Burlington Resources Reports $454 Million in Full-Year 2002 Earnings and 161 Percent Reserve Replacement at $1.06 Unit Cost.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--Jan. 23, 2003 Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. (NYSE NYSE See: New York Stock Exchange :BR)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :B) today announced fourth-quarter 2002 earnings of $157 million or $0.78 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a prior-year fourth-quarter loss of $79 million or $0.39 per diluted share. Discretionary cash flow Discretionary cash flow Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on. was $528 million during the fourth quarter of 2002, compared to $290 million during prior year's fourth quarter. Discretionary cash flow is defined as net cash from operations, adjusted for working capital and changes in other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and liabilities.(1) Production during the fourth quarter of 2002 was 2,464 million cubic feet of natural gas equivalent per day (MMcfed), compared to 2,483 MMcfed during the prior year's fourth quarter. Natural gas production was 1,883 million cubic feet per day (MMcfd), compared to 1,791 MMcfd during the prior year's quarter. Natural gas liquids production was 59.6 thousand barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. (Mbd), compared to 54.0 Mbd during the prior year's quarter. Oil production was 37.3 Mbd, compared to 61.4 Mbd during the prior year's quarter, with the decline stemming stemming - stemmer from the previously announced 2002 divestitures of producing properties. Production increases occurred in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and in Wyoming's Madden mad·den v. mad·dened, mad·den·ing, mad·dens v.tr. 1. To make angry; irritate. 2. To drive insane. v.intr. To become infuriated. Field. Fourth-quarter 2002 price realizations for natural gas averaged $3.74 per thousand cubic feet (Mcf), compared to $2.89 per Mcf during the prior year's fourth quarter. Natural gas liquids price realizations were $16.18 per barrel barrel: see English units of measurement. , compared to $11.26 per barrel during the prior year's quarter. Oil price realizations were $25.01 per barrel, compared to $19.31 per barrel during the prior year's quarter. Results for the full year of 2002 included net income of $454 million, or $2.25 per diluted share, compared to the previous year's $561 million, or $2.70 per diluted share. Discretionary cash flow(1) was $1.5 billion, compared to the prior year's $1.9 billion. Total production in 2002 increased 8 percent (or 11 percent per diluted share) to 2,571 MMcfed, compared to 2,386 MMcfed the previous year. Average price realizations for natural gas were $3.13 per Mcf, compared to $3.96 per Mcf during 2001. Natural gas liquids price realizations were $14.46 per barrel, compared to $16.79 per barrel in 2001. Oil price realizations were $24.11 per barrel, compared to $23.45 per barrel in 2001. "We view 2002 as a turning point in the multi-year transformation of our asset base that has repositioned Burlington Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. to achieve profitable per-share growth and high returns in the future," said Bobby S. Shackouls, chairman, president and chief executive officer. "We substantially upgraded our asset portfolio through major acquisitions while de-emphasizing or rationalizing assets that offered lesser potential. We also continued rapid progress on the major development programs that will help drive our growth in the years ahead." The year's achievements included: -- Strengthening the asset portfolio - In Canada, Burlington integrated into its operations the Canadian Hunter assets and employees, and acquired and integrated the ATCO Viking-Kinsella properties. In the U.S., Burlington expanded its developing position in the Barnett Shale trend in the Fort Worth Basin through an acquisition. To further upgrade its portfolio Burlington sold a number of non-core properties that had high operating costs, thus lowering the company's overall unit operating costs. -- Restoring financial flexibility - The approximately $1.3 billion from the property sales helped reduce net debt to total capitalization to approximately 48 percent at year-end, down from 57 percent at the end of the first quarter of 2002. Net debt to total capitalization is defined as long-term debt less cash and cash equivalents, divided by long-term debt less cash and cash equivalents plus shareholders' equity.(2) -- Achieving low reserve replacement costs - Burlington's average reserve replacement cost during 2002 was $1.03 per thousand cubic feet of natural gas equivalent (Mcfe) excluding acquisitions, or $1.06 per Mcfe including acquisitions. Over the three-year period from 2000 through 2002, despite high industry activity levels and resulting service cost pressures, Burlington's replacement costs averaged $1.09 per Mcfe excluding acquisitions, or $1.18 per Mcfe including acquisitions. -- Maximizing core asset value - Burlington's assets are largely concentrated in approximately a dozen major producing fields spread along the North American gas fairway that extends from the U.S. Gulf Coast through the Rocky Mountain regions of the U.S. and Canada. During 2002 the company enhanced the productivity of these assets through ongoing drilling and development that added substantial reserves and production in a number of areas, including the San Juan Basin and Canada's Deep Basin, Whitecourt/O'Chiese and Southern Plains areas. -- Progressing visible growth programs - An expansion of the natural gas processing plant serving the Madden Field was commissioned on schedule during the third quarter, more than doubling field production, and oil production began in December from the Ourhoud Field in Algeria. Meanwhile, development programs remain on schedule to initiate oil production from the MLN Field in Algeria in mid-2003, and from the Bootes and Ursa offshore fields in China in late 2003. Natural gas production is scheduled to begin from the Rivers Fields in the East Irish Sea in early 2004. Burlington is also developing what it believes is the world's largest horizontally drilled waterflood program in two oil fields along the Cedar Creek Anticline in the Williston Basin, and expects the program to enhance field production significantly during a three-year span beginning in 2004. Reserves Update Burlington replaced 161 percent of its 2002 worldwide production from all sources. Excluding acquisitions, the replacement rate was 103 percent. Worldwide reserve additions from all sources totaled 1,513 billion cubic feet of natural gas equivalent (Bcfe). Extensions, discoveries, additions and revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. totaled 964 Bcfe, with acquisitions adding 549 Bcfe, the majority in Canada, the Fort Worth Basin BASIN Boulder Area Sustainability Information Network (Boulder, Colorado) BASIN Brothers And Sisters In Need and Ecuador Ecuador (ĕk`wədôr) [Span., = equator], officially Republic of Ecuador, republic (2005 est. pop. 13,364,000), 109,483 sq mi (283,561 sq km), W South America. . Divestments associated with the property sales program totaled 965 Bcfe, of which approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 60 percent was located in the U.S., 30 percent in Canada and 10 percent in other countries. Total reserves at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. were 11.4 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. cubic feet equivalent (Tcfe), compared to 11.8 Tcfe the year before, with the decrease primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to property sales. 2003 Outlook Production - Production estimates remain unchanged from prior guidance, with volume growth during 2003 anticipated at the low end of the previously announced long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. 3-to-8 percent average annual growth target. The geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. breakdown breakdown /break·down/ (brak´doun) 1. the act or process of ceasing to function. 2. an often sudden collapse in health. 3. loss of self-control. by product follows:
1st-Quarter 2003 Full-Year 2003
Estimate Estimate
Gas (MMcfd)
U.S. 845 - 890 920 - 945
Canada 830 - 870 880 - 920
Other International 125 - 140 125 - 135
--------- ---------
Total 1,800 - 1,900 1,925 - 2,000
Natural Gas Liquids (Mbd)
U.S. 27.0 - 32.0 32.0 - 34.0
Canada 25.0 - 28.0 26.0 - 28.0
Other International 0.0 - 0.0 0.0 - 0.0
--------- ---------
Total 52.0 - 60.0 58.0 - 62.0
Crude Oil (Mbd)
U.S. 25.0 - 26.0 27.0 - 28.0
Canada 4.5 - 5.0 4.0 - 5.0
Other International 5.5 - 7.0 19.0 - 23.0
--------- -----------
Total 35.0 - 38.0 50.0 - 56.0
North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Natural Gas Hedges - As of the date of this release, Burlington has hedged hedge n. 1. A row of closely planted shrubs or low-growing trees forming a fence or boundary. 2. A line of people or objects forming a barrier: a hedge of spectators along the sidewalk. its 2003 North American natural gas production using costless price collars. For the first quarter, 490 MMcfd is hedged at a floor of $3.38 per Mcf and ceiling of $5.18 per Mcf. For the second and third quarters, 540 MMcfd is hedged at a floor of $3.43 per Mcf and ceiling of $5.26 per Mcf. For the fourth quarter, 510 MMcfd is hedged at a floor of $3.41 per Mcf and a ceiling of $5.22 per Mcf. All prices are weighted averages adjusted to a NYMEX See New York Mercantile Exchange. NYMEX See New York Mercantile Exchange (NYM). equivalent price using an estimate of differentials between the NYMEX price and regional prices on which the collars are based. Detailed information on the company's hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. is available on the Hedge hedge, ornamental or protective barrier composed of shrubs or small trees growing in close rows. The plants may be allowed to grow naturally or may be trimmed to various heights and shapes (see topiary work). Schedule link in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the company's Web site at www.br-inc.com. Other 2003 Financial Parameters - For the first quarter and full year of 2003, on a gas-equivalent-per-unit basis, Burlington expects transportation expense to range from $0.35 to $0.37 per Mcfe; production and processing costs to range from $0.48 to $0.52 per Mcfe; depreciation, depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and amortization (DD&A) expense to range from $0.88 to $0.92 per Mcfe; administrative expense to range from $0.17 to $0.19 per Mcfe; and interest expense to range from $0.28 to $0.30 per Mcfe. Burlington expects exploration expense to range from $70-to-$80 million during the first quarter, and to range from $210-to-$240 million during the full year. 2003 Income Tax Rate - The company estimates that its 2003 effective income tax rate based on current commodity price projections will range from 30-to-35 percent. The breakdown between current and deferred taxes could vary widely depending on commodity prices during the year. Adoption of Statement of Financial Accounting Standard 143 (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No.143) - Burlington Resources will adopt SFAS No. 143, Accounting for Asset Retirement Obligation Asset Retirement Obligations provide for future disposal of assets as required by SFAS 143 [1]. Firms must recognize the ARO liability in the period it was acquired, generally acquisition. , and expects to record a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. net-of-tax charge of $50-to-$65 million in the first quarter of 2003 to reflect the cumulative effect of adopting this change in accounting principle. There will be no impact on the company's cash flows as a result of adopting the new standard. Headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , Burlington Resources is one of the world's largest independent oil and gas companies. The company has properties in the U.S., Canada, the United Kingdom, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Africa and China. Additional information is available on the Burlington Resources Web site at www.br-inc.com. A financial statement, as well as reserves, statistics and non-GAAP reconciliation tables, accompany To go along with; to go with or to attend as a companion or associate. A motor vehicle statute may require beginning drivers or drivers under a certain age to be accompanied by a licensed adult driver whenever operating an automobile. this release.
(1) See the accompanying table for a reconciliation of GAAP and
non-GAAP measures utilized in calculating discretionary cash
flow.
(2) See the accompanying table for a reconciliation of GAAP and
non-GAAP measures utilized in calculating net debt to total
capitalization.
FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Any such projections or statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company's periodic reports filed with the Securities and Exchange Commission.
Burlington Resources Inc.
GAAP vs. Non-GAAP Reconciliations (a)
December 31, 2002
($ in Millions)
(1) Below is a reconciliation of net cash provided by operating
activities to discretionary cash flow.
Twelve Fourth
Months Quarter
2002 2002
----------- ----------
Net cash provided by operating activities $1,549 $376
Adjustments:
Working capital (45) 126
Changes in other assets and liabilities 34 26
----------- ----------
Discretionary cash flow $1,538 $528
=========== ==========
(2) Below is a reconciliation of debt to total capital ratio to net
debt to total capital ratio.
December
31, 2002
-----------
Long-term debt $3,916
Stockholders' equity 3,832
-----------
Total capital $7,748
===========
Long-term debt $3,916
Adjustment:
Less: Cash and cash equivalents 443
-----------
Net debt $3,473
===========
Net debt $3,473
Stockholders' equity 3,832
-----------
Total adjusted capital $7,305
===========
Long-term debt to total capital ratio 51%
Adjustment:
Less: Cash and cash equivalents (3%)
-----------
Net debt to total capital ratio 48%
===========
(a) GAAP means Generally Accepted Accounting Principles.
BURLINGTON RESOURCES INC.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(UNAUDITED)
FOURTH QUARTER YEAR ENDED
-------------- --------------
2002 2001 2002 2001
------ ------- ------- -------
(In Millions, Except
per Share Amounts)
Revenues $817 $626 $2,919 $3,378
------ ------- ------- -------
Costs and Other Income - Net
Taxes Other than Income Taxes 31 26 123 166
Transportation Expense 79 73 315 301
Production and Processing 102 141 467 505
Depreciation, Depletion and
Amortization 198 203 823 730
Exploration Costs 72 57 286 258
Impairment of Oil and Gas Properties - 184 - 184
Administrative 48 36 161 149
Interest Expense 67 58 274 190
Gain on Disposal of Assets (1) (6) (68) (8)
Other Income - Net (13) (9) (31) (4)
------ ------- ------- -------
Total Costs and Other Income - Net 583 763 2,350 2,471
------ ------- ------- -------
Income (Loss) Before Income Taxes 234 (137) 569 907
Income Tax Expense (Benefit) 77 (58) 115 349
------ ------- ------- -------
Net Income (Loss) Before Cumulative
Effect of Change in Accounting
Principle 157 (79) 454 558
Cumulative Effect of Change in
Accounting Principle - Net - - - 3
------ ------- ------- -------
Net Income (Loss) $157 $(79) $454 $561
====== ======= ======= =======
Earnings (Loss) per Common Share
Basic
Before Cumulative Effect of Change
in Accounting Principle $0.78 $(0.39) $2.26 $2.70
Cumulative Effect of Change in
Accounting Principle - Net - - - 0.01
------ ------- ------- -------
Net Income (Loss) $0.78 $(0.39) $2.26 $2.71
====== ======= ======= =======
Diluted
Before Cumulative Effect of Change
in Accounting Principle $0.78 $(0.39) $2.25 $2.69
Cumulative Effect of Change in
Accounting Principle - Net - - - 0.01
------ ------- ------- -------
Net Income (Loss) $0.78 $(0.39) $2.25 $2.70
====== ======= ======= =======
Basic Common Shares 201 201 201 207
====== ======= ======= =======
Diluted Common Shares 202 201 202 208
====== ======= ======= =======
This statement should be read in conjunction with the attached press
release.
Reserves Balance, 2000-2002
OIL (MMBLS)
------------------------
USA Canada Int'l. Total
------------------------
Proved Developed and Undeveloped
Reserves
------------------------
January 1, 2000 216.2 51.9 44.1 312.2
----------------------------------------------------------------
Revision of previous estimates 0.2 8.3 0.9 9.4
------------------------
Extensions, discoveries and other
additions 7.5 1.9 15.3 24.7
------------------------
Production (18.8) (4.6) (3.5)(26.9)
------------------------
Purchases of reserves in place 0.6 - 14.7 15.3
------------------------
Sales of reserves in place (1.5) - (1.5) (3.0)
----------------------------------------------------------------
------------------------
December 31, 2000 204.2 57.5 70.0 331.7
----------------------------------------------------------------
Revision of previous estimates (10.7) (0.6) 0.4 (10.9)
------------------------
Extensions, discoveries and other
additions 66.7 2.9 2.5 72.1
------------------------
Production (16.1) (4.3) (2.7)(23.1)
------------------------
Purchases of reserves in place 0.4 1.2 0.8 2.4
------------------------
Sales of reserves in place (0.2) (0.1) - (0.3)
----------------------------------------------------------------
------------------------
December 31, 2001 244.3 56.6 71.0 371.9
----------------------------------------------------------------
Revision of previous estimates (2.0) (1.4) (1.6) (5.0)
------------------------
Extensions, discoveries and other
additions 2.8 5.3 6.3 14.4
------------------------
Production (13.0) (2.8) (2.1)(17.9)
------------------------
Purchases of reserves in place 1.2 - 19.9 21.1
------------------------
Sales of reserves in place (46.1)(43.3) (7.2)(96.6)
----------------------------------------------------------------
------------------------
December 31, 2002 187.2 14.4 86.3 287.9
----------------------------------------------------------------
Proved Developed Reserves
----------------------------------------------------------------
January 1, 2000 168.3 43.2 13.5 225.0
------------------------
December 31, 2000 169.7 43.0 10.4 223.1
------------------------
December 31, 2001 163.7 38.4 9.3 211.4
------------------------
December 31, 2002 155.2 12.9 12.9 181.0
----------------------------------------------------------------
NGL (MMBLS)
------------------------
USA Canada Int'l. Total
------------------------
Proved Developed and Undeveloped
Reserves
------------------------
January 1, 2000 212.6 51.2 - 263.8
----------------------------------------------------------------
Revision of previous estimates (1.5) (8.8) - (10.3)
------------------------
Extensions, discoveries and other
additions 24.1 5.7 - 29.8
------------------------
Production (13.2) (4.1) - (17.3)
------------------------
Purchases of reserves in place 0.2 0.1 - 0.3
------------------------
Sales of reserves in place - (0.1) - (0.1)
----------------------------------------------------------------
------------------------
December 31, 2000 222.2 44.0 - 266.2
----------------------------------------------------------------
Revision of previous estimates 5.8 (12.9) - (7.1)
------------------------
Extensions, discoveries and other
additions 9.6 4.8 - 14.4
------------------------
Production (12.6) (4.6) - (17.2)
------------------------
Purchases of reserves in place 2.7 16.4 - 19.1
------------------------
Sales of reserves in place - - - -
----------------------------------------------------------------
------------------------
December 31, 2001 227.7 47.7 - 275.4
----------------------------------------------------------------
Revision of previous estimates 9.8 14.7 - 24.5
------------------------
Extensions, discoveries and other
additions 15.7 9.2 - 24.9
------------------------
Production (11.9)(10.0) - (21.9)
------------------------
Purchases of reserves in place - 0.2 - 0.2
------------------------
Sales of reserves in place (0.9) (2.0) - (2.9)
----------------------------------------------------------------
------------------------
December 31, 2002 240.4 59.8 - 300.2
----------------------------------------------------------------
Proved Developed Reserves
----------------------------------------------------------------
January 1, 2000 168.3 41.6 - 209.9
------------------------
December 31, 2000 177.6 35.5 - 213.1
------------------------
December 31, 2001 175.5 39.3 - 214.8
------------------------
December 31, 2002 179.2 53.1 - 232.3
----------------------------------------------------------------
GAS (BCF) BCFE
--------------------------------
USA Canada Int'l Total Worldwide
--------------------------------
Proved Developed and Undeveloped
Reserves
--------------------------------
January 1, 2000 4,935 1,211 803 6,949 10,404
----------------------------------------------------------------------
Revision of previous estimates (71) (103) (9) (183) (188)
--------------------------------
Extensions, discoveries and other
additions 489 192 8 689 1,016
--------------------------------
Production (463) (125) (43) (631) (896)
--------------------------------
Purchases of reserves in place 5 18 - 23 117
--------------------------------
Sales of reserves in place (11) (4) (30) (45) (64)
----------------------------------------------------------------------
--------------------------------
December 31, 2000 4,884 1,189 729 6,802 10,389
----------------------------------------------------------------------
Revision of previous estimates 107 (66) (35) 6 (102)
--------------------------------
Extensions, discoveries and other
additions 253 165 58 476 995
--------------------------------
Production (409) (158) (62) (629) (871)
--------------------------------
Purchases of reserves in place 59 1,007 207 1,273 1,402
--------------------------------
Sales of reserves in place (2) (1) - (3) (5)
----------------------------------------------------------------------
--------------------------------
December 31, 2001 4,892 2,136 897 7,925 11,808
----------------------------------------------------------------------
Revision of previous estimates (14) (140) (11) (165) (48)
--------------------------------
Extensions, discoveries and other
additions 350 341 85 776 1,012
--------------------------------
Production (346) (293) (60) (699) (938)
--------------------------------
Purchases of reserves in place 153 268 - 421 549
--------------------------------
Sales of reserves in place (282) (16) (70) (368) (965)
----------------------------------------------------------------------
--------------------------------
December 31, 2002 4,753 2,296 841 7,890 11,418
----------------------------------------------------------------------
Proved Developed Reserves
----------------------------------------------------------------------
January 1, 2000 3,907 983 289 5,179 7,788
--------------------------------
December 31, 2000 3,903 960 251 5,114 7,731
--------------------------------
December 31, 2001 3,771 1,758 384 5,913 8,470
--------------------------------
December 31, 2002 3,617 1,836 263 5716 8,196
----------------------------------------------------------------------
BURLINGTON RESOURCES INC.
SALES VOLUMES AND PRICES
2002
-------------------------------
First Second Third Fourth
Quarter Quarter Quarter Quarter
----------------------------------------------------------------------
Production Volumes
Gas (MMCF/Day)
USA 1,031 953 900 917
Canada 790 805 782 829
Other International 198 169 157 137
----------------------------------------------------------------------
Worldwide 2,019 1,927 1,839 1,883
----------------------------------------------------------------------
NGLs (MBBLS/Day)
USA 27.4 36.5 34.5 32.7
Canada 28.9 28.5 25.1 26.9
----------------------------------------------------------------------
Worldwide 56.3 65.0 59.6 59.6
----------------------------------------------------------------------
Oil (MBBLS/Day)
USA 41.0 37.4 34.2 29.3
Canada 11.3 9.9 5.4 4.7
Other International 7.6 7.5 5.1 3.3
----------------------------------------------------------------------
Worldwide 59.9 54.8 44.7 37.3
----------------------------------------------------------------------
Total Equivalent
(MMCFE/D) 2,716 2,646 2,465 2,464
----------------------------------------------------------------------
Average Realized Prices
Gas ($/MCF)
USA $3.13 $3.38 $2.84 $3.87
Canada 2.67 3.29 2.74 3.86
Other International 2.22 1.62 1.67 2.22
----------------------------------------------------------------------
Combined including hedging $2.90 $3.18 $2.70 $3.74
Hedging loss (gain) (0.38) (0.14) (0.11) 0.01
----------------------------------------------------------------------
Combined before hedging $2.52 $3.04 $2.59 $3.75
----------------------------------------------------------------------
NGLs ($/BBL)
USA $11.22 $12.17 $14.43 $14.78
Canada 13.61 16.01 16.32 17.89
----------------------------------------------------------------------
Combined $12.45 $13.86 $15.22 $16.18
----------------------------------------------------------------------
Oil ($/BBL)
USA $21.46 $23.21 $24.39 $23.98
Canada 21.82 31.07 33.56 31.90
Other International 22.63 23.47 28.13 24.31
----------------------------------------------------------------------
Combined including hedging $21.68 $24.64 $25.90 $25.01
Hedging loss (gain) (0.58) - - -
----------------------------------------------------------------------
Combined before hedging $21.10 $24.64 $25.90 $25.01
----------------------------------------------------------------------
2001 Year Ended
-------------------------------------
Fourth
Quarter 2002 2001 2000
----------------------------------------------------------------------
Production Volumes
Gas (MMCF/Day)
USA 1,076 949 1,121 1,265
Canada 518 802 433 341
Other International 197 165 170 118
----------------------------------------------------------------------
Worldwide 1,791 1,916 1,724 1,724
----------------------------------------------------------------------
NGLs (MBBLS/Day)
USA 37.2 32.7 34.6 36.1
Canada 16.8 27.4 12.5 11.1
----------------------------------------------------------------------
Worldwide 54.0 60.1 47.1 47.2
----------------------------------------------------------------------
Oil (MBBLS/Day)
USA 43.1 35.4 44.0 51.6
Canada 11.2 7.8 11.9 12.5
Other International 7.1 5.9 7.3 9.6
----------------------------------------------------------------------
Worldwide 61.4 49.1 63.2 73.7
----------------------------------------------------------------------
Total Equivalent
(MMCFE/D) 2,483 2,571 2,386 2,449
----------------------------------------------------------------------
Average Realized Prices
Gas
($/MCF)
USA $3.09 $3.32 $3.94 $3.28
Canada 2.65 3.15 4.60 4.10
Other International 2.41 1.93 2.45 2.23
----------------------------------------------------------------------
Combined including hedging $2.89 $3.13 $3.96 $3.37
Hedging loss (gain) (0.41) (0.16) 0.48 0.45
----------------------------------------------------------------------
Combined before hedging $2.48 $2.97 $4.44 $3.82
----------------------------------------------------------------------
NGLs
($/BBL)
USA $10.77 $13.23 $14.75 $17.70
Canada 12.35 15.92 22.50 25.38
----------------------------------------------------------------------
Combined $11.26 $14.46 $16.79 $19.51
----------------------------------------------------------------------
Oil
($/BBL)
USA $19.20 $23.16 $22.63 $24.18
Canada 19.89 28.32 26.51 29.06
Other International 19.02 24.30 23.42 27.73
----------------------------------------------------------------------
Combined including hedging $19.31 $24.11 $23.45 $25.44
Hedging loss (gain) (0.78) (.18) 1.10 2.62
----------------------------------------------------------------------
Combined before hedging $18.53 $23.93 $24.55 $28.06
----------------------------------------------------------------------
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