Financial Highlights
YEAR ENDED DECEMBER 31, |
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| 2009 | 2008 | 2007 | 2006 | 2005 | |
| FINANCIAL DATA (in millions, except share amounts) |
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| Operating Revenues (sales of oil and gas) | $ 507 | $ 649 | $ 433 | $ 396 | $ 324 |
| Net Income | $ 54 | $ 134 | $ 130 | $ 108 | $ 112 |
| Per Share - Diluted | $ 1.17 | $ 2.92 | $ 2.87 | $ 2.40 | $ 2.50 |
| Net Cash Flows From Operations | $ 213 | $ 410 | $ 239 | $ 258 | $ 188 |
| Capital Expenditures (including acquisitions) | $ 148 | $ 1,066 | $ 342 | $ 544 | $ 243 |
| Dividends Per Share | $ 30 | $ .30 | $ .30 | $ .30 | $ .30 |
| Average Common Shares Outstanding - Diluted |
44.8 | 45.0 | 44.7 | 44.6 | 45.0 |
| CAPITALIZATION (in millions) | |||||
| Long-Term Debt | $ 1,009 | $ 1,132 | $ 445 | $ 390 | $ 75 |
| Shareholders’ Equity (successful efforts) | $ 703 | $ 828 | $ 460 | $ 428 | $ 334 |
| NET ANNUAL PRODUCTION VOLUME (in millions, except %) |
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| Oil Barrels | 7.2 | 7.4 | 7.2 | 7.2 | 7.1 |
| Natural Gas Mcf | 22.7 | 25.5 | 15.7 | 12.5 | 7.9 |
| Total BOE | 11.0 | 11.7 | 9.8 | 9.3 | 8.4 |
| % Production Growth (over prior year) | 2%1 | 19% | 5% | 11% | 12% |
| % Of Production Which Is Oil | 66% | 64% | 73% | 78% | 84% |
| REALIZED AVERAGE SALES PRICE (with hedging) |
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| Oil (per barrel) | $ 57.28 | $ 70.01 | $ 53.24 | $ 50.55 | $ 40.85 |
| Natural Gas (per MMBTU) | $ 4.09 | $ 7.11 | $ 5.48 | $ 5.38 | $ 6.45 |
| BOE (per barrel of oil equivalent) | $ 46.59 | $ 62.03 | $ 49.80 | $ 48.09 | $ 40.60 |
| GROSS PRODUCTIVE WELLS DRILLED | |||||
| Oil | 121 | 248 | 230 | 258 | 113 |
| Natural Gas | 11 | 198 | 186 | 281 | 113 |
| Total | 132 | 446 | 416 | 539 | 226 |
| Reserve Additions | |||||
| Reserve Replacement Rate2 | 200% | 756% | 293% | 359% | 296% |
| FD&A3 Cost Per BOE | $ 8.30 | $ 12.30 | $ 10.07 | $ 16.78 | $ 9.34 |
| PROVED RESERVES (in millions, except %) |
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| Oil Bbl | 130 | 125 | 117 | 113 | 104 |
| Natural Gas Mcf | 632 | 724 | 315 | 226 | 135 |
| Total BOE | 235 | 246 | 169 | 150 | 126 |
| % Natural Gas | 45% | 49% | 31% | 25% | 18% |
| % Developed | 53% | 55% | 61% | 68% | 72% |
| Reserve Life (years, using annualized Q4 production rate) |
22 | 19 | 17 | 15 | 15 |
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; FD&A; finding, development and acquisition
1Excludes Denver-Julesburg divestiture
2The reserve replacement rate is calculated by dividing net reserve additions for the year by total production for the year
3 Acquisition, exploration and development costs divided by reserve revisions, improved recoveries, extensions, discoveries and purchase of reserves in place