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 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 Replacement
Additions, 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 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 Mid-Size 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 Mid-Size 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 Mid-Size Canadian E&P Companies, Oil & Gas
Reserve Replacement (Excluding Sales), %, 2004-2008 40
3.3 Mid-Size
Canadian E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Including
Revision), %, 2004-2008 42
3.4 Mid-Size Canadian E&P Companies, Oil & Gas
F&D Reserve Replacement (Organic, Excluding Revision), %, 2004-2008 44
3.5
Mid-Size 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 Mid-Size
Canadian E&P Companies, Total Costs Incurred, 2004-2008 49
4.3 Mid-Size
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 Mid-Size 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 Mid-Size 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 Total Expenses From Upstream Oil & Gas Operations, $ Million, 2004-2008
72
5.3 Mid-Size Canadian E&P Companies, Performance Metrics, $/boe,
2004-2008 74
5.3.1 Oil & Gas Revenue per boe, $/BOE, 2004-2008 74
5.3.2 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/BOE,
2004-2008 76
5.3.3 Lifting Cost per boe, $/BOE, 2004-2008 78
5.3.4
Net-back per boe, $/BOE, 2004-2008 80
6 Acreage and Well Analysis 82
6.1 Mid-Size Canadian E&P Companies, Developed and Undeveloped Acreage,
2004-2008 82
6.1.1 Total Net Undeveloped Acreage, (Thousand Acres),
2004-2008 82
6.2 Mid-Size Canadian E&P Companies, Well Data, 2004-2008
84
6.2.1 F&D Cost per Drilled Well, 2004-2008 84
6.2.2 Developed Oil &
Gas Reserves per well, 2004-2008 86
6.2.3 Developed Oil Reserves per Well,
2004-2008 88
6.2.4 Developed Gas Reserves per Well, 2004-2008 90
7
Financial Performance Analysis 92
7.1 Analysis of leading 200 Oil & Gas
Companies 92
7.2 Mid-Size Canadian E&P Companies, Revenue, $ Million,
2004-2008 93
7.3 Mid-Size Canadian E&P Companies, Operating Income, $
Million, 2004-2008 95
7.4 Mid-Size Canadian E&P Companies, Net Income, $
Million, 2004-2008 97
7.5 Mid-Size Canadian E&P Companies, Operating Cash
Flow, $ Million, 2004-2008 99
7.6 Mid-Size Canadian E&P Companies,
Performance Metrics, 2004-2008 101
7.6.1 Average Return on Fixed Assets,
%, 2004-2008 101
7.6.2 Average Operating Return on Capital Employed, %,
2004-2008 103
7.6.3 Average Operating Profit Margin, %, 2004-2008 105
7.7 Mid-Size Canadian E&P Companies, Growth Ratio, 2004-2008 107
7.7.1
Revenue Growth, 2004-2008 107
7.7.2 Profit Growth, 2004-2008 109
7.7.3
Growth in Operating Cash Flow, 2004 - 2008 111
7.8 Mid-Size Canadian E&P
Companies, Exposure Ratio, 2004-2008 113
7.8.1 Debt leverage, %, 2004-2008
113
8 Appendix 115
8.1 Methodology 115
8.1.1 Coverage 115
8.1.2 Secondary Research 116
8.1.3 Primary Research 116
8.1.4 Expert
Panel Validation 117
8.2 Definition 117
8.2.1 Oil and Gas Reserves
117
8.2.2 Acreage and Well Information 117
8.2.3 Cost Incurred in Oil
and Gas Operations 118
8.2.4 Reserves Replacement Ratio 123
8.2.5
Results of Oil & Gas Operations 126
8.2.6 Results of Oil & Gas Operations
Per BOE Produced 130
8.3 Contact Us 132
8.4 About GlobalData 132
8.5 Disclaimer 132
1.1 List of Tables
Table 1: Mid-Size Canadian
E&P Companies, Total Proved Oil & Gas Reserves, MMboe, 2004-2008 13
Table
2: Mid-Size Canadian E&P Companies, Developed Oil & Gas Reserves, MMboe,
2004-2008 15
Table 3: Mid-Size Canadian E&P Companies, Undeveloped Oil &
Gas Reserves, MMboe, 2004-2008 17
Table 4: Mid-Size Canadian E&P
Companies, Oil & Gas Finding & Development Reserves Additions, MMboe,
2004-2008 19
Table 5: Mid-Size Canadian E&P Companies, Oil & Gas Reserves
Replacement Additions, MMboe, 2004-2008 21
Table 6: Mid-Size Canadian E&P
Companies, Oil & Gas Finding Reserves Additions, MMboe, 2004-2008 23
Table
7: Mid-Size Canadian E&P Companies, Proved Crude Oil Reserves, MMbbl,
2004-2008 25
Table 8: Mid-Size Canadian E&P Companies, Proved Gas
Reserves, Bcf, 2004-2008 27
Table 9: Mid-Size Canadian E&P Companies,
Total Oil & Gas Production, MMboe, 2004-2008 29
Table 10: Mid-Size
Canadian E&P Companies, Oil Production, MMbbl, 2004-2008 31
Table 11:
Mid-Size Canadian E&P Companies, Gas Production, Bcf, 2004-2008 33
Table
12: Mid-Size Canadian E&P Companies, Oil and Gas Reserves Growth, CAGR,
2004-2008 35
Table 13: Mid-Size Canadian E&P Companies, Oil and Gas
Production growth, CAGR, 2004-2008 37
Table 14: Mid-Size Canadian E&P
Companies, Oil and Gas Reserve/Production Ratio, Years, 2004-2008 39
Table
15: Mid-Size Canadian E&P Companies, Oil & Gas Reserves Replacement (Excluding
Sales), %, 2004-2008 41
Table 16: Mid-Size Canadian E&P Companies, Oil &
Gas F&D Reserve Replacement (Organic, Including Revision), %, 2008 43
Table 17: Mid-Size Canadian E&P Companies, Oil & Gas F&D Reserve Replacement
(Organic, Excluding Revision), %, 2004-2008 45
Table 18: Mid-Size Canadian
E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %, 2004-2008
47
Table 19: Mid-Size Canadian E&P Companies, Total Costs Incurred, $
Million, 2004-2008 50
Table 20: Mid-Size Canadian E&P Companies, Total
Acquisition Costs, $ Million, 2004-2008 52
Table 21: Mid-Size Canadian E&P
Companies, Exploration Costs, $ Million, 2004-2008 54
Table 22: Mid-Size
Canadian E&P Companies, Development Costs, $ Million, 2004-2008 56
Table
23: Mid-Size Canadian E&P Companies, Finding & Development Costs, $ Million,
2004-2008 58
Table 24: Mid-Size Canadian E&P Companies, 3-Year Weighted
Average Oil and Gas Finding & Development Costs Per Boe, $/boe, 2004-2008
60
Table 25: Mid-Size Canadian E&P Companies, 3-Year Weighted Average Oil
and Gas Reserve Replacement Cost Per Boe, $/boe, 2008 62
Table 26:
Mid-Size Canadian E&P Companies, 3-Year Weighted Average Oil and Gas Proved
Acquisition Costs Per Boe, $/boe, 2004-2008 64
Table 27: Mid-Size 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: Mid-Size Canadian E&P Companies, 3-Year Weighted Average Oil
and Gas Finding Costs Per Boe, $/boe, 2004-2008 68
Table 29: Mid-Size
Canadian E&P Companies, Oil & Gas Revenue From Upstream Oil & Gas Operations,
$ Million, 2004-2008 71
Table 30: Mid-Size Canadian E&P Companies, Total
Expenses From Upstream Oil & Gas Operations, $ Million, 2004-2008 73
Table
31: Mid-Size Canadian E&P Companies, Oil & Gas Revenue per boe, $/BOE,
2004-2008 75
Table 32: Mid-Size Canadian E&P Companies, Total DD&A per
boe, $/BOE, 2004-2008 77
Table 33: Mid-Size Canadian E&P Companies,
Lifting Cost per boe, $/BOE,2004-2008 79
Table 34: Mid-Size Canadian E&P
Companies, Net-back per boe, $/BOE, 2004-2008 81
Table 35: Mid-Size
Canadian E&P Companies, Total Net Undeveloped Acreage, (Thousand Acres),
2004-2008 83
Table 36: Mid-Size Canadian E&P Companies, F&D Cost per
Drilled Well, $Million/Well, 2004-2008 85
Table 37: Mid-Size Canadian E&P
Companies, Developed Oil & Gas Reserves per well, Mboe/Well, 2004-2008 87
Table 38: Mid-Size Canadian E&P Companies, Developed Oil Reserves per Well,
Mbbl/Well, 2008 89
Table 39: Mid-Size Canadian E&P Companies, Developed
Gas Reserves per Well, MMcf/Well, 2004-2008 91
Table 40: Mid-Size Canadian
E&P Companies, Revenue, $ Million, 2004-2008 94
Table 41: Mid-Size
Canadian E&P Companies, Operating Income, $ Million, 2004-2008 96
Table
42: Mid-Size Canadian E&P Companies, Net Income, $ Million, 2004-2008 98
Table 43: Mid-Size Canadian E&P Companies, Operating Cash Flow, $ Million,
2004-2008 100
Table 44: Mid-Size Canadian E&P Companies, Average Return on
fixed assets, CAGR, %, 2004-2008 102
Table 45: Mid-Size Canadian E&P
Companies, Average Operating Return on capital employed, CAGR, %, 2004-2008
104
Table 46: Mid-Size Canadian E&P Companies, Average Operating profit
margin, CAGR, %, 2004-2008 106
Table 47: Mid-Size Canadian E&P Companies,
Revenue Growth, CAGR, %, 2004-2008 108
Table 48: Mid-Size Canadian E&P
Companies, Profit Growth, CAGR, %, 2004-2008 110
Table 49: Mid-Size
Canadian E&P Companies, Growth in Operating Cash Flow, CAGR, %, 2004-2008
112
Table 50: Mid-Size Canadian E&P Companies, Debt leverage, %, 2004-2008
114
1.2 List of Figures
Figure 1: Mid-Size Canadian E&P
Companies, Total Proved Oil & Gas Reserves, MMboe, 2008 12
Figure 2:
Mid-Size Canadian E&P Companies, Developed Oil & Gas Reserves, MMboe, 2008
14
Figure 3: Mid-Size Canadian E&P Companies, Undeveloped Oil & Gas
Reserves, MMboe, 2008 16
Figure 4: Mid-Size Canadian E&P Companies, Oil &
Gas Finding & Development Reserves Additions, MMboe, 2008 18
Figure 5:
Mid-Size Canadian E&P Companies, Oil & Gas Reserves Replacement Additions,
MMboe, 2008 20
Figure 6: Mid-Size Canadian E&P Companies, Oil & Gas
Finding Reserves Additions, MMboe, 2008 22
Figure 7: Mid-Size Canadian E&P
Companies, Proved Crude Oil Reserves, MMbbl, 2008 24
Figure 8: Mid-Size
Canadian E&P Companies, Proved Gas Reserves, Bcf, 2008 26
Figure 9:
Mid-Size Canadian E&P Companies, Total Oil & Gas Production, MMboe, 2008
28
Figure 10: Mid-Size Canadian E&P Companies, Oil Production, MMbbl, 2008
30
Figure 11: Mid-Size Canadian E&P Companies, Gas Production, Bcf, 2008
32
Figure 12: Mid-Size Canadian E&P Companies, Oil and Gas Reserves
Growth, CAGR, 2004-2008 34
Figure 13: Mid-Size Canadian E&P Companies, Oil
and Gas Production growth, CAGR, 2004-2008 36
Figure 14: Mid-Size Canadian
E&P Companies, Oil and Gas Reserve/Production Ratio, Years, 2008 38
Figure
15: Mid-Size Canadian E&P Companies, Oil & Gas Reserves Replacement (Excluding
Sales), %, 2008 40
Figure 16: Mid-Size Canadian E&P Companies, Oil & Gas
F&D Reserve Replacement (Organic, Including Revision), %, 2008 42
Figure
17: Mid-Size Canadian E&P Companies, Oil & Gas F&D Reserve Replacement
(Organic, Excluding Revision), %, 2008 44
Figure 18: Mid-Size Canadian E&P
Companies, Oil & Gas Reserve Replacement (Including Sales), %, 2008 46
Figure 19: Mid-Size Canadian E&P Companies, Total Costs Incurred, $ Million,
2008 49
Figure 20: Mid-Size Canadian E&P Companies, Total Acquisition
Costs, $ Million, 2008 51
Figure 21: Mid-Size Canadian E&P Companies,
Exploration Costs, $ Million, 2008 53
Figure 22: Mid-Size Canadian E&P
Companies, Development Costs, $ Million, 2008 55
Figure 23: Mid-Size
Canadian E&P Companies, Finding & Development Costs, $ Million, 2008 57
Figure 24: Mid-Size Canadian E&P Companies, 3-Year Weighted Average Oil and
Gas Finding & Development Costs Per Boe, $/boe, 2008 59
Figure 25:
Mid-Size Canadian E&P Companies, 3-Year Weighted Average Oil and Gas Reserve
Replacement Cost Per Boe, $/boe, 2008 61
Figure 26: Mid-Size Canadian E&P
Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs Per
Boe, $/boe, 2008 63
Figure 27: Mid-Size 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: Mid-Size Canadian E&P
Companies, 3-Year Weighted Average Oil and Gas Finding Costs Per Boe, $/boe,
2008 67
Figure 29: Mid-Size Canadian E&P Companies, Oil & Gas Revenue From
Upstream Oil & Gas Operations, $ Million, 2008 70
Figure 30: Mid-Size
Canadian E&P Companies, Total Expenses From Upstream Oil & Gas Operations, $
Million, 2008 72
Figure 31: Mid-Size Canadian E&P Companies, Oil & Gas
Revenue per boe, $/BOE, 2008 74
Figure 32: Mid-Size Canadian E&P
Companies, Total DD&A per boe, $/BOE, 2008 76
Figure 33: Mid-Size Canadian
E&P Companies, Lifting Cost per boe, $/BOE,2008 78
Figure 34: Mid-Size
Canadian E&P Companies, Net-back per boe, $/BOE, 2008 80
Figure 35:
Mid-Size Canadian E&P Companies, Total Net Undeveloped Acreage, (Thousand
Acres), 2008 82
Figure 36: Mid-Size Canadian E&P Companies, F&D Cost per
Drilled Well, $Million/Well, 2008 84
Figure 37: Mid-Size Canadian E&P
Companies, Developed Oil & Gas Reserves per well, Mboe/Well, 2008 86
Figure 38: Mid-Size Canadian E&P Companies, Developed Oil Reserves per Well,
Mbbl/Well, 2008 88
Figure 39: Mid-Size Canadian E&P Companies, Developed
Gas Reserves per Well, MMcf/Well, 2008 90
Figure 40: Mid-Size Canadian E&P
Companies, Revenue, $ Million, 2008 93
Figure 41: Mid-Size Canadian E&P
Companies, Operating Income, $ Million, 2008 95
Figure 42: Mid-Size
Canadian E&P Companies, Net Income, $ Million, 2008 97
Figure 43: Mid-Size
Canadian E&P Companies, Operating Cash Flow, $ Million, 2008 99
Figure 44:
Mid-Size Canadian E&P Companies, Average Return on fixed assets, CAGR, %,
2004-2008 101
Figure 45: Mid-Size Canadian E&P Companies, Average
Operating Return on capital employed, CAGR, %, 2004-2008 103
Figure 46:
Mid-Size Canadian E&P Companies, Average Operating profit margin, CAGR, %,
2004-2008 105
Figure 47: Mid-Size Canadian E&P Companies, Revenue Growth,
CAGR, %, 2004-2008 107
Figure 48: Mid-Size Canadian E&P Companies, Profit
Growth, CAGR, %, 2004-2008 109
Figure 49: Mid-Size Canadian E&P Companies,
Growth in Operating Cash Flow, CAGR, %, 2004-2008 111
Figure 50: Mid-Size
Canadian E&P Companies, Debt leverage, %, 2008 113
Figure 51: GlobalData
Methodology 115
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