Ocean Energy Announces Significant Increase in Fourth Quarter 2002 Results; Company Also Releases 2002 Full-Year Results and 2003 Guidance.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--Jan. 28, 2003 Ocean Energy, Inc. (NYSE NYSE See: New York Stock Exchange :OEI OEI Organización de Estados Iberoamericanos (Spanish) OEI Office of Environmental Information OEI One Engine Inoperative OEI Outside Equity Interest OEI Organizational Environment for Integration ) reported today a 219 percent year-over-year increase in fourth quarter 2002 net income of $67 million or $0.37 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. This compares to net income of $21 million or $0.12 per diluted share in the fourth quarter of 2001. For the full year 2002, net income was $135 million or $0.74 per diluted share compared to 2001 net income of $274 million or $1.53 per diluted share. "Ocean ended the year with growing production even with bad weather and production delays," said James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. T. Hackett Hackett may refer to: In places:
For the fourth quarter, 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. (operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. before changes in working capital) of $225 million was a 70 percent year-over-year improvement compared to $132 million in 2001. Discretionary cash flow for the full year was $722 million in 2002 compared to $824 million in 2001. Average daily production for the fourth quarter of 85 thousand barrels of oil and 439 million cubic feet of gas (158 thousand barrels of oil equivalent or MBOE MBOE Thousands of Barrels of Oil Equivalent MBOE Milford Board of Education ) resulted in a nine percent increase over the same period in 2001. On a quarter-over-quarter comparison, fourth quarter production was down due to the lingering lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. impact of two hurricanes in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and the sale of non-core onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. properties during the period. The company's full year production rate of 56 million barrels of oil equivalent represents a three percent increase over 2001. Average daily production for the year was 82 thousand barrels of oil and 426 million cubic feet of natural gas (153 MBOE per day). Significant results for the year include: -- Began first major deepwater production and continued Gulf of Mexico deepwater development - The installation and start-up of Ocean's first deepwater development in the East Breaks area of the Gulf of Mexico represented a milestone in the company's deepwater strategy. As of year end, the combined Nansen/Boomvang complex was producing approximately 34,000 barrels of oil equivalent per day (BOEPD), representing nearly 60 percent of total Gulf of Mexico production. Three other deepwater projects in the Gulf of Mexico now in the construction and development phase include: Zia in Mississippi Canyon Block 496 with first production slated for late summer 2003, Red Hawk in Garden Banks Block 877 scheduled to begin producing in mid-2004 and Magnolia in Garden Banks Block 783 with anticipated first production by year-end 2004. -- Increased production volumes by nine percent over the comparative quarter in 2001 and three percent annually - Higher production volumes were primarily attributable to new deepwater production from the Gulf of Mexico and continued exploitation success in the Zafiro field in Equatorial Guinea that increased production by eight percent. The higher volumes were achieved despite two hurricanes in the Gulf of Mexico that curtailed production activities for an extended period of time and the sale of non-core onshore properties in the fourth quarter. -- Enhanced operations in the Zafiro field in Equatorial Guinea - During the year, 18 wells were drilled as part of ongoing development efforts in Block B in Equatorial Guinea. This included seven wells drilled in the Southern Expansion Area (SEA) which will produce through the Serpentina FPSO, a floating production, storage & offloading vessel currently under construction in Singapore. The facility will increase Zafiro's production capacity by 110,000 BOPD when fully operational and is scheduled to commence production in the fall of 2003. -- Continued Gulf of Mexico deepwater exploratory activity - Ocean participated in the drilling of eight Gulf of Mexico deepwater exploratory prospects in 2002 with a 50 percent success rate. A potential new production hub was established with two discoveries in the Atwater Valley area -- Merganser in Block 36 and Vortex in Block 61. In addition, discoveries in the West Navajo and Northwest Navajo fields in the East Breaks area will be produced through the Nansen spar, increasing production from that complex. In 2003, Ocean plans to drill at least six Gulf of Mexico deepwater prospects, three of which are Ocean-operated. These include Yorktown in Mississippi Canyon Block 841, Shiner in Garden Banks Block 656, and Tuscany in Desoto Canyon Block 179. -- Strengthened international deepwater asset position - Ocean significantly expanded its asset position in West Africa, becoming one of the few U.S. independents to be named a deepwater operator in this region of the world. The company recently finalized a production sharing contract to operate OPL Block 256 in Nigeria. In Angola, Ocean acquired a 35 percent interest in Block 10, a 1.2-million acre concession that it will operate, which lies next to Block 24, an area where the company increased its interest to 40 percent and where Ocean will assume an operator position following the drilling of the Varina North well. The company also entered into a production-sharing contract with the government of Equatorial Guinea for a 30 percent interest in Corisco Bay Block N, a 678,000-acre concession in the Rio Muni Basin. The following is a reconciliation of net income available to common stockholders to net income excluding special items (in thousands except per share data):
Three Months Ended Year Ended
December 31, December 31,
------------------ -------------------
2002 2001 2002 2001
--------- -------- --------- ---------
Net Income Available to
Common Stockholders $66,263 $20,337 $131,925 $270,532
Preferred Stock Dividends 813 813 3,250 3,250
--------- -------- --------- ---------
Net Income 67,076 21,150 135,175 273,782
Effect of Special Items, Net of
Income Tax:
Impairment of Oil and Gas
Properties - - 49,660 -
Early Extinguishment of Debt 124 1,373 7,791 3,973
--------- -------- --------- ---------
124 1,373 57,451 3,973
--------- -------- --------- ---------
Net Income (Excluding Special
Items) $67,200 $22,523 $192,626 $277,755
========= ======== ========= =========
Diluted Earnings Per Share $0.37 $0.12 $0.74 $1.53
========= ======== ========= =========
Diluted Earnings Per Share
Excluding Special Items $0.37 $0.13 $1.06 $1.55
========= ======== ========= =========
Weighted Average Number of
Common Shares Outstanding:
Diluted 182,565 179,347 182,030 178,416
========= ======== ========= =========
Ocean Energy, Inc.
Condensed Consolidated Statements of Operations
(Amounts in Thousands Except Per Share Data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------- ----------------------
2002 2001 2002 2001
-------- -------- ---------- ----------
Revenues $339,412 $217,348 $1,162,083 $1,255,466
Costs of Operations:
Operating expenses 84,286 66,926 312,191 286,737
Depreciation, depletion
and amortization 98,566 85,518 369,997 350,805
Impairment of oil and
gas properties - - 76,400 -
General and administrative 17,659 13,540 64,018 50,949
-------- -------- ---------- ----------
200,511 165,984 822,606 688,491
-------- -------- ---------- ----------
Operating Profit 138,901 51,364 339,477 566,975
Other Expense:
Interest expense 16,179 14,319 60,597 62,707
Early extinguishment of
debt 191 2,113 11,986 6,112
Other expense 1,512 632 1,800 309
-------- -------- ---------- ----------
Income Before Income Taxes 121,019 34,300 265,094 497,847
Income Tax Expense 53,943 13,150 129,919 224,065
-------- -------- ---------- ----------
Net Income 67,076 21,150 135,175 273,782
Preferred Stock Dividends 813 813 3,250 3,250
-------- -------- ---------- ----------
Net Income Available to
Common Stockholders $ 66,263 $ 20,337 $ 131,925 $ 270,532
======== ======== ========== ==========
Earnings Per Share:
Basic $ 0.38 $ 0.12 $ 0.76 $ 1.59
======== ======== ========== ==========
Diluted $ 0.37 $ 0.12 $ 0.74 $ 1.53
======== ======== ========== ==========
Weighted Average Number of
Common Shares Outstanding:
Basic 175,069 171,433 173,983 170,178
======== ======== ========== ==========
Diluted 182,565 179,347 182,030 178,416
======== ======== ========== ==========
The Statement includes a reclassification of early extinguishment
of debt from extraordinary item to other expense and income tax
expense due to the Company's early adoption of SFAS No. 145. The
Statement also includes a reclassification of certain employee costs
that support the Company's ongoing operating activities, from
operating expense to general and administrative expense. While this
reclassification had no effect on net income, it did decrease
operating expense, and increase general and administrative expense, by
$24 million and $20 million for the years ended December 31, 2002 and
2001, respectively.
Ocean Energy, Inc.
Condensed Consolidated Balance Sheets
(Amounts in Thousands)
(Unaudited)
December 31, December 31,
2002 2001
----------- -----------
Assets:
Current Assets:
Cash and cash equivalents $ 85,850 $ 20,006
Accounts receivable, net 211,685 135,204
Other current assets 117,174 99,518
----------- -----------
Total Current Assets 414,709 254,728
Property, Plant and Equipment, at cost, full
cost method for oil and gas properties 6,105,674 6,011,203
Accumulated Depreciation, Depletion and
Amortization (2,701,007) (2,861,917)
----------- -----------
3,404,667 3,149,286
Other Assets 74,020 65,164
----------- -----------
Total Assets $ 3,893,396 $ 3,469,178
=========== ===========
Liabilities and Stockholders' Equity:
Current Liabilities:
Accounts and notes payable $ 386,038 $ 291,174
Accrued liabilities 80,412 84,120
----------- -----------
Total Current Liabilities 466,450 375,294
Long-Term Debt 1,442,790 1,282,981
Deferred Revenue 86,545 116,294
Deferred Income Taxes 213,963 133,685
Other Noncurrent Liabilities 108,939 88,488
Stockholders' Equity 1,574,709 1,472,436
----------- -----------
Total Liabilities and Stockholders' Equity $ 3,893,396 $ 3,469,178
=========== ===========
Ocean Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------------- -----------------------
2002 2001 2002 2001
----------- ----------- --------- -----------
Operating Activities:
Net income $ 67,076 $ 21,150 $ 135,175 $ 273,782
Effects of DD&A,
impairment, deferred
taxes and other non-
cash operating
activities 158,423 110,445 586,984 550,503
----------- ----------- --------- -----------
225,499 131,595 722,159 824,285
Changes in operating
assets and
liabilities, net
of acquisitions 14,699 73,978 (108,757) 36,517
----------- ----------- --------- -----------
Net Cash Provided by
Operating Activities 240,198 205,573 613,402 860,802
----------- ----------- --------- -----------
Investing Activities:
Oil and gas capital
expenditures,
including
acquisitions (277,932) (234,125) (754,899) (1,094,243)
Proceeds from sales
of property, plant
and equipment 10,828 4,747 74,192 63,791
Other (7,092) (5,688) (18,928) (18,902)
----------- ----------- --------- -----------
Net Cash Used in
Investing Activities (274,196) (235,066) (699,635) (1,049,354)
----------- ----------- --------- -----------
Financing Activities:
Net proceeds from
(payments on)
borrowings (2,644) (87,232) 165,274 193,890
Other (8,245) (7,854) (13,197) (8,371)
----------- ----------- --------- -----------
Net Cash Provided by
(Used in) Financing
Activities (10,889) (95,086) 152,077 185,519
----------- ----------- --------- -----------
Increase (Decrease)
in Cash and Cash
Equivalents (44,887) (124,579) 65,844 (3,033)
Cash and Cash
Equivalents at
Beginning of Period 130,737 144,585 20,006 23,039
----------- ----------- --------- -----------
Cash and Cash
Equivalents at End
of Period $ 85,850 $ 20,006 $ 85,850 $ 20,006
=========== =========== ========= ===========
Ocean Energy, Inc.
Operational Information
(Unaudited)
Three Months
Ended Year Ended
December 31, December 31,
--------------- ---------------
2002 2001 2002 2001
------ ------ ------ ------
Wells Drilled:
Gross 56 76 238 315
Net 21 23 131 129
Success Rate 82% 84% 81% 87%
Net Daily Oil and NGL Production (MBbl):
Domestic 33 27 31 28
Equatorial Guinea 35 32 33 30
Egypt 9 10 9 9
Other International 8 8 9 8
------- ------- ------- -------
Total 85 77 82 75
====== ====== ====== ======
Average Oil and NGL Prices
($ per Bbl) (a):
Domestic $24.69 $17.49 $22.79 $22.70
Equatorial Guinea $24.88 $16.86 $23.10 $21.17
Egypt $24.69 $17.64 $22.85 $22.18
Other International $17.76 $15.47 $17.01 $17.88
Weighted Average $24.08 $17.03 $22.32 $21.48
Average Oil and NGL Prices Including
the Impact of Financial Derivatives
($ per Bbl) $23.49 $16.85 $22.03 $20.23
Net Daily Natural Gas Production
(MMcf):
Domestic 407 383 397 416
International 32 22 29 27
------ ------ ------ ------
Total 439 405 426 443
====== ====== ====== ======
Average Natural Gas Prices
($ per Mcf) (a):
Domestic $ 4.03 $ 2.30 $ 3.20 $ 4.26
International $ 3.32 $ 2.70 $ 3.01 $ 3.00
Weighted Average $ 3.98 $ 2.32 $ 3.19 $ 4.18
Average Natural Gas Prices Including
the Impact of Financial Derivatives
($ per Mcf) $ 3.87 $ 2.62 $ 3.22 $ 4.33
(a) All price information excludes the results of financial
derivatives, unless otherwise stated.
Guidance on Year 2003 Estimates The tables following this narrative set forth the Company's current estimates of its operating statistics for the first quarter of 2003 and full year ending December December: see month. 31, 2003. These estimates are based on the Company's historical operating performance and trends, estimates of oil and gas reserves as of December 31, 2002, and the Company's planned capital and operating budget Noun 1. operating budget - a budget for current expenses as distinct from financial transactions or permanent improvements budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. for 2003.
2003 Estimated Production (1)
----------------------------------------------------------------------
First Quarter Full Year
------------------ -------------------
Oil and NGL Production 8.5 - 9.0 MMBbls 36.5 - 39.0 MMBbls
Oil Price Differentials (2) $(3.75) - (4.75) $(3.50) - (4.50)
Gas Production 36 - 38 Bcf 148 - 160 Bcf
Gas Price Differentials (2) $(0.10) - (0.20) $(0.10) - (0.20)
Daily Production 162 - 170 MBOE 168 - 180 MBOE
(1) These estimates approximate the range of the Company's
estimates of the above information. Actual results may differ
materially from these estimates.
(2) For purposes of the 2003 estimates, the Company has assumed
price differentials due to location, quality and other factors,
excluding the effects of derivative financial instruments. Oil price
differentials are stated as discounts from NYMEX pricing and gas price
differentials are stated as discounts from Henry Hub pricing.
Oil and gas prices have fluctuated significantly in recent years in response to numerous economic, political and environmental factors, and the Company expects that commodity prices will continue to fluctuate significantly in the future. Changes in commodity prices could significantly affect the Company's expected operating results. In addition to directly affecting revenues, price changes can affect expected production because production estimates necessarily assume that oil and gas can profitably be produced at the assumed pricing levels. In addition to the above pricing assumptions, the 2003 estimates were prepared assuming that demand, curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. , producibility and general market conditions for the Company's oil and gas for 2003 will be substantially similar to those experienced during the year ended December 31, 2002. No material assumptions concerning acquisition or divestment divestment to strip one's investment from an entity. activities are included. For purposes of the 2003 estimates, a $1.00 per Bbl change in the forecasted average price of oil and a $0.25 per Mcf change in the forecasted average price of natural gas will result in changes in the Company's estimated annual net income of $20 million ($0.11 per diluted share) and $21 million ($0.11 per diluted share), respectively, and changes in the Company's estimated annual discretionary cash flow of $32 million and $34 million, respectively. As of December 31, 2002, the Company had the following volumes under derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. contracts related to its oil and gas producing activities:
Weighted
Instrument Average
Production Period Type Daily Volumes Price
------------------ ----------- ------------- -------------------------
Crude Oil:
January - 3-way
December 2003 Collar (3) 43 MBbl $19.00 - 23.00 - 27.98(1)
January - 3-way
December 2003 Collar (3) 10 MBbl $19.00 - 23.00 - 27.22(2)
Natural Gas:
April - June
2003 Collar 20,000 MMBtu $3.75 - 5.06(1)
September -
October 2003 Collar 20,000 MMBtu $3.75 - 5.23(1)
January -
December 2003 Collar 50,000 MMBtu $3.75 - 5.26(1)
January - 3-way
December 2003 Collar (3) 120,000 MMBtu $2.50 - 3.50 - 5.00(1)
Gas Swap of
Related Trust:
January -
December 2003 Swap 11,100 MMBtu $3.60(1)
January -
December 2004 Swap 9,600 MMBtu $3.41(1)
January -
December 2005 Swap 8,300 MMBtu $3.28(1)
(1) Prices are based on NYMEX (West Texas Intermediate for oil and
Henry Hub for gas).
(2) Prices are based on Brent.
(3) A "3-way collar" combines a sold call, a purchased put and a
sold put. The purchased put and sold put establish a floating minimum
price ("floating floor") and the sold call establishes a maximum price
("ceiling price") the Company will receive for the volumes under
contract.
The Company has also entered into interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. agreements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its 7 % senior notes due July July: see month. 2005 and its 7 % senior notes due August 2003. Under the terms of the agreements, the counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. pay the Company a weighted average fixed annual rate of 7.74% on the notional amounts The notional amount (or notional principal amount or notional value) on a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument. This amount generally does not change hands and is thus referred to as notional. and the Company pays the counterparties a variable annual rate equal to the six-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). rate plus a weighted average rate of 2.73%. These swap agreements have been designated as fair value hedges pursuant to 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. 133 and remain in effect through the maturity dates of the related notes.
2003 Estimates of Operating Costs (1)
----------------------------------------------------------------------
First
Quarter Full Year
---------- ----------
Operating costs/BOE:
Lease operating expense, excluding production
taxes $ 4.65 $ 4.65
Production taxes .65 .60
General and administrative expense 1.20 1.15
Interest expense 1.10 1.10
Depreciation, depletion and amortization 7.00 7.00
--------- --------
$ 14.60 $ 14.50
========= ========
Effective tax rate 45% to 48% 45% to 48%
(75 - 80% deferred)
Preferred dividends $0.8 $3.3
million million
Common dividends (2) $0.04 per $0.16 per
share share
(1) These estimates represent the approximate mid-point of the
range of the Company's estimates of the above information. Actual
results may differ materially from these estimates.
(2) The declaration of common stock dividends is discretionary and
will be subject to determination by the Company's Board of Directors.
2003 Estimated Capital Expenditures
----------------------------------------------------------------------
Gulf of Mexico International U.S. Onshore Total
--------------------- -------------------- ------------- -------------
$500 to $550 million $300 to $400 million $100 to $150 $900 - $1,100
million million
The spending will be funded out of Ocean's discretionary cash flow based on anticipated commodity prices, and is subject to change if market conditions shift or new opportunities are identified. The Company capitalizes interest and certain employee-related costs that are directly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to capital expenditures for exploration and development activities. The estimated capital expenditures for 2003 include forecasted capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. of $40 million and forecasted capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. employee-related costs of $68 million. Defined Terms Oil, condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. and natural gas liquids ("NGL NGL - A dialect of IGL. ") are stated in millions of barrels ("MMBbls") or thousand barrels ("MBbls"). Natural gas is stated in billion cubic feet ("Bcf") or million cubic feet ("MMcf"). MBOE and BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip represent one thousand barrels and one barrel of oil equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. , respectively, with six Mcf of gas converted to one barrel of oil equivalent. MMBtu represents one million British Thermal Units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39. . The company will conduct a 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. results and fourth quarter earnings conference call and live webcast today at 9 a.m. Central / 10 a.m. Eastern. To join the call from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , dial 1-888-437-1850. From international locations, dial 1-484-630-7624. The call passcode is OEI. For the webcast, which features slides in addition to the audio from the call, visit the webcast page within the investor relations Investor relations The process by which the corporation communicates with its investors. section of the company Web site at www.oceanenergy.com. The webcast will be archived on the investor relations section of the Ocean Energy Web site at www.oceanenergy.com through February February: see month. 17. The audio portion of the call will also be available for playback Playback could mean:
Ocean Energy, Inc. is an independent energy company engaged in the exploration, development, production, and acquisition of crude oil and natural gas. North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. are focused in the shelf and deepwater areas of the Gulf of Mexico, the Rocky Mountains Rocky Mountains, major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak. , Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. , Anadarko, East Texas, North Louisiana North Louisiana, also known as Sportsman's Paradise, is a region in the U.S. state of Louisiana. The region has two metropolitan areas: Monroe and Shreveport-Bossier City. and the Gulf Coast regions. Internationally, Ocean holds a leading position among U.S. independents in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. with oil and gas activities in Equatorial Guinea Equatorial Guinea (gĭn`ē), officially Republic of Equatorial Guinea, republic (2005 est. pop. 536,000), 10,830 sq mi (28,051 sq km), W central Africa. , Angola Angola (ăng-gō`lə), officially Republic of Angola (2005 est. pop. 11,191,000), including the exclave of Cabinda, 481,351 sq mi (1,246,700 sq km), SW Africa. , Nigeria Nigeria (nījĭr`ēə), officially Federal Republic of Nigeria, republic (2006 provisional pop. 140,003,542), 356,667 sq mi (923,768 sq km), W Africa. and Cote d'Ivoire. The company also conducts operations in Egypt Egypt (ē`jĭpt), Arab. Misr, biblical Mizraim, officially Arab Republic of Egypt, republic (2005 est. pop. 77,506,000), 386,659 sq mi (1,001,449 sq km), NE Africa and SW Asia. , the Russian Republic Russian Republic may refer to one of the following states in the history of Russia.
Certain statements in this news release regarding future expectations, plans for acquisitions, dispositions, and oil and gas reserves, exploration, development, production and pricing may be regarded as "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. " within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. They are subject to various risks, such as operating hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. , drilling risks, the inherent uncertainties in interpreting in·ter·pret v. in·ter·pret·ed, in·ter·pret·ing, in·ter·prets v.tr. 1. To explain the meaning of: interpreted the ambassador's remarks. See Synonyms at explain. engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the company's periodic reports and other documents filed with the SEC. Actual results may vary materially. |
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