EFTA Document EFTA01357801

13 January 2016 HY Corporate Credit Energy In US natural gas, estimated development breakeven costs (excluding finding costs) have declined by roughly USD0.60/mmBtu in the last year owing to well cost reductions, more extensive use of pad drilling, and increased numbers of wells per pad. Production growth has recovered sharply from freeze-offs in November to average +4.3 bcf/d yoy. While we expect this growth to slow to only 2.0 bcf/d yoy in 2015, we believe the market would be balanced