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 Independent Canadian 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 Independent
Canadian 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
Independent Canadian 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 Independent Canadian 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 Independent Canadian E&P Companies, Oil & Gas Reserve Replacement
(Excluding Sales), %, 2004-2008 40
3.3 Large Independent Canadian E&P
Companies, Oil & Gas F&D Reserve Replacement (Organic, Including Revision), %,
2004-2008 42
3.4 Large Independent Canadian E&P Companies, Oil & Gas F&D
Reserve Replacement (Organic, Excluding Revision), %, 2004-2008 44
3.5
Large Independent Canadian 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 Independent Canadian E&P Companies, Total Costs Incurred, 2004-2008
48
4.3 Large Independent Canadian 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
Independent Canadian 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 Independent Canadian 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 Total
Expenses From Upstream Oil & Gas Operations, $ Million, 2004-2008 74
5.2.4
Free Cash Flow From Upstream Oil & Gas Operations, $ Million, 2004-2008 76
5.3 Large Independent Canadian E&P Companies, Performance Metrics, $/boe,
2004-2008 78
5.3.1 Oil & Gas Revenue per boe, $/BOE, 2004-2008 78
5.3.2 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/BOE,
2004-2008 80
5.3.3 Lifting Cost per boe, $/BOE, 2004-2008 82
5.3.4
Net-back per boe, $/BOE, 2004-2008 84
6 Acreage and Well Analysis 86
6.1 Large Independent Canadian 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 89
6.1.3 Total Net Developed Acreage,
(Thousand Acres), 2004-2008 91
6.2 Large Independent Canadian E&P
Companies, Well Data, 2004-2008 93
6.2.1 F&D Cost per Drilled Well,
2004-2008 93
6.2.2 Developed Oil & Gas Reserves per well, 2004-2008 95
6.2.3 Developed Oil Reserves per Well, 2004-2008 97
6.2.4 Developed Gas
Reserves per Well, 2004-2008 99
7 Financial Performance Analysis 101
7.1 Analysis of leading 200 Oil & Gas Companies 101
7.2 Large Independent
Canadian E&P Companies, Revenue, $ Million, 2004-2008 101
7.3 Large
Independent Canadian E&P Companies, Operating Income, $ Million, 2004-2008
104
7.4 Large Independent Canadian E&P Companies, Net Income, $ Million,
2004-2008 106
7.5 Large Independent Canadian E&P Companies, Operating Cash
Flow, $ Million, 2004-2008 108
7.6 Large Independent Canadian E&P
Companies, Performance Metrics, 2004-2008 110
7.6.1 Average Return on
Fixed Assets, %, 2004-2008 110
7.6.2 Average Operating Return on Capital
Employed, %, 2004-2008 112
7.6.3 Average Operating Profit Margin, %,
2004-2008 114
7.7 Large Independent Canadian E&P Companies, Growth Ratio,
2004-2008 116
7.7.1 Revenue Growth, 2004-2008 116
7.7.2 Profit Growth,
2004-2008 117
7.7.3 Growth in Operating Cash Flow, 2004 - 2008 119
7.8
Large Independent Canadian E&P Companies, Exposure Ratio, 2004-2008 120
7.8.1 Debt leverage, %, 2004-2008 120
7.8.2 Total Debt/Proved Reserves,
$/boe, 2004-2008 122
8 Appendix 124
8.1 Methodology 124
8.1.1
Coverage 124
8.1.2 Secondary Research 125
8.1.3 Primary Research
125
8.1.4 Expert Panel Validation 126
8.2 Definition 126
8.2.1 Oil
and Gas Reserves 126
8.2.2 Acreage and Well Information 126
8.2.3 Cost
Incurred in Oil and Gas Operations 127
8.2.4 Reserves Replacement Ratio
132
8.2.5 Results of Oil & Gas Operations 135
8.2.6 Results of Oil &
Gas Operations Per BOE Produced 139
8.3 Contact Us 141
8.4 About
GlobalData 141
8.5 Disclaimer 141
1.1 List of Tables
Table 1:
Large Independent Canadian E&P Companies, Total Proved Oil & Gas Reserves,
MMboe, 2004-2008 13
Table 2: Large Independent Canadian E&P Companies,
Developed Oil & Gas Reserves, MMboe, 2004-2008 15
Table 3: Large
Independent Canadian E&P Companies, Undeveloped Oil & Gas Reserves, MMboe,
2004-2008 17
Table 4: Large Independent Canadian E&P Companies, Oil & Gas
Finding & Development Reserves Additions, MMboe, 2004-2008 19
Table 5:
Large Independent Canadian E&P Companies, Oil & Gas Reserves Replacement
Additions, MMboe, 2004-2008 21
Table 6: Large Independent Canadian E&P
Companies, Oil & Gas Finding Reserves Additions, MMboe, 2004-2008 23
Table
7: Large Independent Canadian E&P Companies, Proved Crude Oil Reserves, MMbbl,
2004-2008 25
Table 8: Large Independent Canadian E&P Companies, Proved Gas
Reserves, Bcf, 2004-2008 27
Table 9: Large Independent Canadian E&P
Companies, Total Oil & Gas Production, MMboe, 2004-2008 29
Table 10: Large
Independent Canadian E&P Companies, Oil Production, MMbbl, 2004-2008 31
Table 11: Large Independent Canadian E&P Companies, Gas Production, Bcf,
2004-2008 33
Table 12: Large Independent Canadian E&P Companies, Oil and
Gas Reserves Growth, CAGR, 2004-2008 35
Table 13: Large Independent
Canadian E&P Companies, Oil and Gas Production growth, CAGR, 2004-2008 37
Table 14: Large Independent Canadian E&P Companies, Oil and Gas
Reserve/Production Ratio, Years, 2004-2008 39
Table 15: Large Independent
Canadian E&P Companies, Oil & Gas Reserves Replacement (Excluding Sales), %,
2004-2008 41
Table 16: Large Independent Canadian E&P Companies, Oil & Gas
F&D Reserve Replacement (Organic, Including Revision), %, 2004-2008 43
Table 17: Large Independent Canadian E&P Companies, Oil & Gas F&D Reserve
Replacement (Organic, Excluding Revision), %, 2004-2008 45
Table 18: Large
Independent Canadian E&P Companies, Oil & Gas Reserve Replacement (Including
Sales), %, 2004-2008 47
Table 19: Large Independent Canadian E&P
Companies, Total Costs Incurred, $ Million, 2004-2008 50
Table 20: Large
Independent Canadian E&P Companies, Total Acquisition Costs, $ Million,
2004-2008 52
Table 21: Large Independent Canadian E&P Companies,
Exploration Costs, $ Million, 2004-2008 54
Table 22: Large Independent
Canadian E&P Companies, Development Costs, $ Million, 2004-2008 56
Table
23: Large Independent Canadian E&P Companies, Finding & Development Costs, $
Million, 2004-2008 58
Table 24: Large Independent Canadian E&P Companies,
3-Year Weighted Average Oil and Gas Finding & Development Costs Per Boe,
$/boe, 2004-2008 60
Table 25: Large Independent Canadian E&P Companies,
3-Year Weighted Average Oil and Gas Reserve Replacement Cost Per Boe, $/boe,
2004-2008 62
Table 26: Large Independent Canadian E&P Companies, 3-Year
Weighted Average Oil and Gas Proved Acquisition Costs Per Boe, $/boe,
2004-2008 64
Table 27: Large Independent Canadian 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 Independent
Canadian E&P Companies, 3-Year Weighted Average Oil and Gas Finding Costs Per
Boe, $/boe, 2004-2008 68
Table 29: Large Independent Canadian E&P
Companies, Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million,
2004-2008 71
Table 30: Large Independent Canadian E&P Companies, Net
Income/ Loss From Upstream Oil & Gas Operations, $ Million, 2004-2008 73
Table 31: Large Independent Canadian E&P Companies, Total Expenses From
Upstream Oil & Gas Operations, $ Million, 2008 75
Table 32: Large
Independent Canadian E&P Companies, Free Cash Flow From Upstream Oil & Gas
Operations, $ Million, 2004-2008 77
Table 33: Large Independent Canadian
E&P Companies, Oil & Gas Revenue per boe, $/BOE, 2004-2008 79
Table 34:
Large Independent Canadian E&P Companies, Total DD&A per boe, $/BOE, 2004-2008
81
Table 35: Large Independent Canadian E&P Companies, Lifting Cost per
boe, $/BOE,2004-2008 83
Table 36: Large Independent Canadian E&P
Companies, Net-back per boe, $/BOE, 2004-2008 85
Table 37: Large
Independent Canadian E&P Companies, Total Net Undeveloped Acreage, (Thousand
Acres), 2004-2008 88
Table 38: Large Independent Canadian E&P Companies,
Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2004-2008
90
Table 39: Large Independent Canadian E&P Companies, Total Net Developed
Acreage, (Thousand Acres), 2004-2008 92
Table 40: Large Independent
Canadian E&P Companies, F&D Cost per Drilled Well, $Million/Well, 2004-2008
94
Table 41: Large Independent Canadian E&P Companies, Developed Oil & Gas
Reserves per well, Mboe/Well, 2004-2008 96
Table 42: Large Independent
Canadian E&P Companies, Developed Oil Reserves per Well, Mbbl/Well, 2004-2008
98
Table 43: Large Independent Canadian E&P Companies, Developed Gas
Reserves per Well, MMcf/Well, 2004-2008 100
Table 44: Large Independent
Canadian E&P Companies, Revenue, $ Million, 2004-2008 103
Table 45: Large
Independent Canadian E&P Companies, Operating Income, $ Million, 2004-2008
105
Table 46: Large Independent Canadian E&P Companies, Net Income, $
Million, 2004-2008 107
Table 47: Large Independent Canadian E&P Companies,
Operating Cash Flow, $ Million, 2004-2008 109
Table 48: Large Independent
Canadian E&P Companies, Average Return on fixed assets, CAGR, %, 2004-2008
111
Table 49: Large Independent Canadian E&P Companies, Average Operating
Return on capital employed, CAGR, %, 2004-2008 113
Table 50: Large
Independent Canadian E&P Companies, Average Operating profit margin, CAGR, %,
2004-2008 115
Table 51: Large Independent Canadian E&P Companies, Revenue
Growth, CAGR, %, 2004-2008 117
Table 52: Large Independent Canadian E&P
Companies, Profit Growth, CAGR, %, 2004-2008 118
Table 53: Large
Independent Canadian E&P Companies, Growth in Operating Cash Flow, Large
Independent Canadian E&P Companies, Debt leverage, %, 2004-2008 119
Table
54: Large Independent Canadian E&P Companies, Debt leverage, %, 2004-2008
121
Table 55: Large Independent Canadian E&P Companies, Total Debt/Proved
Reserves, $/BOE, 2004-2008 123
1.2 List of Figures
Figure 1:
Large Independent Canadian E&P Companies, Total Proved Oil & Gas Reserves,
MMboe, 2008 12
Figure 2: Large Independent Canadian E&P Companies,
Developed Oil & Gas Reserves, MMboe, 2008 14
Figure 3: Large Independent
Canadian E&P Companies, Undeveloped Oil & Gas Reserves, MMboe, 2008 16
Figure 4: Large Independent Canadian E&P Companies, Oil & Gas Finding &
Development Reserves Additions, MMboe, 2008 18
Figure 5: Large Independent
Canadian E&P Companies, Oil & Gas Reserves Additions (Excluding Sales), MMboe,
2008 20
Figure 6: Large Independent Canadian E&P Companies, Oil & Gas
Finding Reserves Additions, MMboe, 2008 22
Figure 7: Large Independent
Canadian E&P Companies, Proved Crude Oil Reserves, MMbbl, 2008 24
Figure
8: Large Independent Canadian E&P Companies, Proved Gas Reserves, Bcf, 2008
26
Figure 9: Large Independent Canadian E&P Companies, Total Oil & Gas
Production, MMboe, 2008 28
Figure 10: Large Independent Canadian E&P
Companies, Oil Production, MMbbl, 2008 30
Figure 11: Large Independent
Canadian E&P Companies, Gas Production, Bcf, 2008 32
Figure 12: Large
Independent Canadian E&P Companies, Oil and Gas Reserves Growth, CAGR,
2004-2008 34
Figure 13: Large Independent Canadian E&P Companies, Oil and
Gas Production growth, CAGR, 2004-2008 36
Figure 14: Large Independent
Canadian E&P Companies, Oil and Gas Reserve/Production Ratio, Years, 2008
38
Figure 15: Large Independent Canadian E&P Companies, Oil & Gas Reserves
Replacement (Excluding Sales), %, 2008 40
Figure 16: Large Independent
Canadian E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Including
Revision), %, 2008 42
Figure 17: Large Independent Canadian E&P Companies,
Oil & Gas F&D Reserve Replacement (Organic, Excluding Revision), %, 2008
44
Figure 18: Large Independent Canadian E&P Companies, Oil & Gas Reserve
Replacement (Including Sales), %, 2008 46
Figure 19: Large Independent
Canadian E&P Companies, Total Costs Incurred, $ Million, 2008 49
Figure
20: Large Independent Canadian E&P Companies, Total Acquisition Costs, $
Million, 2008 51
Figure 21: Large Independent Canadian E&P Companies,
Exploration Costs, $ Million, 2008 53
Figure 22: Large Independent
Canadian E&P Companies, Development Costs, $ Million, 2008 55
Figure 23:
Large Independent Canadian E&P Companies, Finding & Development Costs, $
Million, 2008 57
Figure 24: Large Independent Canadian E&P Companies,
3-Year Weighted Average Oil and Gas Finding & Development Costs Per Boe,
$/boe, 2008 59
Figure 25: Large Independent Canadian E&P Companies, 3-Year
Weighted Average Oil and Gas Reserve Replacement Cost Per Boe, $/boe, 2008
61
Figure 26: Large Independent Canadian E&P Companies, 3-Year Weighted
Average Oil and Gas Proved Acquisition Costs Per Boe, $/boe, 2008 63
Figure 27: Large Independent Canadian 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 Independent Canadian E&P Companies, 3-Year
Weighted Average Oil and Gas Finding Costs Per Boe, $/boe, 2008 67
Figure
29: Large Independent Canadian E&P Companies, Oil & Gas Revenue From Upstream
Oil & Gas Operations, $ Million, 2008 70
Figure 30: Large Independent
Canadian E&P Companies, Net Income/ Loss From Upstream Oil & Gas Operations, $
Million, 2008 72
Figure 31: Large Independent Canadian E&P Companies,
Total Expenses From Upstream Oil & Gas Operations, $ Million, 2008 74
Figure 32: Large Independent Canadian E&P Companies, Free Cash Flow From
Upstream Oil & Gas Operations, $ Million, 2008 76
Figure 33: Large
Independent Canadian E&P Companies, Oil & Gas Revenue per boe, $/BOE, 2008
78
Figure 34: Large Independent Canadian E&P Companies, Total DD&A per
boe, $/BOE, 2008 80
Figure 35: Large Independent Canadian E&P Companies,
Lifting Cost per boe, $/BOE,2008 82
Figure 36: Large Independent Canadian
E&P Companies, Net-back per boe, $/BOE, 2008 84
Figure 37: Large
Independent Canadian E&P Companies, Total Net Undeveloped Acreage, (Thousand
Acres), 2008 87
Figure 38: Large Independent Canadian E&P Companies, Total
Net Developed and Undeveloped Acreage, (Thousand Acres), 2008 89
Figure
39: Large Independent Canadian E&P Companies, Total Net Developed Acreage,
(Thousand Acres), 2008 91
Figure 40: Large Independent Canadian E&P
Companies, F&D Cost per Drilled Well, $Million/Well, 2008 93
Figure 41:
Large Independent Canadian E&P Companies, Developed Oil & Gas Reserves per
well, Mboe/Well, 2008 95
Figure 42: Large Independent Canadian E&P
Companies, Developed Oil Reserves per Well, Mbbl/Well, 2008 97
Figure 43:
Large Independent Canadian E&P Companies, Developed Gas Reserves per Well,
MMcf/Well, 2008 99
Figure 44: Large Independent Canadian E&P Companies,
Revenue, $ Million, 2008 102
Figure 45: Large Independent Canadian E&P
Companies, Operating Income, $ Million, 2008 104
Figure 46: Large
Independent Canadian E&P Companies, Net Income, $ Million, 2008 106
Figure
47: Large Independent Canadian E&P Companies, Operating Cash Flow, $ Million,
2008 108
Figure 48: Large Independent Canadian E&P Companies, Average
Return on fixed assets, CAGR, %, 2004-2008 110
Figure 49: Large
Independent Canadian E&P Companies, Average Operating Return on capital
employed, CAGR, %, 2004-2008 112
Figure 50: Large Independent Canadian E&P
Companies, Average Operating profit margin, CAGR, %, 2004-2008 114
Figure
51: Large Independent Canadian E&P Companies, Revenue Growth, CAGR, %,
2004-2008 116
Figure 52: Large Independent Canadian E&P Companies, Profit
Growth, CAGR, %, 2004-2008 117
Figure 53: Large Independent Canadian E&P
Companies, Growth in Operating Cash Flow, CAGR, %, 2004-2008 119
Figure
54: Large Independent Canadian E&P Companies, Debt leverage, %, 2008 120
Figure 55: Large Independent Canadian E&P Companies, Total Debt/Proved
Reserves , $/boe, 2008 122
Figure 56: GlobalData Methodology 124
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