Top 200 North American Exploration and Production (E&P) Companies - Operational and Financial Review 2010


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Top 200 North American Exploration and Production (E&P) Companies Operational and Financial Review 2010" is a energy report offering from GlobalData. This report offers comprehensive information on the operational and financial performance of the top 200 E&P companies in North America (US and Canada). The E&P industry is experienced a down fall in activity in the first half of 2009 with the falling of crude oil prices. In 2009, there were a number of new discoveries. Even in low prices some regions continued to witness growth. However, now with oil hovering aroubd $80 a barrel, the E&P activity across the world is expected to pick up again.

Scope

  • The report discusses the major trends in the overall industry during 2009 and the expected growth areas in 2010.
  • The key areas that witnessed fast growth over the past year are discussed.
  • The growth of unconventional gas industry is analyzed.
  • The report discusses the key growth areas in each region and also key companies that will drive this growth.

Reasons to buy

  • Develop business strategies with the help of specific insights about the E&P market. 
  • Identify opportunities and challenges in the global E&P industry 
  • Be ahead of the competition and prepare for the prospects and challenges in the future.
Table Of Contents

1 Table of contents 4
1.1 List of Tables 10
1.2 List of Figures 14

2 Introduction 18
2.1 Overview 18

3 GlobalData Report Guidance 19

4 Oil and Gas Sector Overview and Current Trend in 2010 20
4.1 Crude Oil Price Rebounded in Second half of 2009, However, Gas Price Weakness in 2009 20
4.2 OPEC Retains Production Targets on Rising Non-OECD Demand 22
4.3 New Sec Rule to Benefit Oil And Gas Producers 23
4.3.1 Downward Price-Related Revision in Gas Reserves 23
4.3.2 Proved Undeveloped Oil & Gas at a Historically High Levels 24
4.4 Low Natural Gas Prices Impacting the Valuation of Gas Assets And Forcing the Companies to Develop their Oil Portfolios 26
4.4.1 Natural Gas Price Will Remain under Pressure in the Short Term as Supply is Abundant 26
4.4.2 Share Price Performance Of Gas Focused Companies Have Mirrored The Performance Of Natural Gas Prices 28
4.4.3 Gas Focused Assets and Corporate Deals Multiples Have Declined with the Drop in Natural Gas Prices 29
4.4.4 Gas Focused Companies Are Developing their Oil Portfolios to Improve Profitability in the Low Natural Gas Price Scenario 32
4.5 High Oil Prices Force Exploration And Production (E& P) Companies to Rebalance their Portfolio 33
4.5.1 E&P Stocks have Traded More Closely with Oil Prices than with Gas Prices 33
4.5.2 E&P Companies Rushing to Add Liquids 33
4.6 Global Oil and Natural Gas Consumption and Production Declined 35
4.6.1 Oil Production Declined By 2.6% 35
4.6.2 Gas Consumption Decreased By 2.1% 35

5 Region Analysis: North America 36
5.1 Top 200 North American Companies: Capital Expenditue And Unit Cost Per Boe 36
5.1.1 Oil and Gas Capital Expenditure Fell in 2009, However, Expected To Rise in 2010 36
5.1.2 Cost Incurred by Independent companies fell by 52% in 2009 37
5.1.3 All-In Finding and Development (F&D) Costs Fall 42% year-on-year to $11.9 per boe in 2009 38
5.1.4 Exploration and Development Costs Fall 30% year-on-year in 2009 39
5.1.5 Acquisitions Costs Fall 36% year-on-year in 2009 40
5.2 Top 200 North American Companies: Oil and Gas Reserves 41
5.2.1 Total Oil and Gas Reserves Reached 100 billion barrels of Oil Equivalent in 2009 41
5.2.2 The North American Companies Benefited By Positive Oil Revision in 2009 42
5.2.3 Gas Reserves Grew at a Five-Year CAGR of 6% CAGR (2005-2009) Even Though Impacted by Revisions 44
5.2.4 AllIn Reserve Replacement Hurt by Negative Gas Price Revisions in 2009 46
5.2.5 Developed Proved Reserves increase by 5.4% year-on-year in 2009. 47
5.2.6 Reserve Life Continuing the Downward Trend 48
5.3 Top 200 North American Companies: Oil and Gas Production 49
5.3.1 Gas Production Offsets Volatility in Oil Production 49
5.4 Top 200 North Ameican Companies: Results of Oil And Gas Operations 51
5.4.1 Lower Commodity Price Impacted the Profitability of Oil and Gas Companies 51
5.4.2 Oil and Gas Revenue Per boe fell significantly by 40% in 2009 53
5.4.3 Lifting Costs per boe was $12.9 per boe in 2009 54
5.4.4 Exploration Expenses per boe was $2.3 per boe in 2009 54
5.4.5 Depreciation Depletion and Amortization (Including Impairment) Expenses per boe was $24.8 per boe in 2009 56
5.4.6 Net Back per boe fell significantly by 49% in 2009 57
5.4.7 Cash Flow per boe Fell Significantly by 48% in 2009 58
5.4.8 Debt per boe Remains Elevated but Liquidity Improves in 2009. 59

6 County Analysis: The US 60
6.1 Top US Companies: Capital Expenditue And Unit Cost Per boe 60
6.1.1 Total Cost Incurred Down Significantly By 43% in 2009 60
6.1.2 Costs Incurred by Independent companies fell by 55% in 2009 61
6.1.3 Exploration and Development Costs Fall 30% Year-on-year in 2009 62
6.1.4 Acquisitions Costs Fall 74% Year-on-year in 2009 63
6.1.5 Drill Bit and Acquisitions Costs per boe decreased in 2009 65
6.2 Top US Companies: Oil and Gas Reserves 66
6.2.1 Total Oil and Gas Production by Top US companies Increased by 3.45 in 2009 66
6.2.2 The US E&P Companies Benefited From the Positive Oil Revision in 2009 66
6.2.3 Gas Reserves increased by 4.4% year-on-year in 2009 68
6.2.4 Replacement Ratio Hurt by Negative Gas Price Revisions 71
6.2.5 Developed Proved Reserves increased by 3% in 2009 72
6.2.6 Reserve Life Plunged to 15 Years in 2009, Down From 20 Years in 2007 73
6.3 Top US: Results Of Oil And Gas Operations 75
6.3.1 Decline in commodity prices Impacted the Profitability of Oil and Gas Companies 75
6.3.2 Oil and Gas Revenue per boe fell significantly by 42% in 2009 77
6.3.3 Lifting Costs per boe was $11.8 per boe in 2009 78
6.3.4 Exploration Expenses per boe was $2.4 per boe in 2009, down from $3.7 per boe in 2007 79
6.3.5 Depreciation Depletion and Amortization (including Impairment) expenses per boe was $25.7 per boe in 2009 80
6.3.6 Net back per boe fell significantly by 50% in 2009 81
6.3.7 Cash flow per boe fell significantly to $19.8 per boe in 2009 82
6.3.8 Debt/Proved Developed Reserves multiple touched $13.4 per boe in 2009 83

7 Country Analysis: Canada 84
7.1 Top Canadian Companies: Capital Expenditue And Unit Cost Per boe 84
7.1.1 Total Capital Expenditure Increased in 2009 as a result of Acquisition Costs 84
7.1.2 Total Costs Incurred by Integrated companies increased to $25.3 billion in 2009 85
7.1.3 Acquisition Cost increased by 201% year-on-year in 2009. 86
7.1.4 Exploration and Development Costs Fall 30% year-on-year in 2009 87
7.1.5 F&D Cost per boe and Pure Finding Costs per boe in 2009, was the lowest in the last Five Years 88
7.2 Top Canadian Companies: Oil and Gas Reserves 89
7.2.1 Oil Reserves Increase By 13% Year-on-year Driven by Oil Sands Production in 2009 89
7.2.2 Crude Oil Reserves Increased by 13% in 2009 89
7.2.3 Gas Reserves decreased by 6.2% in 2009 due to negative revisions 92
7.2.4 AllIn Reserve Replacement Ratio Hurt by Negative Gas Price Revisions in 2009 94
7.2.5 Developed Proved Reserves increased by 19% in 2009 95
7.2.6 Canada Reserve Life Continuing the Downward Trend 96
7.2.7 Oil Production Increased 10% year-on-year in 2009 on account of increased Recovery from Oil Sands 97
7.3 Top Canadian Companies: Results of Oil And Gas Operations 98
7.3.1 Decline in commodity prices impacts Oil and Gas Revenues by 22% in 20009 98
7.3.2 Oil and Gas Revenue per boe fell significantly by 36% in 2009 100
7.3.3 Lifting Costs per boe was $14.6 per boe in 2009 101
7.3.4 Exploration Expenses per boe was $2.2 per boe in 2009 102
7.3.5 Depreciation Depletion and Amortization (including Impairment) expenses per boe was $23.6 per boe in 2009 103
7.3.6 Net back per boe decreased by 48% in 2009 104
7.3.7 Cash flow per boe decreased by 47.1% in 2009 105
7.3.8 Debt/Proved Developed Reserves multiple decreased to $11.4 per boe in 2009 107

8 Analysis of Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies 108
8.1 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Oil & Gas Reserves Trend, 2005-2009 108
8.1.1 Total Proved Oil & Gas Reserves, 2005-2009 108
8.1.2 Proved Oil Reserves Trend, 2005-2009 110
8.1.3 Proved Gas Reserves Trend, 2005-2009 112
8.2 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Oil and Gas Production Trend, 2005-2009 116
8.2.1 Oil and Gas Production Trend, 2005-2009 116
8.2.2 Oil Production Trend, 2005-2009 118
8.2.3 Gas Production Trend, 2005-2009 120
8.3 Reserve Replacement Ratio Analysis 122
8.3.1 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Oil & Gas Reserve Replacement (Including Sales), Annual %, 2005-2009 122
8.3.2 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Oil & Gas Reserve Replacement (Including Sales), 3-Year, %, 2005-2009 124
8.3.3 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Oil & Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 126
8.4 Costs Incurred In Upstream Oil & Gas Operations 128
8.4.1 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Total Costs Incurred, 2005-2009 128
8.4.2 Total Acquisition Costs, 2005-2009 131
8.4.3 Exploration Costs, 2005-2009 133
8.4.4 Development Costs, 2005-2009 135
8.4.5 Finding & Development Costs, 2005-2009 137
8.5 Top 20Large-Cap North American Independent Exploration and Production (E&P) Companies, Oil and Gas Costs Per boe, $/boe, 2005-2009 139
8.5.1 Oil and Gas Reserve Replacement Cost Per boe, 3-Year, $/boe, 2005-2009 139
8.5.2 Oil and Gas Finding & Development Cost Per boe, 3-Year, $/boe, 2005-2009 140
8.6 Result of Oil and Gas Operations 143
8.6.1 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue, Cash Flow & Total Expenses, 2005-2009 143
8.6.2 Oil & Gas Revenue from Upstream Oil & Gas Operations, $m, 2005-2009 143
8.6.3 Net Income/ Loss from Upstream Oil & Gas Operations, $m, 2005-2009 145
8.6.4 Free Cash Flow from Upstream Oil & Gas Operations, $m, 2005-2009 147
8.7 Top 20 Large-Cap North American Independent Exploration and Production Companies, Performance Metrics, $/boe, 2005-2009 149
8.7.1 Oil & Gas Revenue per boe, $/boe, 2005-2009 149
8.7.2 Net Income per boe, $/boe, 2005-2009 151
8.7.3 Cash Flow per boe, $/boe, 2005-2009 152
8.7.4 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/boe, 2005-2009 154
8.7.5 Lifting Cost per boe, $/boe, 2005-2009 156
8.7.6 Net Back per boe, $/boe, 2005-2009 158
8.8 Top 20 Large-Cap North American Independent Exploration and Production (E&P) Companies, Developed and Undeveloped Acreage, 2005-2009 160
8.8.1 Total Net Undeveloped Acreage, (Thousand Acres), 2005-2009 160
8.8.2 Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2005-2009 162
8.8.3 Total Net Developed Acreage, (Thousand Acres), 2005-2009 164
8.9 Top 20 Large-Cap North American Independent Exploration and Production Companies, Valuation Metrics, 2005-2009 166
8.9.1 Market Capitalization, 2005-2009 166
8.9.2 Enterprise Value, 2005-2009 168
8.9.3 EV/Proved Reserves, $/boe, 2005-2009 170
8.9.4 EV/Per Daily BOE Produced, $/boe, 2005-2009 172

9 Appendix 175
9.1 Methodology 175
9.1.1 Coverage 175
9.1.2 Secondary Research 176
9.1.3 Primary Research 176
9.1.4 Expert Panel Validation 177
9.2 Definition 177
9.2.1 Oil and Gas Reserves 177
9.2.2 Acreage and Well Information 177
9.2.3 Cost Incurred in Oil and Gas Operations 178
9.2.4 Reserves Replacement Ratio 180
9.2.5 Results of Oil & Gas Operations 181
9.2.6 Results of Oil & Gas Operations per boe Produced 183
9.3 Contact Us 185
9.4 About GlobalData 185
9.5 Disclaimer 185

Table 1: Crude Oil ($/bbl) and Natural Gas ($/Mcf) Price, January 2008 May 2010 21
Table 2: OPEC, Production Data, Millions of barrels a day, February 2010 May 2010 22
Table 3: Crude Oil and Natural Gas Price, Average and Year-End Price, $/bbl, $/Mcf, 2008-2009 24
Table 4: Proved Undeveloped Oil & Gas Reserves as % of Total Oil and Gas Reserves, 2005-2009 25
Table 5: Working Gas Stocks in Underground Storage Sites in Bcf, Lower 48 US 27
Table 6: The US, Oil & Gas Companies, Natural Gas Production in Bcf, Q1, 2007-Q4, 2009 27
Table 7: Drop In Forward P/E Ratio Of A Few Gas Focused Companies, Jan - Apr 2010 29
Table 8: Oil to Gas price ratio, July 2009June 2010 33
Table 9: Top 200 North American Companies, Costs Incurred, $m, 20052009 36
Table 10: Top 200 North American Companies, Costs Incurred by Peer Group, $m, 20052009 37
Table 11: Top 200 North American Companies, Finding and Development costs and Finding costs, $/boe, 20052009 38
Table 12: Top 200 North American Companies, Exploration and Development costs, $m, 20052009 39
Table 13: Top 200 North American Companies, Acquisitions costs, $m, 20052009 40
Table 14: Top 200 North American Companies, Crude Oil (MMbbl) and Natural Gas Reserves (Bcf), 20052009 41
Table 15: Top 200 North American Companies, Proved Crude Oil Reserves Change by Category, MMbbl, 2005-2009 42
Table 16: Top 200 North American Companies, Proved Reserves by Peer Group, Crude Oil and Natural Gas Liquids, MMbbl, 2005-2009 43
Table 17: Top 200 North American Companies, Proved Natural Gas Reserves Change by Category, 2005-2009 45
Table 18: Top 200 North American Companies, Proved Reserves by Peer Group, Natural Gas, Bcf, 2005-2009 45
Table 19: Top 200 North American Companies, Allin Reserve Replacement Ratio by Peer Group, %, 2005-2009 46
Table 20: Top 200 North American Companies, Extensions and Discoveries & Improved Recovery Replacement by Peer Group, %, 2005-2009 47
Table 21: Top 200 North American Companies, Proved Reserves and Developed Reserves, MMboe, 2005-2009 47
Table 22: Top 200 North American Companies, Proved Developed Reserves by Peer Group, MMboe, 2005-2009 48
Table 23: Top 200 North American Companies, Reserve Life, Years, 2005-2009 49
Table 24: Top 200 North American Companies, Oil (MMbbl) And Gas (Bcf) Production, 2005-2009 50
Table 25: Top 200 North American Companies, Results of Operations, $m, 2005-2009 51
Table 26: Top 200 North American Companies, Oil And Gas Revenue by Peer Group, $m, 2005-2009 52
Table 27: Top 200 North American Companies, Revenue per boe by Peer Group, $/boe, 2005-2009 53
Table 28: Top 200 North American Companies, Lifting Costs per boe by Peer Group, $/boe, 2005-2009 54
Table 29: Top 200 North American Companies, Exploration Expenses per boe by Peer Group, $/boe, 2005-2009 55
Table 30: Top 200 North American Companies, DD&A per boe by Peer Group, $/boe, 2005-2009 56
Table 31: Top 200 North American Companies, Net Back per boe by Peer Group,$/boe, 2005-2009 57
Table 32: Top 200 North American Companies, Cash Flow per boe by Peer Group,$/boe, 2005-2009 58
Table 33: Top 200 North American Companies, Debt/Proved Developed Reserves by Peer Group, $/boe, 2005-2009 59
Table 34: Top US Oil and Gas Companies, Costs Incurred, $m, 20052009 60
Table 35: Top US Oil and Gas Companies, Costs Incurred by Peer Group, $m, 20052009 61
Table 36: Top US Oil and Gas Companies, Exploration and Development costs, $m, 20052009 62
Table 37: Top US Oil and Gas Companies, Acquisition Costs by Peer Group, $m, 20052009 63
Table 38: Top US Oil and Gas Companies, Performance Measures, $/boe, 2005-2009 65
Table 39: Top US Oil and Gas Companies, Crude Oil (MMbbl) and Natural Gas Reserves (Bcf), 20052009 66
Table 40: Top US Oil and Gas Companies, Proved Crude Oil Reserves Change by Category, MMbbl, 2005-2009 67
Table 41: Top US Oil and Gas Companies, Proved Reserves by Peer Group, Crude Oil and Natural Gas Liquids, MMbbl, 2005-2009 67
Table 42: Top US Oil and Gas Companies, Proved Natural Gas Reserves Change by Category, Bcf, 2005-2009 69
Table 43: Top US Oil and Gas Companies, Proved Reserves by Peer Group, Natural Gas, Bcf, 2005-2009 70
Table 44: Top US Oil and Gas Companies, Allin Reserve Replacement Ratio by Peer Group, %, 2005-2009 71
Table 45: Top US Oil and Gas Companies, Extensions and Discoveries & Improved Recovery Replacement Ratio by Peer Group, %, 2005-2009 71
Table 46: Top US Oil and Gas Companies, Proved Reserves and Developed Reserves, MMboe, 2005-2009 72
Table 47: Top US Oil and Gas Companies, Proved Developed Reserves by Peer Group, MMboe, 2005-2009 73
Table 48: Top US Oil and Gas Companies, Reserve Life, Years, 2005-2009 73
Table 49: Top US Oil and Gas Companies, Results of Operations, $m, 2005-2009 75
Table 50: Top US Oil and Gas Companies, Oil And Gas Revenue by Peer Group, $m, 2005-2009 76
Table 51: Top US Oil and Gas Companies, Revenue per boe by Peer Group, $/boe, 2005-2009 77
Table 52: Top US Oil and Gas Companies, Lifting Costs per boe by Peer Group, $/boe, 2005-2009 78
Table 53: Top US Oil and Gas Companies, Exploration Expenses per boe by Peer Group, $/boe, 2005-2009 79
Table 54: Top US Oil and Gas Companies, DD&A per boe by Peer Group, $/boe, 2005-2009 80
Table 55: Top US Oil and Gas Companies, Net Back per boe by Peer Group, $/boe, 2005-2009 81
Table 56: Top US Oil and Gas Companies, Cash Flow per boe by Peer Group, $/boe, 2005-2009 82
Table 57: Top US Oil and Gas Companies, Debt/Proved Developed Reserves by Peer Group, $/boe, 2005-2009 83
Table 58: Top Canadian Oil and Gas Companies, Costs Incurred, $m, 20052009 84
Table 59: Top Canadian Oil and Gas Companies, Costs Incurred by Peer Group, $m, 20052009 85
Table 60: Top Canadian Oil and Gas Companies, Acquisition Costs by Peer Group, $m, 20052009 86
Table 61: Top Canadian Oil and Gas Companies, Exploration and Development costs, $m, 20052009 87
Table 62: Top Canadian Oil and Gas Companies, Performance Measures, $/boe, 2005-2009 89
Table 63: Top Canadian Oil and Gas Companies, Crude Oil (MMbbl) and Natural Gas Reserves (Bcf), 20052009 89
Table 64: Top Canadian Oil and Gas Companies, Proved Crude Oil Reserves Change by Category, MMbbl,2005-2009 90
Table 65: Top Canadian Oil and Gas Companies, Proved Reserves by Peer Group, Crude oil, MMbbl,2005-2009 90
Table 66: Top Canadian Oil and Gas Companies, Proved Reserves, Natural Gas, Bcf,2005-2009 92
Table 67: Top Canadian Oil and Gas Companies, Proved Reserves by Peer Group, Natural Gas, Bcf,2005-2009 93
Table 68: Top Canadian Oil and Gas Companies, Allin Reserve Replacement Ratio by Peer Group, %, 2005-2009 94
Table 69: Top Canadian Oil and Gas Companies, Extensions and Discoveries & Improved Recovery Replacement Ratio by Peer Group, %,2005-2009 94
Table 70: Top Canadian Oil and Gas Companies, Proved Reserves and Developed Reserves, MMboe,2005-2009 95
Table 71: Top Canadian Oil and Gas Companies, Proved Developed Reserves by Peer Group, MMboe,2005-2009 96
Table 72: Top Canadian Oil and Gas Companies, Reserve Life, Years, 2005-2009 96
Table 73: Top Canadian Oil and Gas Companies, Oil (MMbbl) And Gas (Bcf) Production, 2005-2009 97
Table 74: Top Canadian Oil and Gas Companies, Results of Operations, $m, 2005-2009 98
Table 75: Top Canadian Oil and Gas Companies, Oil And Gas Revenue by Peer Group, $m, 2005-2009 100
Table 76: Top Canadian Oil and Gas Companies, Net Back by Peer Group, $m,2005-2009 100
Table 77: Top Canadian Oil and Gas Companies, Revenue per boe by Peer Group,$/boe,2005-2009 100
Table 78: Top Canadian Oil and Gas Companies, Lifting Costs per boe by Peer Group, $/boe, 2005-2009 101
Table 79: Top Canadian Oil and Gas Companies, Exploration Expenses per boe by Peer Group, $/boe,2005-2009 102
Table 80: Top Canadian Oil and Gas Companies, DD&A per boe by Peer Group, $/boe,2005-2009 103
Table 81: Top Canadian Oil and Gas Companies, Net Back per boe by Peer Group, $/boe,2005-2009 104
Table 82: Top Canadian Oil and Gas Companies, Cash Flow per boe by Peer Group, $/boe,2005-2009 105
Table 83: Top Canadian Oil and Gas Companies, Debt/Proved Developed Reserves by Peer Group, $/boe,2005-2009 107
Table 84: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Proved Oil & Gas Reserves, MMboe, 2005-2009 109
Table 85: Top 20 Large-Cap North American Independent Exploration and Production Companies, Proved Oil Reserves, MMbbl, 2005-2009 111
Table 86: Top 20 Large-Cap North American Independent Exploration and Production Companies, Proved Gas Reserves, Bcf, 2005-2009 113
Table 87: Top 20 Large-Cap North American Independent Exploration and Production Companies, Proved Oil Reserves as a % of Total Oil and Gas Reserves, %, 2005-2009 115
Table 88: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Oil & Gas Production, MMboe, 2005-2009 117
Table 89: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil Production, MMbbl, 2005-2009 119
Table 90: Top 20 Large-Cap North American Independent Exploration and Production Companies, Gas Production, Bcf, 2005-2009 121
Table 91: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Reserves Replacement (Including Sales), Annual, %, 2005-2009 123
Table 92: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Reserve Replacement (Including Sales), 3-Year, %, 2005-2009 125
Table 93: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 127
Table 94: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Costs Incurred, $m, 2005-2009 130
Table 95: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Acquisition Costs, $m, 2005-2009 132
Table 96: Top 20 Large-Cap North American Independent Exploration and Production Companies, Exploration Costs, $m, 2005-2009 134
Table 97: Top 20 Large-Cap North American Independent Exploration and Production Companies, Development Costs, $m, 2005-2009 136
Table 98: Top 20 Large-Cap North American Independent Exploration and Production Companies, Finding & Development Costs, $m, 2005-2009 138
Table 99: Top 20 Large-Cap North American Independent Exploration and Production Companies, 3-Year Weighted Average Reserve Replacement Cost Per boe, $/boe, 2005-2009 140
Table 100: Top 20 Large-Cap North American Independent Exploration and Production Companies, 3-Year Weighted Average Oil and Gas Finding & Development Cost Per boe, $/boe, 2005-2009 142
Table 101: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Revenue From Upstream Oil & Gas Operations, $m, 2005-2009 144
Table 102: Top 20 Large-Cap North American Independent Exploration and Production Companies, Net Income/ Loss From Upstream Oil & Gas Operations, $m, 2005-2009 146
Table 103: Top 20 Large-Cap North American Independent Exploration and Production Companies, Free Cash Flow From Upstream Oil & Gas Operations, $m, 2005-2009 148
Table 104: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Revenue per boe, $/boe, 2005-2009 150
Table 105: Top 20 Large-Cap North American Independent Exploration and Production Companies, Net Income per boe, $/boe, 2005-2009 151
Table 106: Top 20 Large-Cap North American Independent Exploration and Production Companies, Cash Flow per boe, $/boe, 2005-2009 153
Table 107: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total DD&A per boe, $/boe, 2005-2009 155
Table 108: Top 20 Large-Cap North American Independent Exploration and Production Companies, Lifting Cost per boe, $/boe,2005-2009 157
Table 109: Top 20 Large-Cap North American Independent Exploration and Production Companies, Net back per boe, $/boe, 2005-2009 159
Table 110: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2005-2009 161
Table 111: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2005-2009 163
Table 112: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Net Developed Acreage, (Thousand Acres), 2005-2009 165
Table 113: Top 20 Large-Cap North American Independent Exploration and Production Companies, Market Capitalization, $m, 2005-2009 167
Table 114: Top 20 Large-Cap North American Independent Exploration and Production Companies, Enterprise Value, $m, 2005-2009 169
Table 115: Top 20 Large-Cap North American Independent Exploration and Production Companies, EV/Proved Reserves,$/boe, 2005-2009 171
Table 116: Top 20 Large-Cap North American Independent Exploration and Production Companies, EV/Per Daily boe Produced,$/boe, 2005-2009 173
Figure 1: Oil ($/bbl) and Natural Gas ($/Mcf) Price, January 2008 May 2010 20
Figure 2: Proved Undeveloped Oil & Gas Reserves as % of Total Oil and Gas Reserves, 2005-2009 25
Figure 3: Natural Gas Prices, $/MMBTU, May-2009-April-2010 26
Figure 4: Share Price Performance of Major Gas Focused Companies, August-2008-April-2010 28
Figure 5: Upstream Asset and Corporate Deals, Proved Reserves Multiple, Q1-2007-Q4-2010 30
Figure 6: North American E&P Sector, Oil Focus versus Gas Focus Companies Market Cap Growth/Decline, March, 2007-Sep, 2009 31
Figure 7: Crude Oil ($/bbl) and Natural Gas ($/mcf) benchmarking prices (July09-June10) 34
Figure 8: Top 200 North American Companies, Costs Incurred, $m, 20052009 37
Figure 9: Top 200 North American Companies, Finding and Development costs and Finding costs, $/boe, 20052009 38
Figure 10: Top 200 North American Companies, Exploration and Development costs, $m, 20052009 39
Figure 11: Top 200 North American Companies, Acquisitions costs, $m, 20052009 40
Figure 12: Top 200 North American Companies, Proved Reserves by Peer Group, Crude Oil and Natural Gas Liquids, MMbbl, 2005-2009 44
Figure 13: Top 200 North American Companies, Proved Reserves by Peer Group, Natural Gas, Bcf, 2005-2009 46
Figure 14: Top 200 North American Companies, Proved Reserves and Developed Reserves, MMboe, 2005-2009 48
Figure 15: Top 200 North American Companies, Reserve Life, Years, 2005-2009 49
Figure 16: Top 200 North American Companies, Oil (MMbbl) And Gas (Bcf) Production, 2005-2009 50
Figure 17: Top 200 North American Companies, Oil and Gas Revenue And Expenses, $m, 2005-2009 52
Figure 18: Top 200 North American Companies, Revenue per boe, $/boe, 2005-2009 53
Figure 19: Top 200 North American Companies, Lifting Costs per boe, $/boe, 2005-2009 54
Figure 20: Top 200 North American Companies, Exploration Expenses per, $/boe, 2005-2009 55
Figure 21: Top 200 North American Companies, DD&A per, $/boe, 2005-2009 56
Figure 22: Top 200 North American Companies, Net Back per boe, $/boe, 2005-2009 57
Figure 23: Top 200 North American Companies, Cash Flow per boe, $/boe, 2005-2009 58
Figure 24: Top 200 North American Companies, Debt/Proved Developed Reserves, $/boe, 2005-2009 59
Figure 25: Top US Oil and Gas Companies, Costs Incurred, $m, 20052009 61
Figure 26: Top US Oil and Gas Companies, Costs Incurred by Peer Group, $m, 20052009 62
Figure 27: Top US Oil and Gas Companies, Exploration and Development costs, $m, 20052009 63
Figure 28: Top US Oil and Gas Companies, Acquisition Costs by Peer Group, $m, 20052009 64
Figure 29: Top US Oil and Gas Companies, Proved Reserves by Peer Group, Crude Oil and Natural Gas Liquids, MMbbl, 2005-2009 68
Figure 30: Top US Oil and Gas Companies, Proved Reserves by Peer Group, Natural Gas, Bcf, 2005-2009 70
Figure 31: Top US Oil and Gas Companies, Proved Reserves and Developed Reserves, MMboe, 2005-2009 72
Figure 32: Top US Oil and Gas Companies, Reserve Life, Years, 2005-2009 74
Figure 33: Top US Oil and Gas Companies, Oil and Gas Revenue And Expenses, $m, 2005-2009 76
Figure 34: Top US Oil and Gas Companies, Revenue per boe, $/boe, 2005-2009 77
Figure 35: Top US Oil and Gas Companies, Lifting Costs per, $/boe, 2005-2009 78
Figure 36: Top US Oil and Gas Companies, Exploration Expenses per boe, $/boe, 2005-2009 79
Figure 37: Top US Oil and Gas Companies, DD&A per boe, $/boe, 2005-2009 80
Figure 38: Top US Oil and Gas Companies, Net Back per boe, $/boe, 2005-2009 81
Figure 39: Top US Oil and Gas Companies, Cash Flow per boe, $/boe, 2005-2009 82
Figure 40: Top US Oil and Gas Companies, Debt/Proved Developed Reserves by Peer Group, $/boe, 2005-2009 83
Figure 41: Top Canadian Oil and Gas Companies, Costs Incurred, $m, 20052009 85
Figure 42: Top Canadian Oil and Gas Companies, Costs Incurred by Peer Group, $m, 20052009 86
Figure 43: Top Canadian Oil and Gas Companies, Acquisition Costs by Peer Group, $m, 20052009 87
Figure 44: Top Canadian Oil and Gas Companies, Exploration and Development costs, $m, 20052009 88
Figure 45: Top Canadian Oil and Gas Companies, Proved Reserves by Peer Group, Crude oil, MMbbl,2005-2009 91
Figure 46: Top Canadian Oil and Gas Companies, Proved Reserves by Peer Group, Natural Gas, Bcf, 2005-2009 93
Figure 47: Top Canadian Oil and Gas Companies, Proved Reserves and Developed Reserves, MMboe, 2005-2009 95
Figure 48: Top Canadian Oil and Gas Companies, Reserve Life, Years, 2005-2009 97
Figure 49: Top Canadian Oil and Gas Companies, Oil (MMbbl) And Gas (Bcf) Production, 2005- 2009 98
Figure 50: Top Canadian Oil and Gas Companies, Oil and Gas Revenue And Expenses, $m, 2005-2009 99
Figure 51: Top Canadian Oil and Gas Companies, Revenue per boe,$/boe,2005-2009 101
Figure 52: Top Canadian Oil and Gas Companies, Lifting Costs per, $/boe, 2005-2009 102
Figure 53: Top Canadian Oil and Gas Companies, Exploration Expenses per boe, $/boe,2005-2009 103
Figure 54: Top Canadian Oil and Gas Companies, DD&A per boe, $/boe, 2005-2009 104
Figure 55: Top Canadian Oil and Gas Companies, Net Back per boe, $/boe,2005-2009 105
Figure 56: Top Canadian Oil and Gas Companies, Cash Flow per boe, $/boe,2005-2009 106
Figure 57: Top Canadian Oil and Gas Companies, Debt/Proved Developed Reserves by Peer Group, $/boe, 2005-2009 107
Figure 58: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Proved Oil & Gas Reserves, MMboe, 2009 108
Figure 59: Top 20 Large-Cap North American Independent Exploration and Production Companies, Proved Oil Reserves, MMbbl, 2009 110
Figure 60: Top 20 Large-Cap North American Independent Exploration and Production Companies, Proved Gas Reserves, Bcf, 2009 112
Figure 61: Top 20 Large-Cap North American Independent Exploration and Production Companies, Proved Oil Reserves as a % of Total Oil and Gas Reserves, %, 2009 114
Figure 62: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Oil & Gas Production, MMboe, 2009 116
Figure 63: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil Production, MMbbl, 2009 118
Figure 64: Top 20 Large-Cap North American Independent Exploration and Production Companies, Gas Production, Bcf, 2009 120
Figure 65: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Reserves Replacement (Including Sales), Annual, %, 2009 122
Figure 66: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Reserve Replacement (Including Sales), 3-Year, %, 2009 124
Figure 67: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2009 126
Figure 68: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Costs Incurred, $m, 2009 129
Figure 69: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Acquisition Costs, $m, 2009 131
Figure 70: Top 20 Large-Cap North American Independent Exploration and Production Companies, Exploration Costs, $m, 2009 133
Figure 71: Top 20 Large-Cap North American Independent Exploration and Production Companies, Development Costs, $m, 2009 135
Figure 72: Top 20 Large-Cap North American Independent Exploration and Production Companies, Finding & Development Costs, $m, 2009 137
Figure 73: Top 20 Large-Cap North American Independent Exploration and Production Companies, 3-Year Weighted Average Reserve Replacement Cost Per Boe, $/boe, 2009 139
Figure 74: Top 20 Large-Cap North American Independent Exploration and Production Companies, 3-Year Weighted Average Oil and Gas Finding & Development Cost Per boe, $/boe, 2009 141
Figure 75: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Revenue From Upstream Oil & Gas Operations, $m, 2009 143
Figure 76: Top 20 Large-Cap North American Independent Exploration and Production Companies, Net Income/ Loss From Upstream Oil & Gas Operations, $m, 2009 145
Figure 77: Top 20 Large-Cap North American Independent Exploration and Production Companies, Free Cash Flow From Upstream Oil & Gas Operations, $m, 2009 147
Figure 78: Top 20 Large-Cap North American Independent Exploration and Production Companies, Oil & Gas Revenue per boe, $/boe, 2009 149
Figure 79: Top 20 Large-Cap North American Independent Exploration and Production Companies, Net Income per boe, $/boe, 2009 151
Figure 80: Top 20 Large-Cap North American Independent Exploration and Production Companies, Cash Flow per boe, $/boe, 2009 153
Figure 81: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total DD&A per boe, $/boe, 2009 155
Figure 82: Top 20 Large-Cap North American Independent Exploration and Production Companies, Lifting Cost per boe, $/boe,2009 157
Figure 83: Top 20 Large-Cap North American Independent Exploration and Production Companies, Net back per boe, $/boe, 2009 159
Figure 84: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Net Undeveloped Acreage, (Thousand Acres), 2009 161
Figure 85: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2009 163
Figure 86: Top 20 Large-Cap North American Independent Exploration and Production Companies, Total Net Developed Acreage, (Thousand Acres), 2009 165
Figure 87: Top 20 Large-Cap North American Independent Exploration and Production Companies, Market Capitalization, $m, 2009 167
Figure 88: Top 20 Large-Cap North American Independent Exploration and Production Companies, Enterprise Value, $m, 2009 169
Figure 89: Top 20 Large-Cap North American Independent Exploration and Production Companies, EV/Proved Reserves,$/boe, 2009 171
Figure 90: Top 20 Large-Cap North American Independent Exploration and Production Companies, EV/Per Daily boe Produced,$/boe, 2009 173
Figure 91: GlobalData Methodology 175