Table of Contents
1 Table of Contents 3
1.1 List of Tables 7
1.2 List of Figures 10
2 Reserves and Production Analysis 13
2.1 Analysis of leading 200 Oil &
Gas Companies 13
2.2 Super-Large North America Independent E&P Companies,
Oil & Gas Reserves Trend, 2004-2008 14
2.2.1 Total Proved Oil & Gas
Reserves, 2004-2008 14
2.2.2 Developed Oil & Gas Reserves, 2004-2008
16
2.2.3 Undeveloped Oil & Gas Reserves, 2004-2008 18
2.2.4 Oil & Gas
Finding & Development Reserves Additions, 2004-2008 20
2.2.5 Oil & Gas
Reserves Replacement Additions, 2004-2008 22
2.2.6 Oil & Gas Finding
Reserves Additions, 2004-2008 24
2.2.7 Proved Oil Reserves Trend,
2004-2008 26
2.2.8 Proved Gas Reserves Trend, 2004-2008 28
2.3
Super-Large North America Independent E&P Companies, Oil and Gas Production
Trend, 2004-2008 30
2.3.1 Oil and Gas Production Trend, 2004-2008 30
2.3.2 Oil Production Trend, 2004-2008 32
2.3.3 Gas Production Trend,
2004-2008 34
2.4 Super-Large North America Independent E&P Companies,
Reserves & Production Trend, 2004-2008 36
2.4.1 Oil and Gas Reserves
Growth, 2004-2008 36
2.4.2 Oil and Gas Production Growth, 2004-2008 38
2.5 Super-Large North America Independent E&P Companies, Reserves Life Ratio,
2004-2008 40
2.5.1 Oil and Gas Reserve/Production Ratio, Years, 2004-2008
40
3 Reserve Replacement Ratio Analysis 42
3.1 Analysis of leading 200
Oil & Gas Companies 42
3.2 Super-Large North America Independent E&P
Companies, Oil & Gas Reserve Replacement (Excluding Sales), %, 2004-2008
42
3.3 Super-Large North America Independent E&P Companies, Oil & Gas F&D
Reserve Replacement (Organic, Including Revision), %, 2004-2008 44
3.4
Super-Large North America Independent E&P Companies, Oil & Gas F&D Reserve
Replacement (Organic, Excluding Revision), %, 2004-2008 46
3.5 Super-Large
North America Independent E&P Companies, Oil & Gas Reserve Replacement
(Including Sales), %, 2004-2008 48
4 Costs Incurred In Upstream Oil & Gas
Operations 50
4.1 Analysis of leading 200 Oil & Gas Companies 50
4.2
Super-Large North America Independent E&P Companies, Total Costs Incurred,
2004-2008 50
4.3 Super-Large North America Independent E&P Companies, E&P
Upstream Capital Expenditure By Type, 2004-2008 53
4.3.1 Total Acquisition
Costs, 2004-2008 53
4.3.2 Exploration Costs, 2004-2008 55
4.3.3
Development Costs, 2004-2008 57
4.3.4 Finding & Development Costs,
2004-2008 59
4.4 Super-Large North America Independent E&P Companies, Oil
and Gas Costs Per Boe, $/boe, 2004-2008 61
4.4.1 Oil and Gas Finding &
Development Costs Per Boe, $/boe, 2004-2008 61
4.4.2 Oil and Gas Reserve
Replacement Cost Per Boe, $/boe, 2004-2008 63
4.4.3 Oil and Gas Proved
Acquisition Cost per boe, 3-Year, $/BOE 2004-2008 65
4.4.4 Oil and Gas
E/D&IR (Extension/Discoveries and Improved Recovery) Cost Per Boe, $/boe,
2004-2008 67
4.4.5 Oil and Gas Finding Costs Per Boe, $/boe, 2004-2008
69
5 Result of Oil and Gas Operations 71
5.1 Analysis of leading 200
Oil & Gas Companies 71
5.2 Super-Large North America Independent E&P
Companies, Oil and Gas Revenue, Cash Flow & Total Expenses, 2004-2008 72
5.2.1 Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million,
2004-2008 72
5.2.2 Net Income/ Loss From Upstream Oil & Gas Operations, $
Million, 2004-2008 74
5.2.3 Free Cash Flow From Upstream Oil & Gas
Operations, $ Million, 2004-2008 76
5.2.4 Total Expenses From Upstream Oil
& Gas Operations, $ Million, 2004-2008 78
5.3 Super-Large North America
Independent E&P Companies, Performance Metrics, $/boe, 2004-2008 80
5.3.1
Oil & Gas Revenue per boe, $/BOE, 2004-2008 80
5.3.2 Net Income per boe,
$/BOE, 2004-2008 82
5.3.3 Cash Flow per boe, $/BOE, 2004-2008 84
5.3.4
Total Depreciation, Depletion & Amortization (DD&A) per boe, $/BOE, 2004-2008
86
5.3.5 Lifting Cost per boe, $/BOE, 2004-2008 88
5.3.6 Net-back per
boe, $/BOE, 2004-2008 90
6 Acreage and Well Analysis 92
6.1
Super-Large North America Independent E&P Companies, Developed and Undeveloped
Acreage, 2004-2008 92
6.1.1 Total Net Undeveloped Acreage, (Thousand
Acres), 2004-2008 92
6.1.2 Total Net Developed and Undeveloped Acreage,
(Thousand Acres), 2004-2008 94
6.1.3 Total Net Developed Acreage,
(Thousand Acres), 2004-2008 96
6.2 Super-Large North America Independent
E&P Companies, Well Data, 2004-2008 98
6.2.1 F&D Cost per Drilled Well,
2004-2008 98
6.2.2 F&D Reserves Additions per Net E&D Well Drilled,
2004-2008 100
6.2.3 Developed Oil & Gas Reserves per well, 2004-2008
102
6.2.4 Developed Oil Reserves per Well, 2004-2008 104
6.2.5
Developed Gas Reserves per Well, 2004-2008 106
7 Financial Performance
Analysis 108
7.1 Analysis of leading 200 Oil & Gas Companies 108
7.2
Super-Large North America Independent E&P Companies, Revenue, $ Million,
2004-2008 108
7.3 Super-Large North America Independent E&P Companies,
Operating Income, $ Million, 2004-2008 111
7.4 Super-Large North America
Independent E&P Companies, Net Income, $ Million, 2004-2008 113
7.5
Super-Large North America Independent E&P Companies, Operating Cash Flow, $
Million, 2004-2008 115
7.6 Super-Large North America Independent E&P
Companies, Performance Metrics, 2004-2008 117
7.6.1 Average Return on
Fixed Assets, %, 2004-2008 117
7.6.2 Average Operating Return on Capital
Employed, %, 2004-2008 119
7.6.3 Average Operating Profit Margin, %,
2004-2008 121
7.7 Super-Large North America Independent E&P Companies,
Growth Ratio, 2004-2008 123
7.7.1 Revenue Growth, 2004-2008 123
7.7.2
Profit Growth, 2004-2008 125
7.7.3 Growth in Operating Cash Flow, 2004 -
2008 127
7.8 Super-Large North America Independent E&P Companies, Exposure
Ratio, 2004-2008 129
7.8.1 Debt leverage, %, 2004-2008 129
7.8.2 Total
Debt/Proved Reserves, $/boe, 2004-2008 131
8 Appendix 133
8.1
Methodology 133
8.1.1 Coverage 133
8.1.2 Secondary Research 134
8.1.3 Primary Research 134
8.1.4 Expert Panel Validation 135
8.2
Definition 135
8.2.1 Oil and Gas Reserves 135
8.2.2 Acreage and Well
Information 135
8.2.3 Cost Incurred in Oil and Gas Operations 136
8.2.4 Reserves Replacement Ratio 140
8.2.5 Results of Oil & Gas Operations
142
8.2.6 Results of Oil & Gas Operations Per BOE Produced 146
8.3
Contact Us 149
8.4 About GlobalData 149
8.5 Disclaimer 149
1.1 List of Tables
Table 1: Super-Large North America Independent E&P
Companies, Total Proved Oil & Gas Reserves, MMboe, 2004-2008 15
Table 2:
Super-Large North America Independent E&P Companies, Developed Oil & Gas
Reserves, MMboe, 2004-2008 17
Table 3: Super-Large North America
Independent E&P Companies, Undeveloped Oil & Gas Reserves, MMboe, 2004-2008
19
Table 4: Super-Large North America Independent E&P Companies, Oil & Gas
Finding & Development Reserves Additions, MMboe, 2004-2008 21
Table 5:
Super-Large North America Independent E&P Companies, Oil & Gas Reserves
Replacement Additions, MMboe, 2004-2008 23
Table 6: Super-Large North
America Independent E&P Companies, Oil & Gas Finding Reserves Additions,
MMboe, 2004-2008 25
Table 7: Super-Large North America Independent E&P
Companies, Proved Crude Oil Reserves, MMbbl, 2004-2008 27
Table 8:
Super-Large North America Independent E&P Companies, Proved Gas Reserves, Bcf,
2008 29
Table 9: Super-Large North America Independent E&P Companies,
Total Oil & Gas Production, MMboe, 2004-2008 31
Table 10: Super-Large
North America Independent E&P Companies, Oil Production, MMbbl, 2004-2008
33
Table 11: Super-Large North America Independent E&P Companies, Gas
Production, Bcf, 2004-2008 35
Table 12: Super-Large North America
Independent E&P Companies, Oil and Gas Reserves Growth, CAGR, 2004-2008 37
Table 13: Super-Large North America Independent E&P Companies, Oil and Gas
Production growth, CAGR, 2004-2008 39
Table 14: Super-Large North America
Independent E&P Companies, Oil and Gas Reserve/Production Ratio, Years,
2004-2008 41
Table 15: Super-Large North America Independent E&P
Companies, Oil & Gas Reserves Replacement (Excluding Sales), %, 2004-2008
43
Table 16: Super-Large North America Independent E&P Companies, Oil &
Gas F&D Reserve Replacement (Organic, Including Revision), %, 2004-2008 45
Table 17: Super-Large North America Independent E&P Companies, Oil & Gas F&D
Reserve Replacement (Organic, Excluding Revision), %, 2004-2008 47
Table
18: Super-Large North America Independent E&P Companies, Oil & Gas Reserve
Replacement (Including Sales), %, 2004-2008 49
Table 19: Super-Large North
America Independent E&P Companies, Total Costs Incurred, $ Million, 2004-2008
52
Table 20: Super-Large North America Independent E&P Companies, Total
Acquisition Costs, $ Million, 2004-2008 54
Table 21: Super-Large North
America Independent E&P Companies, Exploration Costs, $ Million, 2004-2008
56
Table 22: Super-Large North America Independent E&P Companies,
Development Costs, $ Million, 2004-2008 58
Table 23: Super-Large North
America Independent E&P Companies, Finding & Development Costs, $ Million,
2004-2008 60
Table 24: Super-Large North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Finding & Development Costs Per
Boe, $/boe, 2004-2008 62
Table 25: Super-Large North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas Reserve Replacement Cost
Per Boe, $/boe, 2008 64
Table 26: Super-Large North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs
Per Boe, $/boe, 2004-2008 66
Table 27: Super-Large North America
Independent E&P Companies, 3-Year Weighted Average Oil and Gas E/D&IR
(Extension/Discoveries and Improved Recovery) Cost Per Boe, $/boe, 2004-2008
68
Table 28: Super-Large North America Independent E&P Companies, 3-Year
Weighted Average Oil and Gas Finding Costs Per Boe, $/boe, 2004-2008 70
Table 29: Super-Large North America Independent E&P Companies, Oil & Gas
Revenue From Upstream Oil & Gas Operations, $ Million, 2004-2008 73
Table
30: Super-Large North America Independent E&P Companies, Net Income/ Loss From
Upstream Oil & Gas Operations, $ Million, 2004-2008 75
Table 31:
Super-Large North America Independent E&P Companies, Free Cash Flow From
Upstream Oil & Gas Operations, $ Million, 2004-2008 77
Table 32:
Super-Large North America Independent E&P Companies, Total Expenses From
Upstream Oil & Gas Operations, $ Million, 2004-2008 79
Table 33:
Super-Large North America Independent E&P Companies, Oil & Gas Revenue per
boe, $/BOE, 2004-2008 81
Table 34: Super-Large North America Independent
E&P Companies, Net Income per boe, $/BOE, 2004-2008 83
Table 35:
Super-Large North America Independent E&P Companies, Cash Flow per boe, $/BOE,
2004-2008 85
Table 36: Super-Large North America Independent E&P
Companies, Total DD&A per boe, $/BOE, 2004-2008 87
Table 37: Super-Large
North America Independent E&P Companies, Lifting Cost per boe, $/BOE,2004-2008
89
Table 38: Super-Large North America Independent E&P Companies, Net-back
per boe, $/BOE, 2004-2008 91
Table 39: Super-Large North America
Independent E&P Companies, Total Net Undeveloped Acreage, (Thousand Acres),
2004-2008 93
Table 40: Super-Large North America Independent E&P
Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres),
2004-2008 95
Table 41: Super-Large North America Independent E&P
Companies, Total Net Developed Acreage, (Thousand Acres), 2004-2008 97
Table 42: Super-Large North America Independent E&P Companies, F&D Cost per
Drilled Well, $Million/Well, 2004-2008 99
Table 43: Super-Large North
America Independent E&P Companies, F&D Reserves Additions per Net E&D Well
Drilled, MMboe/Well 2004-2008 101
Table 44: Super-Large North America
Independent E&P Companies, Developed Oil & Gas Reserves per well, Mboe/Well,
2004-2008 103
Table 45: Super-Large North America Independent E&P
Companies, Developed Oil Reserves per Well, Mbbl/Well, 2004-2008 105
Table
46: Super-Large North America Independent E&P Companies, Developed Gas
Reserves per Well, MMcf/Well, 2004-2008 107
Table 47: Super-Large North
America Independent E&P Companies, Revenue, $ Million, 2004-2008 110
Table
48: Super-Large North America Independent E&P Companies, Operating Income, $
Million, 2004-2008 112
Table 49: Super-Large North America Independent E&P
Companies, Net Income, $ Million, 2004-2008 114
Table 50: Super-Large
North America Independent E&P Companies, Operating Cash Flow, $ Million,
2004-2008 116
Table 51: Super-Large North America Independent E&P
Companies, Average Return on fixed assets, CAGR, %, 2004-2008 118
Table
52: Super-Large North America Independent E&P Companies, Average Operating
Return on capital employed, CAGR, %, 2004-2008 120
Table 53: Super-Large
North America Independent E&P Companies, Average Operating profit margin,
CAGR, %, 2004-2008 122
Table 54: Super-Large North America Independent E&P
Companies, Revenue Growth, CAGR, %, 2004-2008 124
Table 55: Super-Large
North America Independent E&P Companies, Profit Growth, CAGR, %, 2004-2008
126
Table 56: Super-Large North America Independent E&P Companies, Growth
in Operating Cash Flow, CAGR, %, 2004-2008 128
Table 57: Super-Large North
America Independent E&P Companies, Debt leverage, %, 2004-2008 130
Table
58: Super-Large North America Independent E&P Companies, Total Debt/Proved
Reserves , $/boe, 2004-2008 132
1.2 List of Figures
Figure 1:
Super-Large North America Independent E&P Companies, Total Proved Oil & Gas
Reserves, MMboe, 2008 14
Figure 2: Super-Large North America Independent
E&P Companies, Developed Oil & Gas Reserves, MMboe, 2008 16
Figure 3:
Super-Large North America Independent E&P Companies, Undeveloped Oil & Gas
Reserves, MMboe, 2008 18
Figure 4: Super-Large North America Independent
E&P Companies, Oil & Gas Finding & Development Reserves Additions, MMboe, 2008
20
Figure 5: Super-Large North America Independent E&P Companies, Oil &
Gas Reserves Replacement Additions, MMboe, 2008 22
Figure 6: Super-Large
North America Independent E&P Companies, Oil & Gas Finding Reserves Additions,
MMboe, 2008 24
Figure 7: Super-Large North America Independent E&P
Companies, Proved Crude Oil Reserves, MMbbl, 2008 26
Figure 8: Super-Large
North America Independent E&P Companies, Proved Gas Reserves, Bcf, 2008 28
Figure 9: Super-Large North America Independent E&P Companies, Total Oil & Gas
Production, MMboe, 2008 30
Figure 10: Super-Large North America
Independent E&P Companies, Oil Production, MMbbl, 2008 32
Figure 11:
Super-Large North America Independent E&P Companies, Gas Production, Bcf, 2008
34
Figure 12: Super-Large North America Independent E&P Companies, Oil and
Gas Reserves Growth, CAGR, 2004-2008 36
Figure 13: Super-Large North
America Independent E&P Companies, Oil and Gas Production growth, CAGR,
2004-2008 38
Figure 14: Super-Large North America Independent E&P
Companies, Oil and Gas Reserve/Production Ratio, Years, 2008 40
Figure 15:
Super-Large North America Independent E&P Companies, Oil & Gas Reserves
Replacement (Excluding Sales), %, 2008 42
Figure 16: Super-Large North
America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Including Revision), %, 2008 44
Figure 17: Super-Large North America
Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Excluding Revision), %, 2008 46
Figure 18: Super-Large North America
Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %,
2008 48
Figure 19: Super-Large North America Independent E&P Companies,
Total Costs Incurred, $ Million, 2008 51
Figure 20: Super-Large North
America Independent E&P Companies, Total Acquisition Costs, $ Million, 2008
53
Figure 21: Super-Large North America Independent E&P Companies,
Exploration Costs, $ Million, 2008 55
Figure 22: Super-Large North America
Independent E&P Companies, Development Costs, $ Million, 2008 57
Figure
23: Super-Large North America Independent E&P Companies, Finding & Development
Costs, $ Million, 2008 59
Figure 24: Super-Large North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas Finding & Development Costs
Per Boe, $/boe, 2008 61
Figure 25: Super-Large North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas Reserve Replacement Cost
Per Boe, $/boe, 2008 63
Figure 26: Super-Large North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs
Per Boe, $/boe, 2008 65
Figure 27: Super-Large North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas E/D&IR
(Extension/Discoveries and Improved Recovery) Cost Per Boe, $/boe, 2008 67
Figure 28: Super-Large North America Independent E&P Companies, 3-Year
Weighted Average Oil and Gas Finding Costs Per Boe, $/boe, 2008 69
Figure
29: Super-Large North America Independent E&P Companies, Oil & Gas Revenue
From Upstream Oil & Gas Operations, $ Million, 2008 72
Figure 30:
Super-Large North America Independent E&P Companies, Net Income/ Loss From
Upstream Oil & Gas Operations, $ Million, 2008 74
Figure 31: Super-Large
North America Independent E&P Companies, Free Cash Flow From Upstream Oil &
Gas Operations, $ Million, 2008 76
Figure 32: Super-Large North America
Independent E&P Companies, Total Expenses From Upstream Oil & Gas Operations,
$ Million, 2008 78
Figure 33: Super-Large North America Independent E&P
Companies, Oil & Gas Revenue per boe, $/BOE, 2008 80
Figure 34:
Super-Large North America Independent E&P Companies, Net Income per boe,
$/BOE, 2008 82
Figure 35: Super-Large North America Independent E&P
Companies, Cash Flow per boe, $/BOE, 2008 84
Figure 36: Super-Large North
America Independent E&P Companies, Total DD&A per boe, $/BOE, 2008 86
Figure 37: Super-Large North America Independent E&P Companies, Lifting Cost
per boe, $/BOE,2008 88
Figure 38: Super-Large North America Independent
E&P Companies, Net-back per boe, $/BOE, 2008 90
Figure 39: Super-Large
North America Independent E&P Companies, Total Net Undeveloped Acreage,
(Thousand Acres), 2008 92
Figure 40: Super-Large North America Independent
E&P Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres),
2008 94
Figure 41: Super-Large North America Independent E&P Companies,
Total Net Developed Acreage, (Thousand Acres), 2008 96
Figure 42:
Super-Large North America Independent E&P Companies, F&D Cost per Drilled
Well, $Million/Well, 2008 98
Figure 43: Super-Large North America
Independent E&P Companies, F&D Reserves Additions per Net E&D Well Drilled,
MMboe/Well 2008 100
Figure 44: Super-Large North America Independent E&P
Companies, Developed Oil & Gas Reserves per well, Mboe/Well, 2008 102
Figure 45: Super-Large North America Independent E&P Companies, Developed Oil
Reserves per Well, Mbbl/Well, 2008 104
Figure 46: Super-Large North
America Independent E&P Companies, Developed Gas Reserves per Well, MMcf/Well,
2008 106
Figure 47: Super-Large North America Independent E&P Companies,
Revenue, $ Million, 2008 109
Figure 48: Super-Large North America
Independent E&P Companies, Operating Income, $ Million, 2008 111
Figure
49: Super-Large North America Independent E&P Companies, Net Income, $
Million, 2008 113
Figure 50: Super-Large North America Independent E&P
Companies, Operating Cash Flow, $ Million, 2008 115
Figure 51: Super-Large
North America Independent E&P Companies, Average Return on fixed assets, CAGR,
%, 2004-2008 117
Figure 52: Super-Large North America Independent E&P
Companies, Average Operating Return on capital employed, CAGR, %, 2004-2008
119
Figure 53: Super-Large North America Independent E&P Companies,
Average Operating profit margin, CAGR, %, 2004-2008 121
Figure 54:
Super-Large North America Independent E&P Companies, Revenue Growth, CAGR, %,
2004-2008 123
Figure 55: Super-Large North America Independent E&P
Companies, Profit Growth, CAGR, %, 2004-2008 125
Figure 56: Super-Large
North America Independent E&P Companies, Growth in Operating Cash Flow, CAGR,
%, 2004-2008 127
Figure 57: Super-Large North America Independent E&P
Companies, Debt leverage, %, 2008 129
Figure 58: Super-Large North America
Independent E&P Companies, Total Debt/Proved Reserves , $/boe, 2008 131
Figure 59: GlobalData Methodology 133
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