1 Table of Contents 3
1.1 List of Tables 7
1.2 List of Figures 9
2 Reserves and Production Analysis 11
2.1 Analysis of leading 200 Oil & Gas Companies 11
2.2 Large Independent Canadian E&P Companies, Oil & Gas Reserves Trend, 2004-2008 12
2.2.1 Total Proved Oil & Gas Reserves, 2004-2008 12
2.2.2 Developed Oil & Gas Reserves, 2004-2008 14
2.2.3 Undeveloped Oil & Gas Reserves, 2004-2008 16
2.2.4 Oil & Gas Finding & Development Reserves Additions, 2004-2008 18
2.2.5 Oil & Gas Reserves Additions (Excluding Sales), 2004-2008 20
2.2.6 Oil & Gas Finding Reserves Additions, 2004-2008 22
2.2.7 Proved Oil Reserves Trend, 2004-2008 24
2.2.8 Proved Gas Reserves Trend, 2004-2008 26
2.3 Large Independent Canadian E&P Companies, Oil and Gas Production Trend, 2004-2008 28
2.3.1 Oil and Gas Production Trend, 2004-2008 28
2.3.2 Oil Production Trend, 2004-2008 30
2.3.3 Gas Production Trend, 2004-2008 32
2.4 Large Independent Canadian E&P Companies, Reserves & Production Trend, 2004-2008 34
2.4.1 Oil and Gas Reserves Growth, 2004-2008 34
2.4.2 Oil and Gas Production Growth, 2004-2008 36
2.5 Large Independent Canadian E&P Companies, Reserves Life Ratio, 2004-2008 38
2.5.1 Oil and Gas Reserve/Production Ratio, Years, 2004-2008 38
3 Reserve Replacement Ratio Analysis 40
3.1 Analysis of leading 200 Oil & Gas Companies 40
3.2 Large Independent Canadian E&P Companies, Oil & Gas Reserve Replacement (Excluding Sales), %, 2004-2008 40
3.3 Large Independent Canadian E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Including Revision), %, 2004-2008 42
3.4 Large Independent Canadian E&P Companies, Oil & Gas F&D Reserve Replacement (Organic, Excluding Revision), %, 2004-2008 44
3.5 Large Independent Canadian E&P Companies, Oil & Gas Reserve Replacement (Including Sales), %, 2004-2008 46
4 Costs Incurred In Upstream Oil & Gas Operations 48
4.1 Analysis of leading 200 Oil & Gas Companies 48
4.2 Large Independent Canadian E&P Companies, Total Costs Incurred, 2004-2008 48
4.3 Large Independent Canadian E&P Companies, E&P Upstream Capital Expenditure By Type, 2004-2008 51
4.3.1 Total Acquisition Costs, 2004-2008 51
4.3.2 Exploration Costs, 2004-2008 53
4.3.3 Development Costs, 2004-2008 55
4.3.4 Finding & Development Costs, 2004-2008 57
4.4 Large Independent Canadian E&P Companies, Oil and Gas Costs Per Boe, $/boe, 2004-2008 59
4.4.1 Oil and Gas Finding & Development Costs Per Boe, $/boe, 2004-2008 59
4.4.2 Oil and Gas Reserve Replacement Cost Per Boe, $/boe, 2004-2008 61
4.4.3 Oil and Gas Proved Acquisition Cost per boe, 3-Year, $/BOE 2004-2008 63
4.4.4 Oil and Gas E/D&IR (Extension/Discoveries and Improved Recovery) Cost Per Boe, $/boe, 2004-2008 65
4.4.5 Oil and Gas Finding Costs Per Boe, $/boe, 2004-2008 67
5 Result of Oil and Gas Operations 69
5.1 Analysis of leading 200 Oil & Gas Companies 69
5.2 Large Independent Canadian E&P Companies, Oil and Gas Revenue, Cash Flow & Total Expenses, 2004-2008 70
5.2.1 Oil & Gas Revenue From Upstream Oil & Gas Operations, $ Million, 2004-2008 70
5.2.2 Net Income/ Loss From Upstream Oil & Gas Operations, $ Million, 2004-2008 72
5.2.3 Total Expenses From Upstream Oil & Gas Operations, $ Million, 2004-2008 74
5.2.4 Free Cash Flow From Upstream Oil & Gas Operations, $ Million, 2004-2008 76
5.3 Large Independent Canadian E&P Companies, Performance Metrics, $/boe, 2004-2008 78
5.3.1 Oil & Gas Revenue per boe, $/BOE, 2004-2008 78
5.3.2 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/BOE, 2004-2008 80
5.3.3 Lifting Cost per boe, $/BOE, 2004-2008 82
5.3.4 Net-back per boe, $/BOE, 2004-2008 84
6 Acreage and Well Analysis 86
6.1 Large Independent Canadian E&P Companies, Developed and Undeveloped Acreage, 2004-2008 86
6.1.1 Total Net Undeveloped Acreage, (Thousand Acres), 2004-2008 86
6.1.2 Total Net Developed and Undeveloped Acreage, (Thousand Acres), 2004-2008 89
6.1.3 Total Net Developed Acreage, (Thousand Acres), 2004-2008 91
6.2 Large Independent Canadian E&P Companies, Well Data, 2004-2008 93
6.2.1 F&D Cost per Drilled Well, 2004-2008 93
6.2.2 Developed Oil & Gas Reserves per well, 2004-2008 95
6.2.3 Developed Oil Reserves per Well, 2004-2008 97
6.2.4 Developed Gas Reserves per Well, 2004-2008 99
7 Financial Performance Analysis 101
7.1 Analysis of leading 200 Oil & Gas Companies 101
7.2 Large Independent Canadian E&P Companies, Revenue, $ Million, 2004-2008 101
7.3 Large Independent Canadian E&P Companies, Operating Income, $ Million, 2004-2008 104
7.4 Large Independent Canadian E&P Companies, Net Income, $ Million, 2004-2008 106
7.5 Large Independent Canadian E&P Companies, Operating Cash Flow, $ Million, 2004-2008 108
7.6 Large Independent Canadian E&P Companies, Performance Metrics, 2004-2008 110
7.6.1 Average Return on Fixed Assets, %, 2004-2008 110
7.6.2 Average Operating Return on Capital Employed, %, 2004-2008 112
7.6.3 Average Operating Profit Margin, %, 2004-2008 114
7.7 Large Independent Canadian E&P Companies, Growth Ratio, 2004-2008 116
7.7.1 Revenue Growth, 2004-2008 116
7.7.2 Profit Growth, 2004-2008 117
7.7.3 Growth in Operating Cash Flow, 2004 - 2008 119
7.8 Large Independent Canadian E&P Companies, Exposure Ratio, 2004-2008 120
7.8.1 Debt leverage, %, 2004-2008 120
7.8.2 Total Debt/Proved Reserves, $/boe, 2004-2008 122
8 Appendix 124
8.1 Methodology 124
8.1.1 Coverage 124
8.1.2 Secondary Research 125
8.1.3 Primary Research 125
8.1.4 Expert Panel Validation 126
8.2 Definition 126
8.2.1 Oil and Gas Reserves 126
8.2.2 Acreage and Well Information 126
8.2.3 Cost Incurred in Oil and Gas Operations 127
8.2.4 Reserves Replacement Ratio 132
8.2.5 Results of Oil & Gas Operations 135
8.2.6 Results of Oil & Gas Operations Per BOE Produced 139
8.3 Contact Us 141
8.4 About GlobalData 141
8.5 Disclaimer 141