not be considered in isolation or as a substitute for, but instead is supplemental to, income from operations, net income or other income data prepared in accordance with GAAP. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to our reported results prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions which are excluded.