Gulf explores for, develops, produces and markets oil, natural gas liquids and natural gas and benefits from its long history, substantial infrastructure associated with operations and its ownership in Gulf Midstream Services and Tidal Energy Marketing.

Gulf's $5.5 billion asset base includes more than 1.4 billion barrels of oil equivalent proved plus probable reserves and substantial ownership of oil and natural gas infrastructure. Gulf's worldwide production averaged 97,800 barrels per day of liquids and 522 million cubic feet per day of gas in the first half of 1999.

In 1998, Gulf focused on strengthening its operations by restructuring its oil and gas portfolio, cost structure and balance sheet. Value was delivered as the company reduced debt, lowered costs and improved operating performance in key areas. The company also divested assets which were either non-core or which were seen to have limited upside potential.

Gulf's strategy is to grow through a balanced program of exploration, exploitation and acquisition and to maintain a diversified portfolio of properties in terms of geography, risk, commodity and production life. Gulf seeks dominant positions and control of infrastructure in core areas, allowing it to operate more efficiently and capture value.

Gulf has a unique asset portfolio for a company its size. Interests in oil sands, northern Canada gas, East Coast exploration and Indonesia all have the potential to dramatically increase the company's reserves, production and shareholder value.

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