1 Table of Contents 3
1.1 List of Tables 6
1.2 List of Figures 8
2 Reserves and Production Analysis 11
2.1 Analysis of leading 200 Oil & Gas Companies 11
2.2 Top 20 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 Top 20 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 Top 20 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 Top 20 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 Top 20 North America Independent E&P Companies, Oil & Gas Reserve Replacement (Excluding Sales), %, 2004-2008 40
3.3 Top 20 North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Including Revision), %, 2004-2008 42
3.4 Top 20 North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Excluding Revision), %, 2004-2008 44
3.5 Top 20 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 Top 20 North America Independent E&P Companies, Total Costs Incurred, 2004-2008 48
4.3 Top 20 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 Top 20 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 Top 20 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 Top 20 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 Top 20 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 Top 20 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 Top 20 North America Independent E&P Companies, Revenue, $ Million, 2004-2008 106
7.3 Top 20 North America Independent E&P Companies, Operating Income, $ Million, 2004-2008 109
7.4 Top 20 North America Independent E&P Companies, Net Income, $ Million, 2004-2008 111
7.5 Top 20 North America Independent E&P Companies, Operating Cash Flow, $ Million, 2004-2008 113
7.6 Top 20 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 Top 20 North America Independent E&P Companies, Growth Ratio, 2004-2008 121
7.7.1 Revenue Growth, 2004-2008 121
7.7.2 Profit Growth, 2004-2008 123
7.7.3 Growth in Operating Cash Flow, 2004 - 2008 125
7.8 Top 20 North America Independent E&P Companies, Exposure Ratio, 2004-2008 127
7.8.1 Debt leverage, %, 2004-2008 127
7.8.2 Total Debt/Proved Reserves, $/boe, 2004-2008 129
8 Appendix 131
8.1 Methodology 131
8.1.1 Coverage 131
8.1.2 Secondary Research 132
8.1.3 Primary Research 132
8.1.4 Expert Panel Validation 133
8.2 Definition 133
8.2.1 Oil and Gas Reserves 133
8.2.2 Acreage and Well Information 133
8.2.3 Cost Incurred in Oil and Gas Operations 134
8.2.4 Reserves Replacement Ratio 138
8.2.5 Results of Oil & Gas Operations 141
8.2.6 Results of Oil & Gas Operations Per BOE Produced 144
8.3 Contact Us 147
8.4 About GlobalData 147
8.5 Disclaimer 147
1.1 List of Tables
Table 1: Top 20 North America Independent E&P Companies, Total Proved Oil & Gas Reserves, MMboe, 2004-2008 13
Table 2: Top 20 North America Independent E&P Companies, Developed Oil & Gas Reserves, MMboe, 2004-2008 15
Table 3: Top 20 North America Independent E&P Companies, Undeveloped Oil & Gas Reserves, MMboe, 2004-2008 17
Table 4: Top 20 North America Independent E&P Companies, Oil & Gas Finding & Development Reserves Additions, MMboe, 2004-2008 19
Table 5: Top 20 North America Independent E&P Companies, Oil & Gas Reserves Replacement Additions, MMboe, 2004-2008 21
Table 6: Top 20 North America Independent E&P Companies, Oil & Gas Finding Reserves Additions, MMboe, 2004-2008 23
Table 7: Top 20 North America Independent E&P Companies, Proved Crude Oil Reserves, MMbbl, 2004-2008 25
Table 8: Top 20 North America Independent E&P Companies, Proved Gas Reserves, Bcf, 2004-2008 27
Table 9: Top 20 North America Independent E&P Companies, Total Oil & Gas Production, MMboe, 2004-2008 29
Table 10: Top 20 North America Independent E&P Companies, Oil Production, MMbbl, 2004-2008 31
Table 11: Top 20 North America Independent E&P Companies, Gas Production, Bcf, 2004-2008 33
Table 12: Top 20 North America Independent E&P Companies, Oil and Gas Reserves Growth, CAGR, 2004-2008 35
Table 13: Top 20 North America Independent E&P Companies, Oil and Gas Production growth, CAGR, 2004-2008 37
Table 14: Top 20 North America Independent E&P Companies, Oil and Gas Reserve/Production Ratio, Years, 2004-2008 39
Table 15: Top 20 North America Independent E&P Companies, Oil & Gas Reserves Replacement (Excluding Sales), %, 2004-2008 41
Table 16: Top 20 North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Including Revision), %, 2008 43
Table 17: Top 20 North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Excluding Revision), %, 2004-2008 45
Table 18: Top 20 North America Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %, 2004-2008 47
Table 19: Top 20 North America Independent E&P Companies, Total Costs Incurred, $ Million, 2004-2008 50
Table 20: Top 20 North America Independent E&P Companies, Total Acquisition Costs, $ Million, 2004-2008 52
Table 21: Top 20 North America Independent E&P Companies, Exploration Costs, $ Million, 2004-2008 54
Table 22: Top 20 North America Independent E&P Companies, Development Costs, $ Million, 2004-2008 56
able 23: Top 20 North America Independent E&P Companies, Finding & Development Costs, $ Million, 2004-2008 58
Table 24: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Finding & Development Costs Per Boe, $/boe, 2004-2008 60
Table 25: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Reserve Replacement Cost Per Boe, $/boe, 2004-2008 62
Table 26: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs Per Boe, $/boe, 2008 64
Table 27: Top 20 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: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Finding Costs Per Boe, $/boe, 2004-2008 68
Table 29: Top 20 North America Independent E&P Companies, Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2004-2008 71
Table 30: Top 20 North America Independent E&P Companies, Net Income/ Loss From Upstream Oil & Gas Operations, $ Million, 2004-2008 73
Table 31: Top 20 North America Independent E&P Companies, Free Cash Flow From Upstream Oil & Gas Operations, $ Million, 2004-2008 75
Table 32: Top 20 North America Independent E&P Companies, Total Expenses From Upstream Oil & Gas Operations, $ Million, 2004-2008 77
Table 33: Top 20 North America Independent E&P Companies, Oil & Gas Revenue per boe, $/BOE, 2004-2008 79
Table 34: Top 20 North America Independent E&P Companies, Net Income per boe, $/BOE, 2004-2008 81
Table 35: Top 20 North America Independent E&P Companies, Cash Flow per boe, $/BOE, 2004-2008 83
Table 36: Top 20 North America Independent E&P Companies, Total DD&A per boe, $/BOE, 2004-2008 85
Table 37: Top 20 North America Independent E&P Companies, Lifting Cost per boe, $/BOE,2004-2008 87
Table 38: Top 20 North America Independent E&P Companies, Net-back per boe, $/BOE, 2004-2008 89
Table 39: Top 20 North America Independent E&P Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2004-2008 91
Table 40: Top 20 North America Independent E&P Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2004-2008 93
Table 41: Top 20 North America Independent E&P Companies, Total Net Developed Acreage, (Thousand Acres), 2004-2008 95
Table 42: Top 20 North America Independent E&P Companies, F&D Cost per Drilled Well, $Million/Well, 2004-2008 97
Table 43: Top 20 North America Independent E&P Companies, F&D Reserves Additions per Net E&D Well Drilled, MMboe/Well 2004-2008 99
Table 44: Top 20 North America Independent E&P Companies, Developed Oil & Gas Reserves per well, Mboe/Well, 2004-2008 101
Table 45: Top 20 North America Independent E&P Companies, Developed Oil Reserves per Well, Mbbl/Well, 2004-2008 103
Table 46: Top 20 North America Independent E&P Companies, Developed Gas Reserves per Well, MMcf/Well, 2004-2008 105
Table 47: Top 20 North America Independent E&P Companies, Revenue, $ Million, 2004-2008 108
Table 48: Top 20 North America Independent E&P Companies, Operating Income, $ Million, 2004-2008 110
Table 49: Top 20 North America Independent E&P Companies, Net Income, $ Million, 2008 112
Table 50: Top 20 North America Independent E&P Companies, Operating Cash Flow, $ Million, 2004-2008 114
Table 51: Top 20 North America Independent E&P Companies, Average Return on fixed assets, CAGR, %, 2004-2008 116
Table 52: Top 20 North America Independent E&P Companies, Average Operating Return on capital employed, CAGR, %, 2004-2008 118
Table 53: Top 20 North America Independent E&P Companies, Average Operating profit margin, CAGR, %, 2004-2008 120
Table 54: Top 20 North America Independent E&P Companies, Revenue Growth, CAGR, %, 2004-2008 122
Table 55: Top 20 North America Independent E&P Companies, Profit Growth, CAGR, %, 2004-2008 124
Table 56: Top 20 North America Independent E&P Companies, Growth in Operating Cash Flow, CAGR, %, 2004-2008 126
Table 57: Top 20 North America Independent E&P Companies, Debt leverage, %, 2004-2008 128
Table 58: Top 20 North America Independent E&P Companies, Total Debt/Proved Reserves , $/boe, 2004-2008 130
1.2 List of Figures
Figure 1: Top 20 North America Independent E&P Companies, Total Proved Oil & Gas Reserves, MMboe, 2008 12
Figure 2: Top 20 North America Independent E&P Companies, Developed Oil & Gas Reserves, MMboe, 2008 14
Figure 3: Top 20 North America Independent E&P Companies, Undeveloped Oil & Gas Reserves, MMboe, 2008 16
Figure 4: Top 20 North America Independent E&P Companies, Oil & Gas Finding & Development Reserves Additions, MMboe, 2008 18
Figure 5: Top 20 North America Independent E&P Companies, Oil & Gas Reserves Replacement Additions, MMboe, 2008 20
Figure 6: Top 20 North America Independent E&P Companies, Oil & Gas Finding Reserves Additions, MMboe, 2008 22
Figure 7: Top 20 North America Independent E&P Companies, Proved Crude Oil Reserves, MMbbl, 2008 24
Figure 8: Top 20 North America Independent E&P Companies, Proved Gas Reserves, Bcf, 2008 26
Figure 9: Top 20 North America Independent E&P Companies, Total Oil & Gas Production, MMboe, 2008 28
Figure 10: Top 20 North America Independent E&P Companies, Oil Production, MMbbl, 2008 30
Figure 11: Top 20 North America Independent E&P Companies, Gas Production, Bcf, 2008 32
Figure 12: Top 20 North America Independent E&P Companies, Oil and Gas Reserves Growth, CAGR, 2004-2008 34
Figure 13: Top 20 North America Independent E&P Companies, Oil and Gas Production growth, CAGR, 2004-2008 36
Figure 14: Top 20 North America Independent E&P Companies, Oil and Gas Reserve/Production Ratio, Years, 2008 38
Figure 15: Top 20 North America Independent E&P Companies, Oil & Gas Reserves Replacement (Excluding Sales), %, 2008 40
Figure 16: Top 20 North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Including Revision), %, 2008 42
Figure 17: Top 20 North America Independent E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Excluding Revision), %, 2008 44
Figure 18: Top 20 North America Independent E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %, 2008 46
Figure 19: Top 20 North America Independent E&P Companies, Total Costs Incurred, $ Million, 2008 49
Figure 20: Top 20 North America Independent E&P Companies, Total Acquisition Costs, $ Million, 2008 51
Figure 21: Top 20 North America Independent E&P Companies, Exploration Costs, $ Million, 2008 53
Figure 22: Top 20 North America Independent E&P Companies, Development Costs, $ Million, 2008 55
Figure 23: Top 20 North America Independent E&P Companies, Finding & Development Costs, $ Million, 2008 57
Figure 24: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Finding & Development Costs Per Boe, $/boe, 2008 59
Figure 25: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Reserve Replacement Cost Per Boe, $/boe, 2008 61
Figure 26: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Proved Acquisition Costs Per Boe, $/boe, 2008 63
Figure 27: Top 20 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: Top 20 North America Independent E&P Companies, 3-Year Weighted Average Oil and Gas Finding Costs Per Boe, $/boe, 2008 67
Figure 29: Top 20 North America Independent E&P Companies, Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2008 70
Figure 30: Top 20 North America Independent E&P Companies, Net Income/ Loss From Upstream Oil & Gas Operations, $ Million, 2008 72
Figure 31: Top 20 North America Independent E&P Companies, Free Cash Flow From Upstream Oil & Gas Operations, $ Million, 2008 74
Figure 32: Top 20 North America Independent E&P Companies, Total Expenses From Upstream Oil & Gas Operations, $ Million, 2008 76
Figure 33: Top 20 North America Independent E&P Companies, Oil & Gas Revenue per boe, $/BOE, 2008 78
Figure 34: Top 20 North America Independent E&P Companies, Net Income per boe, $/BOE, 2008 80
Figure 35: Top 20 North America Independent E&P Companies, Cash Flow per boe, $/BOE, 2008 82
Figure 36: Top 20 North America Independent E&P Companies, Total DD&A per boe, $/BOE, 2008 84
Figure 37: Top 20 North America Independent E&P Companies, Lifting Cost per boe, $/BOE,2008 86
Figure 38: Top 20 North America Independent E&P Companies, Net-back per boe, $/BOE, 2008 88
Figure 39: Top 20 North America Independent E&P Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2008 90
Figure 40: Top 20 North America Independent E&P Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2008 92
Figure 41: Top 20 North America Independent E&P Companies, Total Net Developed Acreage, (Thousand Acres), 2008 94
Figure 42: Top 20 North America Independent E&P Companies, F&D Cost per Drilled Well, $Million/Well, 2008 96
Figure 43: Top 20 North America Independent E&P Companies, F&D Reserves Additions per Net E&D Well Drilled, MMboe/Well 2008 98
Figure 44: Top 20 North America Independent E&P Companies, Developed Oil & Gas Reserves per well, Mboe/Well, 2008 100
Figure 45: Top 20 North America Independent E&P Companies, Developed Oil Reserves per Well, Mbbl/Well, 2008 102
Figure 46: Top 20 North America Independent E&P Companies, Developed Gas Reserves per Well, MMcf/Well, 2008 104
Figure 47: Top 20 North America Independent E&P Companies, Revenue, $ Million, 2008 107
Figure 48: Top 20 North America Independent E&P Companies, Operating Income, $ Million, 2008 109
Figure 49: Top 20 North America Independent E&P Companies, Net Income, $ Million, 2008 111
Figure 50: Top 20 North America Independent E&P Companies, Operating Cash Flow, $ Million, 2008 113
Figure 51: Top 20 North America Independent E&P Companies, Average Return on fixed assets, CAGR, %, 2004-2008 115
Figure 52: Top 20 North America Independent E&P Companies, Average Operating Return on capital employed, CAGR, %, 2004-2008 117
Figure 53: Top 20 North America Independent E&P Companies, Average Operating profit margin, CAGR, %, 2004-2008 119
Figure 54: Top 20 North America Independent E&P Companies, Revenue Growth, CAGR, %, 2004-2008 121
Figure 55: Top 20 North America Independent E&P Companies, Profit Growth, CAGR, %, 2004-2008 123
Figure 56: Top 20 North America Independent E&P Companies, Growth in Operating Cash Flow, CAGR, %, 2004-2008 125
Figure 57: Top 20 North America Independent E&P Companies, Debt leverage, %, 2008 127
Figure 58: Top 20 North America Independent E&P Companies, Total Debt/Proved Reserves , $/boe, 2008 129
Figure 59: GlobalData Methodology 131