Top 20 Large Cap North American Independent Exploration & Production (E&P) Companies -Financial & Operational Fundamental Analysis and Benchmarking -2012

Pages: 371 Published: June 01, 2012 Report Code: GDGE0014B

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Top 20 Large-Cap North America Independent Exploration and Production (E&P) Companies: Financial & Operational Fundamental Analysis and Benchmarking is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of top 20 large-cap North America independent exploration and production (E&P) companies. The report benchmarks and analyzes top 20 large-cap North America independent exploration and production (E&P) companies on various operational and financial parameters. The report is an essential source for key operational data, analysis and strategic insights into companies. It provides detailed information on the key operational and financial parameters for the last five years. It also highlights the top ranked company on various operational and financial parameters such as proved oil and gas reserves, production, capital expenditures, F&D costs, acreage, performance metrics, results of oil and gas operations and valuation metrics. Proved oil and gas Reserves of the top 20 large-cap North America independent Exploration and Production (E&P) companies increased in 2011, up from 32.9 billion barrels of oil equivalent (boe) in 2010 to 34.8 billion boe in 2011. Canadian Natural Resources Limited had the highest proved oil and gas reserves of 4,011 MMboe among the top 20 large-cap North America independent Exploration and Production (E&P) companies. The total cost incurred by Top 20 Large-Cap North America Independent Exploration and Production (E&P) Companies was $91.6 billion in 2011, up by 1.4% from the previous year. Total acquisition spending decreased by 36% in 2011, down from $35.5 billion in 2010 to $22.7 billion in 2011.

Scope

The report provides in-depth analysis and insights into companies’ capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes:

Detailed and unique insights information on the key operational and financial parameters. The report provides a comprehensive overview of production, production change, production growth, reserves, reserve changes, reserve growth, capital expenditures, acreage, performance metrics, valuation metrics and results of oil and gas operations.

Provides annual information on key operational and financial parameters for the period 2007 to 2011.

Benchmarks the US and Canadian independent E&P companies on operational and financial parameters.

Companies covered include; Anadarko Petroleum Corporation, Apache Corporation, Canadian Natural Resources Limited, Chesapeake Energy Corporation, Devon Energy Corporation, El Paso Corporation, EnCana Corporation, EOG Resources, Inc., Marathon Oil Corporation, Newfield Exploration Company, Nexen Inc., Noble Energy, Inc., Occidental Petroleum Corporation, Pioneer Natural Resources Company, QEP Resources, Inc., Range Resources Corporation, Southwestern Energy Company, Talisman Energy Inc., Ultra Petroleum Corp., WPX Energy Inc.

The Top 20 Large-Cap North America Independent Exploration and Production (E&P) Companies: Financial & Operational Fundamental Analysis and Benchmarking report is based on publicly available data filed with the U S Securities and Exchange Commission (SEC) and other similar agencies worldwide. This has then been analyzed by GlobalData’s in house team of experts.

Reasons to Buy

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

Rank your performance against other top 20 large-cap North America independent exploration and production (E&P) companies using operational and financial benchmarking metrics

Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.

Formulate your strategies based on in-depth analysis of your competitors in oil and gas markets.

Improve decision making on the basis of peer comparison.

Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.

Table of Contents

1 Table of Contents

1 Table of Contents

1 Table of Contents 2

1.1 List of Tables 12

1.2 List of Figures 21

2 Benchmarking Methodology 26

2.1 Company Assessing Pillars 26

2.1.1 Operational pillar 27

2.1.2 Financial Performance pillar 31

3 Top 20 North America Independent E&P Companies, Overall Scores 33

4 Top 20 North America Independent E&P Companies, Operational Performance 37

4.1 Top 20 North America Independent E&P Companies, Operational Performance: Reserves Metrics 37

4.1.1 Total Proved Oil & Gas Reserves, 2007-2011 37

4.1.2 Oil Reserves as % of Total Reserves, 2007-2011 39

4.1.3 Oil & Gas Reserves Life Index, 2007-2011 41

4.1.4 Oil & Gas Reserves Growth, 2007-2011 43

4.1.5 Reserves Replacement Ratio (Including Sales), 2007-2011 45

4.2 Top 20 North America Independent E&P Companies, Operational Performance: Production Metrics 47

4.2.1 Oil Production, 2007-2011 47

4.2.2 Gas Production, 2007-2011 49

4.2.3 Total Oil & Gas Production, 2007-2011 51

4.2.4 Oil as % of Total Production, 2007-2011 53

4.2.5 Total Oil & Gas Production Growth, 2007-2011 55

4.3 Top 20 North America Independent E&P Companies, Operational Performance: Costs Incurred Metrics 57

4.3.1 Reserve Replacement Cost per boe, 3-Year, 2007-2011 57

4.3.2 Oil & Gas Finding & Development Cost/boe, 3-Year, 2007-2011 59

4.3.3 Oil & Gas Finding Cost per boe, 2007-2011 61

4.3.4 Proved Acquisition Cost per boe, 2007-2011 63

4.3.5 Total Costs Incurred From Upstream Oil & Gas Operations, 2007-2011 65

4.4 Top 20 North America Independent E&P Companies, Operational Performance: Results of Oil & Gas Operations Metrics 67

4.4.1 Oil & Gas Revenue per boe, 2007-2011 67

4.4.2 Lifting Cost per boe, 3-Year Avg., 2007-2011 69

4.4.3 Net-back per boe, 3-Year Avg., 2007-2011 71

4.4.4 Recycle Ratio, 2007-2011 73

4.4.5 Net Income per boe, 3-Year Avg., 2007-2011 75

4.5 Top 20 North America Independent E&P Companies, Operational Performance: Acreage & Wells Metrics 77

4.5.1 Exploration Drilling Success Ratio, 2007-2011 77

4.5.2 Net Productive Oil & Gas Wells, 2007-2011 79

4.5.3 Net/Gross Oil & Gas Ratio, 2007-2011 81

4.5.4 Exploratory Wells/Total Exploratory & Development Wells Ratio, 2007-2011 83

4.5.5 Net Undeveloped Acreage as % of Total Net Developed & Undeveloped Acreage, 2007-2011 85

5 Top 20 North America Independent E&P Companies, Financial Performance 87

5.1 Top 20 North America Independent E&P Companies, Financial Performance: Financial Metrics 87

5.1.1 Total Operating Revenue, 2007-2011 87

5.1.2 Net Income, 2007-2011 89

5.1.3 EV/Proved Reserves, $/boe, 2007-2011 91

5.1.4 EV/DACF (Debt Adjusted Cash Flow Multiple), 2007-2011 93

5.1.5 Net Debt to Equity, 2007-2011 95

5.1.6 Discretionary Cash Flow Per Share, 2007-2011 97

5.1.7 Net Income Margin, 2007-2011 99

5.1.8 Return on Average Equity, 2007-2011 101

5.1.9 Production per Share (000’s), 2007-2011 103

5.1.10 Capex/Cash Flow,2007-2011 105

6 Anadarko Petroleum Corporation, Operational Statistics, 2007-2011 107

6.1 Anadarko Petroleum Corporation, Company’s Overall Rating 107

6.2 Anadarko Petroleum Corporation, Reserves & Production Metrics, 2007-2011 108

6.3 Anadarko Petroleum Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 112

6.4 Anadarko Petroleum Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 114

6.5 Anadarko Petroleum Corporation, Acreage & Well Metrics, 2007-2011 117

7 Apache Corporation, Operational Statistics, 2007-2011 120

7.1 Apache Petroleum Corporation, Company’s Overall Rating 120

7.2 Apache Corporation, Reserves & Production Metrics, 2007-2011 121

7.3 Apache Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 123

7.4 Apache Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 125

7.5 Apache Corporation, Acreage & Well Metrics, 2007-2011 128

8 Canadian Natural Resources Limited, Operational Statistics, 2007-2011 131

8.1 Canadian Natural Resources Limited, Company’s Overall Rating 131

8.2 Canadian Natural Resources Limited, Reserves & Production Metrics, 2007-2011 132

8.3 Canadian Natural Resources Limited, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 135

8.4 Canadian Natural Resources Limited, Results of Oil & Gas Operations Metrics, 2007-2011 137

8.5 Canadian Natural Resources Limited, Acreage & Well Metrics, 2007-2011 140

9 Chesapeake Energy Corporation, Operational Statistics, 2007-2011 143

9.1 Chesapeake Energy Corporation, Company’s Overall Rating 143

9.2 Chesapeake Energy Corporation, Reserves & Production Metrics, 2007-2011 144

9.3 Chesapeake Energy Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 147

9.4 Chesapeake Energy Corporation,Results of Oil & Gas Operations Metrics, 2007-2011 149

9.5 Chesapeake Energy Corporation, Acreage & Well Metrics, 2007-2011 152

10 Devon Energy Corporation, Operational Statistics, 2007-2011 155

10.1 Devon Energy Corporation, Company’s Overall Rating 155

10.2 Devon Energy Corporation, Reserves & Production Metrics, 2007-2011 156

10.3 Devon Energy Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 159

10.4 Devon Energy Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 161

10.5 Devon Energy Corporation, Acreage & Well Metrics, 2007-2011 164

11 El Paso Corporation, Operational Statistics, 2007-2011 167

11.1 El Paso Corporation, Company’s Overall Rating 167

11.2 El Paso Corporation, Reserves & Production Metrics, 2007-2011 168

11.3 El Paso Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 170

11.4 El Paso Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 172

11.5 El Paso Corporation, Acreage & Well Metrics, 2007-2011 175

12 Encana Corporation, Operational Statistics, 2007-2011 177

12.1 Encana Corporation, Company’s Overall Rating 177

12.2 Encana Corporation, Reserves & Production Metrics, 2007-2011 178

12.3 Encana Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 181

12.4 Encana Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 183

12.5 Encana Corporation, Acreage & Well Metrics, 2007-2011 185

13 EOG Resources, Inc., Operational Statistics, 2007-2011 188

13.1 EOG Resources, Inc., Company’s Overall Rating 188

13.2 EOG Resources, Inc., Reserves & Production Metrics, 2007-2011 189

13.3 EOG Resources, Inc., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 191

13.4 EOG Resources, Inc., Results of Oil & Gas Operations Metrics, 2007-2011 193

13.5 EOG Resources, Inc., Acreage & Well Metrics, 2007-2011 196

14 Marathon Oil Corporation, Operational Statistics, 2007-2011 199

14.1 Marathon Oil Corporation, Company’s Overall Rating 199

14.2 Marathon Oil Corporation, Reserves & Production Metrics, 2007-2011 200

14.3 Marathon Oil Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 203

14.4 Marathon Oil Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 205

14.5 Marathon Oil Corporation, Acreage & Well Metrics, 2007-2011 208

15 Newfield Exploration Company, Operational Statistics, 2007-2011 211

15.1 Newfield Exploration Company, Company’s Overall Rating 211

15.2 Newfield Exploration Company, Reserves & Production Metrics, 2007-2011 212

15.3 Newfield Exploration Company, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 215

15.4 Newfield Exploration Company, Results of Oil & Gas Operations Metrics, 2007-2011 217

15.5 Newfield Exploration Company, Acreage & Well Metrics, 2007-2011 219

16 Nexen Inc., Operational Statistics, 2007-2011 222

16.1 Nexen Inc., Company’s Overall Rating 222

16.2 Nexen Inc., Reserves & Production Metrics, 2007-2011 223

16.3 Nexen Inc., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 226

16.4 Nexen Inc., Results of Oil & Gas Operations Metrics, 2007-2011 228

16.5 Nexen Inc., Acreage & Well Metrics, 2007-2011 231

17 Noble Energy, Inc.,Operational Statistics, 2007-2011 233

17.1 Noble Energy, Inc., Company’s Overall Rating 233

17.2 Noble Energy, Inc., Reserves & Production Metrics, 2007-2011 234

17.3 Noble Energy, Inc., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 237

17.4 Noble Energy, Inc., Results of Oil & Gas Operations Metrics, 2007-2011 239

17.5 Noble Energy, Inc., Acreage & Well Metrics, 2007-2011 242

18 Occidental Petroleum Corporation, Operational Statistics, 2007-2011 245

18.1 Occidental Petroleum Corporation, Company’s Overall Rating 245

18.2 Occidental Petroleum Corporation, Reserves & Production Metrics, 2007-2011 246

18.3 Occidental Petroleum Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 249

18.4 Occidental Petroleum Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 251

18.5 Occidental Petroleum Corporation, Acreage & Well Metrics, 2007-2011 254

19 Pioneer Natural Resources Company, Operational Statistics, 2007-2011 257

19.1 Pioneer Natural Resources Company, Company’s Overall Rating 257

19.2 Pioneer Natural Resources Company, Reserves & Production Metrics, 2007-2011 258

19.3 Pioneer Natural Resources Company, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 261

19.4 Pioneer Natural Resources Company, Results of Oil & Gas Operations Metrics, 2007-2011 263

19.5 Pioneer Natural Resources Company, Acreage & Well Metrics, 2007-2011 266

20 QEP Resources, Inc., Operational Statistics, 2007-2011 269

20.1 QEP Resources, Inc., Company’s Overall Rating 269

20.2 QEP Resources, Inc., Reserves & Production Metrics, 2007-2011 270

20.3 QEP Resources, Inc., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 274

20.4 QEP Resources, Inc., Results of Oil & Gas Operations Metrics, 2007-2011 276

20.5 QEP Resources, Inc., Acreage & Well Metrics, 2007-2011 279

21 Range Resources Corporation, Operational Statistics, 2007-2011 281

21.1 Range Resources Corporation, Company’s Overall Rating 281

21.2 Range Resources Corporation, Reserves & Production Metrics, 2007-2011 282

21.3 Range Resources Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 285

21.4 Range Resources Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 287

21.5 Range Resources Corporation, Acreage & Well Metrics, 2007-2011 290

22 Southwestern Energy Company, Operational Statistics, 2007-2011 293

22.1 Southwestern Energy Company, Company’s Overall Rating 293

22.2 Southwestern Energy Company, Reserves & Production Metrics, 2007-2011 294

22.3 Southwestern Energy Company, Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 297

22.4 Southwestern Energy Company, Results of Oil & Gas Operations Metrics, 2007-2011 299

22.5 Southwestern Energy Company, Acreage & Well Metrics, 2007-2011 302

23 Talisman Energy Inc., Operational Statistics, 2007-2011 305

23.1 Talisman Energy Inc., Company’s Overall Rating 305

23.2 Talisman Energy Inc., Reserves & Production Metrics, 2007-2011 306

23.3 Talisman Energy Inc., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 309

23.4 Talisman Energy Inc., Results of Oil & Gas Operations Metrics, 2007-2011 311

23.5 Talisman Energy Inc., Acreage & Well Metrics, 2007-2011 314

24 Ultra Petroleum Corp., Operational Statistics, 2007-2011 317

24.1 Ultra Petroleum Corp., Company’s Overall Rating 317

24.2 Ultra Petroleum Corp., Reserves & Production Metrics, 2007-2011 318

24.3 Ultra Petroleum Corp., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 321

24.4 Ultra Petroleum Corp., Results of Oil & Gas Operations Metrics, 2007-2011 323

24.5 Ultra Petroleum Corp., Acreage & Well Metrics, 2007-2011 326

25 WPX Energy Inc., Operational Statistics, 2007-2011 329

25.1 WPX Energy Inc., Company’s Overall Rating 329

25.2 WPX Energy Inc., Reserves & Production Metrics, 2007-2011 330

25.3 WPX Energy Inc., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011 333

25.4 WPX Energy Inc., Results of Oil & Gas Operations Metrics, 2007-2011 335

25.5 WPX Energy Inc., Acreage & Well Metrics, 2007-2011 337

26 Appendix 340

26.1 Methodology 340

26.2 Coverage 340

26.3 Secondary Research 340

26.4 Primary Research 340

26.5 Data Sources 341

26.5.1 Company Source 341

26.5.2 SEC/Other Regulatory Filings 341

26.6 Expert Panel Validation 341

26.7 Definition 341

26.8 Total Oil and Gas Reserves 342

26.8.1 Oil Reserves, Beginning of Period 342

26.8.2 Oil Revisions 342

26.8.3 Oil Extensions & Discoveries 342

26.8.4 Oil Improved Recovery 342

26.8.5 Oil Purchases 343

26.8.6 Oil Sales 343

26.8.7 Oil Other Reserves Changes 343

26.8.8 Oil Reserves, End of Period 343

26.8.9 Gas Reserves, Beginning of Period 343

26.8.10 Gas Revisions 344

26.8.11 Gas Extensions & Discoveries 344

26.8.12 Gas Improved Recovery 344

26.8.13 Gas Purchases 344

26.8.14 Gas Sales 344

26.8.15 Gas Other Reserves Changes 344

26.8.16 Gas Reserves, End of Period 344

26.8.17 Total Oil & Gas Reserves, Beginning of Period 345

26.8.18 Oil & Gas Revisions 345

26.8.19 Oil & Gas Extensions & Discoveries 345

26.8.20 Oil & Gas Improved Recovery 346

26.8.21 Oil & Gas Purchases 346

26.8.22 Oil & Gas Sales 346

26.8.23 Oil & Gas Other Reserves Changes 346

26.8.24 Total Oil & Gas Reserves, End of Period 346

26.8.25 Gas Reserves as % of Total Oil & Gas Reserves 346

26.8.26 Oil Reserves as % of Total Oil & Gas Reserves 347

26.8.27 Oil Reserve Additions (All Source, Excluding Sales) 347

26.8.28 Gas Reserve Additions (All Source, Excluding Sales) 347

26.8.29 Oil & Gas Reserve Additions (All Source, Excluding Sales) 347

26.8.30 Oil Finding & Development Reserve Additions 347

26.8.31 Gas Finding & Development Reserve Additions 347

26.8.32 Oil & Gas Finding & Development Reserve Additions 348

26.8.33 Oil & Gas Finding Reserve Additions, Annual 348

26.9 Reserve Life 348

26.9.1 Oil Reserve Life Index 348

26.9.2 Gas Reserve Life Index 348

26.9.3 Oil & Gas Reserve Life Index 348

26.10 Total Oil and Gas production 349

26.10.1 Oil Production 349

26.10.2 Oil Production (Reserves Reconciliation) 349

26.10.3 Gas Production 349

26.10.4 Gas Production (Reserves Reconciliation) 349

26.10.5 Total Oil & Gas Production 350

26.10.6 Total Oil & Gas Production (Reserves Reconciliation) 350

26.10.7 Daily Oil/Liquid Production Rate (Reserves Reconciliation) 350

26.10.8 Daily Gas Production Rate (Reserves Reconciliation) 350

26.10.9 Oil Production as % of Total Oil & Gas Production 350

26.10.10 Gas Production as % of Total Oil & Gas Production 351

26.10.11 Average Daily Oil Production 351

26.10.12 Average Daily Gas Production 351

26.10.13 Average Daily Oil & Gas Production (Mboe/d) 351

26.10.14 Daily Oil & Gas Production Rate (MMcfe/d) 351

26.10.15 Production Growth (Year over Year) 351

26.11 Reserve Replacement Ratio 352

26.11.1 Oil Reserve Replacement Ratio, Annual, Including Sales 352

26.11.2 Gas Reserve Replacement Ratio, Annual, Including Sales 352

26.11.3 Oil and Gas Reserve Replacement Ratio, Annual, Including Sales 352

26.11.4 Oil Reserve Replacement Ratio, Annual, excluding Sales 352

26.11.5 Gas Reserve Replacement Ratio, Annual, excluding Sales 352

26.11.6 Oil and Gas Reserve Replacement Ratio, Annual, excluding Sales 352

26.11.7 Oil Reserve Replacement Ratio, Annual 352

26.11.8 Gas Reserve Replacement Ratio, Annual 353

26.11.9 Oil & Gas Reserve Replacement Ratio, Annual 353

26.11.10 Oil and Gas F&D Reserve Replacement Ratio, Annual 353

26.11.11 Oil F&D Reserve Replacement Ratio, Annual 353

26.11.12 Gas F&D Reserve Replacement Ratio, Annual 353

26.11.13 Oil and Gas F&D Reserve Replacement Ratio (Excluding Revisions), Annual 354

26.11.14 Oil F&D Reserve Replacement Ratio (Excluding Revisions), Annual 354

26.11.15 Gas F&D Reserve Addition Production Replacement (Excluding Revisions), Annual 354

26.12 Costs Incurred in Oil and Gas Operations 355

26.12.1 Proved Property Acquisitions Costs 355

26.12.2 Unproved Property Acquisitions Costs 355

26.12.3 Total Acquisition Costs 355

26.12.4 Exploration Costs 355

26.12.5 Development Costs 355

26.12.6 Exploration & Development Costs 356

26.12.7 Total Costs Incurred From Upstream Oil & Gas Operations, Excluding Cumulative AROC 356

26.12.8 Total Costs Incurred From Upstream Oil & Gas Operations, Including Cumulative AROC 356

26.12.9 Finding & Development Costs Incurred 356

26.12.10 Finding & Development Costs as % of Total Costs Incurred, Annual 357

26.12.11 Reserve Replacement Cost per boe, Annual 357

26.12.12 Oil & Gas Finding & Development Cost/boe, Annual 357

26.12.13 Oil & Gas Finding Cost per boe, Annual 357

26.12.14 Proved Reserve Acquisition Costs, Annual 357

26.12.15 Proved Reserves Acquisition Cost per boe, Annual 357

26.12.16 Oil & Gas Exploration Cost per boe, Annual 358

26.12.17 Oil & Gas F&D Cost per boe (Excluding Revision), Annual 358

26.13 Results of Oil and Gas Operations 359

26.13.1 Oil & Gas Revenue 359

26.13.2 Other Revenues From Upstream Oil & Gas Operations 359

26.13.3 Total Revenue from Upstream Oil & Gas Operations 359

26.13.4 Production Costs 359

26.13.5 Lease Operating Expenses 360

26.13.6 Production-related general and administrative expenses 360

26.13.7 Transportation and Other Product Costs 360

26.13.8 Taxes Other than Income 360

26.13.9 Exploration Expenses 361

26.13.10 Accretion of Asset Retirement Obligation Cost 361

26.13.11 Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations 361

26.13.12 Impairments Related to Oil and Gas Properties 361

26.13.13 DD&A From Upstream Oil & Gas Operations, Including Impairment 362

26.13.14 Total Expenses From Upstream Oil & Gas Operations 362

26.13.15 Profit (loss) Before Taxation From Upstream Oil & Gas Operations 362

26.13.16 Income Tax Provision (Benefit) From Upstream Oil & Gas Operations 362

26.13.17 Net Income/ Loss From Upstream Oil & Gas Operations 363

26.13.18 Net Income/ Loss – Equity Companies From Upstream Oil & Gas Operations 363

26.13.19 Net Income Margin from Upstream Oil & Gas Operations 363

26.13.20 Lifting Costs 363

26.13.21 Net-back – From Upstream Oil & Gas Operations 364

26.13.22 Net-back Margin, Annual – From Upstream Oil & Gas Operations 364

26.14 Results of Oil & Gas Operations Per Oil & Gas Produced 364

26.14.1 Oil & Gas Revenue per boe – From Upstream Oil & Gas Operations 364

26.14.2 Total Revenue per boe – From Upstream Oil & Gas Operations 364

26.14.3 Exploration Expenses per boe – From Upstream Oil & Gas Operations 364

26.14.4 DD&A per boe From Upstream Oil & Gas Operations, Excluding Impairment 365

26.14.5 DD&A per boe From Upstream Oil & Gas Operations, Including Impairment 365

26.14.6 Other Costs (Income) per boe From Upstream Oil & Gas OperationsUnit: $/boe 365

26.14.7 Provision (Benefit) for Income Taxes per boe From Upstream Oil & Gas Operation 365

26.14.8 Net Income per boe, Annual – From Upstream Oil & Gas Operations 365

26.14.9 Cash Flow per boe, Annual – From Upstream Oil & Gas Operations 366

26.14.10 Net-back per boe, Annual – From Upstream Oil & Gas Operations 366

26.14.11 Lifting Cost per boe, Annual 366

26.14.12 Recycle Ratio 366

26.14.13 Free Cash Flow from Upstream Oil & Gas Operations 366

26.14.14 366

26.15 Acreage and Wells 367

26.15.1 Total Gross Undeveloped Acreage 367

26.15.2 Total Net Undeveloped Acreage 367

26.15.3 Avg. Working Interest in Undeveloped acreage 367

26.15.4 Total Gross Developed Acreage 367

26.15.5 Total Net developed Acreage 367

26.15.6 Total Net developed acreage as % of Total Gross developed Acreage 367

26.15.7 Total Gross Developed and Undeveloped Acreage 367

26.15.8 Total Net Developed and Undeveloped Acreage 367

26.15.9 Gross Productive Oil Wells 368

26.15.10 Gross Productive Gas Wells 368

26.15.11 Gross Productive Oil & Gas Wells 368

26.15.12 Net Productive Oil Wells 368

26.15.13 Net Productive Gas Wells 368

26.15.14 Net Productive Oil & Gas Wells 368

26.15.15 Net/Gross Oil & Gas Ratio 368

26.15.16 Gross Productive Oil & Gas Exploratory Wells Drilled 368

26.15.17 Net Productive Oil & Gas Exploratory Wells Drilled 368

26.15.18 Gross Dry Oil & Gas Exploratory Wells Drilled 369

26.15.19 Net Dry Oil & Gas Exploratory Wells Drilled 369

26.15.20 Net Total Oil & Gas Productive & Dry Exploratory Wells 369

26.15.21 Gross Productive Oil & Gas Developed Wells Drilled 369

26.15.22 Net Productive Oil & Gas Developed Wells Drilled 369

26.15.23 Gross Dry Oil & Gas Developed Wells Drilled 369

26.15.24 Net Dry Oil & Gas Developed Wells Drilled 369

26.15.25 Net Total Oil & Gas Productive & Dry Developed Wells 369

26.15.26 Gross Productive Exploratory & Development Wells Drilled 369

26.15.27 Gross Dry Exploratory & Developed Wells Drilled 370

26.15.28 Net Productive Exploratory & Development Wells Drilled 370

26.15.29 Net Dry Exploratory & Developed Wells Drilled 370

26.15.30 Total Net Productive & Dry Exploratory & Developed Wells 370

26.15.31 Exploration Drilling Success Ratio 370

26.15.32 Gross Total Oil & Gas Successful & Dry Exploratory Wells 370

26.15.33 Working Interest in Exploration Wells Drilled 370

26.16 Units of Measure 371

26.17 Contact Us 371

26.18 Disclosure 371

26.19 Disclaimer 371

26.12.2 Unproved Property Acquisitions Costs 355

26.12.3 Total Acquisition Costs 355

26.12.4 Exploration Costs 355

26.12.5 Development Costs 355

26.12.6 Exploration & Development Costs 356

26.12.7 Total Costs Incurred From Upstream Oil & Gas Operations, Excluding Cumulative AROC 356

26.12.8 Total Costs Incurred From Upstream Oil & Gas Operations, Including Cumulative AROC 356

26.12.9 Finding & Development Costs Incurred 356

26.12.10 Finding & Development Costs as % of Total Costs Incurred, Annual 357

26.12.11 Reserve Replacement Cost per boe, Annual 357

26.12.12 Oil & Gas Finding & Development Cost/boe, Annual 357

26.12.13 Oil & Gas Finding Cost per boe, Annual 357

26.12.14 Proved Reserve Acquisition Costs, Annual 357

26.12.15 Proved Reserves Acquisition Cost per boe, Annual 357

26.12.16 Oil & Gas Exploration Cost per boe, Annual 358

26.12.17 Oil & Gas F&D Cost per boe (Excluding Revision), Annual 358

26.13 Results of Oil and Gas Operations 359

26.13.1 Oil & Gas Revenue 359

26.13.2 Other Revenues From Upstream Oil & Gas Operations 359

26.13.3 Total Revenue from Upstream Oil & Gas Operations 359

26.13.4 Production Costs 359

26.13.5 Lease Operating Expenses 360

26.13.6 Production-related general and administrative expenses 360

26.13.7 Transportation and Other Product Costs 360

26.13.8 Taxes Other than Income 360

26.13.9 Exploration Expenses 361

26.13.10 Accretion of Asset Retirement Obligation Cost 361

26.13.11 Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations 361

26.13.12 Impairments Related to Oil and Gas Properties 361

26.13.13 DD&A From Upstream Oil & Gas Operations, Including Impairment 362

26.13.14 Total Expenses From Upstream Oil & Gas Operations 362

26.13.15 Profit (loss) Before Taxation From Upstream Oil & Gas Operations 362

26.13.16 Income Tax Provision (Benefit) From Upstream Oil & Gas Operations 362

26.13.17 Net Income/ Loss From Upstream Oil & Gas Operations 363

26.13.18 Net Income/ Loss – Equity Companies From Upstream Oil & Gas Operations 363

26.13.19 Net Income Margin from Upstream Oil & Gas Operations 363

26.13.20 Lifting Costs 363

26.13.21 Net-back – From Upstream Oil & Gas Operations 364

26.13.22 Net-back Margin, Annual – From Upstream Oil & Gas Operations 364

26.14 Results of Oil & Gas Operations Per Oil & Gas Produced 364

26.14.1 Oil & Gas Revenue per boe – From Upstream Oil & Gas Operations 364

26.14.2 Total Revenue per boe – From Upstream Oil & Gas Operations 364

26.14.3 Exploration Expenses per boe – From Upstream Oil & Gas Operations 364

26.14.4 DD&A per boe From Upstream Oil & Gas Operations, Excluding Impairment 365

26.14.5 DD&A per boe From Upstream Oil & Gas Operations, Including Impairment 365

26.14.6 Other Costs (Income) per boe From Upstream Oil & Gas OperationsUnit: $/boe 365

26.14.7 Provision (Benefit) for Income Taxes per boe From Upstream Oil & Gas Operation 365

26.14.8 Net Income per boe, Annual – From Upstream Oil & Gas Operations 365

26.14.9 Cash Flow per boe, Annual – From Upstream Oil & Gas Operations 366

26.14.10 Net-back per boe, Annual – From Upstream Oil & Gas Operations 366

26.14.11 Lifting Cost per boe, Annual 366

26.14.12 Recycle Ratio 366

26.14.13 Free Cash Flow from Upstream Oil & Gas Operations 366

26.14.14 366

26.15 Acreage and Wells 367

26.15.1 Total Gross Undeveloped Acreage 367

26.15.2 Total Net Undeveloped Acreage 367

26.15.3 Avg. Working Interest in Undeveloped acreage 367

26.15.4 Total Gross Developed Acreage 367

26.15.5 Total Net developed Acreage 367

26.15.6 Total Net developed acreage as % of Total Gross developed Acreage 367

26.15.7 Total Gross Developed and Undeveloped Acreage 367

26.15.8 Total Net Developed and Undeveloped Acreage 367

26.15.9 Gross Productive Oil Wells 368

26.15.10 Gross Productive Gas Wells 368

26.15.11 Gross Productive Oil & Gas Wells 368

26.15.12 Net Productive Oil Wells 368

26.15.13 Net Productive Gas Wells 368

26.15.14 Net Productive Oil & Gas Wells 368

26.15.15 Net/Gross Oil & Gas Ratio 368

26.15.16 Gross Productive Oil & Gas Exploratory Wells Drilled 368

26.15.17 Net Productive Oil & Gas Exploratory Wells Drilled 368

26.15.18 Gross Dry Oil & Gas Exploratory Wells Drilled 369

26.15.19 Net Dry Oil & Gas Exploratory Wells Drilled 369

26.15.20 Net Total Oil & Gas Productive & Dry Exploratory Wells 369

26.15.21 Gross Productive Oil & Gas Developed Wells Drilled 369

26.15.22 Net Productive Oil & Gas Developed Wells Drilled 369

26.15.23 Gross Dry Oil & Gas Developed Wells Drilled 369

26.15.24 Net Dry Oil & Gas Developed Wells Drilled 369

26.15.25 Net Total Oil & Gas Productive & Dry Developed Wells 369

26.15.26 Gross Productive Exploratory & Development Wells Drilled 369

26.15.27 Gross Dry Exploratory & Developed Wells Drilled 370

26.15.28 Net Productive Exploratory & Development Wells Drilled 370

26.15.29 Net Dry Exploratory & Developed Wells Drilled 370

26.15.30 Total Net Productive & Dry Exploratory & Developed Wells 370

26.15.31 Exploration Drilling Success Ratio 370

26.15.32 Gross Total Oil & Gas Successful & Dry Exploratory Wells 370

26.15.33 Working Interest in Exploration Wells Drilled 370

26.16 Units of Measure 371

26.17 Contact Us 371

26.18 Disclosure 371

26.19 Disclaimer 371

List of Tables

1.1 List of Tables

Table 1: Top 20 Independent E&P Companies, Key Players’ Total Oil & Gas Reserves, MMboe, 2011 26

Table 2: Operational Performance Weighted Score and Rank, 2011 27

Table 3: Operational Performance Comparison: Reserves Metrics, 2011 28

Table 4: Operational Performance Comparison: Production Metrics,2011 28

Table 5: Operational Performance Comparison: Costs Incurred Metrics,2011 29

Table 6: Operational Performance Comparison: Results of Oil & Gas Operations Metrics,2011 29

Table 7: Operational Performance Comparison: Acreage & Wells Metrics,2011 30

Table 8: Financial Performance Pillars,2011 31

Table 9: Financial Performance Pillars Weighted Scores and Rank 32

Table 10: Operational Performance Weighted Score,2011 34

Table 11: Financial Performance Weighted Score 35

Table 12: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Proved Oil & Gas Reserves, Mmboe, 2007-2011 38

Table 13: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil Reserves as % of Total Reserves, %, 2007-2011 40

Table 14: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Reserves Life Index, Years, 2007-2011 42

Table 15: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Reserves Growth, %, 2007-2011 44

Table 16: Top 20 North America Independent Exploration and Production (E&P) Companies, Reserves Replacement Ratio (Including Sales), %, 2007-2011 46

Table 17: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2007-2011 48

Table 18: Top 20 North America Independent Exploration and Production (E&P) Companies, Gas Production, Bcf, 2007-2011 50

Table 19: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Oil & Gas Production, MMboe, 2007-2011 52

Table 20: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil Production as % of Total Production, %, 2007-2011 54

Table 21: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Production Growth, %, 2007-2011 56

Table 22: Top 20 North America Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost per boe, $,boe, 3-Year Avg., $/boe, 2007-2011 58

Table 23: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Finding & Development Cost/boe, $/boe, 3-Year Avg., $,boe, 2007-2011 60

Table 24: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Finding Cost per boe, 3-Year Avg., $/boe, 2007-2011 62

Table 25: Top 20 North America Independent Exploration and Production (E&P) Companies, Proved Acquisition Cost per boe, 3-Year Avg., $/boe, 2007-2011 64

Table 26: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred From Upstream Oil & Gas Operations, $ Million, 2007-2011 66

Table 27: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Revenue per boe, Annual, $/boe, 2007-2011 68

Table 28: Top 20 North America Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, 3-Year Avg., $/boe, 2007-2011 70

Table 29: Top 20 North America Independent Exploration and Production (E&P) Companies, Net-back per boe, 3-Year Avg., $/boe, 2007-2011 72

Table 30: Top 20 North America Independent Exploration and Production (E&P) Companies, Recycle Ratio, %, 2007-2011 74

Table 31: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Income per boe, 3-Year Avg., $/boe, 2007-2011 76

Table 32: Top 20 North America Independent Exploration and Production (E&P) Companies, Exploration Drilling Success Ratio, %, 2007-2011 78

Table 33: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Productive Oil & Gas Wells, Number, 2007-2011 80

Table 34: Top 20 North America Independent Exploration and Production (E&P) Companies, Net/Gross Oil & Gas Ratio, %, 2007-2011 82

Table 35: Top 20 North America Independent Exploration and Production (E&P) Companies, Exploratory Wells/Total Exploratory & Development Wells Ratio, %, 2007-2011 84

Table 36: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Undeveloped Acreage as % of Total Net Developed & Undeveloped Acreage, %, 2007-2011 86

Table 37: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Operating Revenue, $ Million, 2007-2011 88

Table 38: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Income, $ Million, 2007-2011 90

Table 39: Top 20 North America Independent Exploration and Production (E&P) Companies, EV/Reserves, $/boe, 2007-2011 92

Table 40: Top 20 North America Independent Exploration and Production (E&P) Companies, EV/DACF (Debt Adjusted Cash Flow Multiple), x, 2007-2011 93

Table 41: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Debt to Equity, , 2007-2011 96

Table 42: Top 20 North America Independent Exploration and Production (E&P) Companies, Discretionary Cash Flow Per Share, 2007-2011 98

Table 43: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Income Margin, %, 2007-2011 100

Table 44: Top 20 North America Independent Exploration and Production (E&P) Companies, Return on Average Equity, %, 2007-2011 102

Table 45: Top 20 North America Independent Exploration and Production (E&P) Companies, Production Per Share, boe/Share, 2007-2011 104

Table 46: Top 20 North America Independent Exploration and Production (E&P) Companies, Capex/Cash Flow, x, 2007-2011 106

Table 47: Anadarko Petroleum Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 108

Table 48: Anadarko Petroleum Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 109

Table 49: Anadarko Petroleum Corporation, Gas Reserves Metrics, Bcf, 2007-2011 109

Table 50: Anadarko Petroleum Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 110

Table 51: Anadarko Petroleum Corporation, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 111

Table 52: Anadarko Petroleum Corporation, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 112

Table 53: Anadarko Petroleum Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 113

Table 54: Anadarko Petroleum Corporation, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 115

Table 55: Anadarko Petroleum Corporation, Reserve Replacement Ratio Metrics,%, 2007-2011 116

Table 56: Anadarko Petroleum Corporation, Acreage Metrics, 2007-2011 118

Table 57: Anadarko Petroleum Corporation, Well Metrics, 2007-2011 119

Table 58: Apache Corporation, Acreage Metrics, 2007-2011 129

Table 59: Canadian Natural Resources Limited, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 132

Table 60: Canadian Natural Resources Limited, Oil Reserves Metrics, MMbbl, 2007-2011 133

Table 61: Canadian Natural Resources Limited , Gas Reserves Metrics, Bcf, 2007-2011 133

Table 62: Canadian natural resources Limited , Oil & Gas Production (Sales Volume) Metrics, 2007-2011 133

Table 63: Canadian Natural Resources Limited, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 134

Table 64: Canadian natural resources Corporation, Costs Incurred In Oil & Gas Operations Metrics, 135

Table 65: Canadian Natural Resources Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 136

Table 66: Canadian Natural Resources Limited, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 138

Table 67: Canadian Natural Resources Limited, Reserve Replacement Ratio Metrics,%, 2007-2011 139

Table 68: Canadian Natural Resources Limited, Acreage Metrics, 2007-2011 141

Table 69: Canadian Natural Resources Limited, Well Metrics, 2007-2011 142

Table 70: Chesapeake Energy Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 144

Table 71: Chesapeake Energy Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 145

Table 72: Chesapeake Energy Corporation, Gas Reserves Metrics, Bcf, 2007-2011 145

Table 73: Chesapeake Energy Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 145

Table 74: Chesapeake Energy Corporation, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 146

Table 75: Chesapeake Energy Corporation, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 147

Table 76: Chesapeake Energy Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs 148

Table 77: Chesapeake Energy Corporation, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 150

Table 78: Chesapeake Energy Corporation, Reserve Replacement Ratio Metrics,%, 2007-2011 151

Table 79: Chesapeake Energy Corporation, Acreage Metrics, 2007-2011 153

Table 80: Chesapeake Energy Corporation, Well Metrics, 2007-2011 154

Table 81: Devon Energy Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 156

Table 82: Devon Energy Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 157

Table 83: Devon Energy Corporation, Gas Reserves Metrics, Bcf, 2007-2011 157

Table 84: Devon Energy Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 157

Table 85: Devon Energy Corporation, Oil & Gas Production (Reserves Reconciliation) Metrics, 158

Table 86: Devon Energy Corporation, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 159

Table 87: Devon Energy Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 160

Table 88: Devon Energy Corporation, Results of Oil & Gas Operations Per boe Metrics $/boe, 2007-2011 162

Table 89: Devon Energy Corporation, Reserve Replacement Ratio Metrics,%, 2007-2011 163

Table 90: Devon Energy Corporation, Acreage Metrics, 2007-2011 165

Table 91: Devon Energy Corporation, Well Metrics, 2007-2011 166

Table 92: El Paso Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 168

Table 93: El Paso Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 169

Table 94: El Paso Corporation, Gas Reserves Metrics, Bcf, 2007-2011 169

Table 95: El Paso Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 169

Table 96: El Paso Corporation, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 170

Table 97: El Paso Corporation, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007- 2011 171

Table 98: El Paso Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 171

Table 99: El Paso Corporation, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 173

Table 100: El Paso Corporation, Reserve Replacement Ratio Metrics,%, 2007-2011 174

Table 101: El Paso Corporation, Acreage Metrics, 2007-2011 176

Table 102: El Paso Corporation, Well Metrics, 2007-2011 176

Table 103: Encana Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 178

Table 104: Encana Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 179

Table 105: Encana Corporation, Gas Reserves Metrics, Bcf, 2007-2011 179

Table 106: Encana Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 179

Table 107: Encana Corporation, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 180

Table 108: Encana Corporation, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 181

Table 109: Encana Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 182

Table 110: Encana Corporation, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 183

Table 111: Encana Corporation, Reserve Replacement Ratio Metrics,%, 2007-2011 184

Table 112: Encana Corporation, Acreage Metrics, 2007-2011 186

Table 113: Encana Corporation, Well Metrics, 2007-2011 187

Table 114: EOG Resources, Inc., Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 189

Table 115: EOG Resources, Inc., Oil Reserves Metrics, MMbbl, 2007-2011 190

Table 116: EOG Resources, Inc., Gas Reserves Metrics, Bcf, 2007-2011 190

Table 117: EOG Resources, Inc., Oil & Gas Production (Sales Volume) Metrics, 2007-2011 190

Table 118: EOG Resources, Inc., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 191

Table 119: EOG Resources, Inc., Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 192

Table 120: EOG Resources, Inc., F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 192

Table 121: EOG Resources, Inc., Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 194

Table 122: EOG Resources, Inc., Reserve Replacement Ratio Metrics,%, 2007-2011 195

Table 123: EOG Resources, Inc., Acreage Metrics, 2007-2011 197

Table 124: EOG Resources, Inc., Well Metrics, 2007-2011 198

Table 125: Marathon Oil Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 200

Table 126: Marathon Oil Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 201

Table 127: Marathon Oil Corporation, Gas Reserves Metrics, Bcf, 2007-2011 201

Table 128: Marathon Oil Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 201

Table 129: Marathon Oil Corporation, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 202

Table 130: Marathon Oil Corporation, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 203

Table 131: Marathon Oil Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 204

Table 132: Marathon Oil Corporation, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 206

Table 133: Marathon Oil Corporation, Reserve Replacement Ratio Metrics,%, 2007-2011 207

Table 134: Marathon Oil Corporation, Acreage Metrics, 2007-2011 209

Table 135: Marathon Oil Corporation, Well Metrics, 2007-2011 210

Table 136: Newfield Exploration Company, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 212

Table 137: Newfield Exploration Company , Oil Reserves Metrics, MMbbl, 2007-2011 213

Table 138: Newfield Exploration Company , Gas Reserves Metrics, Bcf, 2007-2011 213

Table 139: Newfield Exploration Company , Oil & Gas Production (Sales Volume) Metrics, 2007-2011 213

Table 140: Newfield Exploration Company , Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 214

Table 141: Newfield Exploration Company, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 215

Table 142: Newfield Exploration Company, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 216

Table 143: Newfield Exploration Company, Results of Oil & Gas Operations Per boe Metrics, $/boe, 217

Table 144: Newfield Exploration Company, Reserve Replacement Ratio Metrics,%, 2007-2011 218

Table 145: Newfield Exploration Company, Acreage Metrics, 2007-2011 220

Table 146: Newfield Exploration Company , Well Metrics, 2007-2011 221

Table 147: Nexen inc., Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 223

Table 148: Nexen inc., Oil Reserves Metrics, MMbbl, 2007-2011 224

Table 149: Nexen inc., Gas Reserves Metrics, Bcf, 2007-2011 224

Table 150: Nexen inc., Oil & Gas Production (Sales Volume) Metrics, 2007-2011 224

Table 151: Nexen Inc., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 225

Table 152: Nexen Inc. , Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 226

Table 153: Nexen inc., F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved 227

Table 154: Nexen Inc., Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 229

Table 155: Nexen Inc., Reserve Replacement Ratio Metrics,%, 2007-2011 230

Table 156: Nexen inc., Acreage Metrics, 2007-2011 232

Table 157: Nexen Inc., Well Metrics, 2007-2011 232

Table 158: Noble Energy ,Inc., Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 234

Table 159: Noble Energy ,Inc., Oil Reserves Metrics, MMbbl, 2007-2011 235

Table 160: Noble Energy ,Inc., Gas Reserves Metrics, Bcf, 2007-2011 235

Table 161: Noble Energy ,Inc., Oil & Gas Production (Sales Volume) Metrics, 2007-2011 235

Table 162: Noble Energy ,Inc., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 236

Table 163: Noble Energy ,Inc., Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 237

Table 164: Noble Energy ,Inc., F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 238

Table 165: Noble Energy, Inc., Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 240

Table 166: Noble Energy, Inc., Reserve Replacement Ratio Metrics,%, 2007-2011 241

Table 167: Noble Energy, Inc., Acreage Metrics, 2007-2011 243

Table 168: Noble Energy, Inc., Well Metrics, 2007-2011 244

Table 169: Occidental Petroleum Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 246

Table 170: Occidental Petroleum Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 247

Table 171: Occidental Petroleum Corporation, Gas Reserves Metrics, Bcf, 2007-2011 247

Table 172: Occidental Petroleum Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 248

Table 173: Occidental Petroleum Corporation, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 248

Table 174: Occidental Petroleum Corporation, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 249

Table 175: Occidental Petroleum Corporation, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 250

Table 176: Occidental Petroleum Corporation, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 252

Table 177: Occidental Petroleum Corporation, Reserve Replacement Ratio Metrics,%, 2007-2011 253

Table 178: Occidental Petroleum Corporation, Acreage Metrics, 2007-2011 255

Table 179: Occidental Petroleum Corporation, Well Metrics, 2007-2011 256

Table 180: Pioneer Natural Resources Company, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 258

Table 181: Pioneer Natural Resources Company, Oil Reserves Metrics, MMbbl, 2007-2011 259

Table 182: Pioneer Natural Resources Company, Gas Reserves Metrics, Bcf, 2007-2011 259

Table 183: Pioneer Natural Resources Company, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 259

Table 184: Pioneer Natural Resources Company, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 260

Table 185: Pioneer Natural Resources Company, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 261

Table 186: Pioneer Natural Resources Company, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 262

Table 187: Pioneer Natural Resources Company, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 264

Table 188: Pioneer Natural Resources Company, Reserve Replacement Ratio Metrics,%, 2007-2011 265

Table 189: Pioneer Natural Resources Company, Acreage Metrics, 2007-2011 267

Table 190: Pioneer Natural Resources Company , Well Metrics, 2007-2011 268

Table 191: QEP Resources, Inc., Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 271

Table 192: QEP Resources, Inc., Oil Reserves Metrics, MMbbl, 2007-2011 271

Table 193: QEP Resources, Inc., Gas Reserves Metrics, Bcf, 2007-2011 271

Table 194: QEP Resources, Inc., Oil & Gas Production (Sales Volume) Metrics, 2007-2011 272

Table 195: QEP Resources, Inc., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 273

Table 196: QEP Resources, Inc., Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 274

Table 197: QEP Resources, Inc., F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 275

Table 198: QEP Resources, Inc., Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 277

Table 199: QEP Resources, Inc., Reserve Replacement Ratio Metrics,%, 2007-2011 278

Table 200: QEP Resources, Inc., Acreage Metrics, 2007-2011 280

Table 201: QEP Resources, Inc., Well Metrics, 2007-2011 280

Table 202: Range Resources Corporation, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 282

Table 203: Range Resources Corporation, Oil Reserves Metrics, MMbbl, 2007-2011 283

Table 204: Range Resources Corporation, Gas Reserves Metrics, Bcf, 2007-2011 283

Table 205: Range Resources Corporation, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 283

Table 206: Range Resources Corporation , Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 284

Table 207: Range Resources Corporation , Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 285

Table 208: Range Resources Corporation , F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 286

Table 209: Range Resources Corporation , Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 288

Table 210: Range Resources Corporation , Reserve Replacement Ratio Metrics,%, 2007-2011 289

Table 211: Range Resources Corporation , Acreage Metrics, 2007-2011 291

Table 212: Range Resources Corporation , Well Metrics, 2007-2011 292

Table 213: Southwestern Energy Company, Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 294

Table 214: Southwestern Energy Company, Oil Reserves Metrics, MMbbl, 2007-2011 295

Table 215: Southwestern Energy Company, Gas Reserves Metrics, Bcf, 2007-2011 295

Table 216: Southwestern Energy Company, Oil & Gas Production (Sales Volume) Metrics, 2007-2011 295

Table 217: Southwestern Energy Company, Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 296

Table 218: Southwestern Energy Company, Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 297

Table 219: Southwestern Energy Company, F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 298

Table 220: Southwestern Energy Company, Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 300

Table 221: Southwestern Energy Company, Reserve Replacement Ratio Metrics,%, 2007-2011 301

Table 222: Southwestern Energy Company, Acreage Metrics, 2007-2011 303

Table 223: Southwestern Energy Company, Well Metrics, 2007-2011 304

Table 224: Talisman Energy Inc., Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 306

Table 225: Talisman Energy Inc., Oil Reserves Metrics, MMbbl, 2007-2011 307

Table 226: Talisman Energy Inc., Gas Reserves Metrics, Bcf, 2007-2011 307

Table 227: Talisman Energy Inc., Oil & Gas Production (Sales Volume) Metrics, 2007-2011 307

Table 228: Talisman Energy Inc., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 308

Table 229: Talisman Energy Inc., Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 309

Table 230: Talisman Energy Inc., F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 310

Table 231: Talisman Energy Inc., Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 312

Table 232: Talisman Energy Inc., Reserve Replacement Ratio Metrics,%, 2007-2011 313

Table 233: Talisman Energy Inc., Acreage Metrics, 2007-2011 315

Table 234: Talisman Energy Inc., Well Metrics, 2007-2011 316

Table 235: Ultra Petroleum Corp., Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 318

Table 236: Ultra Petroleum Corp., Oil Reserves Metrics, MMbbl, 2007-2011 319

Table 237: Ultra Petroleum Corp., Gas Reserves Metrics, Bcf, 2007-2011 319

Table 238: Ultra Petroleum Corp., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 319

Table 239: Ultra Petroleum Corp., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 320

Table 240: Ultra Petroleum Corp., Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 321

Table 241: Ultra Petroleum Corp., F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 322

Table 242: Ultra Petroleum Corp. Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 324

Table 243: Ultra Petroleum Corp. ,Reserve Replacement Ratio Metrics,%, 2007-2011 325

Table 244: Ultra Petroleum Corp., Acreage Metrics, 2007-2011 327

Table 245: Ultra Petroleum Corp., Well Metrics, 2007-2011 328

Table 246: WPX Energy Inc., Total Oil & Gas Reserves Metrics, Mmboe, 2007-2011 330

Table 247: WPX Energy Inc., Oil Reserves Metrics, MMbbl, 2007-2011 331

Table 248: WPX Energy Inc., Gas Reserves Metrics, Bcf, 2007-2011 331

Table 249: WPX Energy Inc., Oil & Gas Production (Sales Volume) Metrics, 2007-2011 331

Table 250: WPX Energy Inc., Oil & Gas Production (Reserves Reconciliation) Metrics, 2007-2011 332

Table 251: WPX Energy Inc., Costs Incurred In Oil & Gas Operations Metrics, $ Million, 2007-2011 333

Table 252: WPX Energy Inc.,F&D Cost per boe, RRC Costs per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves Acquisition costs per boe Metrics, $/boe, 2007-2011 334

Table 253: WPX Energy Inc., Results of Oil & Gas Operations Per boe Metrics, $/boe, 2007-2011 336

Table 254: WPX Energy Inc.,Reserve Replacement Ratio Metrics,%, 2007-2011 336

Table 255: WPX Energy Inc., Acreage Metrics, 2007-2011 338

Table 256: WPX Energy Inc., Well Metrics, 2007-2011 339

List of Figures

1.2 List of Figures

Figure 1: Top 20 North America Independent Exploration and Production (E&P) Companies , Overall Score Comparison, 2011 33

Figure 2: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Proved Oil & Gas Reserves, MMboe, 2011 37

Figure 3: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil Reserves as % of Total Reserves, %, 2011 39

Figure 4: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Reserves Life Index, Years, 2011 41

Figure 5: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Reserves Growth, %, 2011 43

Figure 6: Top 20 North America Independent Exploration and Production (E&P) Companies, Reserves Replacement Ratio (Including Sales), %, 2011 45

Figure 7: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2011 47

Figure 8: Top 20 North America Independent Exploration and Production (E&P) Companies, Gas Production, Bcf, 2011 49

Figure 9: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Oil & Gas Production, Mmboe, 2011 51

Figure 10: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil Production as % of Total Production, %, 2011 53

Figure 11: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Production Growth, %, 2011 55

Figure 12: Top 20 North America Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost per boe, $,boe, 3-Year Avg., $/boe, 2011 57

Figure 13: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Finding & Development Cost/boe, 3-Year Avg., $/boe, 2011 59

Figure 14: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Finding Cost per boe, 3-Year Avg., $/boe, 2011 61

Figure 15: Top 20 North America Independent Exploration and Production (E&P) Companies, Proved Acquisition Cost per boe, 3-Year Avg., $/boe, 2011 63

Figure 16: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Costs Incurred From Upstream Oil & Gas Operations, $ Million, 2011 65

Figure 17: Top 20 North America Independent Exploration and Production (E&P) Companies, Oil & Gas Revenue per boe, Annual, $/boe, 2011 67

Figure 18: Top 20 North America Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, 3-Year Avg., $/boe, 2011 69

Figure 19: Top 20 North America Independent Exploration and Production (E&P) Companies, Net-back per boe, 3-Year Avg., $/boe, 2011 71

Figure 20: Top 20 North America Independent Exploration and Production (E&P) Companies, Recycle Ratio, %, 2011 73

Figure 21: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Income per boe, 3-Year Avg., $/boe, 2011 75

Figure 22: Top 20 North America Independent Exploration and Production (E&P) Companies, Exploration Drilling Success Ratio, %, 2011 77

Figure 23: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Productive Oil & Gas Wells, Number, 2011 79

Figure 24: Top 20 North America Independent Exploration and Production (E&P) Companies, Net/Gross Oil & Gas Ratio, %, 2011 81

Figure 25: Top 20 North America Independent Exploration and Production (E&P) Companies, Exploratory Wells/Total Exploratory & Development Wells Ratio, %, 2011 83

Figure 26: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Undeveloped Acreage as % of Total Net Developed & Undeveloped Acreage, %, 2011 85

Figure 27: Top 20 North America Independent Exploration and Production (E&P) Companies, Total Operating Revenue, $ Million, 2011 87

Figure 28: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Income, $ Million, 2011 89

Figure 29: Top 20 North America Independent Exploration and Production (E&P) Companies, EV/Reserves, $/boe, 2011 91

Figure 30: Top 20 North America Independent Exploration and Production (E&P) Companies, EV/DACF (Debt Adjusted Cash Flow Multiple), x, 2011 93

Figure 31: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Debt to Equity, 2011 95

Figure 32: Top 20 North America Independent Exploration and Production (E&P) Companies, Discretionary Cash Flow Per Share, 2011 97

Figure 33: Top 20 North America Independent Exploration and Production (E&P) Companies, Net Income Margin, %, 2011 99

Figure 34: Top 20 North America Independent Exploration and Production (E&P) Companies, Return on Average Equity, %, 2011 101

Figure 35: Top 20 North America Independent Exploration and Production (E&P) Companies, Production Per Share,(000’s), boe/Share, 2011 103

Figure 36: Top 20 North America Independent Exploration and Production (E&P) Companies, Capex/Cash Flow, x, 2011 105

Figure 37: Anadarko Petroleum Corporation, Overall Rank & Score, 2011 107

Figure 38: Anadarko Petroleum Corporation, Reserves & Production Metrics, 2007-2011 108

Figure 39: Anadarko Petroleum Corporation, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 112

Figure 40: Anadarko Petroleum Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 114

Figure 41: Anadarko Petroleum Corporation, Acreage & Wells Metrics, 2007-2011 117

Figure 42: Apache Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 125

Figure 43: Canadian Natural Resources Limited, Overall Rank & Score, 2011 131

Figure 44: Canadian Natural Resources Limited, Reserves & Production Metrics, 2007-2011 132

Figure 45: Canadian Natural Resources Limited, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 135

Figure 46: Canadian Natural resources Limited, Results of Oil & Gas Operations Metrics, 2007-2011 137

Figure 47: Canadian Natural Resources Limited, Acreage & Wells Metrics, 2007-2011 140

Figure 48: Chesapeake Energy Corporation, Overall Rank & Score, 2011 143

Figure 49: Chesapeake Energy Corporation, Reserves & Production Metrics, 2007-2011 144

Figure 50: Chesapeake Energy Corporation, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 147

Figure 51: Chesapeake Energy Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 149

Figure 52: Chesapeake Energy Corporation, Acreage & Wells Metrics, 2007-2011 152

Figure 53: Devon Energy Corporation, Overall Rank & Score, 2011 155

Figure 54: Devon Energy Corporation, Reserves & Production Metrics, 2007-2011 156

Figure 55: Devon Energy Corporation, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 159

Figure 56: Devon Energy Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 161

Figure 57: Devon Energy Corporation, Acreage & Wells Metrics, 2007-2011 164

Figure 58: El Paso Corporation, Overall Rank & Score, 2011 167

Figure 59: El Paso Corporation, Reserves & Production Metrics, 2007-2011 168

Figure 60: El Paso Corporation, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 170

Figure 61: El Paso Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 172

Figure 62: El Paso Corporation, Acreage & Wells Metrics, 2007-2011 175

Figure 63: Encana Corporation, Overall Rank & Score, 2011 177

Figure 64: Encana Corporation, Reserves & Production Metrics, 2007-2011 178

Figure 65: Encana Corporation, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 181

Figure 66: Encana Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 183

Figure 67: Encana Corporation, Acreage & Wells Metrics, 2007-2011 185

Figure 68: EOG Resources, Inc., Overall Rank & Score, 2011 188

Figure 69: EOG Resources, Inc., Reserves & Production Metrics, 2007-2011 189

Figure 70: EOG Resources, Inc. , Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 191

Figure 71: EOG Resources, Inc., Results of Oil & Gas Operations Metrics, 2007-2011 193

Figure 72: EOG Resources , Inc., Acreage & Wells Metrics, 2007-2011 196

Figure 93: Marathon Oil Corporation, Overall Rank & Score, 2011 199

Figure 94: Marathon Oil Corporation , Reserves & Production Metrics, 2007-2011 200

Figure 75: Marathon Oil Corporation Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 203

Figure 76: Marathon Oil Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 205

Figure 77: Marathon Oil Corporation, Acreage & Wells Metrics, 2007-2011 208

Figure 78: Newfield Exploration Company, Overall Rank & Score, 2011 211

Figure 79: Newfield Exploration Company, Reserves & Production Metrics, 2007-2011 212

Figure 80: Newfield Exploration Company, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 215

Figure 81: Newfield Exploration Company, Results of Oil & Gas Operations Metrics, 2007-2011 217

Figure 82: Newfield Exploration Company, Acreage & Wells Metrics, 2007-2011 219

Figure 83: Nexen Inc., Overall Rank & Score, 2011 222

Figure 84: Nexen Inc. , Reserves & Production Metrics, 2007-2011 223

Figure 85: Nexen Inc., Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 226

Figure 86: Nexen Inc., Results of Oil & Gas Operations Metrics, 2007-2011 228

Figure 87: Nexen Inc., Acreage & Wells Metrics, 2007-2011 231

Figure 88: Noble Energy, Inc. Overall Rank & Score, 2011 233

Figure 89: Noble Energy, Inc., Reserves & Production Metrics, 2007-2011 234

Figure 90: Noble Energy, Inc., Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 237

Figure 91: Noble Energy, Inc., Results of Oil & Gas Operations Metrics, 2007-2011 239

Figure 92: Noble Energy, Inc., Acreage & Wells Metrics, 2007-2011 242

Figure 93: Occidental Petroleum Corporation, Overall Rank & Score, 2011 245

Figure 94: Occidental Petroleum Corporation, Reserves & Production Metrics, 2007-2011 246

Figure 95: Occidental Petroleum Corporation Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 249

Figure 96: Occidental Petroleum Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 251

Figure 97: Occidental Petroleum Corporation, Acreage & Wells Metrics, 2007-2011 254

Figure 98: Pioneer Natural Resources Company, Overall Rank & Score, 2011 257

Figure 99: Pioneer Natural Resources Company, Reserves & Production Metrics, 2007-2011 258

Figure 100: Pioneer Natural Resources Company, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 261

Figure 101: Pioneer Natural Resources Company, Results of Oil & Gas Operations Metrics, 2007-2011 263

Figure 102: Pioneer Natural Resources Company, Acreage & Wells Metrics, 2007-2011 266

Figure 103: QEP Resources, Inc., Overall Rank & Score, 2011 269

Figure 104: QEP Resources, Inc., Reserves & Production Metrics, 2007-2011 270

Figure 105: QEP Resources, Inc., Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 274

Figure 106: QEP Resources, Inc., Results of Oil & Gas Operations Metrics, 2007-2011 276

Figure 107: QEP Resources, Inc., Acreage & Wells Metrics, 2007-2011 279

Figure 108: Range Resources Corporation, Overall Rank & Score, 2011 281

Figure 109: Range Resources Corporation, Reserves & Production Metrics, 2007-2011 282

Figure 110: Range Resources Corporation, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 285

Figure 111: Range Resources Corporation, Results of Oil & Gas Operations Metrics, 2007-2011 287

Figure 112: Range Resources Corporation, Acreage & Wells Metrics, 2007-2011 290

Figure 113: Southwestern Energy Company, Overall Rank & Score, 2011 293

Figure 114: Southwestern Energy Company, Reserves & Production Metrics, 2007-2011 294

Figure 115: Southwestern Energy Company, Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 297

Figure 116: Southwestern Energy Company, Results of Oil & Gas Operations Metrics, 2007-2011 299

Figure 117: Southwestern Energy Company, Acreage & Wells Metrics, 2007-2011 302

Figure 118: Talisman Energy Inc., Overall Rank & Score, 2011 305

Figure 119: Talisman Energy Inc., Reserves & Production Metrics, 2007-2011 306

Figure 120: Talisman Energy Inc., Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 309

Figure 121: Talisman Energy Inc., Results of Oil & Gas Operations Metrics, 2007-2011 311

Figure 122: Talisman Energy Inc., Acreage & Wells Metrics, 2007-2011 314

Figure 123: Ultra Petroleum Corp., Overall Rank & Score, 2011 317

Figure 124: Ultra Petroleum Corp., Reserves & Production Metrics, 2007-2011 318

Figure 125: Ultra Petroleum Corp., Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 321

Figure 126: Ultra Petroleum Corp., Results of Oil & Gas Operations Metrics, 2007-2011 323

Figure 127: Ultra Petroleum Corp., Acreage & Wells Metrics, 2007-2011 326

Figure 128: WPX Energy Inc., Overall Rank & Score, 2011 329

Figure 129: WPX Energy Inc., Reserves & Production Metrics, 2007-2011 330

Figure 130: WPX Energy Inc., Costs Incurred In Oil & Gas Operations, Metrics, 2007-2011 333

Figure 131: WPX Energy Inc., Results of Oil & Gas Operations Metrics, 2007-2011 335

Figure 132: WPX Resources Inc., Acreage & Wells Metrics, 2007-2011 337

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