Exhibit 99.3

Raymond James Investor Conference

March 8 — 11, 2009

Slide 21:

Reconciliation From Net Income to Adjusted EBITDAX:

	2004		2005		2006			2007			2008
Net income (loss) applicable to common shareholders	$	79,916	$	150,114	$	344,036		$	316,762		$	(634,040	)
Cal Dive gains		—		—		(96,531	)		(98,602	)		—
Non-cash impairment and other unusual items		—		790		5,300			72,674			930,663
Preferred stock dividends		2,743		2,454		3,358			3,716			3,192
Income tax provision		43,034		75,019		133,253			106,119			69,873
Net interest expense and other		5,265		7,559		34,524			56,703			72,074
Depreciation and amortization		108,305		110,683		193,205			320,235			306,047
Exploration expense		—		6,465		43,115			26,725			32,926
Adjusted EBITDAX	$	239,263	$	353,084	$	660,260		$	804,332		$	780,735

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. 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.