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 Mid-Size 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 Mid-Size 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
Mid-Size 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 Mid-Size 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 Mid-Size North America Independent E&P Companies, Oil & Gas Reserve
Replacement (Excluding Sales), %, 2004-2008 40
3.3 Mid-Size North America
Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Including Revision), %, 2004-2008 42
3.4 Mid-Size North America
Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Excluding Revision), %, 2004-2008 44
3.5 Mid-Size 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 Mid-Size North America
Independent E&P Companies, Total Costs Incurred, 2004-2008 48
4.3 Mid-Size
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 Mid-Size 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 Mid-Size North America
Independent E&P Companies, Oil and Gas Revenue, Cash Flow & Total Expenses,
2004-2008 69
5.2.1 Oil & Gas Revenue From Upstream Oil & Gas Operations, $
Million, 2004-2008 69
5.2.2 Total Expenses From Upstream Oil & Gas
Operations, $ Million, 2004-2008 72
5.3 Revenue per boe 74
5.3.1 Oil &
Gas Revenue per boe, $/BOE, 2004-2008 74
5.3.2 Net Income per boe, $/BOE,
2004-2008 76
5.3.3 Cash Flow per boe, $/BOE, 2004-2008 78
5.3.4 Total
Depreciation, Depletion & Amortization (DD&A) per boe, $/BOE, 2004-2008 80
5.3.5 Lifting Cost per boe, $/BOE, 2004-2008 82
5.3.6 Net-back per boe,
$/BOE, 2004-2008 84
6 Acreage and Well Analysis 86
6.1 Mid-Size North
America Independent E&P Companies, Developed and Undeveloped Acreage,
2004-2008 86
6.1.1 Total Net Undeveloped Acreage, (Thousand Acres),
2004-2008 86
6.1.2 Total Net Developed and Undeveloped Acreage, (Thousand
Acres), 2004-2008 88
6.1.3 Total Net Developed Acreage, (Thousand Acres),
2004-2008 90
6.2 Mid-Size North America Independent E&P Companies, Well
Data, 2004-2008 92
6.2.1 F&D Cost per Drilled Well, 2004-2008 92
6.2.2
F&D Reserves Additions per Net E&D Well Drilled, 2004-2008 94
6.2.3
Developed Oil & Gas Reserves per well, 2004-2008 96
6.2.4 Developed Oil
Reserves per Well, 2004-2008 98
6.2.5 Developed Gas Reserves per Well,
2004-2008 100
7 Financial Performance Analysis 102
7.1 Analysis of
leading 200 Oil & Gas Companies 102
7.2 Mid-Size North America Independent
E&P Companies, Revenue, $ Million, 2004-2008 103
7.3 Mid-Size North
America Independent E&P Companies, Operating Income, $ Million, 2004-2008
105
7.4 Mid-Size North America Independent E&P Companies, Net Income, $
Million, 2004-2008 107
7.5 Mid-Size North America Independent E&P
Companies, Operating Cash Flow, $ Million, 2004-2008 109
7.6 Mid-Size
North America Independent E&P Companies, Performance Metrics, 2004-2008
111
7.6.1 Average Return on Fixed Assets, %, 2004-2008 111
7.6.2
Average Operating Return on Capital Employed, %, 2004-2008 113
7.6.3
Average Operating Profit Margin, %, 2004-2008 115
7.7 Mid-Size North
America Independent E&P Companies, Growth Ratio, 2004-2008 117
7.7.1
Revenue Growth, 2004-2008 117
7.7.2 Profit Growth, 2007-2008 119
7.7.3
Growth in Operating Cash Flow, 2004 - 2008 120
7.8 Mid-Size North America
Independent E&P Companies, Exposure Ratio, 2004-2008 122
7.8.1 Debt
leverage, %, 2004-2008 122
7.8.2 Total Debt/Proved Reserves, $/boe,
2004-2008 124
8 Appendix 126
8.1 Methodology 126
8.1.1 Coverage
126
8.1.2 Secondary Research 127
8.1.3 Primary Research 127
8.1.4
Expert Panel Validation 128
8.2 Definition 128
8.2.1 Oil and Gas
Reserves 128
8.2.2 Acreage and Well Information 128
8.2.3 Cost
Incurred in Oil and Gas Operations 129
8.2.4 Reserves Replacement Ratio
133
8.2.5 Results of Oil & Gas Operations 136
8.2.6 Results of Oil &
Gas Operations Per BOE Produced 140
8.3 Contact Us 142
8.4 About
GlobalData 142
8.5 Disclaimer 142
1.1 List of Tables
Table 1:
Mid-Size North America Independent E&P Companies, Total Proved Oil & Gas
Reserves, MMboe, 2004-2008 13
Table 2: Mid-Size North America Independent
E&P Companies, Developed Oil & Gas Reserves, MMboe, 2004-2008 15
Table 3:
Mid-Size North America Independent E&P Companies, Undeveloped Oil & Gas
Reserves, MMboe, 2004-2008 17
Table 4: Mid-Size North America Independent
E&P Companies, Oil & Gas Finding & Development Reserves Additions, MMboe,
2004-2008 19
Table 5: Mid-Size North America Independent E&P Companies,
Oil & Gas Reserves Replacement Additions, MMboe, 2004-2008 21
Table 6:
Mid-Size North America Independent E&P Companies, Oil & Gas Finding Reserves
Additions, MMboe, 2004-2008 23
Table 7: Mid-Size North America Independent
E&P Companies, Proved Crude Oil Reserves, MMbbl, 2004-2008 25
Table 8:
Mid-Size North America Independent E&P Companies, Proved Gas Reserves, Bcf,
2004-2008 27
Table 9: Mid-Size North America Independent E&P Companies,
Total Oil & Gas Production, MMboe, 2004-2008 29
Table 10: Mid-Size North
America Independent E&P Companies, Oil Production, MMbbl, 2004-2008 31
Table 11: Mid-Size North America Independent E&P Companies, Gas Production,
Bcf, 2004-2008 33
Table 12: Mid-Size North America Independent E&P
Companies, Oil and Gas Reserves Growth, CAGR, 2004-2008 35
Table 13:
Mid-Size North America Independent E&P Companies, Oil and Gas Production
growth, CAGR, 2004-2008 37
Table 14: Mid-Size North America Independent
E&P Companies, Oil and Gas Reserve/Production Ratio, Years, 2004-2008 39
Table 15: Mid-Size North America Independent E&P Companies, Oil & Gas Reserves
Replacement (Excluding Sales), %, 2004-2008 41
Table 16: Mid-Size North
America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Including Revision), %, 2004-2008 43
Table 17: Mid-Size North America
Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Excluding Revision), %, 2004-2008 45
Table 18: Mid-Size North America
Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %,
2004-2008 47
Table 19: Mid-Size North America Independent E&P Companies,
Total Costs Incurred, $ Million, 2004-2008 50
Table 20: Mid-Size North
America Independent E&P Companies, Total Acquisition Costs, $ Million,
2004-2008 52
Table 21: Mid-Size North America Independent E&P Companies,
Exploration Costs, $ Million, 2004-2008 54
Table 22: Mid-Size North
America Independent E&P Companies, Development Costs, $ Million, 2004-2008
56
Table 23: Mid-Size North America Independent E&P Companies, Finding &
Development Costs, $ Million, 2004-2008 58
Table 24: Mid-Size North
America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Finding
& Development Costs Per Boe, $/boe, 2004-2008 60
Table 25: Mid-Size North
America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Reserve
Replacement Cost Per Boe, $/boe, 2004-2008 62
Table 26: Mid-Size North
America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Proved
Acquisition Costs Per Boe, $/boe, 2004-2008 64
Table 27: Mid-Size 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: Mid-Size North America Independent E&P Companies, 3-Year
Weighted Average Oil and Gas Finding Costs Per Boe, $/boe, 2004-2008 68
Table 29: Mid-Size North America Independent E&P Companies, Oil & Gas Revenue
From Upstream Oil & Gas Operations, $ Million, 2004-2008 71
Table 30:
Mid-Size North America Independent E&P Companies, Total Expenses From Upstream
Oil & Gas Operations, $ Million, 2004-2008 73
Table 31: Mid-Size North
America Independent E&P Companies, Oil & Gas Revenue per boe, $/BOE, 2004-2008
75
Table 32: Mid-Size North America Independent E&P Companies, Net Income
per boe, $/BOE, 2004-2008 77
Table 33: Mid-Size North America Independent
E&P Companies, Cash Flow per boe, $/BOE, 2004-2008 79
Table 34: Mid-Size
North America Independent E&P Companies, Total DD&A per boe, $/BOE, 2004-2008
81
Table 35: Mid-Size North America Independent E&P Companies, Lifting
Cost per boe, $/BOE,2004-2008 83
Table 36: Mid-Size North America
Independent E&P Companies, Net-back per boe, $/BOE, 2004-2008 85
Table 37:
Mid-Size North America Independent E&P Companies, Total Net Undeveloped
Acreage, (Thousand Acres), 2004-2008 87
Table 38: Mid-Size North America
Independent E&P Companies, Total Net Developed and Undeveloped Acreage,
(Thousand Acres), 2004-2008 89
Table 39: Mid-Size North America
Independent E&P Companies, Total Net Developed Acreage, (Thousand Acres),
2004-2008 91
Table 40: Mid-Size North America Independent E&P Companies,
F&D Cost per Drilled Well, $Million/Well, 2004-2008 93
Table 41: Mid-Size
North America Independent E&P Companies, F&D Reserves Additions per Net E&D
Well Drilled, MMboe/Well 2004-2008 95
Table 42: Mid-Size North America
Independent E&P Companies, Developed Oil & Gas Reserves per well, Mboe/Well,
2004-2008 97
Table 43: Mid-Size North America Independent E&P Companies,
Developed Oil Reserves per Well, Mbbl/Well, 2004-2008 99
Table 44:
Mid-Size North America Independent E&P Companies, Developed Gas Reserves per
Well, MMcf/Well, 2004-2008 101
Table 45: Mid-Size North America
Independent E&P Companies, Revenue, $ Million, 2004-2008 104
Table 46:
Mid-Size North America Independent E&P Companies, Operating Income, $ Million,
2004-2008 106
Table 47: Mid-Size North America Independent E&P Companies,
Net Income, $ Million, 2004-2008 108
Table 48: Mid-Size North America
Independent E&P Companies, Operating Cash Flow, $ Million, 2004-2008 110
Table 49: Mid-Size North America Independent E&P Companies, Average Return on
fixed assets, CAGR, %, 2004-2008 112
Table 50: Mid-Size North America
Independent E&P Companies, Average Operating Return on capital employed, CAGR,
%, 2004-2008 114
Table 51: Mid-Size North America Independent E&P
Companies, Average Operating profit margin, CAGR, %, 2004-2008 116
Table
52: Mid-Size North America Independent E&P Companies, Revenue Growth, CAGR, %,
2004-2008 118
Table 53: Mid-Size North America Independent E&P Companies,
Profit Growth, CAGR, %, 2007-2008 119
Table 54: Mid-Size North America
Independent E&P Companies, Growth in Operating Cash Flow, CAGR, %, 2004-2008
121
Table 55: Mid-Size North America Independent E&P Companies, Debt
leverage, %, 2004-2008 123
Table 56: Mid-Size North America Independent
E&P Companies, Total Debt/Proved Reserves , $/boe, 2004-2008 125
1.2
List of Figures
Figure 1: Mid-Size North America Independent E&P
Companies, Total Proved Oil & Gas Reserves, MMboe, 2008 12
Figure 2:
Mid-Size North America Independent E&P Companies, Developed Oil & Gas
Reserves, MMboe, 2008 14
Figure 3: Mid-Size North America Independent E&P
Companies, Undeveloped Oil & Gas Reserves, MMboe, 2008 16
Figure 4:
Mid-Size North America Independent E&P Companies, Oil & Gas Finding &
Development Reserves Additions, MMboe, 2008 18
Figure 5: Mid-Size North
America Independent E&P Companies, Oil & Gas Reserves Additions (Excluding
Sales), MMboe, 2008 20
Figure 6: Mid-Size North America Independent E&P
Companies, Oil & Gas Finding Reserves Additions, MMboe, 2008 22
Figure 7:
Mid-Size North America Independent E&P Companies, Proved Crude Oil Reserves,
MMbbl, 2008 24
Figure 8: Mid-Size North America Independent E&P Companies,
Proved Gas Reserves, Bcf, 2008 26
Figure 9: Mid-Size North America
Independent E&P Companies, Total Oil & Gas Production, MMboe, 2008 28
Figure 10: Mid-Size North America Independent E&P Companies, Oil Production,
MMbbl, 2008 30
Figure 11: Mid-Size North America Independent E&P
Companies, Gas Production, Bcf, 2008 32
Figure 12: Mid-Size North America
Independent E&P Companies, Oil and Gas Reserves Growth, CAGR, 2004-2008 34
Figure 13: Mid-Size North America Independent E&P Companies, Oil and Gas
Production growth, CAGR, 2004-2008 36
Figure 14: Mid-Size North America
Independent E&P Companies, Oil and Gas Reserve/Production Ratio, Years, 2008
38
Figure 15: Mid-Size North America Independent E&P Companies, Oil & Gas
Reserves Replacement (Excluding Sales), %, 2008 40
Figure 16: Mid-Size
North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement
(Organic, Including Revision), %, 2008 42
Figure 17: Mid-Size North
America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Excluding Revision), %, 2008 44
Figure 18: Mid-Size North America
Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %,
2008 46
Figure 19: Mid-Size North America Independent E&P Companies, Total
Costs Incurred, $ Million, 2008 49
Figure 20: Mid-Size North America
Independent E&P Companies, Total Acquisition Costs, $ Million, 2008 51
Figure 21: Mid-Size North America Independent E&P Companies, Exploration
Costs, $ Million, 2008 53
Figure 22: Mid-Size North America Independent
E&P Companies, Development Costs, $ Million, 2008 55
Figure 23: Mid-Size
North America Independent E&P Companies, Finding & Development Costs, $
Million, 2008 57
Figure 24: Mid-Size North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Finding & Development Costs Per
Boe, $/boe, 2008 59
Figure 25: Mid-Size North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Reserve Replacement Cost Per
Boe, $/boe, 2008 61
Figure 26: Mid-Size North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs Per
Boe, $/boe, 2008 63
Figure 27: Mid-Size 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: Mid-Size
North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas
Finding Costs Per Boe, $/boe, 2008 67
Figure 29: Mid-Size North America
Independent E&P Companies, Oil & Gas Revenue From Upstream Oil & Gas
Operations, $ Million, 2008 70
Figure 30: Mid-Size North America
Independent E&P Companies, Total Expenses From Upstream Oil & Gas Operations,
$ Million, 2008 72
Figure 31: Mid-Size North America Independent E&P
Companies, Oil & Gas Revenue per boe, $/BOE, 2008 74
Figure 32: Mid-Size
North America Independent E&P Companies, Net Income per boe, $/BOE, 2008
76
Figure 33: Mid-Size North America Independent E&P Companies, Cash Flow
per boe, $/BOE, 2008 78
Figure 34: Mid-Size North America Independent E&P
Companies, Total DD&A per boe, $/BOE, 2008 80
Figure 35: Mid-Size North
America Independent E&P Companies, Lifting Cost per boe, $/BOE,2008 82
Figure 36: Mid-Size North America Independent E&P Companies, Net-back per boe,
$/BOE, 2008 84
Figure 37: Mid-Size North America Independent E&P
Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2008 86
Figure
38: Mid-Size North America Independent E&P Companies, Total Net Developed and
Undeveloped Acreage, (Thousand Acres), 2008 88
Figure 39: Mid-Size North
America Independent E&P Companies, Total Net Developed Acreage, (Thousand
Acres), 2008 90
Figure 40: Mid-Size North America Independent E&P
Companies, F&D Cost per Drilled Well, $Million/Well, 2008 92
Figure 41:
Mid-Size North America Independent E&P Companies, F&D Reserves Additions per
Net E&D Well Drilled, MMboe/Well 2008 94
Figure 42: Mid-Size North America
Independent E&P Companies, Developed Oil & Gas Reserves per well, Mboe/Well,
2008 96
Figure 43: Mid-Size North America Independent E&P Companies,
Developed Oil Reserves per Well, Mbbl/Well, 2008 98
Figure 44: Mid-Size
North America Independent E&P Companies, Developed Gas Reserves per Well,
MMcf/Well, 2008 100
Figure 45: Mid-Size North America Independent E&P
Companies, Revenue, $ Million, 2008 103
Figure 46: Mid-Size North America
Independent E&P Companies, Operating Income, $ Million, 2008 105
Figure
47: Mid-Size North America Independent E&P Companies, Net Income, $ Million,
2008 107
Figure 48: Mid-Size North America Independent E&P Companies,
Operating Cash Flow, $ Million, 2008 109
Figure 49: Mid-Size North America
Independent E&P Companies, Average Return on fixed assets, CAGR, %, 2004-2008
111
Figure 50: Mid-Size North America Independent E&P Companies, Average
Operating Return on capital employed, CAGR, %, 2004-2008 113
Figure 51:
Mid-Size North America Independent E&P Companies, Average Operating profit
margin, CAGR, %, 2004-2008 115
Figure 52: Mid-Size North America
Independent E&P Companies, Revenue Growth, CAGR, %, 2004-2008 117
Figure
53: Mid-Size North America Independent E&P Companies, Growth in Operating Cash
Flow, CAGR, %, 2004-2008 120
Figure 54: Mid-Size North America Independent
E&P Companies, Debt leverage, %, 2008 122
Figure 55: Mid-Size North
America Independent E&P Companies, Total Debt/Proved Reserves , $/boe, 2008
124
Figure 56: GlobalData Methodology 126
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