Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies – Financial & Operational Fundamental Analysis and Benchmarking - 2010

22 Jul 2010 • by Natalie Aster

GlobalData’s report on “Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies – Financial & Operational Fundamental Analysis and Benchmarking – 2010” provides analysis on the financial and operational parameters of the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies. The report analyses the performance of companies based on indicators such as reserves & production, capital expenditure, costs, acreage, performance metrics, results of oil & gas operations and valuation metrics. It helps in spotting strengths and weaknesses of the 20 leading US independent Exploration and Production (E&P) companies.

Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies – Financial & Operational Fundamental Analysis and Benchmarking - 2010 report is based on publicly available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide.

Proved Oil & Gas Reserves of the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies Increased By 0.9% In 2009

Proved oil and gas reserves of the top 20 mid-cap US independent Exploration and Production (E&P) companies increased in 2009, up from 4.4 billion barrels of oil equivalent (boe) in 2008 to 4.5 billion boe in 2009. The increase in the total oil and gas reserves was driven by the increase in the oil reserves, proved oil reserves of the top 20 mid-cap US independent Exploration and Production (E&P) companies increased by 22.9%, from 1,387 Million Barrels (MMbbl) in 2008 to 1,705 MMbbl in 2009. However, total proved gas reserves of the top 20 mid-cap US independent Exploration and Production (E&P) companies decreased to 16.6 Tcf in 2009, down by 9.0% from the previous year.

Plains Exploration & Production Company had the highest proved oil and gas reserves of 359.5 MMboe among the top 20 mid-cap US independent Exploration and Production (E&P) companies. The company's proved reserves decreased at a CAGR of 2.7% from 400.9 MMboe in 2005 to 359.5 MMboe in 2009.

Total Oil & Gas Production of the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies Increased By 1.9% In 2009

Total oil & gas production of the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies was 325.1 MMboe in 2009, up by 1.9% from 2008. Oil production of the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies was 115.0 MMbbl in 2009, up by 4.2% from 2008. However, gas production of the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies down by 0.8% from 1,174.9 Bcf in 2008 to 1,166.0 Bcf in 2009. SandRidge Energy, Inc. witnessed the highest oil and gas production growth rate among the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies. The company’s oil and gas production grew significantly at a CAGR of 94.6% during 2005-09.

Capital Expenditure of the Top 20 Mid-Cap Independent Exploration and Production (E&P) Companies decreased By 45.7% in 2009

The total cost incurred by Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies was $12.4 billion in 2009, down by 45.7% from the previous year. Total acquisition spending of top 20 mid-cap US independent Exploration and Production (E&P) companies decreased by 53.8% in 2009, down from $8.6 billion in 2008 to $3.9 billion in 2009.

Plains Exploration & Production Company by spending $1,126.7 million in acquisition activities in 2009 ranks first among the top 20 mid-cap US independent Exploration and Production (E&P) companies. The company's acquisition cost increased at a CAGR of 65.2% from $151.3 million in 2005 to $1,126.7 million in 2009.

Oil & Gas Revenues of Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies Increased On Account Of Increase In Production And Higher Realization Price

Oil & gas revenue per boe of the Top 20 Mid-Cap US Independent Exploration and Production (E&P) Companies decreased by 36.5% in 2009 from $61.3 per boe in 2008 to $38.9 per boe in 2009.

Berry Petroleum Company, with net income per boe of $14.4 in 2009, ranks first among the top 20 mid-cap US independent Exploration and Production (E&P) Companies.

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