Mariner Energy Inc. Valuation Report, June 2010 - Strategic and Operational Analysis


#28740

134pages

GlobalData

$ 3500

In Stock



Mariner Energy, Inc. (Mariner) is an independent energy company primarily engaged in the acquisition, exploration and development of crude oil and natural gas resources in the US. The companys major focus is on the Permian Basin, the GOM (deepwater and shelf) and the Gulf Coast region in the US. Around 86% of the companys total production in 2009 came from its Gulf of Mexico assets. The company has a substantial reserve base of around 86 MMboe in the Permian Basin, which represents nearly 47% of its total proved reserves in 2009. In line with the presence of a huge reserve base, the company has been accelerating its development and exploitation activities in the Permian Basin. It has also been acquiring additional working interests in existing assets and new onshore assets which will counterbalance its exposure to the Gulf of Mexico.

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities. 

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of Content 4
1.1 List of Tables 9
1.2 List of Figures 11

2 Mariner Energy, Inc., Company Overview 14

3 Mariner Energy, Inc., Watchlist For 2010 17

4 Mariner Energy, Inc., Investment Summary 18
4.1 Organic Growth to be Fuelled by Large Prospect Inventory 18
4.2 Proven Record of Reserve and Production Growth 20
4.3 Growth in Permian Basin and Entry into New Core Areas 21

5 Mariner Energy, Inc., SWOT Analysis 24
5.1 Strengths 24
5.1.1 Robust Inventory 24
5.1.2 Increasing Onshore Exposure 24
5.1.3 Increasing Oil Reserves 24
5.1.4 Offshore Technology 25
5.1.5 Healthy Cash Flows 25
5.1.6 Operational Control 25
5.2 Weaknesses 25
5.2.1 Dependence on Natural Gas 25
5.2.2 Exposure to the Gulf of Mexico 26
5.3 Opportunities 26
5.3.1 Strengthening Crude Oil Prices 26
5.4 Threats 26
5.4.1 Obstacles to Implementing Capital Spending Plan 26
5.4.2 Inefficient Development of Properties 26

6 Mariner Energy, Inc., Goals and Strategies 27
6.1 Creation of a Balanced Portfolio of Assets 27
6.2 Building New Core Areas 28
6.3 Maintenance of Liquidity 29

7 Mariner Energy, Inc., Production Overview 31
7.1 Production Profile 31
7.2 Gulf of Mexico Shallow Water 33
7.3 Gulf of Mexico Deep Water 34
7.4 Onshore - Permian Basin 36
7.5 Costs Incurred 39

8 Mariner Energy, Inc., Development Overview 41
8.1 Development Profile 41
8.2 Onshore 42
8.3 Gulf of Mexico Deepwater 42
8.4 Gulf of Mexico Shelf 43

9 Mariner Energy, Inc., Exploration and M&A Highlights 44
9.1 Offshore Activities 44
9.2 Onshore Activities 45
9.3 Reserve Additions and Associated Costs 47
9.4 M&A Activity 49

10 Mariner Energy, Inc., Acquisition Of Edge Petroleum 51
10.1 Deal Synopsis 51
10.2 Acquired Asset Overview 52
10.2.1 South Texas 52
10.2.2 Southeast New Mexico 52
10.2.3 Mississippi Interior Salt Basin 52
10.2.4 South Louisiana 53
10.2.5 Arkansas and Michigan 53

11 Mariner Energy, Inc., Outlook 54

12 Mariner Energy, Inc., Forecast Production and Financial Statements 55
12.1 Income Statement (2007-2014E) 57
12.2 Balance Sheet (2007-2014E) 58
12.3 Cash Flow Statement (2007-2014E) 59
12.4 Financial Ratios 60

13 Mariner Energy, Inc., Valuation 62
13.1 Net Asset Value 62
13.2 Valuation Horizon 65

14 Mariner Energy, Inc., Peer Comparision 66
14.1 Share Price Performance 66
14.2 Operational and Financial Performance 67
14.3 Key Financial and Operational Ratio 70

15 Mariner Energy, Inc., Key Risks 72
15.1 Fluctuating Crude Oil and Natural Gas Prices 72
15.2 Low Reserve Life 72
15.3 High Exposure to the Gulf of Mexico 72
15.4 Unavailability or High Cost of Drilling Equipment 72

16 Mariner Energy, Inc., Detailed Financial and Operational Metrics 73
16.1 Mariner Energy, Inc., Quarterly Results of Oil & Gas Operations Per BOE Produced 73
16.1.1 Results of Oil & Gas Operations Per BOE Produced, Q4, 2008-Q4, 2009 73
16.1.2 Results of Oil & Gas Operations Per BOE Growth Rates, Q4, 2008-Q4, 2009 73
16.2 Mariner Energy, Inc., Quarterly E&P Costs Trends 74
16.2.1 Upstream Capital Expenditure, Q4, 2008-Q4, 2009 74
16.3 Mariner Energy, Inc., Quarterly Production Trends 75
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008-Q4, 2009 75
16.3.2 Total Crude Oil & Natural Gas Production, United States, Q4, 2008-Q4, 2009 76
16.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008-Q4, 2009 77
16.4 Mariner Energy, Inc Crude Oil Production 78
16.4.1 Total Crude Oil Production Trend, Q4, 2008-Q4, 2009 78
16.4.2 Crude Oil Production, United States, Q4, 2008-Q4, 2009 79
16.5 Mariner Energy, Inc. Natural Gas Production 80
16.5.1 Total Natural Gas Production Trend, Q4, 2008-Q4, 2009 80
16.5.2 Natural Gas Production, United States, Q4, 2008-Q4, 2009 81
16.6 Mariner Energy, Inc., Production and Reserves Trends 82
16.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-09 82
16.6.2 Total Crude Oil & Natural Gas Production and Reserves United States, 2004-2009 83
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009 84
16.7 Mariner Energy, Inc., Crude Oil/Liquids Production and Reserve 85
16.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009 85
16.7.2 Crude Oil Production and Reserves United States, 2004-2009 86
16.7.3 Crude Oil/Liquids Reserve Changes, 2004-09 87
16.8 Mariner Energy, Inc., Natural Gas Production and Reserve 88
16.8.1 Natural Gas Production and Reserve Trend, 2004-2009 88
16.8.2 Natural Gas Production and Reserves, United States, 2004-2009 89
16.8.3 Natural Gas Reserve Changes, 2004-2009 90
16.9 Mariner Energy, Inc., Total Crude Oil and Natural Gas Reserves Life Index 91
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009 91
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, United States, 2004-2009 92
16.10 Mariner Energy, Inc., E&P Costs Trends 94
16.10.1 Upstream Capital Expenditure, 2004-2009 94
16.10.2 Acquisition Costs United States, 2004-2009 95
16.10.3 Exploration and Development Costs, United States, 2004-2009 96
16.11 Mariner Energy, Inc., Oil and Gas Cost Per Boe, $/boe 98
16.11.1 Oil and Gas Cost Per Boe, $/boe, 2004-2009 98
16.11.2 Oil and Gas Cost Per Boe, $/boe, United States, 2004-2009 99
16.12 Mariner Energy, Inc., Reserve Replacement Ratio 101
16.12.1 Oil and Gas Production Replacement Ratio, 2004-2009 101
16.12.2 Oil and Gas Production Replacement Ratio, United States, 2004-2009 103
16.13 Mariner Energy, Inc., Results of Oil & Gas Operations Trend 106
16.13.1 Oil and Gas Revenue and Expenses, 2004-2009 106
16.13.2 Oil and Gas Revenue and Expenses, United States, 2004-2009 107
16.14 Mariner Energy, Inc., Oil and Gas Revenue and Expenses, Per Boe 111
16.14.1 Oil and Gas Revenue and Expenses, By Boe, 2004-2009 111
16.14.2 Oil and Gas Revenue and Expenses Per Boe, United States, 2004-2009 112
16.15 Mariner Energy, Inc., Oil and Gas Performance Metrics 116
16.16 Mariner Energy, Inc., Developed and Undeveloped Acreage 117
16.16.1 Gross and Net Developed and Undeveloped Acreage, 2004-2009 117
16.16.2 Gross and Net Developed and Undeveloped Acreage, United States, 2004-2009 118
16.17 Mariner Energy, Inc., Well Statistics 120
16.17.1 Producible Oil and Gas Well, 2004-2009 120
16.17.2 Producible Oil and Gas Well, United States, 2004-2009 121
16.17.3 Exploration and Development Wells Drilled, 2004-2009 125
16.17.4 Exploration and Development Wells Drilled, United States, 2004-2009 126
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 127
16.17.6 Developed Reserves per Well, United States, 2004-2009 127

17 Appendix 130
17.1 Methodology 130
17.1.1 Coverage 130
17.1.2 Secondary Research 130
17.1.3 Primary Research 131
17.2 Data Sources 131
17.2.1 Company Source 131
17.2.2 SEC/Other Regulatory Filings 131
17.2.3 Agency Reports 131
17.2.4 Other Sources 132
17.3 Methodology for Company Valuation 132
17.4 Expert Panel Validation 133
17.5 Units of Measure 133
17.6 About GlobalData 133
17.7 Disclosure 134
17.8 Disclaimer 134

Table 1: Mariner Energy, Inc., Key Events, April 2009 March 2010 16
Table 2: Mariner Energy, Inc., Upstream Growth Profile, MMboe, 2010E 2014E 40
Table 3: Mariner Energy, Inc., Recent Transactions As a Seller, 2005- 2009 49
Table 4: Mariner Energy, Inc., Recent Transactions As A Buyer, 2005- 2009 50
Table 5: Mariner Energy, Inc., Forecast Production ($m), 2007-2014E 55
Table 6: GlobalData, Price Forecast, 2010E 2014E 55
Table 7: Mariner Energy, Inc., Income Statement ($m), 2007-2014E 57
Table 8: Mariner Energy, Inc., Balance Sheet ($m), 2007-2014E 58
Table 9: Mariner Energy, Inc., Cash Flow Statement ($m), 2007-2014E 59
Table 10: Mariner Energy, Inc., Profitability Ratios, 2007-2014E 60
Table 11: Mariner Energy, Inc., Other Financial Ratios, 2007-2014E 61
Table 12: GlobalData, Price Forecast, 2010E 2014E 62
Table 13: Mariner Energy, Inc., Net Asset Value, 2010 63
Table 14: Mariner Energy, Inc., Prospective Acreage & Non Proven Reserves, 2010 63
Table 15: Mariner Energy, Inc., NPV Per Unit Crude Oil & NGL, 2010 64
Table 16: Mariner Energy, Inc., NPV Per Unit Natural Gas, 2010 64
Table 17: Mariner Energy, Inc., NPV Per Unit Total Crude Oil and Natural Gas Production, 2010 64
Table 18: Mariner Energy, Inc., Sensitivity Analysis on Fair Value ($/share), 2010 65
Table 19: Mariner Energy, Inc. Vs. Peer Group, Operational and Financial Performance, 2009 67
Table 20: Mariner Energy, Inc. & Peer Group Comparison, Financial Ratios, 2009 71
Table 21: Mariner Energy, Inc., Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008-Q4, 2009 73
Table 22: Mariner Energy, Inc., Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008-Q4, 2009 73
Table 23: Mariner Energy, Inc., Upstream Capital Expenditure, Q4, 2008-Q4, 2009 74
Table 24: Mariner Energy, Inc., Total Crude Oil and Natural Gas, Production, Q4, 2008-Q4, 2009 75
Table 25: Mariner Energy, Inc., Total Oil & Gas Production, United States, MMBOE, Q4, 2008-Q4, 2009 76
Table 26: Mariner Energy, Inc., Total Crude Oil and Natural Gas Production Per Share, Q4, 2008-Q4, 2009 77
Table 27: Mariner Energy, Inc., Total Crude Oil Production, MMbbl, Q4, 2008-Q4, 2009 78
Table 28: Mariner Energy, Inc., Crude Oil Production, United States, MMbbl, Q4, 2008-Q4, 2009 79
Table 29: Mariner Energy, Inc., Total Natural Gas Production, Bcf, Q4, 2008-Q4, 2009 80
Table 30: Mariner Energy, Inc., Natural Gas Production, United States, Bcf, Q4, 2008-Q4, 2009 81
Table 31: Mariner Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 82
Table 32: Mariner Energy, Inc., Total Crude Oil & Natural Gas Production and Reserves, United States, MMboe, 2004-2009 84
Table 33: Mariner Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004-2009 84
Table 34: Mariner Energy, Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 85
Table 35: Mariner Energy, Inc., Crude Oil Production and Reserves, United States, MMbbl, 2004-2009 87
Table 36: Mariner Energy, Inc., Crude Oil Reserve Changes, MMbbl, 2004-2009 87
Table 37: Mariner Energy, Inc., Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 88
Table 38: Mariner Energy, Inc., Natural Gas Production and Reserves, United States, Bcf, 2004-2009 90
Table 39: Mariner Energy, Inc., Natural Gas Reserve Changes, Bcf, 2004-2009 90
Table 40: Mariner Energy, Inc., Oil and Gas Reserves Life Index, Years, 2004-2009 91
Table 41: Mariner Energy, Inc., Oil and Gas Reserves Life Index, United States, Years, 2004-2009 93
Table 42: Mariner Energy, Inc., Upstream Capital Expenditure, $m, 2004-2009 94
Table 43: Mariner Energy, Inc., Proved and Unproved Acquisition Costs, United States, $m, 2004-2009 96
Table 44: Mariner Energy, Inc., Exploration and Development Costs, United States, $m, 2004-2009 97
Table 45: Mariner Energy, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2004-09 98
Table 46: Mariner Energy, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, United States, 2004-2009 101
Table 47: Mariner Energy, Inc., Oil and Gas Production Replacement Ratio, %, 2004-2009 102
Table 48: Mariner Energy, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, United States, %, 2004-2009 106
Table 49: Mariner Energy, Inc., Revenue and Expenses, $m, 2004-2009 107
Table 50: Mariner Energy, Inc., Revenue and Expenses, United States, $m, 2004-2009 111
Table 51: Mariner Energy, Inc., Oil and Gas Revenue and Expenses, $/Boe, 2004-2009 112
Table 52: Mariner Energy, Inc., Oil and Gas Revenue and Expenses, $/Boe, United States, 2004-2009 115
Table 53: Mariner Energy, Inc., Oil and Gas Performance Metrics, 2004-2009 116
Table 54: Mariner Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 117
Table 55: Mariner Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), United States, Acres, 2004-2009 120
Table 56: Mariner Energy, Inc., Producible Oil and Gas Wells, 2004-2009 121
Table 57: Mariner Energy, Inc., Producible Oil and Gas Wells, United States, 2004-2009 125
Table 58: Mariner Energy, Inc., Exploratory and Developed Wells, 2004-2009 126
Table 59: Mariner Energy, Inc., Exploratory and Developed Wells, United States, 2004-2009 126
Table 60: Mariner Energy, Inc., Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 127
Table 61: Mariner Energy, Inc., Developed Reserves per Well, United States, Mboe per Well, 2004-2009 129
Figure 1: Mariner Energy, Inc., Operating Overview, 2010 14
Figure 2: Mariner Energy, Inc., Financial & Operational Overview, 2006-2009 15
Figure 3: Mariner Energy, Inc., Share Price Movement, May 2009 April 2010 16
Figure 4: Mariner Energy, Inc., Proved Undeveloped Reserves, MMboe, 2005-2009 19
Figure 5: Mariner Energy, Inc., Total Net Undeveloped Acreage, Thousand Acres, 2005-2009 19
Figure 6: Mariner Energy, Inc. & Peers, Reserves & Production, 2007-2009 20
Figure 7: Mariner Energy, Inc. & Peers, Reserve Replacement & Reserve Life, 2007-2009 21
Figure 8: Mariner Energy, Inc., Permian Net Acreage Growth, Acres, 2005-2009 22
Figure 9: Mariner Energy, Inc., Permian Production & Proved Reserves Growth, MMboe, 2005-2009 23
Figure 10: Mariner Energy Inc., Asset Portfolio, 2010 27
Figure 11: Mariner Energy Inc., Unconventional Assets, 2010 29
Figure 12: Mariner Energy, Inc. & Peers, Free Cash Flow & Cash Flow From Operations as % of Organic Capital Expenditure, 2007-2009 30
Figure 13: Mariner Energy, Inc., Total Production From Upstream Assets, MMboe, 2006-2014E 32
Figure 14: Mariner Energy, Inc., Top Producing Fields, 2010 32
Figure 15: Mariner Energy, Inc., Gulf of Mexico Shallow Water Production by Type, MMboe, 2006-2009 34
Figure 16: Mariner Energy, Inc., Gulf Of Mexico Deepwater Production by Type, MMboe, 2006-2009 35
Figure 17: Mariner Energy, Inc., Permian Basin Production By Type, MMboe, 2006-2009 37
Figure 18: Mariner Energy, Inc., Total Production by Type, MMboe, 2004-2009 37
Figure 19: Mariner Energy, Inc., Total Production by Region, MMboe, 2006-2009 38
Figure 20: Mariner Energy, Inc., Total Cost Incurred, $m, 2005- 2009 39
Figure 21: Mariner Energy, Inc., Upcoming Production By Region, 2010E-2014E 41
Figure 22: Mariner Energy, Inc., Upcoming Production By Type, 2010E-2014E 42
Figure 23: Mariner Energy, Inc., Prospective Drilling Locations in the Shelf, 2010 45
Figure 24: Mariner Energy, Inc., Exploratory Potential in the Permian Basin, 2010 46
Figure 25: Mariner Energy, Inc., Comparison of Exploration Cost and Reserve Additions Through Drillbit, 2005-2009 47
Figure 26: Mariner Energy, Inc., Acquisition Cost and Reserve Addition Through Acquisition, 2005-2009 48
Figure 27: Mariner Energy, Inc., Valuation Range, 2010 65
Figure 28: Mariner Energy, Inc., Peer Group and WTI, Share Price Performance, 2009-2010 66
Figure 29: Mariner Energy, Inc. & Peer Group, F&D Costs and Reserve Replacement Ratio, 2009 68
Figure 30: Mariner Energy, Inc. & Peer Group, Total Reserves & Production, MMboe, 2009 69
Figure 31: Mariner Energy, Inc. & Peer Group, Operational & Financial Parameters, $/boe, 2009 69
Figure 32: Mariner Energy, Inc. & Peer Group Comparison, Valuation Ratio, 2009 70
Figure 33: Mariner Energy, Inc., Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008-Q4, 2009 73
Figure 34: Mariner Energy, Inc., Upstream Capital Expenditure, $m, Q4, 2008-Q4, 2009 74
Figure 35: Mariner Energy, Inc., Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008-Q4, 2009 75
Figure 36: Mariner Energy, Inc., Total Oil & Gas Production, United States, MMBOE, Q4, 2008-Q4, 2009 76
Figure 37: Mariner Energy, Inc., Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008-Q4, 2009 77
Figure 38: Mariner Energy, Inc., Total Crude Oil Production, MMbbl, Q4, 2008-Q4, 2009 78
Figure 39: Mariner Energy, Inc., Crude Oil Production, United States, MMbbl, Q4, 2008-Q4, 2009 79
Figure 40: Mariner Energy, Inc., Total Natural Gas Production, Bcf, Q4, 2008-Q4, 2009 80
Figure 41: Mariner Energy, Inc., Natural Gas Production, United States, Bcf, Q4, 2008-Q4, 2009 81
Figure 42: Mariner Energy, Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 82
Figure 43: Mariner Energy, Inc., Total Oil & Gas Production (Reserves Reconciliation), United States, MMBOE, 2004-2009 83
Figure 44: Mariner Energy, Inc., Total Proved Oil & Gas Reserves, United States, MMBOE, 2004-2009 83
Figure 45: Mariner Energy, Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 84
Figure 46: Mariner Energy, Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 85
Figure 47: Mariner Energy, Inc., Oil Production (Reserves Reconciliation), United States, MMbbl, 2004-2009 86
Figure 48: Mariner Energy, Inc., Total Proved Oil Reserves, United States, MMbbl, 2004-2009 86
Figure 49: Mariner Energy, Inc., Crude Oil Reserve Changes, MMbbl, 2009 87
Figure 50: Mariner Energy, Inc., Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 88
Figure 51: Mariner Energy, Inc., Gas Production (Reserves Reconciliation), United States, Bcf, 2004-2009 89
Figure 52: Mariner Energy, Inc., Total Proved Gas Reserves, United States, Bcf, 2004-2009 89
Figure 53: Mariner Energy, Inc., Natural Gas Reserve Changes, Bcf, 2009 90
Figure 54: Mariner Energy, Inc., Oil and Gas Reserves Life Index, Years, 2004-2009 91
Figure 55: Mariner Energy, Inc., Gas Reserve Life Index, United States, Ratio, 2004-2009 92
Figure 56: Mariner Energy, Inc., Oil & Gas Reserve Life Index, United States, Ratio, 2004-2009 92
Figure 57: Mariner Energy, Inc., Oil Reserve Life Index, United States, Ratio, 2004-2009 93
Figure 58: Mariner Energy, Inc., Upstream Capital Expenditure, $m, 2004-2009 94
Figure 59: Mariner Energy, Inc., Proved Acquisition Costs, United States, $m, 2004-2009 95
Figure 60: Mariner Energy, Inc., Unproved Acquisition Costs, United States, $m, 2004-2009 95
Figure 61: Mariner Energy, Inc., Development Costs, United States, $m, 2004-2009 96
Figure 62: Mariner Energy, Inc., Exploration Costs, United States, $m, 2004-2009 97
Figure 63: Mariner Energy, Inc., 3-Year Wt. Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2004-2009 98
Figure 64: Mariner Energy, Inc., 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, United States, $/BOE, 2004-2009 99
Figure 65: Mariner Energy, Inc., 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, United States, $/BOE, 2004-2009 99
Figure 66: Mariner Energy, Inc., 3-Year Wt. Avg. Reserve Replacement Cost per boe, United States, $/BOE, 2004-2009 100
Figure 67: Mariner Energy, Inc., 3-Year Wt. Avg. Proved Acquisition Cost per boe, United States, $/BOE, 2004-2009 100
Figure 68: Mariner Energy, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004-2009 101
Figure 69: Mariner Energy, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, United States, %, 2004-2009 103
Figure 70: Mariner Energy, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, United States, %, 2004-2009 103
Figure 71: Mariner Energy, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, United States, %, 2004-2009 104
Figure 72: Mariner Energy, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, United States, %, 2004-2009 104
Figure 73: Mariner Energy, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, United States, %, 2004-2009 105
Figure 74: Mariner Energy, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, United States, %, 2004-2009 105
Figure 75: Mariner Energy, Inc., Revenue and Expenses, $m, 2004-2009 106
Figure 76: Mariner Energy, Inc., Depreciation, Depletion & Amortization , United States, $m, 2004-2009 107
Figure 77: Mariner Energy, Inc., Income Tax/(Benefit), United States, $m, 2004-2009 108
Figure 78: Mariner Energy, Inc., Net Income/ Loss, United States, $m, 2004-2009 108
Figure 79: Mariner Energy, Inc., Oil & Gas Revenue, United States, $m, 2004-2009 109
Figure 80: Mariner Energy, Inc., Pre-tax Profit, United States, $m, 2004-2009 109
Figure 81: Mariner Energy, Inc., Production Expenses, United States, $m, 2004-2009 110
Figure 82: Mariner Energy, Inc., Total Expenses, United States, $m, 2004-2009 110
Figure 83: Mariner Energy, Inc., Oil and Gas Revenue and Expenses, $/Boe, 2004-2009 111
Figure 84: Mariner Energy, Inc., Income Tax/(Benefit) per boe, United States, $/BOE, 2004-2009 112
Figure 85: Mariner Energy, Inc., Lifting Cost per boe, United States, $/BOE, 2004-2009 113
Figure 86: Mariner Energy, Inc., Annual Net Income per boe, United States, $/BOE, 2004-2009 113
Figure 87: Mariner Energy, Inc., Oil & Gas Revenue per boe, United States, $/BOE, 2004-2009 114
Figure 88: Mariner Energy, Inc., Total DD&A per boe, United States, $/BOE, 2004-2009 114
Figure 89: Mariner Energy, Inc., Total Revenue per boe, United States, $/BOE, 2004-2009 115
Figure 90: Mariner Energy, Inc., Oil and Gas Performance Metrics, 2004-2009 116
Figure 91: Mariner Energy, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 117
Figure 92: Mariner Energy, Inc., Total Gross Undeveloped Acreage, United States, Acres, 2004-2009 118
Figure 93: Mariner Energy, Inc., Total Net Undeveloped Acreage, United States, Acres, 2004-2009 118
Figure 94: Mariner Energy, Inc., Total Gross Developed Acreage, United States, Acres, 2004-2009 119
Figure 95: Mariner Energy, Inc., Total Net Developed Acreage, United States, Acres, 2004-2009 119
Figure 96: Mariner Energy, Inc., Producible Oil and Gas Wells, 2004-2009 120
Figure 97: Mariner Energy, Inc., Gross Producible Gas Wells, United States, Number, 2004-2009 121
Figure 98: Mariner Energy, Inc., Gross Producible Oil & Gas Wells, United States, Number, 2004-2009 122
Figure 99: Mariner Energy, Inc., Gross Producible Oil Wells, United States, Number, 2004-2009 122
Figure 100: Mariner Energy, Inc., Net Oil & Gas Wells as % of Gross Oil & Gas Wells, United States, %, 2004-2009 123
Figure 101: Mariner Energy, Inc., Net Producible Gas Wells, United States, Number, 2004-2009 123
Figure 102: Mariner Energy, Inc., Net Producible Oil & Gas Wells, United States, Number, 2004-2009 124
Figure 103: Mariner Energy, Inc., Net Producible Oil Wells, United States, Number, 2004-2009 124
Figure 104: Mariner Energy, Inc., Exploratory and Developed Wells, 2004-2009 125
Figure 105: Mariner Energy, Inc., Developed Gas Reserves per Well (MMcf per Well), United States, 2004-2009 127
Figure 106: Mariner Energy, Inc., Developed Oil & Gas Reserves per Well (Mboe per Well), United States, 2004-2009 128
Figure 107: Mariner Energy, Inc., Developed Oil Reserves per Well (Mbbls per Well), United States, 2004-2009 128