Financial Highlights
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YEAR ENDED DECEMBER 31,
|
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| 2007 | 2006 | 2005 | 2004 | 2003 | |
| FINANCIAL DATA (in millions, except share amounts) |
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| Operating Revenues (sales of oil and gas) |
$ 467 | $ 430 | $ 350 | $ 227 | $ 136 |
| Net Income | $ 130 | $ 108 | $ 112 | $ 69 | $ 32 |
| Per Share - Diluted | $ 2.89 | $ 2.41 | $ 2.50 | $ 1.54 | $ .73 |
| Net Cash Flows From Operations | $ 248 | $ 243 | $ 188 | $ 125 | $ 65 |
| Capital Expenditures (including acquisitions) |
$ 341 | $ 544 | $ 243 | $ 75 | $ 89 |
| Dividends Per Share | $ .30 | $ .30 | $ .30 | $ .26 | $ .24 |
| Average Common Shares Outstanding - Diluted |
44.9 | 44.8 | 45.0 | 44.9 | 44.1 |
| CAPITALIZATION (in millions) | |||||
| Long-Term Debt | $ 445 | $ 390 | $ 75 | $ 28 | $ 50 |
| Shareholders’ Equity (successful efforts) | $ 460 | $ 428 | $ 334 | $ 263 | $ 197 |
| NET ANNUAL PRODUCTION VOLUME (in millions, except %) |
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| Oil Barrels | 7.2 | 7.2 | 7.1 | 7.0 | 5.8 |
| Natural Gas Mcf | 15.7 | 12.5 | 7.9 | 2.8 | 1.3 |
| Total BOE | 9.8 | 9.3 | 8.4 | 7.5 | 6.0 |
| % Production Growth (over prior year) | 6% | 10% | 12% | 24% | 15% |
| % Of Production Which Is Natural Gas | 27% | 22% | 16% | 6% | 4% |
| REALIZED AVERAGE SALES PRICE (with hedging) |
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| Oil (per barrel) | $ 53.24 | $ 50.55 | $ 40.85 | $ 28.57 | $ 24.37 |
| Natural Gas (per MMBTU) | $ 5.27 | $ 5.57 | $ 7.63 | $ 5.49 | $ 4.32 |
| BOE (per barrel of oil equivalent) | $ 47.50 | $ 46.67 | $ 41.62 | $ 30.32 | $ 22.52 |
| GROSS PRODUCTIVE WELLS DRILLED | |||||
| Oil | 230 | 258 | 113 | 121 | 121 |
| Natural Gas | 186 | 281 | 113 | 7 | – |
| Total | 416 | 539 | 226 | 128 | 121 |
| Reserve Additions | |||||
| Reserve Replacement Rate1 | 293% | 359% | 296% | 99% | 236% |
| Three-year Average Reserve Replacement Rate |
316% | 260% | 212% | 137% | 116% |
| F&D2 Cost Per BOE | $ 10.07 | $ 18.44 | $ 13.04 | $ 8.08 | $ 12.86 |
| FD&A3 Cost Per BOE | $ 10.07 | $ 16.78 | $ 9.34 | $ 8.02 | $ 6.56 |
| Three-year Average FD&A Cost Per BOE | $ 12.23 | $ 12.77 | $ 8.29 | $ 7.39 | $ 7.92 |
| PROVED RESERVES (in millions, except %) |
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| Oil Bbl | 117 | 113 | 104 | 106 | 107 |
| Natural Gas Mcf | 315 | 226 | 135 | 26 | 20 |
| Total BOE | 169 | 150 | 126 | 110 | 110 |
| % Natural Gas | 31% | 25% | 18% | 4% | 3% |
| % Developed | 61% | 68% | 72% | 74% | 73% |
| Reserve Life (years, using annualized Q4 production rate) |
16.5 | 15.3 | 14.6 | 14.1 | 16.2 |
Abbreviations in above table: Bbl — barrel; BOE — barrel of oil equivalent (with gas at 6:1 ratio); Mcf — thousand cubic feet; MMBTU — million British Thermal Units; F&D — finding and development; FD&A; finding, development and acquisition
1The reserve replacement rate is calculated by dividing net reserve additions for the year by total production for the year
2 Acquisition, exploration and development costs divided by reserve revisions, improved recoveries, extensions and discoveries
3 Acquisition, exploration and development costs divided by reserve revisions, improved recoveries, extensions, discoveries and purchase of reserves in place