W&T Offshore Inc Valuation Report, June 2010 - Strategic and Operational Analysis

Report Summary

W&T Offshore Inc (W&T) is an independent energy company actively involved in the acquisition, exploitation, exploration and development of crude oil and natural gas resources in the Gulf of Mexico (GoM) in the US. The company has acquired significant technical expertise in the GoM as it has been operating in this region since its inception. This region has high production rates associated with hydrocarbon deposits and provides the company with prospects to achieve a high return on investments. W&T is continuing its focus on the conventional shelf in order to develop capital projects that generate high returns in both the deep water and deep shelf of the GoM

Scope

• Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis.
• Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies.
• SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
• Production and Development profile: This section highlights the companies’ forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets.
• Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies’ recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period.
• Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies’ by using different valuation techniques.
• Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.

Reasons to buy

• The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:
• Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
• Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
• Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
• Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

Table of Contents

1 Table of contents 3
1.1 List of Tables 6
1.2 List of Figures 7

2 W&T Offshore Inc, Company Overview 9

3 W&T Offshore Inc, Watchlist for 2010 12

4 W&T Offshore Inc, Investment Summary 13
4.1 Less Dependence on External Funds; Utilizing Operating Cash Flows to Meet Its Capex Requirements 13
4.2 Utilizing Historical Expertise in Acquisitions to Acquire Potential Assets 15
4.3 Declining Acreage Posing Threat to RP Ratio; Better Acreage Portfolio Compared to its Peers 16
4.4 Liquidity Constraints; Improving Global Economies are Likely to Strengthen W&T’s Liquidity Position Going Forward 18
4.5 Mahogany Ship Shoal 349 – Matured Asset; Nonetheless to Contribute to W&T’s Reserve and Production 19
4.5.1 Gulf of Mexico, Fiscal System 20

5 W&T Offshore Inc, SWOT Analysis 21
5.1 Strengths 21
5.1.1 Technical Expertise in Gulf of Mexico Region 21
5.1.2 Strong Asset Portfolio in Gulf of Mexico 21
5.2 Weakness 21
5.2.1 Low Reserve – Production (R/P) Ratio Indicating Less Reserves Being Added 21
5.2.2 Declining Financial Margins 21
5.3 Opportunities 21
5.3.1 Expansion through Inorganic Growth 21
5.3.2 Rising Deep Water E&P Activities 22
5.4 Threats 22
5.4.1 Higher Risk Associated With Deepwater Drilling Projects 22
5.4.2 Less Diversified Portfolio 22

6 W&T Offshore Inc, Goals and Strategies 23
6.1 W&T Continues to Build Reserves through Acquisitions in Outer Continental Shelf (OCS) Region 23
6.2 W&T Maintained Sustainable Liquidity; Striving To Improve Margins By Divesting Non–Core Assets and Cost Reduction Initiatives 23

7 W&T Offshore Inc, Production Overview 24
7.1 Production Profile 24
7.2 Assets Portfolio 25
7.2.1 “Mahogany” Ship Shoal 349 25
7.2.2 Main Pass 108 Field 25
7.2.3 Brazos A–133 Field 26
7.2.4 East Cameron 321 Field 26
7.2.5 ‘Daniel Boone’ Green Canyon Block 646 26
7.3 Costs Incurred 27

8 W&T Offshore Inc, Exploration and Development Overview 28

9 W&T Offshore Inc, M&A Highlights 30

10 W&T Offshore Inc, Outlook 31

11 W&T Offshore Inc, Forecasted Production and Financial Statements 32
11.1 Income Statement (2007–2014E) 33
11.2 Balance Sheet (2007–2014E) 34
11.3 Cash Flow Statement (2007–2014E) 35
11.4 Financial Ratios 36

12 W&T Offshore Inc, Valuation 38
12.1 Net Asset Value 38

13 W&T Offshore Inc, Peer Comparision 42
13.1 Share Price Performance 42
13.2 Operational and Financial Performance 43
13.3 Key Financial and Operational Ratio 46

14 W&T Offshore Inc, Key Risks 48
14.1 Political Instability 48
14.2 Fluctuating Crude Oil and Natural Gas Prices 48
14.3 Reserves and Drilling operations 48
14.4 Competition 48

15 W&T Offshore Inc, Detailed Financial and Operational Metrics 49
15.1 W&T Offshore Inc., Results of Oil & Gas Operations per BOE Produced, Q4, 2008–Q4, 2009 49
15.1.1 Results of Oil & Gas Operations per BOE Growth Rates, Q4, 2008–Q4, 2009 49
15.2 W&T Offshore Inc., Quarterly E&P Costs Trends 50
15.2.1 Upstream Capital Expenditure, Q4, 2008–Q4, 2009 50
15.3 W&T Offshore Inc., Quarterly Production Trends 51
15.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008–Q4, 2009 51
15.3.2 Total Crude Oil & Natural Gas Production, US, Q4, 2008–Q4, 2009 52
15.3.3 Total Crude Oil and Natural Gas Production per Share, Q4, 2008–Q4, 2009 53
15.4 W&T Offshore Inc., Crude Oil Production 54
15.4.1 Total Crude Oil Production Trend, Q4, 2008–Q4, 2009 54
15.4.2 Crude Oil Production, US, Q4, 2008–Q4, 2009 55
15.5 W&T Offshore Inc., Natural Gas Production 56
15.5.1 Total Natural Gas Production Trend, Q4, 2008–Q4, 2009 56
15.5.2 Natural Gas Production, US, Q4, 2008–Q4, 2009 57
15.6 W&T Offshore Inc., Production and Reserve Trends 58
15.6.1 Total Crude Oil and Natural Gas Production and Reserve Trend, 2004–2009 58
15.6.2 Total Crude Oil & Natural Gas Production and Reserves, US, 2004–2009 59
15.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004–2009 61
15.7 W&T Offshore Inc., Crude Oil/Liquids Production and Reserves 62
15.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004–2009 62
15.7.2 Crude Oil Production and Reserves US, 2004–2009 63
15.7.3 Crude Oil/Liquids Reserve Changes, 2004–2009 64
15.8 W&T Offshore Inc., Natural Gas Production and Reserve 65
15.8.1 Natural Gas Production and Reserve Trend, 2004–2009 65
15.8.2 Natural Gas Production and Reserves, US, 2004–2009 66
15.8.3 Natural Gas Reserve Changes, 2004–2009 68
15.9 W&T Offshore Inc., Total Crude Oil and Natural Gas Reserves Life Index 69
15.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004–2009 69
15.9.2 Total Crude Oil and Natural Gas Reserves Life Index, US, 2004–2009 70
15.10 W&T Offshore Inc., E&P Costs Trends 72
15.10.1 Upstream Capital Expenditure, 2004–2009 72
15.10.2 Acquisition Costs US, 2004–2009 73
15.10.3 Exploration and Development Costs, US, 2004–2009 75
15.11 W&T Offshore Inc., Oil and Gas Cost Per Boe, $/boe 77
15.11.1 Oil and Gas Cost Per Boe, $/boe, 2004–2009 77
15.11.2 Oil and Gas Cost Per Boe, $/boe, US, 2004–2009 78
15.12 W&T Offshore Inc., Reserve Replacement Ratio 81
15.12.1 Oil and Gas Production Replacement Ratio, 2004–2009 81
15.12.2 Oil and Gas Production Replacement Ratio, US, 2004–2009 83
15.13 W&T Offshore Inc., Results of Oil & Gas Operations Trend 87
15.13.1 Oil and Gas Revenue and Expenses, 2004–2009 87
15.13.2 Oil and Gas Revenue and Expenses, US, 2004–2009 88
15.14 W&T Offshore Inc., Oil and Gas Revenue and Expenses, Per Boe 92
15.14.1 Oil and Gas Revenue and Expenses, By Boe, 2004–2009 92
15.14.2 Oil and Gas Revenue and Expenses per Boe, US, 2004–2009 93
15.15 W&T Offshore Inc., Oil and Gas Performance Metrics 97
15.15.1 Gross and Net Developed and Undeveloped Acreage, 2004–2009 98
15.15.2 Gross and Net Developed and Undeveloped Acreage, US, 2004–2009 99
15.16 W&T Offshore Inc., Well Statistics 102
15.16.1 Producible Oil and Gas Wells, 2004–2009 102
15.16.2 Producible Oil and Gas Wells, US, 2004–2009 103
15.16.3 Exploration and Development Wells Drilled, 2004–2009 107
15.16.4 Exploration and Development Wells Drilled, US, 2004–2009 108
15.16.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004–2009 109
15.16.6 Developed Reserves per Well, US, 2004–2009 110

16 Appendix 112
16.1 Methodology 112
16.1.1 Coverage 112
16.1.2 Secondary Research 112
16.1.3 Primary Research 113
16.2 Data Sources 113
16.2.1 Company Source 113
16.2.2 SEC/Other Regulatory Filings 113
16.2.3 Agency Reports 113
16.2.4 Other Sources 113
16.3 Methodology for Company Valuation 113
16.4 Expert Panel Validation 114
16.5 Units of Measure 114
16.6 About GlobalData 114
16.7 Disclosure 115
16.8 Disclaimer 115

1.1 List of Tables

Table 1: W&T Offshore, M&A Transactions, 2005–2009 15
Table 2: Gulf of Mexico, Crude Oil Royalty, November 2000 onwards 20
Table 3: W&T Offshore Inc, Recent Transactions As A Buyer, 2008– 2009 30
Table 4: W&T Offshore Inc, Forecast Production, 2007–2014E 32
Table 5: Price Forecasts, 2010E–2014E 32
Table 6: W&T Offshore Inc, Income Statement ($m), 2007–2014E 33
Table 7: W&T Offshore Inc, Balance Sheet ($m), 2007–2014E 34
Table 8: W&T Offshore Inc, Cash Flow Statement ($m), 2007–2014E 35
Table 9: W&T Offshore Inc, Profitability Ratios, 2007–2014E 36
Table 10: W&T Offshore Inc, Other Financial Ratios, 2007–2014E 37
Table 11: Price Forecast, 2010E–2014E 38
Table 12: W&T Offshore Inc, Net Asset Value, 2010 39
Table 13: W&T Offshore Inc, Prospective Acreage & Non Proven Reserves, 2010 39
Table 14: W&T Offshore Inc., NPV Per Unit Natural Gas, the US, 2010 40
Table 15: W&T Offshore Inc., NPV Per Unit Crude Oil & NGL, the US, 2010 40
Table 16: W&T Offshore Inc., NPV Per Unit Total Production, the US, 2010 40
Table 17: W&T Offshore Inc, Sensitivity Analysis on Fair Value ($/share), 2010 41
Table 18: W&T Offshore Vs. Peer Group, Operational and Financial Performance, 2009 43
Table 19: W&T Offshore Inc and its Peer Group Comparison, Financial Ratios, 2009 46
Table 20: W&T Offshore Inc., Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008–Q4, 2009 49
Table 21: W&T Offshore Inc., Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008–Q4, 2009 49
Table 22: W&T Offshore Inc., Upstream Capital Expenditure, Q4, 2008–Q4, 2009 50
Table 23: W&T Offshore Inc., Total Crude Oil and Natural Gas, Production, Q4, 2008–Q4, 2009 51
Table 24: W&T Offshore Inc., Total Oil & Gas Production, US, MMBOE, Q4, 2008–Q4, 2009 52
Table 25: W&T Offshore Inc., Total Crude Oil and Natural Gas Production Per Share, Q4, 2008–Q4, 2009 53
Table 26: W&T Offshore Inc., Total Crude Oil Production, MMbbl, Q4, 2008–Q4, 2009 54
Table 27: W&T Offshore Inc., Crude Oil Production, US, MMbbl, Q4, 2008–Q4, 2009 55
Table 28: W&T Offshore Inc., Total Natural Gas Production, Bcf, Q4, 2008–Q4, 2009 56
Table 29: W&T Offshore, Inc., Natural Gas Production, US, Bcf, Q4, 2008–Q4, 2009 57
Table 30: W&T Offshore Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004–2009 58
Table 31: W&T Offshore Inc., Total Crude Oil & Natural Gas Production and Reserves, US, MMboe, 2004–2009 60
Table 32: W&T Offshore Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004–2009 61
Table 33: W&T Offshore Inc., Crude Oil Production and Reserve Metrics, MMbbl, 2004–2009 62
Table 34: W&T Offshore Inc., Crude Oil Production and Reserves, US, MMbbl, 2004–2009 63
Table 35: W&T Offshore Inc., Crude Oil Reserve Changes, MMbbl, 2004–2009 64
Table 36: W&T Offshore Inc., Natural Gas Production and Reserve Metrics, Bcf, 2004–2009 65
Table 37: W&T Offshore Inc., Natural Gas Production and Reserves, US, Bcf, 2004–2009 67
Table 38: W&T Offshore Inc., Natural Gas Reserve Changes, Bcf, 2004–2009 68
Table 39: W&T Offshore Inc., Oil and Gas Reserves Life Index, Years, 2004–2009 69
Table 40: W&T Offshore Inc., Oil and Gas Reserves Life Index, US, Years, 2004–2009 71
Table 41: W&T Offshore Inc., Upstream Capital Expenditure, $m, 2004–2009 72
Table 42: W&T Offshore Inc., Proved and Unproved Acquisition Costs, US, $m, 2004–2009 74
Table 43: W&T Offshore Inc., Exploration and Development Costs, US, $m, 2004–2009 76
Table 44: W&T Offshore Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2004–2009 77
Table 45: W&T Offshore Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, US, 2004–2009 80
Table 46: W&T Offshore Inc., Oil and Gas Production Replacement Ratio, %, 2004–2009 81
Table 47: W&T Offshore Inc., 3–Year Wt. Avg. Oil and Gas Production Replacement Ratio, US, %, 2004–2009 86
Table 48: W&T Offshore Inc., Revenue and Expenses, $m, 2004–2009 87
Table 49: W&T Offshore Inc., Revenue and Expenses, US, $m, 2004–2009 91
Table 50: W&T Offshore Inc., Oil and Gas Revenue and Expenses, $/Boe, 2004–2009 92
Table 51: W&T Offshore Inc., Oil and Gas Revenue and Expenses, $/Boe, US, 2004–2009 96
Table 52: W&T Offshore Inc., Oil and Gas Performance Metrics, 2004–2009 97
Table 53: W&T Offshore Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2004–2009 98
Table 54: W&T Offshore Inc., Land Holdings (Developed and Undeveloped Acreage), US, Acres, 2004–2009 101
Table 55: W&T Offshore Inc., Producible Oil and Gas Wells, 2004–2009 102
Table 56: W&T Offshore Inc., Producible Oil and Gas Wells, US, 2004–2009 106
Table 57: W&T Offshore Inc., Exploratory and Developed Wells, 2004–2009 107
Table 58: W&T Offshore Inc., Exploratory and Developed Wells, US, 2004–2009 108
Table 59: W&T Offshore Inc., Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004–2009 109
Table 60: W&T Offshore Inc., Developed Reserves per Well, US, Mboe per Well, 2004–2009 111

1.2 List of Figures

Figure 1: Global Natural Gas Reserves (Tcf), 2000-2009 15
Figure 2: Global Natural Gas Production and Consumption (Tcf), 2000-2009 17
Figure 3: Global Natural Gas Production by Region (%), 2009 17
Figure 4: Global Natural Gas Consumption by Region (%), 2009 18
Figure 5: Global Top Five Emerging Regasification Markets, Contribution to Global Regasification Capacity (%), 2009 21
Figure 6: Global Top Five Emerging Regasification Markets, Contribution to Global Capacity (%) by Market, 2009 22
Figure 7: Global Top Five Emerging Regasification Markets, Comparison of Regasification Capacity Growth vis-a-vis Rest of the World, 2009-2015 23
Figure 8: Top Five Emerging Regasification Markets, Capacity Share of State-Owned vis-à-vis Privately Held Companies (%), 2009 24
Figure 9: Top Five Emerging Regasification Markets, Capacity Share of State-Owned vis-à-vis Privately Held Companies (%), 2015 24
Figure 10: Global Top Five Emerging Liquefaction Markets, Total Capacity (Million Tons), 2000-2015 25
Figure 11: Global Top Five Emerging Liquefaction Markets, Contribution to Global Capacity (%), 2009 26
Figure 12: Global Top Five Emerging Liquefaction Markets, Contribution to Global Capacity by Market (%), 2009 27
Figure 13: Top Five Emerging Liquefaction Markets, Capacity Growth vis-à-vis Rest of the World (%), 2009-2015 28
Figure 14: Top Five Emerging Liquefaction Markets, Capacity Shares of State Owned and Privately Held Companies (%), 2009 29
Figure 15: Top Five Emerging Liquefaction Markets, Capacity Shares of State Owned and Privately Held Companies (%), 2015 29
Figure 16: Global Top Five Emerging Liquefaction Markets, Share of Natural Gas Proven Reserves (%), 2009 32
Figure 17: Global Top Five Emerging Liquefaction Markets, Natural Gas Proven Reserves by Country (Tcf), 2000-2009 33
Figure 18: Global Top Five Emerging Liquefaction Markets, Contribution to Global Natural Gas Production (%), 2009 34
Figure 19: Global Top Five Emerging Liquefaction Markets, Liquefaction Capacity Growth (%), 2009-2015 35
Figure 20: Global Top Five Emerging Liquefaction Markets, Contracted and Non-Contracted Capacity, 2000-2015 36
Figure 21: Australia, Liquefaction Capacity (MMTPA), 2000-2015 41
Figure 22: Australia, Liquefaction Capacity by Terminals (MMTPA), 2000-2015 42
Figure 23: Australia, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 43
Figure 24: Australia, Natural Gas Proven Reserves (Tcf), 2000- 2009 44
Figure 25: Australia , Capacity Share (%) of Key Liquefaction Companies, 2009 and 2015 46
Figure 26: Egypt, Liquefaction Capacity (MMTPA), 2000-2015 52
Figure 27: Egypt Liquefaction Capacity by Terminals (MMTPA), 2000-2015 53
Figure 28: Egypt, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 53
Figure 29: Egypt, Natural Gas Proven Reserves (Tcf), 2000-2009 55
Figure 30: Egypt, Capacity Shares (%) of Key Liquefaction Companies, 2009 57
Figure 31: Egypt, Capacity Shares (%) of Key Liquefaction Companies, 2015 57
Figure 32: Nigeria, Liquefaction Capacity (MMTPA), 2000-2015 61
Figure 33: Nigeria Liquefaction Capacity By Terminal (MMTPA), 2000-2015 62
Figure 34: Nigeria, Contracted and Non–Contracted Capacity (MMTPA), 2000-2015 63
Figure 35: Nigeria, Natural Gas Proven Reserves (Tcf), 2000-2009 64
Figure 36: Nigeria, Capacity Shares (%) of Key Liquefaction Companies, 2015 66
Figure 37: Islamic Republic of Iran, Liquefaction Capacity (MMTPA), 2000-2015 70
Figure 38: Islamic Republic of Iran, Liquefaction Capacity by Terminal ( MMTPA),2000-2015 71
Figure 39: Islamic Republic of Iran, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 71
Figure 40: Islamic Republic of Iran, Natural Gas Proven Reserves (Tcf), 2000-2009 72
Figure 41: Islamic Republic of Iran, Capacity Shares (%) of Key Liquefaction Companies, 2015 74
Figure 42: Papua New Guinea, Liquefaction Capacity (MMTPA), 2000-2015 76
Figure 43: Papua New Guinea, Liquefaction Capacity by Terminal (MMTPA), 2000-2015 77
Figure 44: Papua New Guinea, Contracted and Non-Contracted Capacity (MMTPA), 2012-2015 77
Figure 45: Papua New Guinea, Natural Gas Proven Reserves (Tcf), 2000-2009 78
Figure 46: Papua New Guinea, Capacity Shares (%) of Key Liquefaction Companies, 2015 79
Figure 47: Global, Top Five Emerging Regasification Markets, Natural Gas Consumption (Bcf), 2000-2015 82
Figure 48: Global, Top Five Emerging Regasification Markets, Total Capacity (Bcf), 2000-2015 83
Figure 49: Global, Top Five Emerging Regasification Markets, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 85
Figure 50: China, Regasification Capacity (Bcf), 2000-2015 88
Figure 51: China, Regasification Capacity by Terminal (Bcf), 2000-2015 89
Figure 52: China, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 90
Figure 53: China, Primary Energy Portfolio, 2009 91
Figure 54: China, Regasification Market, Capacity Share (%) of Key Companies, 2009 and 2015 93
Figure 55: India, Regasification Capacity (Bcf), 2000-2015 98
Figure 56: India, Regasification Capacity by Terminal (Bcf), 2000-2015 99
Figure 57: India, Contracted and Non-Contracted Capacity (Million Tons), 2000- 2015 100
Figure 58: India, Primary Energy Portfolio, 2009 101
Figure 59: India, Capacity Shares (%) of Key Liquefaction Companies, 2009 and 2015 104
Figure 60: Italy, Regasification Capacity (Bcf), 2000-2015 109
Figure 61: Italy, Regasification Capacity by Terminal (Bcf), 2000-2015 110
Figure 62: Italy, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 111
Figure 63: Italy, Primary Energy Portfolio, 2000-2015 112
Figure 64: Italy, Capacity Shares (%) of Key Regasification Companies, 2009 and 2015 114
Figure 65: Mexico, Regasification Capacity (Bcf), 2000-2015 118
Figure 66: Mexico, Regasification Capacity by Terminals (Bcf), 2000-2015 119
Figure 67: Mexico, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 120
Figure 68: Mexico, Primary Energy Portfolio, 2009 121
Figure 69: Mexico, Capacity Shares (%) of Key Regasification in Companies, 2015 123
Figure 70: The UK, Regasification Capacity (Bcf), 2000-2015 126
Figure 71: The UK, Regasification Capacity by Terminal (Bcf), 2000-2015 127
Figure 72: The UK, Contracted and Non-Contracted Capacity (MMTPA), 2000-2015 128
Figure 73: The UK, Natural Gas Consumption, 2009 129
Figure 74: The UK, Capacity Shares (%) of Key Regasification Companies, 2009 131
Figure 75: The UK, Capacity Shares (%) of Key Regasification Companies, 2015 131
Figure 76: Methodology, 2010 136