Stone Energy Corporation Valuation Report, April 2010 - Strategic and Operational Analysis


#29369

109pages

GlobalData

$ 3500

In Stock


Stone Energy is independent oil and natural gas company engaged in acquisition, exploration, exploitation, development, of oil and gas assets primarily located in the Gulf of Mexico (GOM). The company has made strategic investments in the deep water and deep shelf GOM, which are important exploration areas. It is also active in the Appalachia region; where it has established a significant acreage position in the Marcellus Shale. As of December 31, 2009, the companys estimated proved oil and natural gas reserves were approximately 410.7 Bcfe. Stone Energy has a strong reserve base with equal percentage of oil and gas mix. The companys strategy is to have an equal presence in both the oil and gas segment and therefore tries to maintain a balanced portfolio.

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 contents 3
1.1 List of Tables 6
1.2 List of Figures 8

2 Stone Energy Corporation, Company Overview 10

3 Stone Energy Corporation, Watchlist for 2010 13

4 Stone Energy Corporation, Investment Summary 14
4.1 Stone Has Been Focusing On GOM and Deep-water Shelf to Seek Long Term Growth 14
4.2 Stones Increasing Presence in Appalachian Region Will Help in Building Multi-Year Inventory for its Oil and Gas Portfolio 15
4.3 New Projects to Supplement the Overall Growth of E&P Operations 17
4.3.1 Mississippi Canyon Block 109 (Amberjack Field) 17
4.3.2 Vermilion Block 96 (Cardinal/Blue Jay) 17
4.3.3 Garden Banks 293 (Pyrenees Prospect) 17
4.4 Stone Plans to Utilize Internal Cash Flow and Reduction in Spending On Non-priority Projects to Support its 2010 Capex Plan 19

5 Stone Energy Corporation, SWOT Analysis 22
5.1 Strengths 22
5.1.1 Strong Liquidity Position and Cash Flow Position 22
5.1.2 Strong Exposure Towards Gulf of Mexico Shelf 22
5.2 Weaknesses 22
5.2.1 Low Operating Margin and Return on Equity 22
5.2.2 Limited Geographical Reach and Declining Market Share 22
5.3 Opportunities 23
5.3.1 Deep-water Discovery in Pyrenees Prospect 23
5.3.2 Strategic Acquisition and Development of Maturing and New Fields 23
5.3.3 Strategic Agreements 23
5.4 Threats 23
5.4.1 US Energy Policy and Increasing Tax Burden 23
5.4.2 Stringent Regulations 23

6 Stone Energy Corporation, Goals and Strategies 24
6.1 Maintaining Financial Flexibility 24
6.2 Building a Multi-Year Prospect Inventory 24
6.3 Mitigate Hurricane Risk and Encourage Cautious Capital Outlay 24

7 Stone Energy Corporation, Production Overview 25
7.1 Production Profile 25
7.2 The US and GOM Assets 27
7.3 Key Upstream Projects 28

8 Stone Energy Corporation, Development Overview 29
8.1 Development Profile 29
8.2 The US and the Gulf of Mexico 30

9 Stone Energy Corporation, M&A Highlights 31
9.1 M&A Activity 31

10 Stone Energy Corporation, Outlook 33
11 Stone Energy Corporation, Forecast Production and Financial Statements 34
11.1 Income Statement (20072014) 36
11.2 Balance Sheet (20072014) 37
11.3 Cash Flow Statement (20072014) 38
11.4 Financial Ratios 39

12 Stone Energy Corporation, Valuation 41
12.1 Net Asset Value 41
12.2 Valuation Horizon 44

13 Stone Energy Corporation, Peer Comparison 45
13.1 Share Price Performance 45
13.2 Operational and Financial Performance 46
13.3 Key Financial and Operational Ratio 49

14 Stone Energy Corporation, Key Risks 51
14.1 Volatile Commodity Price 51
14.2 Reserve Replacement 51
14.3 Competition with Peers 51
14.4 Acquisition Risks 51

15 Stone Energy Corporation, Detailed Financial and Operational Metrics 52
15.1 Stone Energy Corporation, Quarterly Results of Oil and Gas Operations per boe Produced 52
15.1.1 Results of Oil and Gas Operations per boe Produced, Q4, 2008 Q4, 2009 52
15.1.2 Results of Oil and Gas Operations per Boe Growth Rates, Q4, 2008 Q4, 2009 53
15.2 Stone Energy Corporation, Quarterly E&P Costs Trends 53
15.2.1 Upstream Capital Expenditure, Q4, 2008 Q4, 2009 53
15.3 Stone Energy Corporation, Quarterly Production Trends 54
15.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008 Q4, 2009 54
15.3.2 Total Crude Oil and Natural Gas Production, The US, Q4, 2008 Q4, 2009 55
15.3.3 Total Crude Oil and Natural Gas Production per Share, Q4, 2008 Q4, 2009 56
15.4 Stone Energy Corporation, Crude Oil Production 57
15.4.1 Total Crude Oil Production Trend, Q4, 2008 Q4, 2009 57
15.4.2 Crude Oil Production, The US, Q4, 2008 Q4, 2009 58
15.5 Stone Energy Corporation, Natural Gas Production 59
15.5.1 Total Natural Gas Production Trend, Q4, 2008 Q4, 2009 59
15.5.2 Natural Gas Production, The US, Q4, 2008 Q4, 2009 60
15.6 Stone Energy Corporation, Production and Reserves Trends 61
15.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 20042009 61
15.6.2 Total Crude Oil and Natural Gas Production and Reserves, The US, 20042009 62
15.6.3 Total Crude Oil and Natural Gas Reserve Changes, 20042009 63
15.7 Stone Energy Corporation, Crude Oil/Liquids Production and Reserve 64
15.7.1 Crude Oil/Liquids Production and Reserve Trend, 20042009 64
15.7.2 Crude Oil Production and Reserves, The US, 20042009 65
15.7.3 Crude Oil/Liquids Reserve Changes, 20042009 66
15.8 Stone Energy Corporation, Natural Gas Production and Reserve 67
15.8.1 Natural Gas Production and Reserve Trend, 20042009 67
15.8.2 Natural Gas Production and Reserves, The US, 20042009 68
15.8.3 Natural Gas Reserve Changes, 20042009 69
15.9 Stone Energy Corporation, Total Crude Oil and Natural Gas Reserves Life Index 70
15.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 20042009 70
15.9.2 Total Crude Oil and Natural Gas Reserves Life Index, The US, 20042009 71
15.10 Stone Energy Corporation, Stone Energy Corporation, E&P Costs Trends 73
15.10.1 Upstream Capital Expenditure, 20042009 73
15.10.2 Acquisition Costs, The US, 20042009 73
15.10.3 Exploration and Development Costs, by Country/Region, 20042009 74
15.11 Stone Energy Corporation, Oil and Gas Cost per boe, $/boe 75
15.11.1 Oil and Gas Cost per boe, $/boe, 20042009 75
15.11.2 Oil and Gas Cost per boe, $/boe, The US, 20042009 76
15.12 Stone Energy Corporation, Reserve Replacement Ratio 78
15.12.1 Oil and Gas Production Replacement Ratio, 20042009 78
15.12.2 Oil and Gas Production Replacement Ratio, The US, 20042009 79
15.13 Stone Energy Corporation, Results of Oil and Gas Operations Trend 83
15.13.1 Oil and Gas Revenue and Expenses, 20042009 83
15.13.2 Oil and Gas Revenue and Expenses, The US, 20042009 84
15.14 Stone Energy Corporation, Oil and Gas Revenue and Expenses, per boe 88
15.14.1 Oil and Gas Revenue and Expenses, by boe, 20042009 88
15.14.2 Oil and Gas Revenue and Expenses per boe, The US, 20042009 89
15.15 Stone Energy Corporation, Oil and Gas Performance Metrics 92
15.16 Stone Energy Corporation, Land Holdings and Well Data 93
15.16.1 Gross and Net Developed and Undeveloped Acreage, 20042009 93
15.16.2 Gross and Net Developed and Undeveloped Acreage, The US, 20042009 94
15.17 Stone Energy Corporation, Well Statistics 97
15.17.1 Producible Oil and Gas Well, 20042009 97
15.17.2 Producible Oil and Gas Well, The US, 20042009 98
15.17.3 Exploration and Development Wells Drilled, 20042009 102
15.17.4 Exploration and Development Wells Drilled, The US, 20042009 103
15.17.5 Developed Reserves per Well, Oil (Mbbl per Well), Gas (MMcf per Well), Oil and Gas (Mboe per Well), 20042009 103
15.17.6 Developed Reserves per Well, The US, 20042009 104

16 Appendix 106
16.1 Methodology 106
16.1.1 Coverage 106
16.1.2 Secondary Research 106
16.1.3 Primary Research 106
16.2 Data Sources 107
16.2.1 Company Source 107
16.2.2 SEC/Other Regulatory Filings 107
16.2.3 Agency Reports 107
16.2.4 Other Sources 107
16.3 Expert Panel Validation 107
16.4 Definitions 107
16.5 Units of Measure 108
16.6 About GlobalData 108
16.7 Disclosure 109
16.8 Disclaimer 109
 
Table 1: Stone Energy Company, Key Events, 20092010 12
Table 2: Stone Energy Corporation, Upstream Growth Profile, Daily Production, Mboe, 20102016 28
Table 3: Stone Energy Corporation, Recent Transactions as a Seller, 20042009 31
Table 4: Stone Energy Corporation, Recent Transactions as a Buyer, 20042009 32
Table 5: Stone Energy Corporation, Forecast Production, 20072014 34
Table 6: GlobalData, Price Forecast, 20102014 34
Table 7: Stone Energy Corporation, Income Statement ($m), 20072014 36
Table 8: Stone Energy Corporation, Balance Sheet ($m), 20072014 37
Table 9: Stone Energy Corporation, Cash Flow Statement ($m), 20072014 38
Table 10: Stone Energy Corporation, Profitability Ratios, 20072014 39
Table 11: Stone Energy Corporation, Other Financial Ratios, 20072014 40
Table 12: GlobalData, Price Forecast, 2010E2014 41
Table 13: Stone Energy Corporation, Net Asset Valuation, 2010 42
Table 14: Stone Energy Corporation, Acreage and Resource Potential, 2010 42
Table 15: Stone Energy Corporation, Sensitivity Analysis on Fair Value ($/share), 2010 42
Table 16: Stone Energy Corporation, NPV of Oil/NGL Reserves, $/bbl, 2010 43
Table 17: Stone Energy Corporation, NPV of Natural Gas Reserves, $/Mcf, 2010 43
Table 18: Stone Energy Corporation, NPV of Total Oil and Natural Gas Reserves, $/boe, 2010 43
Table 19: Stone Energy Corporation and Peer Group, Operational and Financial Performance, 2009 46
Table 20: Stone Energy Corporation and its Peer Group Comparison, Profitability & Other Ratios, 2009 49
Table 21: Stone Energy Corporation and its Peer Group Comparison, Operational Ratios, 2009 49
Table 22: Stone Energy Corporation and its Peer Group Comparison, Liquidity Ratios, 2009 50
Table 23: Stone Energy Corporation, Results of Oil and Gas Operations per boe Produced, $/boe, Q4, 2008 Q4, 2009 52
Table 24: Stone Energy Corporation, Results of Oil and Gas Operations per boe Growth Rates, %, Q4, 2008 Q4, 2009 53
Table 25: Stone Energy Corporation, Upstream Capital Expenditure, Q4, 2008 Q4, 2009 53
Table 26: Stone Energy Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2008 Q4, 2009 54
Table 27: Stone Energy Corporation, Total Oil and Gas Production, The US, MMboe, Q4, 2008 Q4, 2009 55
Table 28: Stone Energy Corporation, Total Crude Oil and Natural Gas Production per Share, 56
Table 29: Stone Energy Corporation, Total Crude Oil Production, MMbbl, Q4, 2008 Q4, 2009 57
Table 30: Stone Energy Corporation, Crude Oil Production, The US, MMbbl, Q4, 2008 Q4, 2009 58
Table 31: Stone Energy Corporation, Total Natural Gas Production, bcf, Q4, 2008 Q4, 2009 59
Table 32: Stone Energy Corporation, Natural Gas Production, The US, bcf, Q4, 2008 Q4, 2009 60
Table 33: Stone Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 61
Table 34: Stone Energy Corporation, Total Crude Oil and Natural Gas Production and Reserves, The US, MMboe, 20042009 63
Table 35: Stone Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 20042009 63
Table 36: Stone Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 64
Table 37: Stone Energy Corporation, Crude Oil Production and Reserves, The US, MMbbl, 20042009 66
Table 38: Stone Energy Corporation, Crude Oil Reserve Changes, MMbbl, 20042009 66
Table 39: Stone Energy Corporation, Natural Gas Production and Reserves Metrics, bcf, 20042009 67
Table 40: Stone Energy Corporation, Natural Gas Production and Reserves, The US, Bcf, 69
Table 41: Stone Energy Corporation, Natural Gas Reserve Changes, bcf, 20042009 69
Table 42: Stone Energy Corporation, Oil and Gas Reserves Life Index, Years, 20042009 70
Table 43: Stone Energy Corporation, Oil and Gas Reserves Life Index, The US, Years, 20042009 72
Table 44: Stone Energy Corporation, Upstream Capital Expenditure, $m, 20042009 73
Table 45: Stone Energy Corporation, Proved and Unproved Acquisition Costs, The US, $m, 20042009 73
Table 46: Stone Energy Corporation, Exploration and Development Costs, by Country/Region, $m, 20042009 75
Table 47: Stone Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, 20042009 76
Table 48: Stone Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, The US, 20042009 78
Table 49: Stone Energy Corporation, Oil and Gas Production Replacement Ratio, %, 20042009 79
Table 50: Stone Energy Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, The US, %, 20042009 82
Table 51: Stone Energy Corporation, Revenue and Expenses, $m, 20042009 83
Table 52: Stone Energy Corporation, Revenue and Expenses, The US, $m, 20042009 87
Table 53: Stone Energy Corporation, Oil and Gas Revenue and Expenses, $/boe, 20042009 88
Table 54: Stone Energy Corporation, Oil and Gas Revenue and Expenses, $/boe, The US, 20042009 92
Table 55: Stone Energy Corporation, Oil and Gas Performance Metrics, 20042009 93
Table 56: Stone Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 94
Table 57: Stone Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), The US, Acres, 20042009 96
Table 58: Stone Energy Corporation, Producible Oil and Gas Wells, 20042009 97
Table 59: Stone Energy Corporation, Gross Producible Oil and Gas Wells, The US, Number, 20042009 98
Table 60: Stone Energy Corporation, Producible Oil and Gas Wells, The US, 20042009 101
Table 61: Stone Energy Corporation, Exploratory and Developed Wells, 20042009 102
Table 62: Stone Energy Corporation, Exploratory and Developed Wells, The US, 20042009 103
Table 63: Stone Energy Corporation, Developed Reserves per Well, Oil (Mbbl per Well), Gas (MMcf per Well), Oil and Gas (Mboe per Well), 20042009 103
Table 64: Stone Energy Corporation, Developed Reserves per Well, The US, Mboe per Well, 20042009 105
List Of Figures

Figure 1: Stone Energy Corporation, The US, GOM Operations, 2010 
Figure 2: Stone Energy Corporation, Performance Charts, 20062009 11
Figure 3: Stone Energy Corporation, Share Price Performance, March 2009February 2010 12
Figure 4: Stone Energy Corporation, Deep Water Exploration Prospects Overview, 2010 14
Figure 5: Stone Energy Corporation, Marcellus Shale Play Overview, 2010 15
Figure 6: Stone Energy Corporation, Mississippi Canyon Block 109 Overview, 2010 17
Figure 7: Stone Energy Corporation, Garden Banks 293- Pyrenees Overview, 2010 18
Figure 8: Stone Energy Corporation and Peer Group, Operating Cash Flows as % of Capital Expenditure, 20072009 20
Figure 9: Stone Energy Corporation And Peer Group, Debt/Capital Ratio, 20072009 21
Figure 10: Stone Energy Corporation and Peer Group Comparison, Net Acreage, 2009 21
Figure 11: Stone Energy Corporation, Total Production From Upstream Assets, MMboe, 20052014 25
Figure 12: Stone Energy Corporation, Total Oil and Gas Production By Blocks, MMcfe, 2009 26
Figure 13: Stone Energy Corporation, Total Oil and Gas Daily Production (Mboe/d), 20102016 29
Figure 14: Stone Energy Corporation, Share Price Comparison, 2010 44
Figure 15: Stone Energy Corporation and Peer Group, Relative Share Price Performance Index, 20092010 45
Figure 16: Stone Energy Corporation and Peer Group, Operational and Financial Parameters in $/boe, 2009 47
Figure 17: Stone Energy Corporation, F&D costs and Reserve Replacement Ratio, 2009 47
Figure 18: Stone Energy Corporation and Peer Group, Total Reserves and Production, MMboe, 2009 48
Figure 19: Stone Energy Corporation and Peer Group Comparison, Valuation Ratio, 2009 50
Figure 20: Stone Energy Corporation, Results of Oil and Gas Operations per boe Produced, $/boe, Q4, 2008 Q4, 2009 52
Figure 21: Stone Energy Corporation, Upstream Capital Expenditure, $m, Q4, 2008 Q4, 2009 53
Figure 22: Stone Energy Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008 Q4, 2009 54
Figure 23: Stone Energy Corporation, Total Oil and Gas Production, The US, MMboe, Q4, 2008 Q4, 2009 55
Figure 24: Stone Energy Corporation, Total Crude Oil and Natural Gas Production per Share, boe/Share, Q4, 2008 Q4, 2009 56
Figure 25: Stone Energy Corporation, Total Crude Oil Production, MMbbl, Q4, 2008 Q4, 2009 57
Figure 26: Stone Energy Corporation, Crude Oil Production, The US, MMbbl, Q4, 2008 Q4, 2009 58
Figure 27: Stone Energy Corporation, Total Natural Gas Production, bcf, Q4, 2008 Q4, 2009 59
Figure 28: Stone Energy Corporation, Natural Gas Production, The US, bcf, Q4, 2008 Q4, 2009 60
Figure 29: Stone Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 61
Figure 30: Stone Energy Corporation, Total Oil and Gas Production (Reserves Reconciliation), The US, MMboe, 20042009 62
Figure 31: Stone Energy Corporation, Total Proved Oil and Gas Reserves, The US, MMboe, 20042009 62
Figure 32: Stone Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 63
Figure 33: Stone Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 64
Figure 34: Stone Energy Corporation, Oil Production (Reserves Reconciliation), The US, MMbbl, 20042009 65
Figure 35: Stone Energy Corporation, Total Proved Oil Reserves, The US, MMbbl, 20042009 65
Figure 36: Stone Energy Corporation, Crude Oil Reserve Changes, MMbbl, 2009 66
Figure 37: Stone Energy Corporation, Natural Gas Production and Reserves Metrics, bcf, 20042009 67
Figure 38: Stone Energy Corporation, Gas Production (Reserves Reconciliation), The US, bcf, 20042009 68
Figure 39: Stone Energy Corporation, Total Proved Gas Reserves, The US, Bcf, 20042009 68
Figure 40: Stone Energy Corporation, Natural Gas Reserve Changes, bcf, 2009 69
Figure 41: Stone Energy Corporation, Oil and Gas Reserves Life Index, Years, 20042009 70
Figure 42: Stone Energy Corporation, Gas Reserve Life Index, The US, Ratio, 20042009 71
Figure 43: Stone Energy Corporation, Oil and Gas Reserve Life Index, The US, Ratio, 20042009 71
Figure 44: Stone Energy Corporation, Oil Reserve Life Index, The US, Ratio, 20042009 72
Figure 45: Stone Energy Corporation, Upstream Capital Expenditure, $m, 20042009 73
Figure 46: Stone Energy Corporation, Development Costs, The US, $m, 20042009 74
Figure 47: Stone Energy Corporation, Exploration Costs, by Country/Region, $m, 20042009 74
Figure 48: Stone Energy Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, 20042009 75
Figure 49: Stone Energy Corporation, 3-Year Wt. Avg. Oil and Gas Finding and Development Cost per boe, The US, $/boe, 20042009 76
Figure 50: Stone Energy Corporation, 3-Year Wt. Avg. Oil and Gas Finding Cost per boe, The US, $/boe, 20042009 77
Figure 51: Stone Energy Corporation, 3-Year Wt. Avg. Reserve Replacement Cost per boe, The US, $/boe, 20042009 77
Figure 52: Stone Energy Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 20042009 78
Figure 53: Stone Energy Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, The US, %, 20042009 79
Figure 54: Stone Energy Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, The US, %, 20042009 80
Figure 55: Stone Energy Corporation, 3-Year Wt. Avg. Oil and Gas F&D Production Replacement, The US, %, 20042009 80
Figure 56: Stone Energy Corporation, 3-Year Wt. Avg. Oil and Gas RRC Production Replacement, The US, %, 20042009 81
Figure 57: Stone Energy Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, The US, %, 20042009 81
Figure 58: Stone Energy Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, The US, %, 20042009 82
Figure 59: Stone Energy Corporation, Revenue and Expenses, $m, 20042009 83
Figure 60: Stone Energy Corporation, Depreciation, Depletion & Amortization , The US, $m, 20042009 84
Figure 61: Stone Energy Corporation, Income Tax/(Benefit), The US, $m, 20042009 84
Figure 62: Stone Energy Corporation, Net Income/Loss, The US, $m, 20042009 85
Figure 63: Stone Energy Corporation, Oil and Gas Revenue, The US, $m, 20042009 85
Figure 64: Stone Energy Corporation, Pre-tax Profit, The US, $m, 20042009 86
Figure 65: Stone Energy Corporation, Production Expenses, The US, $m, 20042009 86
Figure 66: Stone Energy Corporation, Total Expenses, The US, $m, 20042009 87
Figure 67: Stone Energy Corporation, Oil and Gas Revenue and Expenses, $/boe, 20042009 88
Figure 68: Stone Energy Corporation, Income Tax/(Benefit) per boe, The US, $/boe, 20042009 89
Figure 69: Stone Energy Corporation, Lifting Cost per boe, The US, $/boe, 20042009 89
Figure 70: Stone Energy Corporation, Annual Net Income per boe, The US, $/boe, 20042009 90
Figure 71: Stone Energy Corporation, Oil and Gas Revenue per boe, The US, $/boe, 20042009 90
Figure 72: Stone Energy Corporation, Total DD&A per boe, The US, $/boe, 20042009 91
Figure 73: Stone Energy Corporation, Total Revenue per boe, The US, $/boe, 20042009 91
Figure 74: Stone Energy Corporation, Oil and Gas Performance Metrics, 20042009 92
Figure 75: Stone Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 93
Figure 76: Stone Energy Corporation, Total Gross Undeveloped Acreage, The US, Acres, 20042009 94
Figure 77: Stone Energy Corporation, Total Net Undeveloped Acreage, The US, Acres, 20042009 95
Figure 78: Stone Energy Corporation, Total Gross Developed Acreage, The US, Acres, 20042009 95
Figure 79: Stone Energy Corporation, Total Net Developed Acreage, The US, Acres, 20042009 96
Figure 80: Stone Energy Corporation, Producible Oil and Gas Wells, 20042009 97
Figure 81: Stone Energy Corporation, Gross Producible Gas Wells, The US, Number, 20042009 98
Figure 82: Stone Energy Corporation, Gross Producible Oil Wells, The US, Number, 20042009 99
Figure 83: Stone Energy Corporation, Net Oil and Gas Wells as Percentage of Gross Oil and Gas Wells, The US, %, 20042009 99
Figure 84: Stone Energy Corporation, Net Producible Gas Wells, The US, Number, 20042009 100
Figure 85: Stone Energy Corporation, Net Producible Oil and Gas Wells, The US, Number, 20042009 100
Figure 86: Stone Energy Corporation, Net Producible Oil Wells, The US, Number, 20042009 101
Figure 87: Stone Energy Corporation, Exploratory and Developed Wells, 20042009 102
Figure 88: Stone Energy Corporation, Developed Gas Reserves per Well (MMcf per Well), The US, 20042009 104
Figure 89: Stone Energy Corporation, Developed Oil and Gas Reserves per Well (Mboe per Well), The US, 20042009 104
Figure 90: Stone Energy Corporation, Developed Oil Reserves per Well (Mbbl per Well), The US, 20042009 105