Table of Contents
1 Table of Contents 3
1.1 List of Tables 7
1.2 List of Figures 9
2
Reserves and Production Analysis 11
2.1 Analysis of leading 200 Oil & Gas
Companies 11
2.2 Large North America Independent E&P Companies, Oil & Gas
Reserves Trend, 2004-2008 12
2.2.1 Total Proved Oil & Gas Reserves,
2004-2008 12
2.2.2 Developed Oil & Gas Reserves, 2004-2008 14
2.2.3
Undeveloped Oil & Gas Reserves, 2004-2008 16
2.2.4 Oil & Gas Finding &
Development Reserves Additions, 2004-2008 18
2.2.5 Oil & Gas Reserves
Additions (Excluding Sales), 2004-2008 20
2.2.6 Oil & Gas Finding Reserves
Additions, 2004-2008 22
2.2.7 Proved Oil Reserves Trend, 2004-2008 24
2.2.8 Proved Gas Reserves Trend, 2004-2008 26
2.3 Large North America
Independent E&P Companies, Oil and Gas Production Trend, 2004-2008 28
2.3.1 Oil and Gas Production Trend, 2004-2008 28
2.3.2 Oil Production
Trend, 2004-2008 30
2.3.3 Gas Production Trend, 2004-2008 32
2.4 Large
North America Independent E&P Companies, Reserves & Production Trend,
2004-2008 34
2.4.1 Oil and Gas Reserves Growth, 2004-2008 34
2.4.2 Oil
and Gas Production Growth, 2004-2008 36
2.5 Large North America
Independent E&P Companies, Reserves Life Ratio, 2004-2008 38
2.5.1 Oil and
Gas Reserve/Production Ratio, Years, 2004-2008 38
3 Reserve Replacement
Ratio Analysis 40
3.1 Analysis of leading 200 Oil & Gas Companies 40
3.2 Large North America Independent E&P Companies, Oil & Gas Reserve
Replacement (Excluding Sales), %, 2004-2008 40
3.3 Large North America
Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Including Revision), %, 2004-2008 42
3.4 Large North America Independent
E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Excluding
Revision), %, 2004-2008 44
3.5 Large North America Independent E&P
Companies, Oil & Gas Reserve Replacement (Including Sales), %, 2004-2008
46
4 Costs Incurred In Upstream Oil & Gas Operations 48
4.1 Analysis
of leading 200 Oil & Gas Companies 48
4.2 Large North America Independent
E&P Companies, Total Costs Incurred, 2004-2008 48
4.3 Large North America
Independent E&P Companies, E&P Upstream Capital Expenditure By Type, 2004-2008
51
4.3.1 Total Acquisition Costs, 2004-2008 51
4.3.2 Exploration
Costs, 2004-2008 53
4.3.3 Development Costs, 2004-2008 55
4.3.4
Finding & Development Costs, 2004-2008 57
4.4 Large North America
Independent E&P Companies, Oil and Gas Costs Per Boe, $/boe, 2004-2008 59
4.4.1 Oil and Gas Finding & Development Costs Per Boe, $/boe, 2004-2008 59
4.4.2 Oil and Gas Reserve Replacement Cost Per Boe, $/boe, 2004-2008 61
4.4.3 Oil and Gas Proved Acquisition Cost per boe, 3-Year, $/BOE 2004-2008
63
4.4.4 Oil and Gas E/D&IR (Extension/Discoveries and Improved Recovery)
Cost Per Boe, $/boe, 2004-2008 65
4.4.5 Oil and Gas Finding Costs Per Boe,
$/boe, 2004-2008 67
5 Result of Oil and Gas Operations 69
5.1 Analysis
of leading 200 Oil & Gas Companies 69
5.2 Large North America Independent
E&P Companies, Oil and Gas Revenue, Cash Flow & Total Expenses, 2004-2008
70
5.2.1 Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million,
2004-2008 70
5.2.2 Net Income/ Loss From Upstream Oil & Gas Operations, $
Million, 2004-2008 72
5.2.3 Free Cash Flow From Upstream Oil & Gas
Operations, $ Million, 2004-2008 74
5.2.4 Total Expenses From Upstream Oil
& Gas Operations, $ Million, 2004-2008 76
5.3 Large North America
Independent E&P Companies, Performance Metrics, $/boe, 2004-2008 78
5.3.1
Oil & Gas Revenue per boe, $/BOE, 2004-2008 78
5.3.2 Net Income per boe,
$/BOE, 2004-2008 80
5.3.3 Cash Flow per boe, $/BOE, 2004-2008 82
5.3.4
Total Depreciation, Depletion & Amortization (DD&A) per boe, $/BOE, 2004-2008
84
5.3.5 Lifting Cost per boe, $/BOE, 2004-2008 86
5.3.6 Net-back per
boe, $/BOE, 2004-2008 88
6 Acreage and Well Analysis 90
6.1 Large
North America Independent E&P Companies, Developed and Undeveloped Acreage,
2004-2008 90
6.1.1 Total Net Undeveloped Acreage, (Thousand Acres),
2004-2008 90
6.1.2 Total Net Developed and Undeveloped Acreage, (Thousand
Acres), 2004-2008 92
6.1.3 Total Net Developed Acreage, (Thousand Acres),
2004-2008 94
6.2 Large North America Independent E&P Companies, Well Data,
2004-2008 96
6.2.1 F&D Cost per Drilled Well, 2004-2008 96
6.2.2 F&D
Reserves Additions per Net E&D Well Drilled, 2004-2008 98
6.2.3 Developed
Oil & Gas Reserves per well, 2004-2008 100
6.2.4 Developed Oil Reserves
per Well, 2004-2008 102
6.2.5 Developed Gas Reserves per Well, 2004-2008
104
7 Financial Performance Analysis 106
7.1 Analysis of leading 200
Oil & Gas Companies 106
7.2 Large North America Independent E&P Companies,
Revenue, $ Million, 2004-2008 107
7.3 Large North America Independent E&P
Companies, Operating Income, $ Million, 2004-2008 109
7.4 Large North
America Independent E&P Companies, Net Income, $ Million, 2004-2008 111
7.5 Large North America Independent E&P Companies, Operating Cash Flow, $
Million, 2004-2008 113
7.6 Large North America Independent E&P Companies,
Performance Metrics, 2004-2008 115
7.6.1 Average Return on Fixed Assets,
%, 2004-2008 115
7.6.2 Average Operating Return on Capital Employed, %,
2004-2008 117
7.6.3 Average Operating Profit Margin, %, 2004-2008 119
7.7 Large North America Independent E&P Companies, Growth Ratio, 2004-2008
121
7.7.1 Revenue Growth, 2004-2008 121
7.7.2 Growth in Operating Cash
Flow, 2007 - 2008 123
7.8 Large North America Independent E&P Companies,
Exposure Ratio, 2004-2008 125
7.8.1 Debt leverage, %, 2004-2008 125
7.8.2 Total Debt/Proved Reserves, $/boe, 2004-2008 127
8 Appendix 129
8.1 Methodology 129
8.1.1 Coverage 129
8.1.2 Secondary Research
130
8.1.3 Primary Research 130
8.1.4 Expert Panel Validation 130
8.2 Definition 131
8.2.1 Oil and Gas Reserves 131
8.2.2 Acreage and
Well Information 131
8.2.3 Cost Incurred in Oil and Gas Operations 132
8.2.4 Reserves Replacement Ratio 136
8.2.5 Results of Oil & Gas Operations
138
8.2.6 Results of Oil & Gas Operations Per BOE Produced 142
8.3
Contact Us 144
8.4 About GlobalData 144
8.5 Disclaimer 145
1.1 List of Tables
Table 1: Large North America Independent E&P Companies,
Total Proved Oil & Gas Reserves, MMboe, 2004-2008 13
Table 2: Large North
America Independent E&P Companies, Developed Oil & Gas Reserves, MMboe,
2004-2008 15
Table 3: Large North America Independent E&P Companies,
Undeveloped Oil & Gas Reserves, MMboe, 2004-2008 17
Table 4: Large North
America Independent E&P Companies, Oil & Gas Reserves Replacement Additions,
MMboe, 2004-2008 19
Table 5: Large North America Independent E&P
Companies, Oil & Gas Reserves Additions (Excluding Sales), MMboe, 2004-2008
21
Table 6: Large North America Independent E&P Companies, Oil & Gas
Finding Reserves Additions, MMboe, 2004-2008 23
Table 7: Large North
America Independent E&P Companies, Proved Crude Oil Reserves, MMbbl, 2004-2008
25
Table 8: Large North America Independent E&P Companies, Proved Gas
Reserves, Bcf, 2004-2008 27
Table 9: Large North America Independent E&P
Companies, Total Oil & Gas Production, MMboe, 2004-2008 29
Table 10: Large
North America Independent E&P Companies, Oil Production, MMbbl, 2004-2008
31
Table 11: Large North America Independent E&P Companies, Gas
Production, Bcf, 2004-2008 33
Table 12: Large North America Independent
E&P Companies, Oil and Gas Reserves Growth, CAGR, 2004-2008 35
Table 13:
Large North America Independent E&P Companies, Oil and Gas Production growth,
CAGR, 2004-2008 37
Table 14: Large North America Independent E&P
Companies, Oil and Gas Reserve/Production Ratio, Years, 2004-2008 39
Table
15: Large North America Independent E&P Companies, Oil & Gas Reserves
Replacement (Excluding Sales), %, 2004-2008 41
Table 16: Large North
America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Including Revision), %, 2004-2008 43
Table 17: Large North America
Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Excluding Revision), %, 2004-2008 45
Table 18: Large North America
Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %,
2004-2008 47
Table 19: Large North America Independent E&P Companies,
Total Costs Incurred, $ Million, 2004-2008 50
Table 20: Large North
America Independent E&P Companies, Total Acquisition Costs, $ Million,
2004-2008 52
Table 21: Large North America Independent E&P Companies,
Exploration Costs, $ Million, 2004-2008 54
Table 22: Large North America
Independent E&P Companies, Development Costs, $ Million, 2004-2008 56
Table 23: Large North America Independent E&P Companies, Finding & Development
Costs, $ Million, 2004-2008 58
Table 24: Large North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas Finding & Development Costs
Per Boe, $/boe, 2004-2008 60
Table 25: Large North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Reserve Replacement Cost Per
Boe, $/boe, 2004-2008 62
Table 26: Large North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs Per
Boe, $/boe, 2004-2008 64
Table 27: 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 66
Table 28: Large
North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas
Finding Costs Per Boe, $/boe, 2004-2008 68
Table 29: Large North America
Independent E&P Companies, Oil & Gas Revenue From Upstream Oil & Gas
Operations, $ Million, 2004-2008 71
Table 30: Large North America
Independent E&P Companies, Net Income/ Loss From Upstream Oil & Gas
Operations, $ Million, 2004-2008 73
Table 31: Large North America
Independent E&P Companies, Free Cash Flow From Upstream Oil & Gas Operations,
$ Million, 2004-2008 75
Table 32: Large North America Independent E&P
Companies, Total Expenses From Upstream Oil & Gas Operations, $ Million,
2004-2008 77
Table 33: Large North America Independent E&P Companies, Oil
& Gas Revenue per boe, $/BOE, 2004-2008 79
Table 34: Large North America
Independent E&P Companies, Net Income per boe, $/BOE, 2004-2008 81
Table
35: Large North America Independent E&P Companies, Cash Flow per boe, $/BOE,
2004-2008 83
Table 36: Large North America Independent E&P Companies,
Total DD&A per boe, $/BOE, 2004-2008 85
Table 37: Large North America
Independent E&P Companies, Lifting Cost per boe, $/BOE,2004-2008 87
Table
38: Large North America Independent E&P Companies, Net-back per boe, $/BOE,
2004-2008 89
Table 39: Large North America Independent E&P Companies,
Total Net Undeveloped Acreage, (Thousand Acres), 2004-2008 91
Table 40:
Large North America Independent E&P Companies, Total Net Developed and
Undeveloped Acreage, (Thousand Acres), 2004-2008 93
Table 41: Large North
America Independent E&P Companies, Total Net Developed Acreage, (Thousand
Acres), 2004-2008 95
Table 42: Large North America Independent E&P
Companies, F&D Cost per Drilled Well, $Million/Well, 2004-2008 97
Table
43: Large North America Independent E&P Companies, F&D Reserves Additions per
Net E&D Well Drilled, MMboe/Well 2004-2008 99
Table 44: Large North
America Independent E&P Companies, Developed Oil & Gas Reserves per well,
Mboe/Well, 2004-2008 101
Table 45: Large North America Independent E&P
Companies, Developed Oil Reserves per Well, Mbbl/Well, 2004-2008 103
Table
46: Large North America Independent E&P Companies, Developed Gas Reserves per
Well, MMcf/Well, 2004-2008 105
Table 47: Large North America Independent
E&P Companies, Revenue, $ Million, 2004-2008 108
Table 48: Large North
America Independent E&P Companies, Operating Income, $ Million, 2004-2008
110
Table 49: Large North America Independent E&P Companies, Net Income, $
Million, 2004-2008 112
Table 50: Large North America Independent E&P
Companies, Operating Cash Flow, $ Million, 2004-2008 114
Table 51: Large
North America Independent E&P Companies, Average Return on fixed assets, CAGR,
%, 2004-2008 116
Table 52: Large North America Independent E&P Companies,
Average Operating Return on capital employed, CAGR, %, 2004-2008 118
Table
53: Large North America Independent E&P Companies, Average Operating profit
margin, CAGR, %, 2004-2008 120
Table 54: Large North America Independent
E&P Companies, Revenue Growth, CAGR, %, 2004-2008 122
Table 55: Large
North America Independent E&P Companies, Growth in Operating Cash Flow, CAGR,
%, 2004-2008 124
Table 56: Large North America Independent E&P Companies,
Debt leverage, %, 2004-2008 126
Table 57: Large North America Independent
E&P Companies, Total Debt/Proved Reserves , $/boe, 2004-2008 128
1.2
List of Figures
Figure 1: Large North America Independent E&P Companies,
Total Proved Oil & Gas Reserves, MMboe, 2008 12
Figure 2: Large North
America Independent E&P Companies, Developed Oil & Gas Reserves, MMboe, 2008
14
Figure 3: Large North America Independent E&P Companies, Undeveloped
Oil & Gas Reserves, MMboe, 2008 16
Figure 4: Large North America
Independent E&P Companies, Oil & Gas Finding & Development Reserves Additions,
MMboe, 2008 18
Figure 5: Large North America Independent E&P Companies,
Oil & Gas Reserves Additions (Excluding Sales), MMboe, 2008 20
Figure 6:
Large North America Independent E&P Companies, Oil & Gas Finding Reserves
Additions, MMboe, 2008 22
Figure 7: Large North America Independent E&P
Companies, Proved Crude Oil Reserves, MMbbl, 2008 24
Figure 8: Large North
America Independent E&P Companies, Proved Gas Reserves, Bcf, 2008 26
Figure 9: Large North America Independent E&P Companies, Total Oil & Gas
Production, MMboe, 2008 28
Figure 10: Large North America Independent E&P
Companies, Oil Production, MMbbl, 2008 30
Figure 11: Large North America
Independent E&P Companies, Gas Production, Bcf, 2008 32
Figure 12: Large
North America Independent E&P Companies, Oil and Gas Reserves Growth, CAGR,
2004-2008 34
Figure 13: Large North America Independent E&P Companies, Oil
and Gas Production growth, CAGR, 2004-2008 36
Figure 14: Large North
America Independent E&P Companies, Oil and Gas Reserve/Production Ratio,
Years, 2008 38
Figure 15: Large North America Independent E&P Companies,
Oil & Gas Reserves Replacement (Excluding Sales), %, 2008 40
Figure 16:
Large North America Independent E&P Companies, Oil & Gas F&D Reserve
Replacement (Organic, Including Revision), %, 2008 42
Figure 17: Large
North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement
(Organic, Excluding Revision), %, 2008 44
Figure 18: Large North America
Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %,
2008 46
Figure 19: Large North America Independent E&P Companies, Total
Costs Incurred, $ Million, 2008 49
Figure 20: Large North America
Independent E&P Companies, Total Acquisition Costs, $ Million, 2008 51
Figure 21: Large North America Independent E&P Companies, Exploration Costs, $
Million, 2008 53
Figure 22: Large North America Independent E&P Companies,
Development Costs, $ Million, 2008 55
Figure 23: Large North America
Independent E&P Companies, Finding & Development Costs, $ Million, 2008 57
Figure 24: Large North America Independent E&P Companies, 3-Year Weighted
Average Oil and Gas Finding & Development Costs Per Boe, $/boe, 2008 59
Figure 25: Large North America Independent E&P Companies, 3-Year Weighted
Average Oil and Gas Reserve Replacement Cost Per Boe, $/boe, 2008 61
Figure 26: Large North America Independent E&P Companies, 3-Year Weighted
Average Oil and Gas Proved Acquisition Costs Per Boe, $/boe, 2008 63
Figure 27: 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 65
Figure 28: Large North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Finding Costs Per Boe, $/boe,
2008 67
Figure 29: Large North America Independent E&P Companies, Oil &
Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2008 70
Figure
30: Large North America Independent E&P Companies, Net Income/ Loss From
Upstream Oil & Gas Operations, $ Million, 2008 72
Figure 31: Large North
America Independent E&P Companies, Free Cash Flow From Upstream Oil & Gas
Operations, $ Million, 2008 74
Figure 32: Large North America Independent
E&P Companies, Total Expenses From Upstream Oil & Gas Operations, $ Million,
2008 76
Figure 33: Large North America Independent E&P Companies, Oil &
Gas Revenue per boe, $/BOE, 2008 78
Figure 34: Large North America
Independent E&P Companies, Net Income per boe, $/BOE, 2008 80
Figure 35:
Large North America Independent E&P Companies, Cash Flow per boe, $/BOE, 2008
82
Figure 36: Large North America Independent E&P Companies, Total DD&A
per boe, $/BOE, 2008 84
Figure 37: Large North America Independent E&P
Companies, Lifting Cost per boe, $/BOE,2008 86
Figure 38: Large North
America Independent E&P Companies, Net-back per boe, $/BOE, 2008 88
Figure
39: Large North America Independent E&P Companies, Total Net Undeveloped
Acreage, (Thousand Acres), 2008 90
Figure 40: Large North America
Independent E&P Companies, Total Net Developed and Undeveloped Acreage,
(Thousand Acres), 2008 92
Figure 41: Large North America Independent E&P
Companies, Total Net Developed Acreage, (Thousand Acres), 2008 94
Figure
42: Large North America Independent E&P Companies, F&D Cost per Drilled Well,
$Million/Well, 2008 96
Figure 43: Large North America Independent E&P
Companies, F&D Reserves Additions per Net E&D Well Drilled, MMboe/Well 2008
98
Figure 44: Large North America Independent E&P Companies, Developed Oil
& Gas Reserves per well, Mboe/Well, 2008 100
Figure 45: Large North
America Independent E&P Companies, Developed Oil Reserves per Well, Mbbl/Well,
2008 102
Figure 46: Large North America Independent E&P Companies,
Developed Gas Reserves per Well, MMcf/Well, 2008 104
Figure 47: Large
North America Independent E&P Companies, Revenue, $ Million, 2008 107
Figure 48: Large North America Independent E&P Companies, Operating Income, $
Million, 2008 109
Figure 49: Large North America Independent E&P
Companies, Net Income, $ Million, 2008 111
Figure 50: Large North America
Independent E&P Companies, Operating Cash Flow, $ Million, 2008 113
Figure
51: Large North America Independent E&P Companies, Average Return on fixed
assets, CAGR, %, 2004-2008 115
Figure 52: Large North America Independent
E&P Companies, Average Operating Return on capital employed, CAGR, %,
2004-2008 117
Figure 53: Large North America Independent E&P Companies,
Average Operating profit margin, CAGR, %, 2004-2008 119
Figure 54: Large
North America Independent E&P Companies, Revenue Growth, CAGR, %, 2004-2008
121
Figure 55: Large North America Independent E&P Companies, Growth in
Operating Cash Flow, CAGR, %, 2007-2008 123
Figure 56: Large North America
Independent E&P Companies, Debt leverage, %, 2008 125
Figure 57: Large
North America Independent E&P Companies, Total Debt/Proved Reserves , $/boe,
2008 127
Figure 58: GlobalData Methodology 129
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