Top 15 Exploration & Production

2009 Rank	2008 Rank	Company Name	Market Cap ($US Bil.)	% Share Price Change (YoY)	Est P/E	Debt/Capital	HQ Country	Ticker/Exch.
1	1	Occidental	66.0	36 %	22	9 %	US	OXY US
2	8	Canadian Natural	39.4	81 %	14	36 %	Canada	CNQ CN
3	7	Apache	34.7	38 %	49	25 %	US	APA US
4	5	Devon	32.6	12 %	27	34 %	US	DVN US
5		OGX	31.7	336 %	154	0 %	Brazil	OGXP3 BZ
6	6	BHP Billiton Petroleum		80 %	37	29 %	Australia	BHP AU
7	11	Woodside	31.7	65 %	20	40 %	Australia	WPL AU
8	12	Anadarko	30.7	62 %	10	39 %	US	APC US
9	9	XTO	27.0	32 %	14	37 %	US	XTO US
10		EOG Resources	24.6	46 %	32	23 %	US	EOG US
11	3	EnCana	24.5	31 %	13	37 %	Canada	ECA CN
12	14	Talisman	19.2	88 %	23	25 %	Canada	TLM CN
13		Cenovus	19.0	3 %		0 %	Canada	CVE CN
14		INPEX	17.9	-2 %	11	12 %	Japan	1605 JP
15		Novatek	17.2	243 %	27	21 %	Russia	NOTK RM

Source: Bloomberg, PFC Energy estimates as of 12/31/2009 *Partial year (new listing)

- Share price growth based on primary exchange tickers

- P/E based on earnings from continuing operations for the 12 months ended 9/30/2009

- Debt/Capital is ratio between total debt and total capital based on most recent published balance sheet

** BHP Billiton is a diversified minerals company with E&P activities (20-25% of the total) having an estimated value in the $30-35 billion range.