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 Small-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 Small-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
Small-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 Small-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 Small-Size North America Independent E&P Companies, Oil &
Gas Reserve Replacement (Excluding Sales), %, 2004-2008 40
3.3 Small-Size
North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement
(Organic, Including Revision), %, 2004-2008 43
3.4 Small-Size North
America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic,
Excluding Revision), %, 2004-2008 45
3.5 Small-Size North America
Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %,
2004-2008 47
4 Costs Incurred In Upstream Oil & Gas Operations 49
4.1
Analysis of leading 200 Oil & Gas Companies 49
4.2 Small-Size North
America Independent E&P Companies, Total Costs Incurred, 2004-2008 49
4.3
Small-Size North America Independent E&P Companies, E&P Upstream Capital
Expenditure By Type, 2004-2008 52
4.3.1 Total Acquisition Costs, 2004-2008
52
4.3.2 Exploration Costs, 2004-2008 54
4.3.3 Development Costs,
2004-2008 56
4.3.4 Finding & Development Costs, 2004-2008 58
4.4
Small-Size North America Independent E&P Companies, Oil and Gas Costs Per Boe,
$/boe, 2004-2008 60
4.4.1 Oil and Gas Reserve Replacement Cost Per Boe,
$/boe, 2004-2008 60
4.4.2 Oil and Gas Proved Acquisition Cost per boe,
3-Year, $/BOE 2004-2008 62
4.4.3 Oil and Gas E/D&IR (Extension/Discoveries
and Improved Recovery) Cost Per Boe, $/boe, 2004-2008 64
4.4.4 Oil and Gas
Finding Costs Per Boe, $/boe, 2004-2008 66
5 Result of Oil and Gas
Operations 68
5.1 Analysis of leading 200 Oil & Gas Companies 68
5.2
Small-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 71
5.3 Small-Size
North America Independent E&P Companies, Performance Metrics, $/boe, 2004-2008
73
5.3.1 Oil & Gas Revenue per boe, $/BOE, 2004-2008 73
5.3.2 Total
Depreciation, Depletion & Amortization (DD&A) per boe, $/BOE, 2004-2008 75
5.3.3 Lifting Cost per boe, $/BOE, 2004-2008 77
5.3.4 Net-back per boe,
$/BOE, 2004-2008 79
6 Acreage and Well Analysis 81
6.1 Small-Size
North America Independent E&P Companies, Developed and Undeveloped Acreage,
2004-2008 81
6.1.1 Total Net Undeveloped Acreage, (Thousand Acres),
2004-2008 81
6.1.2 Total Net Developed and Undeveloped Acreage, (Thousand
Acres), 2004-2008 84
6.1.3 Total Net Developed Acreage, (Thousand Acres),
2004-2008 86
6.2 Small-Size North America Independent E&P Companies, Well
Data, 2004-2008 88
6.2.1 F&D Cost per Drilled Well, 2004-2008 88
6.2.2
F&D Reserves Additions per Net E&D Well Drilled, 2004-2008 90
6.2.3
Developed Oil & Gas Reserves per well, 2004-2008 92
6.2.4 Developed Oil
Reserves per Well, 2004-2008 94
6.2.5 Developed Gas Reserves per Well,
2004-2008 96
7 Financial Performance Analysis 98
7.1 Analysis of
leading 200 Oil & Gas Companies 98
7.2 Small-Size North America
Independent E&P Companies, Revenue, $ Million, 2004-2008 98
7.3 Small-Size
North America Independent E&P Companies, Operating Income, $ Million,
2004-2008 101
7.4 Small-Size North America Independent E&P Companies, Net
Income, $ Million, 2004-2008 103
7.5 Small-Size North America Independent
E&P Companies, Operating Cash Flow, $ Million, 2004-2008 105
7.6
Small-Size North America Independent E&P Companies, Performance Metrics,
2004-2008 107
7.6.1 Average Return on Fixed Assets, %, 2004-2008 107
7.6.2 Average Operating Return on Capital Employed, %, 2004-2008 109
7.6.3
Average Operating Profit Margin, %, 2004-2008 111
7.7 Small-Size North
America Independent E&P Companies, Growth Ratio, 2004-2008 113
7.7.1
Revenue Growth, 2004-2008 113
7.7.2 Profit Growth, 2007-2008 115
7.7.3
Growth in Operating Cash Flow, 2004 - 2008 116
8 Appendix 118
8.1
Methodology 118
8.1.1 Coverage 118
8.1.2 Secondary Research 119
8.1.3 Primary Research 119
8.1.4 Expert Panel Validation 120
8.2
Definition 120
8.2.1 Oil and Gas Reserves 120
8.2.2 Acreage and Well
Information 120
8.2.3 Cost Incurred in Oil and Gas Operations 121
8.2.4 Reserves Replacement Ratio 125
8.2.5 Results of Oil & Gas Operations
128
8.2.6 Results of Oil & Gas Operations Per BOE Produced 132
8.3
Contact Us 134
8.4 About GlobalData 134
8.5 Disclaimer 134
1.1 List of Tables
Table 1: Small-Size North America Independent E&P
Companies, Total Proved Oil & Gas Reserves, MMboe, 2004-2008 13
Table 2:
Small-Size North America Independent E&P Companies, Developed Oil & Gas
Reserves, MMboe, 2004-2008 15
Table 3: Small-Size North America
Independent E&P Companies, Undeveloped Oil & Gas Reserves, MMboe, 2004-2008
17
Table 4: Small-Size North America Independent E&P Companies, Oil & Gas
Finding & Development Reserves Additions, MMboe, 2004-2008 19
Table 5:
Small-Size North America Independent E&P Companies, Oil & Gas Reserves
Replacement Additions, MMboe, 2004-2008 21
Table 6: Small-Size North
America Independent E&P Companies, Oil & Gas Finding Reserves Additions,
MMboe, 2004-2008 23
Table 7: Small-Size North America Independent E&P
Companies, Proved Crude Oil Reserves, MMbbl, 2004-2008 25
Table 8:
Small-Size North America Independent E&P Companies, Proved Gas Reserves, Bcf,
2004-2008 27
Table 9: Small-Size North America Independent E&P Companies,
Total Oil & Gas Production, MMboe, 2004-2008 29
Table 10: Small-Size North
America Independent E&P Companies, Oil Production, MMbbl, 2004-2008 31
Table 11: Small-Size North America Independent E&P Companies, Gas Production,
Bcf, 2004-2008 33
Table 12: Small-Size North America Independent E&P
Companies, Oil and Gas Reserves Growth, CAGR, 2004-2008 35
Table 13:
Small-Size North America Independent E&P Companies, Oil and Gas Production
growth, CAGR, 2004-2008 37
Table 14: Small-Size North America Independent
E&P Companies, Oil and Gas Reserve/Production Ratio, Years, 2004-2008 39
Table 15: Small-Size North America Independent E&P Companies, Oil & Gas
Reserves Replacement (Excluding Sales), %, 2004-2008 42
Table 16:
Small-Size North America Independent E&P Companies, Oil & Gas F&D Reserve
Replacement (Organic, Including Revision), %, 2004-2008 44
Table 17:
Small-Size North America Independent E&P Companies, Oil & Gas F&D Reserve
Replacement (Organic, Excluding Revision), %, 2004-2008 46
Table 18:
Small-Size North America Independent E&P Companies, Oil & Gas Reserve
Replacement (Including Sales), %, 2004-2008 48
Table 19: Small-Size North
America Independent E&P Companies, Total Costs Incurred, $ Million, 2004-2008
51
Table 20: Small-Size North America Independent E&P Companies, Total
Acquisition Costs, $ Million, 2004-2008 53
Table 21: Small-Size North
America Independent E&P Companies, Exploration Costs, $ Million, 2004-2008
55
Table 22: Small-Size North America Independent E&P Companies,
Development Costs, $ Million, 2004-2008 57
Table 23: Small-Size North
America Independent E&P Companies, Finding & Development Costs, $ Million,
$/boe, 2004-2008 59
Table 24: Small-Size North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Reserve Replacement Cost Per
Boe, $/boe, 2004-2008 61
Table 25: Small-Size North America Independent
E&P Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs
Per Boe, $/boe, 2004-2008 63
Table 26: Small-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
65
Table 27: Small-Size North America Independent E&P Companies, 3-Year
Weighted Average Oil and Gas Finding Costs Per Boe, $/boe, 2004-2008 67
Table 28: Small-Size North America Independent E&P Companies, Oil & Gas
Revenue From Upstream Oil & Gas Operations, $ Million, 2004-2008 70
Table
29: Small-Size North America Independent E&P Companies, Total Expenses From
Upstream Oil & Gas Operations, $ Million, 2008 72
Table 30: Small-Size
North America Independent E&P Companies, Oil & Gas Revenue per boe, $/BOE,
2004-2008 74
Table 31: Small-Size North America Independent E&P Companies,
Total DD&A per boe, $/BOE, 2004-2008 76
Table 32: Small-Size North America
Independent E&P Companies, Lifting Cost per boe, $/BOE,2004-2008 78
Table
33: Small-Size North America Independent E&P Companies, Net-back per boe,
$/BOE, 2004-2008 80
Table 34: Small-Size North America Independent E&P
Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2004-2008 83
Table 35: Small-Size North America Independent E&P Companies, Total Net
Developed and Undeveloped Acreage, (Thousand Acres), 2004-2008 85
Table
36: Small-Size North America Independent E&P Companies, Total Net Developed
Acreage, (Thousand Acres), 2004-2008 87
Table 37: Small-Size North America
Independent E&P Companies, F&D Cost per Drilled Well, $Million/Well, 2004-2008
89
Table 38: Small-Size North America Independent E&P Companies, F&D
Reserves Additions per Net E&D Well Drilled, MMboe/Well 2004-2008 91
Table
39: Small-Size North America Independent E&P Companies, Developed Oil & Gas
Reserves per well, Mboe/Well, 2004-2008 93
Table 40: Small-Size North
America Independent E&P Companies, Developed Oil Reserves per Well, Mbbl/Well,
2004-2008 95
Table 41: Small-Size North America Independent E&P Companies,
Developed Gas Reserves per Well, MMcf/Well, 2004-2008 97
Table 42:
Small-Size North America Independent E&P Companies, Revenue, $ Million,
2004-2008 100
Table 43: Small-Size North America Independent E&P
Companies, Operating Income, $ Million, 2004-2008 102
Table 44: Small-Size
North America Independent E&P Companies, Net Income, $ Million, 2004-2008
104
Table 45: Small-Size North America Independent E&P Companies,
Operating Cash Flow, $ Million, 2004-2008 106
Table 46: Small-Size North
America Independent E&P Companies, Average Return on fixed assets, CAGR, %,
2004-2008 108
Table 47: Small-Size North America Independent E&P
Companies, Average Operating Return on capital employed, CAGR, %, 2004-2008
110
Table 48: Small-Size North America Independent E&P Companies, Average
Operating profit margin, CAGR, %, 2004-2008 112
Table 49: Small-Size North
America Independent E&P Companies, Revenue Growth, CAGR, %, 2004-2008 114
Table 50: Small-Size North America Independent E&P Companies, Profit Growth,
CAGR, %, 2007-2008 115
Table 51: Small-Size North America Independent E&P
Companies, Growth in Operating Cash Flow, CAGR, %, 2004-2008 117
1.2
List of Figures
Figure 1: Small-Size North America Independent E&P
Companies, Total Proved Oil & Gas Reserves, MMboe, 2008 12
Figure 2:
Small-Size North America Independent E&P Companies, Developed Oil & Gas
Reserves, MMboe, 2008 14
Figure 3: Small-Size North America Independent
E&P Companies, Undeveloped Oil & Gas Reserves, MMboe, 2008 16
Figure 4:
Small-Size North America Independent E&P Companies, Oil & Gas Finding &
Development Reserves Additions, MMboe, 2008 18
Figure 5: Small-Size North
America Independent E&P Companies, Oil & Gas Reserves Additions (Excluding
Sales), MMboe, 2008 20
Figure 6: Small-Size North America Independent E&P
Companies, Oil & Gas Finding Reserves Additions, MMboe, 2008 22
Figure 7:
Small-Size North America Independent E&P Companies, Proved Crude Oil Reserves,
MMbbl, 2008 24
Figure 8: Small-Size North America Independent E&P
Companies, Proved Gas Reserves, Bcf, 2008 26
Figure 9: Small-Size North
America Independent E&P Companies, Total Oil & Gas Production, MMboe, 2008
28
Figure 10: Small-Size North America Independent E&P Companies, Oil
Production, MMbbl, 2008 30
Figure 11: Small-Size North America Independent
E&P Companies, Gas Production, Bcf, 2008 32
Figure 12: Small-Size North
America Independent E&P Companies, Oil and Gas Reserves Growth, CAGR,
2004-2008 34
Figure 13: Small-Size North America Independent E&P
Companies, Oil and Gas Production growth, CAGR, 2004-2008 36
Figure 14:
Small-Size North America Independent E&P Companies, Oil and Gas
Reserve/Production Ratio, Years, 2008 38
Figure 15: Small-Size North
America Independent E&P Companies, Oil & Gas Reserves Replacement (Excluding
Sales), %, 2008 41
Figure 16: Small-Size North America Independent E&P
Companies, Oil & Gas F&D Reserve Replacement (Organic, Including Revision), %,
2008 43
Figure 17: Small-Size North America Independent E&P Companies, Oil
& Gas F&D Reserve Replacement (Organic, Excluding Revision), %, 2008 45
Figure 18: Small-Size North America Independent E&P Companies, Oil & Gas
Reserve Replacement (Including Sales), %, 2008 47
Figure 19: Small-Size
North America Independent E&P Companies, Total Costs Incurred, $ Million, 2008
50
Figure 20: Small-Size North America Independent E&P Companies, Total
Acquisition Costs, $ Million, 2008 52
Figure 21: Small-Size North America
Independent E&P Companies, Exploration Costs, $ Million, 2008 54
Figure
22: Small-Size North America Independent E&P Companies, Development Costs, $
Million, 2008 56
Figure 23: Small-Size North America Independent E&P
Companies, Finding & Development Costs, $ Million, 2008 58
Figure 24:
Small-Size North America Independent E&P Companies, 3-Year Weighted Average
Oil and Gas Reserve Replacement Cost Per Boe, $/boe, 2008 60
Figure 25:
Small-Size North America Independent E&P Companies, 3-Year Weighted Average
Oil and Gas Proved Acquisition Costs Per Boe, $/boe, 2008 62
Figure 26:
Small-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 64
Figure 27: Small-Size North America Independent E&P
Companies, 3-Year Weighted Average Oil and Gas Finding Costs Per Boe, $/boe,
2008 66
Figure 28: Small-Size North America Independent E&P Companies, Oil
& Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2008 69
Figure 29: Small-Size North America Independent E&P Companies, Total Expenses
From Upstream Oil & Gas Operations, $ Million, 2008 71
Figure 30:
Small-Size North America Independent E&P Companies, Oil & Gas Revenue per boe,
$/BOE, 2008 73
Figure 31: Small-Size North America Independent E&P
Companies, Total DD&A per boe, $/BOE, 2008 75
Figure 32: Small-Size North
America Independent E&P Companies, Lifting Cost per boe, $/BOE,2008 77
Figure 33: Small-Size North America Independent E&P Companies, Net-back per
boe, $/BOE, 2008 79
Figure 34: Small-Size North America Independent E&P
Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2008 82
Figure
35: Small-Size North America Independent E&P Companies, Total Net Developed
and Undeveloped Acreage, (Thousand Acres), 2008 84
Figure 36: Small-Size
North America Independent E&P Companies, Total Net Developed Acreage,
(Thousand Acres), 2008 86
Figure 37: Small-Size North America Independent
E&P Companies, F&D Cost per Drilled Well, $Million/Well, 2008 88
Figure
38: Small-Size North America Independent E&P Companies, F&D Reserves Additions
per Net E&D Well Drilled, MMboe/Well 2008 90
Figure 39: Small-Size North
America Independent E&P Companies, Developed Oil & Gas Reserves per well,
Mboe/Well, 2008 92
Figure 40: Small-Size North America Independent E&P
Companies, Developed Oil Reserves per Well, Mbbl/Well, 2008 94
Figure 41:
Small-Size North America Independent E&P Companies, Developed Gas Reserves per
Well, MMcf/Well, 2008 96
Figure 42: Small-Size North America Independent
E&P Companies, Revenue, $ Million, 2008 99
Figure 43: Small-Size North
America Independent E&P Companies, Operating Income, $ Million, 2008 101
Figure 44: Small-Size North America Independent E&P Companies, Net Income, $
Million, 2008 103
Figure 45: Small-Size North America Independent E&P
Companies, Operating Cash Flow, $ Million, 2008 105
Figure 46: Small-Size
North America Independent E&P Companies, Average Return on fixed assets, CAGR,
%, 2004-2008 107
Figure 47: Small-Size North America Independent E&P
Companies, Average Operating Return on capital employed, CAGR, %, 2004-2008
109
Figure 48: Small-Size North America Independent E&P Companies, Average
Operating profit margin, CAGR, %, 2004-2008 111
Figure 49: Small-Size
North America Independent E&P Companies, Revenue Growth, CAGR, %, 2004-2008
113
Figure 50: Small-Size North America Independent E&P Companies, Growth
in Operating Cash Flow, CAGR, %, 2004-2008 116
Figure 51: GlobalData
Methodology 118
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