Testimony on behalf of the State of Alaska.

Barry Pulliam appeared before the Federal Energy Regulatory Commission and Alaska Public Utility Commission at a joint hearing concerning the Quality Bank on the Trans Alaskan Pipeline (TAPS). TAPS utilizes the prices of both intermediate and finished petroleum products (including naphtha) in the operation of the system’s Quality Bank. Mr. Pulliam testified as to the market value of naphtha produced on the West Coast of the U.S. and the ability of valuation methodologies proposed by the TAPS shippers to predict naphtha values. As part of his work on this matter, Mr. Pulliam analyzed more than 300 contracts entered into by West Coast refiners, all of which involved naphtha.