Financial Highlights
YEAR ENDED DECEMBER 31, |
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| 2008 | 2007 | 2006 | 2005 | 2004 | |
| FINANCIAL DATA (in millions, except share amounts) |
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| Operating Revenues (sales of oil and gas) | $698 | $467 | $430 | $350 | $227 |
| Net Income | $134 | $130 | $108 | $112 | $69 |
| Per Share - Diluted | $2.94 | $2.89 | $2.41 | $2.50 | $1.54 |
| Net Cash Flows From Operations | $410 | $239 | $258 | $188 | $125 |
| Capital Expenditures (including acquisitions) | $1,066 | $341 | $544 | $243 | $75 |
| Dividends Per Share | $.30 | $.30 | $.30 | $.30 | $.26 |
| Average Common Shares Outstanding - Diluted |
45.4 | 44.9 | 44.8 | 45.0 | 44.9 |
| CAPITALIZATION (in millions) | |||||
| Long-Term Debt | $1,132 | $445 | $390 | $75 | $28 |
| Shareholders' Equity (successful efforts) | $828 | $460 | $428 | $334 | $263 |
| NET ANNUAL PRODUCTION VOLUME (in millions, except %) |
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| Oil Barrels | 7.4 | 7.2 | 7.2 | 7.1 | 7.0 |
| Natural Gas Mcf | 25.6 | 15.7 | 12.5 | 7.9 | 2.8 |
| Total BOE | 11.7 | 9.8 | 9.3 | 8.4 | 7.5 |
| % Production Growth (over prior year) | 19% | 6% | 10% | 12% | 24% |
| % Of Production Which Is Natural Gas | 36% | 27% | 22% | 16% | 6% |
| REALIZED AVERAGE SALES PRICE (with hedging) |
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| Oil (per barrel) | $70.01 | $53.24 | $50.55 | $40.85 | $28.57 |
| Natural Gas (per MMBTU) | $7.01 | $5.27 | $5.57 | $7.63 | $5.49 |
| BOE (per barrel of oil equivalent) | $59.81 | $47.50 | $46.67 | $41.62 | $30.32 |
| GROSS PRODUCTIVE WELLS DRILLED | |||||
| Oil | 248 | 230 | 258 | 113 | 121 |
| Natural Gas | 198 | 186 | 281 | 113 | 7 |
| Total | 446 | 416 | 539 | 226 | 128 |
| Reserve Additions | |||||
| Reserve Replacement Rate1 | 756% | 293% | 359% | 296% | 99% |
| Three-year Average Reserve Replacement Rate |
489% | 316% | 260% | 212% | 137% |
| FD&A2 Cost Per BOE | $12.30 | $10.07 | $16.78 | $9.34 | $8.02 |
| Three-year Average FD&A Cost Per BOE | $12.75 | $12.23 | $12.77 | $8.29 | $7.39 |
| PROVED RESERVES (in millions, except %) |
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| Oil Bbl | 125 | 117 | 113 | 104 | 106 |
| Natural Gas Mcf | 724 | 315 | 226 | 135 | 26 |
| Total BOE | 246 | 169 | 150 | 126 | 110 |
| % Natural Gas | 49% | 31% | 25% | 18% | 4% |
| % Developed | 55% | 61% | 68% | 72% | 74% |
| Reserve Life (years, using annualized Q4 production rate) |
19 | 17 | 15 | 15 | 14 |
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, discoveries and purchase of reserves in place