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  • Day One

    1 | KPMG

    2014 KPMG Global Energy Conference Recap

    May 2122, 2014

  • 3. Women in Energy Breakfast: Women on Energy Boards How to Develop and Position Yourself for Success

    5. Day One Opening Remarks: From John Kunasek, U.S. Sector Leader for Energy & Natural Resources, and Regina Mayor,

    U.S. Energy & Natural Resources Advisory Leader

    6. General Session I: How New Oil and Gas Supply Is Changing Energy Policy 8. I-A Concurrent Session: Stemming the Retiring Workforce Brain Drain 10. I-B Concurrent Session: Disruptive Technologies Utilities Cant Ignore 12. I-C Concurrent Session: BEPS: The Global Legislative Response to Tax Minimization

    14. Keynote Address: Remarks by Condoleezza Rice, United States Secretary of State (20052009)

    16. II-A Concurrent Session: Data & Analytics: The Smart Way to Enterprise Asset Management

    18. II-B Concurrent Session: New Utility Business Models for the 21st Century 20. II-C Concurrent Session: Cyber Security Evolution: From the Data Center to the Boardroom

    22. General Session II: Daniel Burrus, Founder and CEO, Burrus Research Associates 24. Day Two Opening Remarks: From John Kunasek, U.S. Sector Leader for Energy & Natural Resources, and Regina Mayor,

    U.S. Energy & Natural Resources Advisory Leader

    25. Breakfast Panel: Evolving Opportunities and Challenges in Mexico and Sub-Saharan Africa 27. General Session III: The Development and Future of the U.S. Natural Gas Industry 29. III-A Concurrent Session: Information Strategies for Upstream Effectiveness 31. III-B Concurrent Session: Regulatory Trends That Are Changing the Power Industry 33. III-C Concurrent Session: The Developing Global LNG Market 35. IV-A Concurrent Session: Good, Bad, Ugly, and Good Again JVs in the Energy Industry 37. IV-B Concurrent Session: Meeting the Energy Needs of the New Urban Society 39. IV-C Concurrent Session: Accounting and Reporting Update 41. Keynote Address: Why Not Your Best? NFL Legend Terry Bradshaw, Cohost and Analyst, FOX NFL Sunday

    Contents

    KPMG | 2

  • Day One

    3 | KPMG

    Women in Energy Breakfast Women on Energy Boards How to Develop and Posi-tion Yourself for Success

    As appropriate for a session on leadership, the first event of the 2014 Global Energy Conference was an early morning breakfast for women on their way up in the energy industry. Regina Mayor, national Advisory industry leader for Energy & Natural Resources, KPMG LLP (U.S.), moderated a candid and wide-ranging discussion about board-level recruiting and how women can develop and position themselves for board membership.

    Susan M. Cunningham, senior vice president of Gulf of Mexico, Africa, Frontier Ventures and Business Innovation, Noble Energy, addressed the question of how women should start preparing for possible board membership

    Women in Energy Breakfast:

    Women on Energy Boards How to Develop and Position Yourself for Success

  • Day One

    KPMG | 4

    early in their career. She admitted that she actually did not start with any plans beyond simply learning as much as she could at every level. I was just thirsty. I wanted to learn about everything and get as much feedback as I could. She added that seeing things from her bosss perspective has been a key to her professional development. Their perspective was always different, and understanding the business from their point of view helped me grow.

    Stacy Methvin, independent director, Pioneer Natural Resources, also pointed out the importance of what she termed broadening assignments. Boards are often looking for executives with specific experience, such as HR and executive compensation. Perhaps even more important, she said, is a background that includes responsibility for P&L or the companys strategic direction. They want someone who can run a company or a large division within a company.

    Mary Bass, partner, Spencer Stuart, shared her experience as a recruiter for boards, stressing that boards look for experience but equally important is how executives handle themselves. Its a 24/7 world, and how you behave is critical, whether at the company or at your childs soccer game. People are watching, so act accordingly.

    Panelists agreed that networking and being mentored by other women is critical. In addition, women approached for recruitment should interview the board just as they are being interviewed. This includes talking with the CEO and board members on an individual basis. If the cultural fit isnt there, if you and the CEO dont quite get along, thats an issue you need to think long and hard about, said Methvin. The panelists were also realistic in admitting the obstacles that still remain for women who want to serve on boards. Being the first minority in any situation is not always easy, and that certainly applies to women, said Cunningham. You need to know going in that board membership can be a challengebut thats where the growth is.

    Women in Energy Breakfast: Women on Energy Boards How to Develop and Position Yourself for Success

    You need to know going in that board membership can be a challenge but thats where the [personal] growth is.

    Susan M. Cunningham, Senior Vice President of Gulf of Mexico, Africa,

    Frontier Ventures and Business Innovation, Noble Energy

  • Day One

    5 | KPMG

    Day One Opening Remarks

    John Kunasek, U.S. sector leader for Energy & Natural Resources, KPMG LLP (U.S.), and Regina Mayor, U.S. Energy & Natural Resources Advisory leader, KPMG LLP (U.S.),opened the conference with a discussion of the issues framing the agenda. We are in an unprecedented level of uncertainty and change for the industry, Mayor said, referring to the economic, geopolitical, and regulatory uncertainty that the industry faces.

    Kunasek noted that economic uncertainty comes from a slowing recovery. What you see in recent statistics is that the recoveries are starting to moderate, and theres some uncertainty included in that, he said. Economies at different levels of development are also recovering at different rates, he said.

    Recent events have contributed to increased geopolitical uncertainty. How tensions in the Middle East and between Ukraine and Russia will play out is unknown and a significant risk factor. In addition, economic and political policies in China and Japan could have a major impact on the global economy.

    Kunasek and Mayor stressed that regulatory uncertainty is especially important. Climate change and sustainability, demand for increased access to affordable energy, and responses to the Fukushima Daiichi nuclear disaster in Japan are all contributing to regulatory changes. The possible actions of local regulators are perhaps the most important factor in regulatory uncertainty.

    Given this uncertainty, the fact that we cant predict the future, we would put forward that the new core competence is an organizations ability to anticipate and then respond, Mayor said. She said technology, talent, risk, and delivery are the four things that companies need to get right. Technology is having a significant impact on the industry through the growing use of renewable energy, new technology to access oil wells previously deemed uneconomic, and breakthroughs in energy storage and distributive energy technology.

    Energy companies also face a considerable challenge in the projected talent crisis. While the recent recession delayed many retirements, the industry now faces the confluence of an aging workforce, a significant number of retirements, and a new generation of workers.

    Additionally, a new set of risk factors threatens the industry. Cybersecurity has increased in importance as this risk continues to grow. In the United States, aging infrastructure requires significant investment and has led to an increase in the number of significant power outages as well as increased vulnerability to weather.

    Maintaining the energy delivery system will also be a growing challenge. The global urban population is expected to grow to two-thirds of the worlds population by 2050, and 90 percent of that increase is projected to come from underdeveloped regions.

    While LNG could help in meeting growing energy demand, the global LNG industry will require approximately US $300 billion in investment and North America alone needs an estimated $200 billion

    in investment in pipeline infrastructure.

    There are so many things that are going to change and we would put forward that our ability to anticipate and respond is going to be key.

    Regina Mayor, U.S. Energy & Natural Resources Advisory Leader,

    KPMG LLP (U.S.)

  • Day One

    6 | KPMG

    General Session I: How New Oil and Gas Supply is Changing Energy Policy

    You cant just pick one aspect of free trade and free market and ignore all the other inhibitors to free trade and free market.

    Charles T. Drevna, President, American Fuel & Petrochemical Manufacturers

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