Request of the Missouri Public Service Commission for Rehearing of the Commission's October 10, 2002 Letter Order.

I I N ~'"V4L i U O L J rl N C.,3 N N ,-4 ~L M O Are The U.S. Gas Markets Headed Fot A M ~u 1 Disaster? U Raymond James Energy Group N I Wayne Andrews N ,-4 N N O & ASSOCIATES, INC. $ Member New York Stock ExchangelSIPC I Raymond James Energy Group M ~u -t (800) 945-6275 October 2002 Wayne.Andrews@Raymond James.corn O I I N U.S. Gas Supply is Falling at an U 0 Unprecedented Rate! N N N Publicly traded companies (+/- 60% of U.S. gas O production) have reported year-over-year gas production down over 5% in Q2 of 2002. 03 > ~4 0 U 0 These same companies are forecasting a further year- :0 N I over-year reduction of 6% in Q3. *4 0 U.S. producers will find it very difficult to reverse ~u 0 these negative trends! 0 $ I ~J -4 q] 2 U *4 *4 0 I I N U U.S. Natural Gas Production Q2 Actuals 0 N N U.S. Natural Gas Production (MMcf/d) N ,N ~J ~d ~3 O Category 2Q:02 1Q:02 2Q:01 L) ~d Integrated 16, 042 16,193 16,722 Estimated Sequential Change -0.9% O 03 > ~H Estimated Y-Y Change -4.1% O U O Independent 9,860 9,895 10,563 :O N Estimated Sequential Change -0.4% I Estimated Y-Y Change -6.7% Total 25,902 26,088 27,285 Estimated Sequential Change O Q Estimated Y-Y Chan~le C O O Source: Company Reports R O Note: Proforma for Acquisitions and Divestitures $ ~d -4 tO 3 ~H U ~H 4 4 0 I I N U.S. Natural Gas Production Q3 Estimates 0 N N N ,-4 ~J O e Estimated Sequential Change 0.4% Estimated Y-Y Change -4.1% 03 > 03 Independent 9,620 9,846 10,492 u 03 e Estimated Sequential Change -2.3% Estimated Y-Y Change -8.3% i ,-4 Total 22,258 22,437 23,676 Estimated Sequential Change ( 4 o Estimated Y-Y Change ~u Source: Company Reports/Guidance 03 M Note: Proforma for Acquisitions and Divestitures 03 $ I -4 t~ 4 U 4 4 0 0 (3 I ;s_~ V~pl~l 'IHEt '_RO0 :eoJnos ~0 fir mrnrnmO~ ~o~ ~ 9t, 00 0 t~ Q OOV Q t~ Q OOS t~ I Q 09 009 Q t~ g9 OOL fO fl fO 009 =i fO 006 M 99 000~ 0 00~ M 9~ O0~& Q t~ uo!)~npoJd s e 9 pe~etu!ls=d r~i .s^ ),unoo O.~ s e 9 "S'ft t~ Q Q t~ uog~npoJd I!0 s,OL6I JO ~Ido~I 0 Sl uog~npoJd s~o "S'FI s,-vpo~L 0 I I Q Q Q