TEXT-S&P reports on U.S. energy firms risk management

(The following statement was released by the rating agency)

May 29 - In April 2006, Standard & Poor's Ratings Services began to expand
its analytical approach for assessing the trading risk management practices of
U.S. energy companies and to incorporate this analysis more formally into our
ratings in this sector, according to a report published today by Standard &
Poor's, titled "S&P Completes Initial 'PIM' Risk Management Review For Selected
U.S. Energy Firms."

The expansion focuses on the companies' risk management policies,
infrastructure, and methodologies, or PIM.

"This analytical tool is one of three that we use to assess an energy
company's trading risk position," said Standard & Poor's credit analyst Terry
Pratt.

The other two parts are our well established liquidity survey, which
focuses on liquidity adequacy given certain market stresses, and our capital
adequacy methodology, which measures the discrete risks of market, credit, and
operational events and estimates capital needed for these exposures.

According to the report, Standard & Poor's completed PIM reviews for 10
U.S. energy companies that have significant trading and marketing operations.

"We plan to use the results of these initial efforts to make
modifications to the methodology and then identify and implement refinements
to the approach to improve our analysis of overall risk management," said Mr.
Pratt.

The report is available to subscribers of RatingsDirect, the real-time
Web-based source for Standard & Poor's credit ratings, research, and risk
analysis, at www.ratingsdirect.com. If you are not a RatingsDirect subscriber,
you may purchase a copy of the report by calling (1) 212-438-9823 or sending
an e-mail to research_request@standardandpoors.com. Ratings information can
also be found on Standard & Poor's public Web site at
www.standardandpoors.com; under Credit Ratings in the left navigation bar,
select Find a Rating, then Credit Ratings Search. Members of the media may
request a copy of this report by contacting the media representative provided.