E&Y Global Benchmark Study

Global E&P benchmark studyOctober 2010

Table of contentsStudy overview 1

Worldwide study results Costs incurred 4 Revenues and results of operations 6 Oil reserves 8 Gas reserves 10 Performance measures � � �� development costs and reserve replacement costs Production replacement rates 14 Production costs 16 Worldwide company statistics Costs incurred 18 Revenues and results of operations 22 Oil reserves 26 Gas reserves 30 Performance measures 34

Summary of 2009 study results 40

��

Africa and Middle East 52

Canada 60

Europe 68

South and Central America 76

US 84 ��

Other information Study companies and their areas of operations 116 � �� Company footnotes 120

1

Study overviewThe Global E&P benchmark study is a compilation and analysis of certain oil �� !��"��as reported by companies in their annual ��#��$��%��'$%(�%�� )*��+�""��'%)+(�or in their publicly available annual reports. This report presents the worldwide and ��*�� '),�(�� !��"��!��-��!��"��/�� :;�

The companiesThe study includes companies headquartered in 18 �� <�;�=�� !��"��-��!��),��industry as a whole, except for the activities of many national oil companies that do not publicly disclose ��#��!��"��"-��-��-;�? �� -�of reserves held by national oil companies, the 100 companies included herein account for only approximately 10% of total worldwide oil reserves and approximately 8% �!��#��#��<��B� �-��reserves estimates published by the Oil & Gas Journal. For consistency and comparability purposes, this study �� -��"��reserve information based on US SEC standards.

=��"��<�� D��"��'��(��;�H��"��"�I��addition to exploration and production. The independents #��J��K��!��:�#��#��reserves exceeded one billion barrels of oil equivalent.

Performance measuresThe performance measures presented herein were �� <��"��L�� !��"��;�)��,�N� ��L�"��-�!�� !��"��"� ��<��#;�

�� Proved reserve acquisition costs are calculated as '��-�� !��"��<��(��<-�proved reserves purchased.

�� Finding and development costs are calculated as ' ��-�� *��costs, development costs and identified related asset ��"��<��(��<-�'�*��discoveries, revisions and improved recovery of proved ��(;�=�� *�� !!��!��reserves purchased.

�� Reserve replacement costs are calculated as total �� <-�'�*��revisions, improved recovery and purchases of proved ��(;

�� Production replacement rate (all sources) is calculated �'�*��"��-�� !��(��divided by production.

�� Production replacement rate (excluding purchases and sales)�� '�*��"��-��!��(��divided by production.

�� Production costs are calculated as production costs, �� *�� "��expenses, divided by production.

Many individual companies calculate and report their own performance measures and companies may use different methods that produce results different from those shown in this report.

2 Global E&P benchmark study

The SEC Rule��Q��?��"<��%)+�� rule entitled Modernization of Oil and Gas Reporting '��%)+�V ��(;�=��%)+�V ��#��!!��B� �-��;�=��!��%)+�V ��#��#��"��"��! ��"�� !��;�=��%)+�V �� "��X�� "��"�#�� -;�

=��"��!��%)+�V �� !��#��D

�� The SEC Rule requires that proved reserves be ��"�� "��<��!�month price for the year, rather than year-end prices.

�� =��%)+�V ��"��<��I��!�� reserves to those reserves that are scheduled to be developed within five years, unless specific �� "��Z ��!-��"�;�� !�the five-year requirement, some reserves previously classified as proved undeveloped were reclassified in ��:�� of downward revisions.

�� =��%)+�V ��*��!��!�� -�� ;�Additionally, reserve quantities are now reported based ��!�� !�� the product initially produced.

�� The SEC Rule requires separate disclosure of information about reserve quantities and financial ��"��"� ��!��/[��"��!��;

=��:��!��"��herein was determined in accordance with the SEC Rule; therefore, some comparisons of 2009 results to previous years and the three-year and ��-��!��"��"� �� <�!��!��%)+�V �� was effective.

The addition of reserves associated with synthetic �� Canada in 2009. These reserve additions are included in ��JV��K��"��!��]��#��+��reserves tables, but are not included in the performance measure calculations.

Report limitations$��!�� I��"��!��#��"��D

�� This report is based on the results of the 100 companies included herein.

�� This report excludes privately owned companies, "�� <��"��"��#��"�� <��-��reserve information and companies that do not present ��!��"��#��US SEC standards.

�� =�� reserve information vary by company. This report ��"��L��!��"��D��!��!��^��East, Canada, Europe, South and Central America, US and Other/unspecified. For some companies, Z ��"��#� ��"��#��include their information.

�� ?��#��"��-�!��"�� <�� reports of the companies. Individual companies did not prepare or review the compiled data.

�� "��!��#�$%��-�� 'g��(��#�� ! ��!!�� ! �� !��;�%�"��companies included in this report follow US GAAP, #��!��#�H��j��V��%��'HjV%(��<-��<��country. This variation in standards can result in different results for some companies.

�� ?��!��"��"-��<��"��<�� <�� !��!!��!�� "��;�

�� "��"��revised as additional information about reserves becomes known.

�� Only amounts related to consolidated entities are included herein, unless specifically noted for an individual company.

3

OtherThe data included herein was obtained from IHS Herold, Inc. and, in some cases, the individual companies’ annual reports.

=�� <��-��L��disclosures made by the companies. Restatements or other adjustments made to costs incurred or revenues and results of operations data in subsequent years have not been incorporated herein. Restatements or ��Z �"��"�� J��K��"��!��<��but these amounts are not included in the performance measure calculations.

All currency amounts are reported in US dollars. j�� -�"� ��#�� *��!��<��-��<�� <��*��<-�individual companies. Totals presented may not add � �� ;

g��|�!�'<�� <��!��(�� =�!�'�� <��!��(;�+��"� �� <��!�� '|�)(�<�;�}� �� "��<�� !�~�^�!�'�� <��!��(��<��!��;�

Footnotes for individual companies are located on ��;


Total worldwide costs incurred were $334.3 billion in 2009, a 20% decrease from $416.7 billion in 2008.

Proved property acquisition costs decreased 10% from $39.8 billion in 2008 to $36.0 billion in 2009. Suncor )��-�'��;��<��(�� !��/~[��!��:��-�� !��"��#��+��;�)*�� % ��)��-L��:��-��-�acquisition costs declined 60% in 2009.

Unproved property acquisition costs were $15.9 billion ��:��"��/Q;��<��[��;�+��I��)��-�#��spender for unproved properties at $2.8 billion and its acquisitions were primarily in the Haynesville and Marcellus shale areas in the US.

Exploration costs and development costs both decreased ��:��-�� -�period. Exploration costs saw a 10% decline from $63.1 billion in 2008 to $56.9 billion in 2009 while development costs decreased 13% from $258.3 billion in 2008 to $224.8 billion in 2009.

?��"��Exploration

Worldwide — costs incurred — 100 companies

2005 2006 2007 2008 2009

$450

$400

$350

$300

$250

$200

$150

$100

$50

$0

Billi

ons

Unproved properties acquiredProved properties acquired

Costs incurred Worldwide — costs incurred — 100 companies (millions)

2005 2006 2007 2008 2009Proved properties acquired $ 37,200.9 $ 75,103.3 $ 40,006.6 $ 39,777.3 $ 35,986.8

Unproved properties acquired 18,444.4 42,450.0 24,447.4 53,420.7 15,848.1

Exploration 30,133.9 41,148.5 52,133.8 63,134.6 56,872.1

?��"�� 131,559.9 173,307.0 211,488.3 258,295.5 224,733.2

Other 2,930.7 2,227.2 1,269.8 2,042.9 812.1

Total $ 220,269.8 $ 334,235.9 $ 329,345.8 $ 416,671.1 $ 334,252.3

5

Worldwide — 2009 costs incurred — leading companies (millions)

Proved properties acquired Unproved properties acquired% ��)��- $ 20,105.2 +��I��)��-� $ 2,793.0

Total 2,480.8 BG Group 1,346.1

Ecopetrol 1,335.1 Plains Exploration & Production 1,121.6

NOVATEK 1,254.2 =��"��)��-� 1,037.9

LUKOIL 1,171.0 EOG Resources 666.6

BG Group 924.5 Total 641.2

%��V��)��- 749.1 ExxonMobil 609.0

Occidental Petroleum 727.0 V�-��? ��%�� 602.0

ExxonMobil 676.0 Enerplus Resources 479.4

Nexen 662.0 ��#I�)��-� 474.8

Exploration DevelopmentPetroChina $ 4,791.8 ExxonMobil $ 16,166.0

Petrobras 4,132.0 V�-��? ��%�� 14,961.0

V�-��? ��%�� 3,873.0 Petrobras 14,721.0

ExxonMobil 3,056.0 PetroChina 14,653.7

BP 2,805.0 Chevron 12,161.0

StatoilHydro 2,686.1 Eni 11,180.2

PEMEX 2,276.8 PEMEX 11,156.2

Sinopec 2,133.0 Total 10,732.4

Chevron 1,924.0 BP 10,396.0

Eni 1,767.7 StatoilHydro 9,046.4


Revenues and results of operations

]��#��!��*��#��Q�;��<��:�compared to $272.0 billion in 2008 — a 51% decrease. =��!��*��!��:;��<��;/�<��respectively, while the independents had losses of $6.2 billion.

V�� !��"�� 33% from $1,100.0 billion in 2008 to $736.0 billion in 2009. This decrease was price-driven as combined oil �� Q[��:;�

Production costs decreased 21% in 2009, from $261.6 billion in 2008 to $205.8 billion in 2009. The decrease was primarily driven by a decline in production �*��< ��!�� "<��[��:;�

)*��*��#��-��-��increase in 2009, but it posted only a 1% increase, "��!��"��Q�;��<��Q�;Q�<�� in 2009.

?��"��X��'??,�(�declined from $212.0 billion in 2008 to $195.3 billion in 2009, an 8% decrease. This decline was primarily driven by a 34% decrease in property impairments; ��#��"��"��"��#�� in 2009.

Property impairments of $42.8 billion were recorded ��:��#��"��-��< �<��$%��independents and independents that were impacted <-�� #��<��!��-��;�=��-��"��"��:�#��<-�+��I��)��-�'��;��<��(��?��)��-�'�~;��<��(;

V�� ??,��[��:;�+��% ��)��-�� ??,�;�+��L��;~�<��#�due to incremental production in the US and Africa and ��;�% ��)��-L�$1.5 billion increase was attributable to assets added �� "��#��+��;�

2005 2006 2007 2008 2009Revenues $ 615,259.6 $ 742,997.8 $ 835,019.0 $ 1,099,953.4 $ 736,018.0

�� '( 127,360.7 165,876.3 201,365.2 261,551.1 205,753.4

Exploration expense 14,668.7 19,053.5 26,764.1 31,066.0 31,279.3

??,��'<( 82,269.4 101,221.6 129,289.9 211,990.3 195,326.9

��*��'�( 19,413.0 19,286.5 20,945.1 24,175.9 21,445.0

Pre-tax results of operations 371,547.9 437,559.9 456,654.7 571,170.1 282,213.4

Income taxes 193,063.4 220,678.1 240,036.5 299,153.6 147,825.1

Results of operations $ 178,484.5 $ 216,881.7 $ 216,618.2 $ 272,016.5 $ 134,388.3

'(�H�� *�� "��*��;'<(�H�� "��"��;'�(�H�� "��<��!��"��-��*��;

Worldwide — revenues and results of operations — 100 companies (millions)

Billi

ons

2005 2006 2007 2008 2009

$800

$1,000

$1,200

$600

$400

$200

$0

Revenues Results of operations

Worldwide — revenues and results of operations — 100 companies

7

Revenues Results of operationsPEMEX $ 61,029.4 PetroChina $ 19,194.0

PetroChina 52,247.4 BP 12,261.0

ExxonMobil 49,873.0 ExxonMobil 11,120.0

Chevron 43,076.0 Petrobras 10,812.0

V�-��? ��%�� 40,966.0 Chevron 10,700.0

BP 40,750.0 Rosneft 9,394.0

Petrobras 40,544.0 LUKOIL 7,192.0

StatoilHydro 30,896.7 Total 6,461.0

Total 30,065.0 PEMEX 5,227.0

Eni 29,623.5 StatoilHydro 5,034.5

Worldwide — 2009 revenues and results of operations — leading companies (millions)

2005 2006 2007 2008 2009Revenues $ 39.3 $ 45.3 $ 49.4 $ 64.9 $ 42.2

Production costs 8.1 10.1 11.9 15.4 11.8

Exploration expense 0.9 1.2 1.6 1.8 1.8

??,� 5.2 6.2 7.6 12.5 11.2

Other expenses 1.2 1.2 1.2 1.4 1.2

Pre-tax results of operations 23.7 26.7 27.0 33.7 16.2

Income taxes 12.3 13.5 14.2 17.7 8.5

Results of operations $ 11.4 $ 13.2 $ 12.8 $ 16.1 $ 7.7

Worldwide — revenues and results of operations per BOE — 100 companies ($ per BOE)


]��#��:[�!��"�128.2 billion barrels in 2008 to 140.1 billion barrels in 2009.

��!��< �<��synthetic crude reserves added in 2009 due to the SEC Rule. If the 8.0 billion barrels of synthetic crude reserves that were added under the SEC Rule are excluded, worldwide oil reserves increased 3% in 2009.

Extensions and discoveries increased from 5.1 billion barrels in 2008 to 7.1 billion barrels in 2009, a 39% ��;��+��'��/;��"��<��(��V��!��'��Q;��"��<��(��worldwide extensions and discoveries and these amounts #��-��;�

V��'�*�� -�� %)+�V ��(��:�#��~;��<��barrels. Revisions increased substantially from the 235.9 million barrels reported in 2008 due primarily to ��"��<��!�"��!��'�� <-��%)+�V ��(�<��year-end prices. Revisions in 2009 were also impacted <-��%)+�V ��L��-�� "��undeveloped reserves.

Oil production rose 3% in 2009 to 10.9 billion barrels. % ��)��-��+��in production at 104.0 million barrels and 70.0 million barrels, respectively.

Purchases of oil reserves were 1.5 billion barrels in 2009. % ��)��-�� !��/�[��!��#��#��purchases with its acquisition of Petro-Canada.

Sales of oil reserves were 1.6 billion barrels in 2009. =��"Z��-�'~�[(��!��-��)�+��+�� )��-;�+�� )��-�#��Q��}��"<��:�� !�)��<��#�� <��-��-��"��;�EnCana reported a sale of reserves for this transaction. +�� )��-L��:�� !��"��!��#��<-�)�+��?��"<��:;�=�� <�� !��+�� L��:�� J��K��"��!��reserve tables.

Oil reserves

2005 2006 2007 2008 2009|��!�-�� 134,105.1 134,244.9 134,950.8 132,893.9 128,210.9

��D

Extensions and discoveries 4,447.9 4,274.2 4,953.3 5,097.5 7,073.2

Improved recovery 1,145.9 1,524.8 883.0 1,044.2 912.8

V��'<( 1,180.4 3,593.9 2,467.6 235.9 14,072.8

Production '��Q:�;Q( '��~��;:( '��Q;�( '��/Q~;:( '��;�(

Purchases 3,040.2 3,332.4 2,291.1 640.6 1,450.5

Sales '��;�( '::�;~( '��;�( ':��;�( '��~��;�(

��'�( 1,425.5 '��;:( 374.1 '��;�( 875.8

End of year 134,244.9 134,950.8 132,893.9 128,210.9 140,103.7

'(�H�� ;'<(��:�� :/Q;~�"��<��!�-�� %)+�V ��;�=��

performance measure calculations.'�(�H�� !��;

Worldwide — proved oil reserves (a) — 100 companies (million barrels)

Billi

on b

arre

ls

Worldwide — end of year proved oil reserves — 100 companies

2005 2006 2007 2008 2009

150

125

100

75

50

25

0

9

Worldwide — 2009 proved oil reserves — leading companies (million barrels)

Ending reserves Production

Rosneft4 13,951.0 PEMEX 1,062.0

LUKOIL 13,696.0 PetroChina 844.0

PEMEX 11,691.0 Rosneft4 795.0

PetroChina 11,263.0 Petrobras 736.0

Petrobras 10,269.1 ExxonMobil 725.0

ExxonMobil 9,215.0 LUKOIL 720.0

Chevron 6,973.0 Chevron 674.0

TATNEFT 6,141.0 BP 501.0

BP 5,658.0 V�-��? ��%�� 456.0

V�-��? ��%�� 4,693.0 Total 400.0


]��#��#��[�!��"�/Q�;Q�=�!��to 560.0 Tcf in 2009.

=��:��#��#��"��L��!��#�#��!��;��=�!;�=��downward revisions were primarily attributable to the ��"��<��!�"��!��'�� <-��%)+�V ��(�<��#��year-end prices. Revisions in 2009 were also impacted <-��%)+�V ��L��-�� "��undeveloped reserves.

Extensions and discoveries were 60.9 Tcf in 2009 ��/:[��!��"�Q�;��=�!��:;�)**��^�<��'/;��=�!(��+��'/;��=�!(��#��#��*��2009. All of PetroChina’s extensions and discoveries and 97% of ExxonMobil’s extensions and discoveries were in ��;�

�� !��Q[�!��"�Q�;��=�!��Q:;/�=�!��:;��+��=��)��-�� ;��=�!��157.6 Tcf, respectively.

� ��!��#��:;��=�!��:;�NOVATEK accounted for 13.4 Tcf of the purchases with �� !��%� ��="<�-I�-��;�

%��!��#��;��=�!��:;�=��#��<-�)�+��'�;:�=�!��"��-��< �<��+�� )��-�� -�� (��)��'�;/�=�!��-�!��"��!��!��I��%��)��Z�� #��)��%��(;�

Gas reserves

2005 2006 2007 2008 2009|��!�-�� 469,324.3 474,378.0 498,166.6 522,241.8 538,251.4

��D


Improved recovery 2,373.4 2,695.3 1,201.4 2,276.5 1,556.9

Revisions 4,038.5 '��Q/;�( 11,354.5 8,887.8 '��~~Q;�(

Production 'Q��~:�;:( 'Q��;�( 'Q~�~::;�( 'Q��;�( 'Q:��~Q;�(

Purchases 14,489.5 20,807.0 14,585.6 10,797.8 18,995.2

Sales '��;�( 'Q�~�:;~( '��/�;�( '/��~;Q( '��;Q(

��'( '��Q�:;�( 19.4 7,730.4 '�:�;:( 1,447.3

End of year 474,378.0 498,166.6 522,241.8 538,251.4 559,970.6

'(�H�� !��;

Worldwide — proved gas reserves — 100 companies (Bcf)

Tcf

600

525

450

375

300

225

150

75

02005 2006 2007 2008 2009

Worldwide — end of year proved gas reserves — 100 companies

11

Worldwide — 2009 proved gas reserves — leading companies (Bcf)

Ending reserves ProductionPetroChina 63,244.0 BP 2,867.0

NOVATEK 40,726.0 ExxonMobil 2,383.0

BP 40,388.0 V�-��? ��%�� 2,363.0

ExxonMobil 34,442.0 PetroChina 2,112.0

V�-��? ��%�� 29,961.0 ConocoPhillips 1,906.0

Chevron 26,049.0 Chevron 1,821.0

LUKOIL 22,850.0 Total 1,651.0

Total 19,384.0 PEMEX 1,644.0

ConocoPhillips 18,965.0 Eni 1,596.0

StatoilHydro 18,149.0 StatoilHydro 1,518.0


Performance measures

��"� ��!��#��2009. PRAC declined 52% from $16.30 per BOE in 2008 to $7.80 per BOE in 2009. The 2009 activity was ��"��<-�}��=)��% ��)��-��#��companies accounted for 51% and 21% of the reserves purchased in 2009, respectively. NOVATEK posted a ��:��V�+��!��;/Q��|�)��#��% ��)��-L�2009 PRAC was $21.20 per BOE.

j?+��[��Q;/��|�)��:�#��RRC declined 49% to $12.52 per BOE. These declines were driven by the previously discussed decreases in ��!��#��additions. Upward oil revisions of 6.1 billion barrels '�*�� -�� %)+�V ��(��*��!�~�;:�=�!��#-��/�[��j?+��:��"<��|�)�<�;�=��#�� !��:;��=�!��< ��57% increase in RRC reserve additions in 2009, on a combined BOE basis.

�� reserve replacement costs

�� !�� reserve replacement costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 6.97 $ 11.04 $ 8.47 $ 16.30 $ 7.80 $ 9.83 $ 9.53

j?+ 14.13 15.91 17.46 25.80 13.51 18.11 17.05

RRC 12.01 14.48 15.47 24.44 12.52 16.61 15.35

13

PRAC** FDCNOVATEK $ 0.52 NOVATEK $ 1.92

Chevron 1.27 TATNEFT 2.35

Petrobras 2.62 +��,�g 4.80

LUKOIL 4.62 EQT 5.37

Rosneft 4.88 Sasol 6.83

EOG Resources 5.30 Rosneft 6.86

Arena Resources 5.37 Ultra Petroleum 7.26

Loews 5.46 %� ��#��)��- 8.02

BG Group 6.12 Ecopetrol 8.22

Eni 6.21 CNX Gas 8.40

RRCNOVATEK $ 1.03

TATNEFT 2.35

EQT 5.44

Rosneft 6.30

Sasol 6.83

Ultra Petroleum 7.26

%� ��#��)��-� 8.02

+��,�g 8.18

CNX Gas 8.76

Loews 9.52

* Based on companies with results in each year of the three-year period.

** Based on companies with proved acquisition costs of at least $50 million for the three-year period.

��"�#%��'**+,'**-��!��.��/34�5


Production replacement ratesOil

All sources Excluding purchases and sales%��V��)��- 1,203% Concho Resources 521%

��)��- 1,052 Quicksilver Resources 510

Loews 906 V��V�� 443

% ��)��-� 882 %��V��)��- 421

Concho Resources 754 EOG Resources 374

Arena Resources 543 % ��)��-� 368

Quicksilver Resources 456 Continental Resources 363

EOG Resources 391 EnCana 316

NOVATEK 380 Arena Resources 314

Continental Resources 370 ATP Oil & Gas 297

*Based on companies with at least 5 million barrels of production for the three-year period and companies that had results for each year of the three-year period.

��"�#%��'**+,'**-��5

=��~;��<��<��!� �#��'�*�� -�� %)+�V ��(�recorded in 2009 enabled the companies to post the best �� "��-��;�The 2009 oil all sources production replacement rate #��[�#��*�� was 130%.

��#��:�#��-�� -��*�� <��I��[�threshold and 2006 was the only other year that the all

sources rate exceeded 100%. As a result, the three-year ��-��!��<��"� ��<��#��[��"��-��"�� #��"��<�;�

��"Z��-��!��]��#�� -�'�~[��!�-��:(��!��"�� "��;�=��L��-��#��[�!�� [�!��*�� and sales.

Worldwide — oil production replacement rates — 100 companies

2005 2006 2007 2008 2009 3-year 5-yearAll sources 88% 111% 77% 58% 128% 88% 92%

)*�� 65% 89% 77% 61% 130% 89% 84%

Three-year (2007 – 2009) oil production replacement rates by peer group

All sources Excluding purchases and salesH�� 81% 84%

�� 120% 123%

Independents 169% 126%

15

=�� "��increased from 143% in 2008 to 151% in 2009, while ��*�� -�from 128% in 2008 to 121% in 2009.

?�#�#��!��;��=�!�#��"�-��!��*��

rate in 2009, while purchases of 19.0 Tcf fueled the increase in the all sources rate.

=��-�� < ��<��"� ��!�� exceeded 100%.

Gas

Worldwide — gas production replacement rates — 100 companies


)*�� 116% 119% 135% 128% 121% 128% 124%

Three-year (2007 – 2009) gas production replacement rates by peer group

All sources Excluding purchases and salesH�� 102% 105%

�� 224% 159%

Independents 255% 202%

All sources Excluding purchases and sales��)��- 1,071% Continental Resources 857%

|��| ��)��-�� 1,003 +��,�g� 733

+��,�g 926 EQT 690

Loews 901 ��#I�)��-� 618

Continental Resources 860 +��X��,�g 602

Berry Petroleum 735 %� ��#��)��-� 553

��)��- 690 Sinopec 544

EQT 667 Quicksilver Resources 518

NOVATEK 652 Goodrich Petroleum 454

% ��)��-� 626 Ultra Petroleum 452

*Based on companies that had results for each year of the three-year period.

��"�#%��'**+,'**-��5


Production costs

Worldwide — production costs — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-year $8.13 $10.11 $11.90 $15.44 $11.79 $13.03 $11.53

Production costs were $11.79 per BOE in 2009, 24% lower than $15.44 per BOE in 2008. This decline was cost driven as total production costs declined 21% from ��:��#��"<�� increased 3% in 2009. The decline in production costs was primarily related to production taxes.

=��-��'��:(�!��"��#��Q;�Q��|�);�� <��-��#��D��Q;Q:��|�)�!��;�:��|�)�!��;�:�per BOE for the independents.

Sasol $ 2.71

EQT 4.36

+��,�g 4.56

BG Group 4.66

%� ��#��)��-� 5.44

PEMEX 5.47

NOVATEK 5.59

Total 5.87

Ultra Petroleum 6.47

MOL 6.63

* Based on companies that had results for each year of the three-year period.

Worldwide — three-year (2007 – 2009) ��.��/34�5

17

Worldwide company statistics


Proved propertiesacquired

Unproved propertiesacquired Exploration Development Other

Total costs incurred

Anadarko Petroleum Corporation $ 266.0 $ 279.0 $ 1,229.0 $ 2,886.0 $ — $ 4,660.0

Apache Corporation 233.3 77.1 1,245.0 2,253.2 — 3,808.7

Arena Resources, Inc. 3.9 — — 107.1 — 111.0

Atlas Energy, Inc. 24.8 — 6.5 134.7 — 166.1

ATP Oil & Gas Corporation — 0.2 — 808.5 — 808.6

Berry Petroleum Company 13.5 — 30.3 138.2 — 182.0

BG Group plc 924.5 1,346.1 1,634.4 2,759.5 — 6,664.5

BHP Billiton Group — 60.0 488.0 2,075.0 — 2,623.0

Bill Barrett Corporation — 70.1 185.3 147.2 '�;�( 401.5

BP p.l.c. 468.0 398.0 2,805.0 10,396.0 — 14,067.0

BreitBurn Energy Partners L.P. — — — 28.7 4.9 33.6

Cabot Oil & Gas Corporation 0.4 145.7 81.5 365.8 — 593.4

Canadian Natural Resources Limited 5.3 60.5 184.1 2,599.9 — 2,849.8

Carrizo Oil & Gas, Inc. — 35.2 77.3 55.3 '�;�( 166.4

Cenovus Energy Inc.2 — 3.0 60.0 894.0 — 957.0

Chaparral Energy, Inc. 14.6 3.8 4.9 127.6 — 150.9

Chesapeake Energy Corporation 61.0 2,793.0 813.0 2,729.0 '�;�( 6,394.0

Chevron Corporation1 3.0 29.0 1,924.0 12,161.0 — 14,117.0

Cimarex Energy Co. 13.5 24.8 59.4 430.4 12.9 540.9

CNOOC Limited 126.8 22.1 1,066.3 5,563.0 — 6,778.1

CNX Gas Corporation 30.4 50.7 46.0 181.9 — 309.1

Comstock Resources, Inc. — 26.0 102.0 218.2 — 346.2

Concho Resources Inc. 205.3 74.7 133.7 260.3 6.4 680.3

ConocoPhillips 14.0 230.0 1,517.0 6,907.0 — 8,668.0

Contango Oil & Gas Company 1.1 — 23.3 22.9 — 47.3

Continental Resources, Inc. 1.2 73.3 96.1 259.5 1.2 431.3

��Millions

19




Denbury Resources Inc. $ 585.6 $ 104.8 $ 4.6 $ 292.5 $ — $ 987.6

Devon Energy Corporation 35.0 135.0 534.0 3,383.0 — 4,087.0

Ecopetrol S.A. 1,335.1 — 590.5 1,900.6 — 3,826.2

El Paso Corporation 87.0 140.0 422.0 442.0 42.0 1,133.0

EnCana Corporation 178.0 92.0 264.0 4,276.0 — 4,810.0

Encore Acquisition Company 398.8 17.1 165.7 121.0 4.0 706.5

Energen Corporation 186.3 5.1 16.6 226.8 — 434.8

Enerplus Resources Fund 2.3 479.4 30.2 206.9 21.5 740.4

Eni SpA1 650.5 309.2 1,767.7 11,180.2 — 13,907.7

EOG Resources, Inc. 464.3 666.6 610.8 2,081.8 84.0 3,907.5

EQT Corporation 6.0 24.9 14.9 676.1 — 722.0

EV Energy Partners, L.P. 36.5 2.6 — 12.3 — 51.4

EXCO Resources, Inc. 6.5 333.2 37.1 262.8 0.9 640.4

Exxon Mobil Corporation 676.0 609.0 3,056.0 16,166.0 — 20,507.0

Forest Oil Corporation — — 191.9 402.0 — 593.8

GMX Resources Inc. 6.9 11.5 116.3 15.9 0.6 151.0

Goodrich Petroleum Corporation 0.6 15.3 35.4 189.4 3.7 244.4

Helix Energy Solutions Group 0.1 1.8 39.2 71.5 69.1 181.7

Hess Corporation 74.0 188.0 938.0 1,918.0 — 3,118.0

Husky Energy Inc. 192.9 78.1 708.6 1,089.2 14.0 2,082.9

INPEX CORPORATION3 — 103.5 484.1 2,341.3 — 2,928.9

Kinder Morgan Energy Partners, L.P. 5.3 — — 330.3 — 335.6

Linn Energy, LLC 115.9 0.9 0.3 140.9 — 258.1

Loews Corporation 7.0 24.0 8.0 148.0 — 187.0

Marathon Oil Corporation 26.0 136.0 519.0 2,833.0 — 3,514.0

Mariner Energy, Inc. 200.0 69.8 170.6 246.7 106.7 793.8





MDU Resources Group, Inc. $ 3.9 $ 8.8 $ 33.1 $ 135.2 $ 2.0 $ 183.0

Mitsui & Co., Ltd.1 71.4 44.1 270.1 737.7 — 1,123.3

MOL Magyar Olaj- és Gázipari Nyrt. — — 115.0 158.0 — 273.0

Murphy Oil Corporation — 118.1 307.6 1,382.7 41.4 1,849.8

National Fuel Gas Company 35.8 44.5 11.7 125.1 2.9 220.0

��!��"�� 33.0 114.0 902.0 364.0 19.0 1,432.0

Nexen Inc. 662.0 11.4 569.9 1,686.1 — 2,929.4

Noble Energy, Inc. '/;�( 92.0 313.0 957.0 16.0 1,373.0

OAO LUKOIL1 1,171.0 120.0 394.0 4,421.0 — 6,106.0

OAO NOVATEK 1,254.2 — 24.2 502.3 — 1,780.7

OAO TATNEFT — — 166.6 481.4 — 648.0

Occidental Petroleum Corporation 727.0 103.0 207.0 2,779.0 — 3,816.0

OJSC Rosneft Oil Company4 — 96.0 325.0 5,422.0 — 5,843.0

OMV Aktiengesellschaft 1.7 13.0 290.4 1,518.7 21.8 1,845.6

Pengrowth Energy Trust 21.6 9.6 12.2 108.0 11.7 163.1

Penn Virginia Corporation — 15.0 7.2 149.6 — 171.8

Penn West Energy Trust '��;�( 16.7 69.2 478.6 — 342.7

PetroChina Company Limited — — 4,791.8 14,653.7 — 19,445.5

Petrohawk Energy Corporation 4.6 474.8 949.4 550.7 — 1,979.5

Petroleo Brasileiro, S.A. (Petrobras) 89.0 11.0 4,132.0 14,721.0 — 18,953.0

Petroleos Mexicanos (PEMEX) — — 2,276.8 11,156.2 — 13,432.9

Petroleum Development Corporation 2.3 5.9 20.1 72.4 — 100.6

Pioneer Natural Resources Company 8.8 80.1 112.0 271.6 — 472.5

Plains Exploration & Production Company 5.1 1,121.6 1,309.4 272.8 — 2,708.9

Questar Corporation 6.4 215.1 92.9 741.1 — 1,055.5

Quicksilver Resources Inc. 0.1 14.0 92.2 365.8 — 472.1

21




Range Resources Corporation $ — $ 176.9 $ 104.0 $ 527.2 $ 6.1 $ 814.2

Repsol YPF, S.A. 8.4 85.1 1,221.1 1,730.4 — 3,045.0

Rosetta Resources Inc. 11.5 28.2 24.6 65.2 — 129.5

Royal Dutch Shell plc 643.0 602.0 3,873.0 14,961.0 — 20,079.0

SandRidge Energy, Inc. 749.1 67.7 126.3 407.4 — 1,350.6

Sasol Limited — — 136.4 109.0 — 245.4

Sinopec Shanghai Petrochemical Company Ltd. — — 2,133.0 6,956.4 — 9,089.5

Southwestern Energy Company 4.4 115.2 52.2 1,358.1 — 1,529.9

St. Mary Land & Exploration Company 0.1 41.7 154.1 223.1 — 419.0

StatoilHydro ASA — 210.7 2,686.1 9,046.4 — 11,943.1

Stone Energy Corporation — 212.8 78.6 187.8 55.9 535.1

Suncor Energy Inc. 20,105.2 — 330.5 2,852.4 — 23,288.0

Swift Energy Company 56.7 4.4 2.9 111.1 — 175.1

Talisman Energy Inc. 131.5 1,037.9 1,115.9 1,879.4 223.5 4,388.1

The Williams Companies, Inc. 85.0 220.0 51.0 878.0 — 1,234.0

Total S.A. 2,480.8 641.2 1,667.4 10,732.4 — 15,521.8

Ultra Petroleum Corporation — 33.2 102.2 606.0 — 741.4

Unit Corporation 3.7 37.1 30.5 154.6 4.6 230.6

Venoco, Inc. 22.8 9.0 61.5 97.8 — 191.1

W&T Offshore, Inc. 17.5 12.2 97.5 142.9 — 270.1

Whiting Petroleum Corporation 78.8 12.9 51.0 436.7 — 579.4

XTO Energy Inc. 30.0 224.0 500.0 2,488.0 40.0 3,282.0

All companies $ 35,986.8 $ 15,848.1 $ 56,872.1 $ 224,733.2 $ 812.1 $ 334,252.3

Integrateds $ 28,188.0 $ 4,010.6 $ 39,206.6 $ 169,867.5 $ 77.2 $ 241,349.9

Large independents 4,259.0 6,907.8 10,135.7 36,320.4 345.5 57,968.3

Independents 3,539.9 4,929.7 7,529.9 18,545.3 389.4 34,934.1


Company statistics

RevenuesProduction

costs (b)Exploration

expense DD&A (c)

Other (income)

expense (d) Income taxes Results of operations

Anadarko Petroleum Corporation $ 7,482.0 $ 2,540.0 $ 1,107.0 $ 3,341.0 $ — $ 190.2 $ 303.8

Apache Corporation 8,573.9 2,347.4 — 5,165.9 104.8 766.7 189.1

Arena Resources, Inc. 141.1 25.8 — 39.4 — 28.1 47.9

Atlas Energy, Inc. 278.2 45.7 6.5 260.3 — '�Q;�( '��;�(

ATP Oil & Gas Corporation 312.2 85.0 0.3 198.6 14.5 2.1 11.7

Berry Petroleum Company 513.2 174.8 5.4 139.9 — 62.0 131.1

BG Group plc 7,504.4 1,147.0 940.2 1,388.4 687.9 1,629.7 1,711.2

BHP Billiton Group 7,019.0 1,537.0 400.0 1,361.0 — 1,489.0 2,232.0

Bill Barrett Corporation 593.3 116.3 3.2 305.9 — 72.3 95.6

BP p.l.c. 40,750.0 10,054.0 1,116.0 8,951.0 1,788.0 6,580.0 12,261.0

BreitBurn Energy Partners L.P. 203.5 138.5 — 104.3 — '�;/( 'Q�;�(

Cabot Oil & Gas Corporation 800.5 175.8 50.8 265.4 — 113.2 195.3

Canadian Natural Resources Limited 8,140.8 2,350.1 — 2,559.6 60.5 1,034.4 2,136.2

Carrizo Oil & Gas, Inc. 155.5 30.2 — 390.9 0.3 ':�;�( '��;�(

Cenovus Energy Inc.2 4,058.0 728.0 — 1,090.0 — 634.0 1,606.0

Chaparral Energy, Inc. 323.0 114.5 — 344.8 — '/�;:( '�/;�(

Chesapeake Energy Corporation 5,049.0 983.0 — 12,371.0 — 'Q��;�( '/��:�;�(

Chevron Corporation1 43,076.0 9,809.0 1,342.0 10,325.0 954.0 9,946.0 10,700.0

Cimarex Energy Co. 962.4 287.6 — 1,034.6 12.3 '�Q�;/( '�Q�;~(

CNOOC Limited 12,283.4 3,292.8 473.3 2,333.7 68.3 1,670.4 4,444.9

CNX Gas Corporation 671.5 229.2 — 107.3 — 125.7 209.4

Comstock Resources, Inc. 290.9 69.2 0.9 213.4 — 1.7 5.7

Concho Resources Inc. 544.4 108.1 10.7 218.3 1.1 140.1 66.2

ConocoPhillips 26,952.0 8,219.0 1,180.0 8,523.0 779.0 4,863.0 3,388.0

Contango Oil & Gas Company 190.7 23.7 20.6 43.7 — 41.0 61.6

Continental Resources, Inc. 610.7 138.9 12.6 289.0 2.3 63.8 104.1

��#�%Millions

23

RevenuesProduction


expense DD&A (c)

Other (income)


Denbury Resources Inc. $ 630.5 $ 368.6 $ — $ 236.1 $ — $ 9.9 $ 15.9

Devon Energy Corporation 6,097.0 2,182.0 — 8,240.0 91.0 '��/��;�( '��Q~;�(

Ecopetrol S.A. 8,177.7 3,011.1 613.0 521.0 — 1,330.8 2,701.9

El Paso Corporation 1,097.0 329.0 — 2,547.0 — '~�/;�( '��;�(

EnCana Corporation 10,842.0 1,791.0 — 3,569.0 — 1,757.0 3,725.0

Encore Acquisition Company 680.6 234.6 52.5 300.8 — 22.9 69.8

Energen Corporation 815.5 217.4 10.2 180.8 4.9 143.7 258.4

Enerplus Resources Fund 934.2 322.1 — 836.4 — '�~/;/( '/�;�(

Eni SpA1 29,623.5 4,680.5 2,217.7 8,114.2 1,836.0 7,825.9 4,949.3

EOG Resources, Inc. 3,412.7 1,021.9 220.8 1,759.2 — 157.9 252.9

EQT Corporation 384.6 61.4 17.9 117.4 — 71.4 116.5

EV Energy Partners, L.P. 50.1 47.5 — 52.0 — '�;�( '��;�(

EXCO Resources, Inc. 550.5 196.6 — 1,515.0 7.1 '��;:( '��~;Q(

Exxon Mobil Corporation 49,873.0 15,005.0 2,021.0 8,000.0 — 13,727.0 11,120.0

Forest Oil Corporation 767.8 210.8 — 1,867.8 8.3 '�~Q;�( '�//;�(

GMX Resources Inc. 91.9 10.8 — 219.2 — '�;�( '�Q�;�(

Goodrich Petroleum Corporation 157.9 44.0 9.3 369.3 — '/~;�( '��;�(

Helix Energy Solutions Group 474.8 141.4 24.4 242.7 '�Q;Q( 22.8 67.0

Hess Corporation 6,835.0 2,060.0 829.0 2,167.0 — 904.0 875.0

Husky Energy Inc. 3,961.4 1,273.4 — 1,225.2 35.1 428.9 998.9

INPEX CORPORATION3 10,433.8 3,174.4 292.2 171.1 — 5,188.0 1,608.0

Kinder Morgan Energy Partners, L.P. 767.0 188.8 — 441.4 53.3 — 83.5

Linn Energy, LLC 266.8 179.5 7.2 191.3 — 0.5 '��;~(

Loews Corporation 620.0 343.0 — 1,036.0 80.0 'Q��;�( '/Q�;�(

Marathon Oil Corporation 6,793.0 1,694.0 307.0 1,860.0 — 1,639.0 1,293.0

Mariner Energy, Inc. 916.9 282.4 — 1,151.0 — '��;�( 'QQ/;�(


Company statistics

RevenuesProduction


expense DD&A (c)

Other (income)


MDU Resources Group, Inc. $ 439.7 $ 123.1 $ — $ 743.6 $ 2.7 �� '�~�;�( �� '�~/;~(

Mitsui & Co., Ltd.1 4,003.0 752.9 173.1 976.2 — 841.9 1,258.8

MOL Magyar Olaj- és Gázipari Nyrt. 1,008.2 146.2 68.2 176.5 '~�;~( 170.4 508.5

Murphy Oil Corporation 3,036.0 712.9 182.0 864.2 109.0 476.1 691.8

National Fuel Gas Company 281.2 62.6 — 272.1 5.4 '��;�( 'Q�;:(

��!��"�� 1,338.0 466.0 — 1,931.0 8.0 'Q��;�( '~�Q;�(

Nexen Inc. 3,858.8 864.5 264.8 1,461.6 232.4 420.0 615.5

Noble Energy, Inc. 2,095.0 559.0 110.0 1,402.0 — '�Q;�( 47.0

OAO LUKOIL1 28,033.0 16,107.0 228.0 2,663.0 43.0 1,800.0 7,192.0

OAO NOVATEK 2,731.9 1,273.2 17.8 161.6 35.9 248.7 994.8

OAO TATNEFT 9,106.4 6,335.1 111.3 285.5 — 474.9 1,899.7

Occidental Petroleum Corporation 11,565.0 2,883.0 267.0 2,858.0 713.0 1,827.0 3,017.0

OJSC Rosneft Oil Company4 23,519.0 9,366.0 325.0 3,318.0 87.0 1,029.0 9,394.0

OMV Aktiengesellschaft 5,071.8 1,708.1 321.7 922.3 31.9 805.3 1,282.5

Pengrowth Energy Trust 843.6 346.1 — 518.6 24.3 — '�/;�(

Penn Virginia Corporation 228.7 72.3 57.8 256.1 0.7 '~�;�( ':�;�(

Penn West Energy Trust 1,888.1 888.0 — 555.8 — — 444.4

PetroChina Company Limited 52,247.4 16,608.5 2,839.5 8,347.1 284.4 4,973.9 19,194.0

Petrohawk Energy Corporation 986.9 229.5 — 2,235.1 1.5 '~��;�( '�/�;�(

Petroleo Brasileiro, S.A. (Petrobras) 40,544.0 15,957.0 1,706.0 5,383.0 1,301.0 5,385.0 10,812.0

Petroleos Mexicanos (PEMEX) 61,029.4 7,025.8 1,859.3 4,556.6 2,744.4 39,616.4 5,227.0

Petroleum Development Corporation 169.0 57.8 22.9 125.4 — '�Q;�( '�Q;Q(

Pioneer Natural Resources Company 1,610.0 478.7 97.3 643.8 75.2 132.7 182.2

Plains Exploration & Production Company 1,187.1 426.1 — 405.6 — 133.5 222.0

Questar Corporation 1,267.3 185.8 25.0 533.1 — 183.2 340.2

Quicksilver Resources Inc. 796.7 151.6 — 1,141.2 — '�~:;�( 'Q��;�(

25

RevenuesProduction


expense DD&A (c)

Other (income)


Range Resources Corporation $ 906.4 $ 166.0 $ 46.9 $ 488.0 $ — $ 17.0 $ 188.5

Repsol YPF, S.A. 8,784.7 3,300.4 650.3 2,644.5 321.0 897.3 971.3

Rosetta Resources Inc. 217.4 73.2 — 500.5 — '�Q�;�( '��~;�(

Royal Dutch Shell plc 40,966.0 10,385.0 2,178.0 9,770.0 6,229.0 8,913.0 3,491.0

SandRidge Energy, Inc. 454.7 173.3 — 1,869.3 — '�;:( '��/��;�(

Sasol Limited 236.4 27.8 36.2 34.0 '�Q;~( 73.0 79.0

Sinopec Shanghai Petrochemical Company Ltd.

15,507.8 6,021.5 1,543.6 3,841.5 — 1,025.4 3,075.9

Southwestern Energy Company 1,593.2 259.6 — 1,381.8 — '�/;�( 'Q�;/(

St. Mary Land & Exploration Company 756.6 206.8 62.2 538.7 — '�:;Q( 'Q�;:(

StatoilHydro ASA 30,896.7 4,139.2 2,653.5 6,781.3 — 12,288.1 5,034.5

Stone Energy Corporation 714.4 164.7 — 764.8 33.0 '�~;�( '�~�;�(

Suncor Energy Inc. 7,352.7 4,560.8 206.9 1,712.0 222.7 183.2 467.2

Swift Energy Company 371.7 118.1 — 242.2 2.9 3.4 5.2

Talisman Energy Inc. 5,739.0 1,987.2 775.8 2,386.9 — 491.8 97.3

The Williams Companies, Inc. 2,144.0 649.0 58.0 873.0 178.0 146.0 240.0

Total S.A. 30,065.0 4,083.8 975.8 5,808.6 2,188.2 10,547.6 6,461.0

Ultra Petroleum Corporation 666.8 152.8 — 1,238.8 — '�/�;�( '��;�(

Unit Corporation 352.6 75.2 — 394.9 — '�Q;�( '��;�(

Venoco, Inc. 243.1 110.2 — 86.2 5.8 9.8 31.1

W&T Offshore, Inc. 603.6 219.1 — 526.9 34.5 '�:;/( '��;Q(

Whiting Petroleum Corporation 956.3 301.9 46.9 420.9 — 63.6 122.9

XTO Energy Inc. 8,927.0 1,677.0 77.0 3,079.0 40.0 1,466.3 2,587.7

All companies $ 736,018.0 $ 205,753.4 $ 31,279.3 $ 195,326.9 $ 21,445.0 $ 147,825.1 $ 134,388.3

Integrateds $ 588,291.2 $ 164,835.0 $ 25,683.9 $ 111,339.6 $ 18,878.5 $ 138,502.0 $ 129,052.2

Large independents 104,958.8 28,396.2 4,571.2 47,176.3 1,801.4 11,465.9 11,547.8

Independents 42,768.0 12,522.2 1,024.2 36,811.0 765.1 '��;�( '~��;~(

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;'<(� H�� *�� "��*��;'�(� H�� "��"��;'�(� H�� "��<��!��"��-��*��;


Company statistics ��#�%Million barrels

Beginning

Extensions and

discoveriesImproved recovery

Revisions (b) Production Purchases Sales Other (c) Ending

Ending rank

Anadarko Petroleum Corporation 926.0 35.0 — 135.0 '��;�( 7.0 '/;�( — 1,010.0 24

Apache Corporation 1,081.1 75.1 — 3.9 '��/;:( 13.0 — — 1,067.2 23

Arena Resources, Inc. 55.8 14.4 — '��;�( '�;�( 1.6 — — 59.7 69

Atlas Energy, Inc. 1.7 0.1 — 0.3 '�;�( 0.0 '�;�( — 1.9 96

ATP Oil & Gas Corporation 65.3 2.3 — 13.6 'Q;�( 0.0 — — 77.9 62

Berry Petroleum Company 125.3 9.0 — 2.8 '�;�( 0.1 — — 129.9 50

BG Group plc 688.1 50.6 — 57.2 '~~;/( 7.0 — — 736.4 30

BHP Billiton Group 598.6 19.9 1.2 42.2 '�~;�( — — — 585.5 33

Bill Barrett Corporation 5.7 1.4 — 1.5 '�;�( — — — 7.8 90

BP p.l.c. 5,665.0 378.0 203.0 '//;�( '/��;�( 2.0 'Q�;�( — 5,658.0 9

BreitBurn Energy Partners L.P. 25.9 — — 17.0 'Q;�( — '�;�( — 38.8 74

Cabot Oil & Gas Corporation 9.3 0.5 — '�;�( '�;�( — '�;�( — 7.8 91

Canadian Natural Resources Limited

1,346.0 30.0 83.0 1,676.0 '��~;�( 1.0 — 7.0 3,027.0 15

Carrizo Oil & Gas, Inc. 18.3 2.4 — '/;�( '�;/( — — — 14.8 85

Cenovus Energy Inc.2 — — — — — — — 951.0 951.0 26

Chaparral Energy, Inc. 51.3 6.7 2.5 32.3 'Q;:( 0.6 '�;�( — 89.5 58

Chesapeake Energy Corporation 120.6 27.1 — '��;Q( '��;�( 0.2 '�;�( — 124.0 52

Chevron Corporation1 7,350.0 52.0 86.0 168.0 '~��;�( — ':;�( — 6,973.0 7

Cimarex Energy Co. 45.2 13.8 — 11.2 '�;/( 0.3 '�;�( — 58.0 70

CNOOC Limited 1,578.0 140.0 — 137.0 '��~;�( 2.0 'Q;�( — 1,668.0 19

CNX Gas Corporation — — — — — — — — — —

Comstock Resources, Inc. 9.7 0.0 — '�;~( '�;�( — '�;�( — 7.2 92

Concho Resources Inc. 86.3 47.8 — 1.4 '�;Q( 13.9 '�;�( — 142.0 49

ConocoPhillips 3,440.0 237.0 17.0 512.0 'Q��;�( — '~;�( — 3,859.0 12

Contango Oil & Gas Company 12.9 0.2 — 0.4 '�;�( — — — 12.4 87

Continental Resources, Inc. 106.2 75.5 — 1.6 '��;�( 0.0 — — 173.3 45

27

Beginning

Extensions and



Ending rank

Denbury Resources Inc. 179.1 0.3 13.9 4.5 '�Q;/( 28.4 '�:;�( — 192.9 44

Devon Energy Corporation 781.0 204.0 — 323.0 '��;�( — '��:;�( — 1,107.0 22

Ecopetrol S.A. 798.9 137.3 — 319.0 '�Q�;:( — — — 1,123.3 21

El Paso Corporation 31.2 20.2 — 13.8 '/;~( 7.3 '�;~( — 65.3 66

EnCana Corporation 1,005.6 178.4 — ':�;:( '�~;�( 0.5 ':~�;/( — 76.7 63

Encore Acquisition Company 134.5 6.9 — 9.7 '��;�( 6.1 '�;�( — 147.1 48

Energen Corporation 91.0 10.1 — '�;�( '~;/( 14.6 '�;�( — 108.2 54

Enerplus Resources Fund 107.8 1.7 2.0 8.6 '��;�( 0.4 '�;�( — 108.4 53

Eni SpA1 3,385.0 192.0 33.0 270.0 'Q~�;�( 2.0 '/�;�( — 3,463.0 13

EOG Resources, Inc. 225.0 96.6 — 7.7 '��;�( 21.5 ':;�( — 313.0 40

EQT Corporation 2.1 — — '�;�( '�;�( — — — 2.0 95

EV Energy Partners, L.P. 15.5 0.4 — 3.1 '�;Q( 0.4 — — 18.1 84

EXCO Resources, Inc. 20.8 0.2 — '�;�( '�;~( — '��;~( — 5.5 93

Exxon Mobil Corporation 7,576.0 142.0 — 2,225.0 '��/;�( — 'Q;�( — 9,215.0 6

Forest Oil Corporation 109.1 38.7 — '�;�( '�;Q( — '~�;�( — 72.0 65

GMX Resources Inc. 5.0 0.0 — '�;�( '�;�( — — — 3.7 94

Goodrich Petroleum Corporation 2.0 0.5 — '�;�( '�;�( — — — 0.9 98

Helix Energy Solutions Group 32.0 0.2 — 0.2 '�;�( — '�;�( — 29.7 79

Hess Corporation 970.0 27.0 — 77.0 '��;�( — — — 967.0 25

Husky Energy Inc. 470.0 81.0 6.0 65.0 '~~;�( 10.0 — — 566.0 34

INPEX CORPORATION3 829.0 — — 49.0 '/�;�( — '~;�( — 815.0 29

Kinder Morgan Energy Partners, L.P.

85.4 — — 16.9 '�/;�( 0.1 — — 86.8 59

Linn Energy, LLC 134.9 3.2 — 14.8 '/;~( 9.1 — — 156.3 47

Loews Corporation 84.8 2.3 — '~;�( 'Q;�( — '�;:( — 73.8 64

Marathon Oil Corporation 636.0 64.0 — 625.0 ':�;�( — '��;�( — 1,225.0 20

Mariner Energy, Inc. 69.3 14.5 — 3.1 '~;�( 5.0 — — 86.0 60


Company statistics

Beginning

Extensions and



Ending rank

MDU Resources Group, Inc. 34.3 2.6 — 0.7 'Q;�( — '�;�( — 34.2 76

Mitsui & Co., Ltd.1 145.0 1.0 — 10.0 'Q�;�( 1.0 — — 127.0 51

MOL Magyar Olaj— és Gázipari Nyrt.

65.1 0.6 — 11.5 '��;�( — — — 65.2 67

Murphy Oil Corporation 173.6 23.9 31.0 137.4 '��;�( — '�;Q( — 313.4 39

National Fuel Gas Company 46.2 1.2 — 0.4 'Q;�( 2.1 '�;�( — 46.6 73

��!��"�� 140.3 48.0 — '�;�( '��;�( 1.0 '�;�( '�;Q( 169.0 46

Nexen Inc. 544.0 58.0 — 312.0 '~/;�( 85.0 — '�Q;�( 851.0 28

Noble Energy, Inc. 311.0 59.0 — '~;�( '�:;�( 1.0 — — 336.0 38

OAO LUKOIL1 14,458.0 540.0 — '��~;�( '��;�( 141.0 '��;�( — 13,696.0 2

OAO NOVATEK 452.0 67.0 — '�Q;�( '�/;�( 118.0 — — 589.0 32

OAO TATNEFT 5,625.0 — — 702.0 '��~;�( — — — 6,141.0 8

Occidental Petroleum Corporation

2,211.0 31.0 144.0 134.0 '��:;�( 26.0 — '�;�( 2,366.0 17

OJSC Rosneft Oil Company4 13,360.0 703.0 — 683.0 '�:/;�( — — — 13,951.0 1

OMV Aktiengesellschaft 696.3 1.6 — 39.9 '~�;~( — '�;Q( 0.1 675.0 31

Pengrowth Energy Trust 106.7 1.3 — 0.4 '��;�( 0.8 '�;/( — 97.5 57

Penn Virginia Corporation 27.0 9.2 — '�;�( '�;Q( — '�;�( — 26.4 81

Penn West Energy Trust 271.0 11.0 9.0 39.0 'Q�;�( 3.0 ':;�( 1.0 293.0 41

PetroChina Company Limited 11,221.0 1,005.0 73.0 '�:�;�( '��;�( — — — 11,263.0 4

Petrohawk Energy Corporation 13.8 4.7 — 1.7 '�;/( — '��;�( — 8.3 89

Petroleo Brasileiro, S.A. (Petrobras)

9,105.5 143.2 21.3 1,735.1 '�Q~;�( 99.4 '::;�( — 10,269.1 5

Petroleos Mexicanos (PEMEX) 11,865.0 311.0 — 577.0 '��~�;�( — — — 11,691.0 3

Petroleum Development Corporation

15.0 1.3 — 3.0 '�;Q( 0.0 '�;�( — 18.1 83

Pioneer Natural Resources Company

463.0 11.6 — 28.4 '�:;�( — '�;�( — 482.2 35

Plains Exploration & Production Company

177.7 0.8 — 53.1 '��;~( — — — 214.0 43

Questar Corporation 31.6 5.4 — 3.4 'Q;/( 0.1 — — 37.0 75

Quicksilver Resources Inc. 94.8 15.7 — '�;�( '/;�( — — — 101.1 56

29

Beginning

Extensions and



Ending rank

Range Resources Corporation 73.3 25.0 — 6.9 '�;�( — '��;�( — 85.7 61

Repsol YPF, S.A. 902.3 30.0 14.7 91.8 '�/:;�( 4.3 — — 883.3 27

Rosetta Resources Inc. 3.6 3.6 — 3.1 '�;�( 0.0 '�;Q( — 9.0 88

Royal Dutch Shell plc 2,620.0 596.0 40.0 1,894.0 '�/~;�( — '�;�( — 4,693.0 10

SandRidge Energy, Inc. 43.2 0.0 — 8.8 '�;:( 56.3 '�;�( — 105.3 55

Sasol Limited 10.5 2.4 — 2.4 '�;/( — — — 12.8 86


2,841.0 69.0 131.0 80.0 'Q��;�( — — — 2,820.0 16

Southwestern Energy Company 1.5 0.0 — '�;Q( '�;�( — — — 1.1 97

St. Mary Land & Exploration Company

51.4 3.4 1.2 4.5 '~;Q( — '�;�( — 53.8 71

StatoilHydro ASA 2,073.0 134.0 — 243.0 'Q�~;�( — '�;�( 1.0 2,071.0 18

Stone Energy Corporation 36.6 0.4 — 2.0 '~;�( — '�;�( — 32.3 78

Suncor Energy Inc. 1,084.0 343.0 — 1,210.0 '��;�( 752.0 '�;�( — 3,270.0 14

Swift Energy Company 67.7 3.1 — '�;�( '/;/( — — — 64.5 68

Talisman Energy Inc. 473.0 21.6 — 91.3 '~~;�( 0.8 '�~;:( — 473.7 36

The Williams Companies, Inc. — — — — — — — — — —

Total S.A. 4,410.0 261.0 — 179.0 '��;�( 1.0 '�/;�( — 4,406.0 11

Ultra Petroleum Corporation 27.0 5.9 — '�;�( '�;Q( — — — 29.2 80

Unit Corporation 19.9 5.9 — 3.3 '�;�( 0.1 — — 26.3 82

Venoco, Inc. 58.2 0.9 — 3.7 'Q;�( — '�;�( — 52.0 72

W&T Offshore, Inc. 43.9 1.5 — '�;�( '�;�( 0.0 '�;:( — 34.2 77

Whiting Petroleum Corporation 180.0 25.1 — 33.6 '�/;�( 3.2 '�;�( — 223.8 42

XTO Energy Inc. 343.3 44.1 — 31.8 'Q�;�( 0.1 — — 387.6 37

All companies 128,210.9 7,073.2 912.8 14,072.8 (10,874.1) 1,450.5 (1,618.1) 875.8 140,103.7

Integrateds 111,951.8 5,653.4 656.0 10,811.2 �':�Q/:;/( 1,013.2 �'��/Q;/( 952.1 120,424.8

Large independents 11,652.8 842.0 228.2 2,654.8 �'��;�( 196.6 �'��;�( 6.0 14,269.5

Independents 4,606.3 577.8 28.6 606.9 �'��;/( 240.7 �'�~Q;:( �'��;Q( 5,409.5

'(� H�� ;'<(� H�� :/Q;~�"��<��!�-�� %)+�V ��;�=�� !��"��"� �� ;�'�(� H�� !��;�


Company statistics ��Bcf

Beginning

Extensions and

discoveriesImproved recovery Revisions Production Purchases Sales Other (a) Ending

Ending rank

Anadarko Petroleum Corporation 8,105.0 210.0 — 228.0 '��;�( 149.0 '��;�( — 7,764.0 21

Apache Corporation 7,917.0 718.9 — '��/;�( '~��;�( 47.8 — — 7,796.0 20

Arena Resources, Inc. 58.8 13.6 — '�/;�( '�;�( 2.8 — — 57.2 97

Atlas Energy, Inc. 990.8 316.6 — '��;�( 'Q/;�( 0.1 '�;�( '��;�( 1,008.7 56

ATP Oil & Gas Corporation 321.7 18.5 — 17.9 '�/;�( 0.3 — — 343.3 83

Berry Petroleum Company 724.1 54.7 — 'Q�;~( '��;�( 37.2 '��~;~( — 632.2 67

BG Group plc 10,623.0 539.0 — 491.0 '��;�( 567.0 '�:;�( — 11,181.0 15

BHP Billiton Group 4,658.2 275.0 179.5 28.7 'Q~�;~( — '�;�( — 4,774.4 26

Bill Barrett Corporation 784.3 169.0 — 50.0 '�/;/( 0.5 '�;�( — 918.1 58

BP p.l.c. 40,005.0 1,435.0 1,117.0 853.0 '��~�;�( 190.0 'Q�/;�( — 40,388.0 3

BreitBurn Energy Partners L.P. 466.4 — — '��;�( '��;�( — '�;�( — 434.7 76

Cabot Oil & Gas Corporation 1,886.0 459.6 — '�:Q;�( ':�;:( 0.0 '��;�( — 2,013.2 45


3,684.0 92.0 11.0 '�~�;�( '�/Q;�( 15.0 '~;�( — 3,179.0 32

Carrizo Oil & Gas, Inc. 392.7 191.5 — 'Q�;/( 'Q�;�( — '�;�( — 513.0 71

Cenovus Energy Inc.2 — — — — — — — 1,474.0 1,474.0 54

Chaparral Energy, Inc. 372.4 49.4 2.9 '��;�( '��;~( 0.3 '�;�( — 314.4 85

Chesapeake Energy Corporation 11,327.0 4,530.0 — '��QQ/;�( '�Q/;�( 32.0 '��:;�( — 13,510.0 12

Chevron Corporation1 23,075.0 4,387.0 — 525.0 '��;�( — '��;�( — 26,049.0 6

Cimarex Energy Co. 1,067.3 229.6 — 6.7 '��;�( 2.1 '�;�( — 1,186.6 55

CNOOC Limited 5,624.0 328.0 — 197.0 '�/�;�( 46.0 — — 5,945.0 24

CNX Gas Corporation 1,422.0 406.8 — 177.0 ':�;�( — — — 1,911.4 46

Comstock Resources, Inc. 523.6 349.9 — '�Q�;�( '~�;�( — '�;�( — 682.4 65

Concho Resources Inc. 305.9 109.2 — '��;�( '��;~( 38.1 '�;Q( — 416.9 78

ConocoPhillips 20,160.0 319.0 3.0 394.0 '��:�~;�( 2.0 '�;�( — 18,965.0 9

Contango Oil & Gas Company 291.6 2.1 — 7.4 '��;/( — — — 280.6 90

Continental Resources, Inc. 318.1 210.0 — '�;/( '��;~( 0.0 — — 504.1 72

31

Beginning

Extensions and


Ending rank

Denbury Resources Inc. 428.0 11.8 — 'Q;�( '��;�( 2.3 'Q�/;:( — 88.0 96

Devon Energy Corporation 9,885.0 1,518.0 — '~/�;�( ':~~;�( 7.0 'Q�;�( '~;�( 9,757.0 18

Ecopetrol S.A. 1,898.9 38.6 — 548.5 '�/~;~( — — — 2,329.4 43

El Paso Corporation 2,138.0 450.0 — '��;�( '��:;�( 19.0 '�:;�( — 2,157.0 44

EnCana Corporation 13,678.0 2,132.0 — '��~��;�( '��Q�/;�( 28.0 '��~�;�( — 11,062.0 16

Encore Acquisition Company 307.5 87.6 — '�:;�( 'QQ;:( 107.6 '�;�( — 439.1 75

Energen Corporation 1,038.5 45.8 — '��;:( '��;Q( 9.6 '�;�( — 897.5 59

Enerplus Resources Fund 870.4 5.5 2.5 '�/~;�( '��/;�( 3.5 '�;~( — 520.1 70

Eni SpA1 20,229.0 599.0 25.0 '�:;�( '��/:~;�( 137.0 '��/�/;�( — 17,850.0 11

EOG Resources, Inc. 7,339.2 2,771.5 — ':��;�( '~�~;�( 450.8 '��:;/( — 8,898.1 19

EQT Corporation 3,097.3 1,158.6 — ':�;�( '��;Q( — '�;�( — 4,056.1 29

EV Energy Partners, L.P. 266.0 3.5 — '��;�( '�~;/( 15.2 — — 257.2 92

EXCO Resources, Inc. 1,815.1 240.8 — 'Q��;~( '��;�( 8.1 '��/;�( — 925.7 57

Exxon Mobil Corporation 31,402.0 5,676.0 — '��;�( '��Q�Q;�( 8.0 '�Q;�( — 34,442.0 4

Forest Oil Corporation 2,013.4 431.0 — 'Q:�;:( '�Q:;Q( — '��;�( — 1,688.4 49

GMX Resources Inc. 435.3 25.7 — '��;:( '��;:( — — — 333.2 84

Goodrich Petroleum Corporation 390.4 318.7 — '�~�;:( '��;:( — '�;�( — 415.3 80

Helix Energy Solutions Group 473.4 6.5 — '�/;�( '��;Q( — '�;:( — 399.3 82

Hess Corporation 2,773.0 23.0 — 195.0 '��;�( 101.0 '�;�( — 2,821.0 35

Husky Energy Inc. 1,912.0 67.0 — 'Q�/;�( '�~�;�( 16.0 — — 1,513.0 53

INPEX CORPORATION3 2,905.0 — — 281.0 'Q:�;�( 5.0 — 1.0 2,795.0 36


1.3 — — '�;Q( '�;Q( 0.0 — — 0.7 98

Linn Energy, LLC 851.2 31.5 — '~:;Q( '�/;�( 6.8 — — 774.5 62

Loews Corporation 1,694.0 39.0 — '��;�( '��;�( 7.0 '�;�( — 1,521.0 52

Marathon Oil Corporation 3,351.0 82.0 — '��;�( 'Q/�;�( — '��~;�( — 2,724.0 37

Mariner Energy, Inc. 558.0 79.5 — '�~;�( ':�;�( 70.9 — — 571.4 69


Company statistics

Beginning

Extensions and


Ending rank

MDU Resources Group, Inc. 604.3 26.9 — '��~;�( '/~;~( — '�;�( — 448.4 74

Mitsui & Co., Ltd.1 1,638.0 27.0 — 83.0 '�/�;�( 6.0 — — 1,600.0 51

MOL Magyar Olaj- és Gázipari Nyrt.

377.0 12.0 — '��;�( '��;Q( — — — 303.3 87

Murphy Oil Corporation 585.6 153.5 6.9 77.2 '~�;�( — '�;�( — 754.6 63

National Fuel Gas Company 225.9 59.2 — ':;~( '��;Q( 0.4 '�;�( — 249.0 93

��!��"�� 2,109.8 1,045.0 — 'Q/�;�( '��;�( 6.0 '�~;�( 0.2 2,605.0 40

Nexen Inc. 519.0 33.0 — '~/;�( '�~;�( — — — 411.0 81

Noble Energy, Inc. 3,315.0 218.0 — 'Q/�;�( '��/;�( 6.0 — — 2,904.0 33

OAO LUKOIL1 29,253.0 458.0 — '~�Q��;�( '~�~;�( 143.0 — — 22,850.0 7

OAO NOVATEK 24,357.0 4,278.0 — '��;�( '��;�( 13,420.0 — — 40,726.0 2

OAO TATNEFT — — — — — — — — — —


4,601.0 364.0 174.0 '��;�( 'QQ�;�( 803.0 — — 5,157.0 25

OJSC Rosneft Oil Company4 — — — — — — — — — —

OMV Aktiengesellschaft 2,825.1 28.1 — 289.6 '�:�;Q( — — 0.2 2,845.7 34

Pengrowth Energy Trust 524.9 6.7 — 'Q~;~( '��;:( 1.1 '�;�( — 415.4 79

Penn Virginia Corporation 754.1 180.4 — '��;Q( '�Q;Q( — '�;�( — 776.7 61

Penn West Energy Trust 875.0 16.0 3.0 'Q�;�( '�Q/;�( 6.0 'Q�;�( — 693.0 64

PetroChina Company Limited 61,189.0 5,440.0 — '��Q;�( '��;�( — — — 63,244.0 1

Petrohawk Energy Corporation 1,334.7 1,933.7 — '��;Q( '��;�( 1.6 '��;~( — 2,700.0 38


12,139.4 153.1 1.0 '/��;�( '��Q;�( 110.3 '��;Q( — 10,987.8 17

Petroleos Mexicanos (PEMEX) 12,702.0 404.0 — 504.0 '��~��;�( — — — 11,966.0 14


662.9 82.8 — '��;:( 'Q/;/( 0.8 '�;�( — 608.9 68


2,979.8 18.9 — 'QQ:;�( '�/�;�( — 'Q;Q( — 2,498.8 42


686.4 338.2 — '��;�( '��;�( 13.7 — — 873.1 60

Questar Corporation 2,028.5 982.4 — 'Q��;:( '�~�;�( 1.7 — — 2,525.0 41

Quicksilver Resources Inc. 1,639.1 472.4 — ':~;�( '�~;�( 0.3 '��;~( — 1,809.1 47

33

Beginning

Extensions and


Ending rank

Range Resources Corporation 2,213.5 620.1 — 'Q�;/( '�Q�;~( — '/�;�( — 2,614.7 39

Repsol YPF, S.A. 7,341.1 70.4 1.3 289.8 ':/�;Q( — — — 6,744.3 22

Rosetta Resources Inc. 376.0 32.0 — '~�;�( '��;�( 3.0 'Q;�( — 297.0 88

Royal Dutch Shell plc 25,927.0 4,225.0 — 2,156.0 '��Q~Q;�( 16.0 — — 29,961.0 5

SandRidge Energy, Inc. 1,899.6 8.9 — '��;:( '��;/( 104.0 '�;�( — 680.1 66

Sasol Limited 1,214.0 — — 495.1 '~/;Q( — — — 1,643.8 50


6,959.0 27.0 — 52.0 '�::;�( — — — 6,739.0 23

Southwestern Energy Company 2,175.5 1,683.3 — 94.9 '�::;�( 1.8 '/;/( — 3,650.3 31


557.4 52.0 29.9 '�~;�( '��;�( — '��;�( — 449.5 73

StatoilHydro ASA 18,984.0 122.0 — 561.0 '��/��;�( — — — 18,149.0 10

Stone Energy Corporation 299.6 12.2 — '/Q;�( '��;Q( — '�;Q( — 216.7 94

Suncor Energy Inc. 441.0 248.0 — 'Q:;�( '�Q�;�( 1,179.0 '�;�( — 1,693.0 48

Swift Energy Company 292.4 32.9 — '�Q;/( '��;�( — — — 290.6 89

Talisman Energy Inc. 4,406.1 747.8 — '��;�( 'Q:�;/( 21.7 '��;�( — 4,363.9 27

The Williams Companies, Inc. 4,339.0 1,051.0 — '�/:;�( '�Q/;�( 159.0 — — 4,255.0 28

Total S.A. 19,617.0 897.0 — '��;�( '��~/�;�( 810.0 '��;�( — 19,384.0 8

Ultra Petroleum Corporation 3,355.8 758.7 — '��/;�( '��;�( — — — 3,736.6 30

Unit Corporation 450.1 70.4 — '/�;�( '��;�( 0.0 — — 419.1 77

Venoco, Inc. 236.2 38.5 — 8.0 '��;�( 20.5 '�;�( — 278.1 91

W&T Offshore, Inc. 227.9 14.5 — '�Q;�( '/�;~( 0.4 '��;�( — 165.8 95

Whiting Petroleum Corporation 354.8 42.0 — '~�;~( '�:;Q( 4.2 '�;~( — 307.4 86

XTO Energy Inc. 11,802.9 2,175.8 — '~��;�( '�//;�( 22.4 — — 12,501.7 13

All companies 538,251.4 60,917.5 1,556.9 (14,663.8) (39,463.7) 18,995.2 (7,070.3) 1,447.3 559,970.6

Integrateds 359,676.1 27,023.7 1,154.2 �'Q��:;�( �'�/�/��;:( 2,746.3 �'��Q�;/( 1,474.2 358,482.9

Large independents 117,234.4 18,548.0 364.5 �'Q�Q�/;~( �':��Q;:( 15,586.7 �':��;�( �'/;�( 138,348.1

Independents 61,340.9 15,345.8 38.2 �'��::;�( �'��;�( 662.2 �'��:��;�( �'��;:( 63,139.6

'(� H�� !��;�


Company statistics Worldwide — performance measures (three-year averages) (a)Costs in $ per BOE, production replacement rates in %

Production replacement ratesOil Gas

PRAC j?+� RRC All sources

)*�� purchases and sales All sources

)*�� purchases and sales

Production costs

Anadarko Petroleum Corporation �� ':;��( $ 18.65 $ 17.38 4% 138% '��([ 84% $ 13.74

Apache Corporation 13.05 24.19 22.58 102 82 115 112 12.52

Arena Resources, Inc. 5.37 22.16 14.99 543 314 365 195 12.34

Atlas Energy, Inc. 12.75 10.87 12.08 61 52 1,071 380 7.56

ATP Oil & Gas Corporation 2.35 47.76 40.85 320 297 117 145 10.26

Berry Petroleum Company 11.12 11.25 11.19 180 210 735 359 17.34

BG Group plc 6.12 19.67 16.72 194 192 155 108 4.66

BHP Billiton Group — 19.49 20.29 117 117 91 99 11.73

Bill Barrett Corporation 8.00 10.76 10.74 66 372 349 349 8.71

BP p.l.c. 20.62 16.79 16.96 83 104 79 78 13.50

BreitBurn Energy Partners L.P. 12.92 'Q�;/�( 19.32 205 '��( 1,003 '/�( 21.93

Cabot Oil & Gas Corporation 20.48 15.29 16.25 92 48 340 292 11.27

Canadian Natural Resources Limited 17.38 42.04 39.87 25 26 56 50 13.49

Carrizo Oil & Gas, Inc. — 12.30 12.17 797 724 598 602 7.31

Cenovus Energy Inc.2 7.88 7.91 22 375 25 26 8.25

Chaparral Energy, Inc. 15.35 90.70 53.81 110 82 3 '��( 18.59

Chesapeake Energy Corporation 11.20 20.56 19.95 155 141 329 354 7.34

Chevron Corporation1 1.27 22.93 19.04 33 39 157 151 10.10

Cimarex Energy Co. 12.58 25.43 25.13 93 144 126 146 11.69

CNOOC Limited 13.12 22.12 22.00 138 139 63 75 17.24

CNX Gas Corporation 23.54 8.40 8.76 — — 383 374 17.01

Comstock Resources, Inc. 14.55 16.90 16.56 87 108 248 235 7.88

Concho Resources Inc. 15.88 11.69 13.04 754 521 545 351 11.01

ConocoPhillips 12.67 30.60 30.46 63 69 24 30 14.39

Contango Oil & Gas Company 18.64 4.80 8.18 959 716 926 733 4.56

Continental Resources, Inc. 34.80 10.73 11.04 370 363 860 857 11.26

35





Production costs

Denbury Resources Inc. $ 19.12 $ 12.46 $ 13.79 290% 257% '��~([ 275% $ 20.12

Devon Energy Corporation 12.27 15.91 15.71 185 232 154 146 10.80

Ecopetrol S.A. — 8.22 10.92 159 159 214 214 15.78

El Paso Corporation 15.06 30.13 25.09 14 29 134 121 8.71

EnCana Corporation 33.60 15.84 16.66 'Q/~( 316 66 110 7.86

Encore Acquisition Company 17.91 137.83 34.08 79 '�Q( 257 231 16.91

Energen Corporation 11.12 191.45 52.09 121 35 3 '�( 12.61

Enerplus Resources Fund 28.94 '�/;�/( 101.84 64 51 26 '�~( 11.70

Eni SpA1 6.21 29.40 21.05 98 85 119 74 7.30

EOG Resources, Inc. 5.30 12.30 11.58 391 374 259 247 8.32

EQT Corporation 15.62 5.37 5.44 218 211 667 690 4.36

EV Energy Partners, L.P. 10.22 '��;��( 12.78 697 '~�( 615 '��( 13.19

EXCO Resources, Inc. 17.44 150.36 28.01 ':/( 49 44 20 9.43

Exxon Mobil Corporation 273.18 14.03 14.25 54 78 126 131 13.32

Forest Oil Corporation 13.09 24.49 18.15 '�~( 251 334 150 8.21

GMX Resources Inc. — 25.74 27.06 326 326 395 395 7.31

Goodrich Petroleum Corporation 16.24 18.37 18.35 'QQ~( 151 436 454 10.36

Helix Energy Solutions Group 1,141.61 22.61 23.13 28 106 181 279 18.82

Hess Corporation 21.29 18.85 18.94 144 144 145 133 13.97

Husky Energy Inc. 12.97 29.85 27.36 100 96 45 25 12.91

INPEX CORPORATION3 — 28.69 27.88 116 120 26 22 25.12

Kinder Morgan Energy Partners, L.P. 57.30 '~�Q;Q�( '~~�;��( '�( '�( 137 136 16.16

Linn Energy, LLC 12.33 30.45 14.24 1,052 167 690 39 13.98

Loews Corporation 5.46 '�:;�:( 9.52 906 '~�( 901 '��~( 20.50

Marathon Oil Corporation 16.15 37.00 36.83 77 81 24 43 10.84

Mariner Energy, Inc. 12.37 35.92 25.99 312 197 161 86 12.54


Company statistics





Production costs

MDU Resources Group, Inc. $ 14.13 $ 61.83 $ 37.25 186% 179% 51% 1% $ 10.45

Mitsui & Co., Ltd.1 9.70 28.30 21.14 'Q�( 44 '��:( 110 10.35

MOL Magyar Olaj- és Gázipari Nyrt. 4.64 57.71 53.05 37 37 '�Q( 4 6.63

Murphy Oil Corporation — 29.28 29.28 107 114 293 313 12.04

National Fuel Gas Company 10.40 29.92 25.66 '�~( '�:( 123 181 8.87

��!��"�� 14.43 15.30 15.21 256 265 293 321 12.96

Nexen Inc. 8.66 37.41 27.99 149 101 45 30 9.87

Noble Energy, Inc. 14.99 25.47 24.65 144 149 60 50 7.49

OAO LUKOIL1 4.62 '�/;::( '��;��( '�( '��( ':�( '��( 26.26

OAO NOVATEK 0.52 1.92 1.03 380 188 652 229 5.59

OAO TATNEFT — 2.35 2.35 141 141 — — 42.62

Occidental Petroleum Corporation 8.32 20.10 15.33 130 100 258 76 13.29

OJSC Rosneft Oil Company4 4.88 6.86 6.30 154 110 — — 16.33

OMV Aktiengesellschaft — 33.13 33.13 65 66 76 78 17.01

Pengrowth Energy Trust 22.62 45.55 30.60 87 34 66 38 14.92

Penn Virginia Corporation 7.11 13.88 13.06 915 903 360 323 9.52

Penn West Energy Trust 30.70 29.17 30.24 175 72 122 19 15.18

PetroChina Company Limited — 12.67 12.67 86 86 274 274 16.76

Petrohawk Energy Corporation 16.42 15.83 15.86 '��Q( 197 571 618 7.96

Petroleo Brasileiro, S.A. (Petrobras) 2.62 15.27 14.69 141 141 67 61 19.75

Petroleos Mexicanos (PEMEX) — 12.55 12.55 67 67 62 62 5.47

Petroleum Development Corporation 11.49 9.97 10.38 421 302 467 347 9.52

Pioneer Natural Resources Company 6.62 34.08 23.97 222 208 8 0 11.38


16.24 179.38 41.28 '��Q( '��( 508 362 16.82

Questar Corporation 12.59 13.68 13.47 188 192 340 275 6.74

Quicksilver Resources Inc. 15.73 11.17 11.92 456 510 365 518 9.37

37





Production costs

Range Resources Corporation $ 13.34 $ 11.33 $ 11.57 333% 443% 451% 412% $ 7.39

Repsol YPF, S.A. 32.66 21.41 21.62 65 63 37 37 11.06

Rosetta Resources Inc. 11.97 193.31 48.40 346 346 31 '��( 8.54

Royal Dutch Shell plc 18.39 14.75 14.82 130 148 99 169 11.45

SandRidge Energy, Inc. 15.24 724.62 45.34 1,203 421 25 '��( 10.84

Sasol Limited — 6.83 6.83 55 55 279 279 2.71


— 22.54 22.54 47 47 544 544 20.54

Southwestern Energy Company 17.74 8.02 8.02 '/�:( 96 544 553 5.44

St. Mary Land & Exploration Company 10.33 75.08 46.72 'Q( 18 84 65 12.62

StatoilHydro ASA 31.74 30.77 30.82 86 80 41 42 7.35

Stone Energy Corporation 35.92 1,848.63 66.37 48 28 '�( '��( 13.48

Suncor Energy Inc. 21.28 12.06 17.75 882 368 626 130 27.20

Swift Energy Company 24.92 114.41 63.26 14 18 49 61 14.97

Talisman Energy Inc. 11.18 37.45 34.88 8 46 113 149 16.38

The Williams Companies, Inc. 6.46 18.88 17.38 — — 147 129 9.58

Total S.A. 20.66 24.47 24.12 12 62 106 90 5.87

Ultra Petroleum Corporation — 7.26 7.26 265 328 452 452 6.47

Unit Corporation 19.30 23.80 23.57 302 295 109 101 8.79

Venoco, Inc. 11.47 32.46 24.28 121 108 172 111 17.31

W&T Offshore, Inc. 15.34 '��;��( '/�Q;�Q( 4 '�/( '��( '��( 13.72

Whiting Petroleum Corporation 18.93 29.88 27.47 177 186 87 12 16.99

XTO Energy Inc. 19.82 15.64 17.23 250 138 367 231 10.25

All companies $ 9.83 $ 18.11 $ 16.61 88% 89% 146% 128% $ 13.03

Integrateds $ 10.83 $ 17.74 $ 16.96 81% 84% 102% 105% $ 13.39

Large independents 5.41 17.74 14.30 120 123 224 159 11.89

Independents 14.34 21.13 18.82 169 126 255 202 11.19

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;�


39

Summary of 2009 study results


Summary of 2009 study results

Worldwide ��Africa and Middle East Canada Europe

South and Central America US

Other/ ��

2009 costs incurred — 100 companies (millions)

Proved properties acquired $ 35,986.8 $ 2,354.7 $ 1,487.5 $ 13,825.5 $ 5,455.8 $ 1,391.7 $ 4,689.9 $ 6,781.8

Unproved properties acquired 15,848.1 915.1 383.8 1,192.9 43.4 147.6 10,567.8 2,597.5

Exploration 56,872.1 12,209.7 6,031.4 2,946.2 4,413.2 7,777.0 15,738.4 7,756.3

Development 224,733.2 58,139.5 27,803.6 20,410.2 21,737.5 29,700.4 48,969.2 17,972.9

Other 812.1 28.6 0.9 73.5 231.9 12.0 448.1 17.1

Total $ 334,252.3 $ 73,647.6 $ 35,707.2 $ 38,448.2 $ 31,881.9 $ 39,028.7 $ 80,413.2 $ 35,125.5

2009 revenues and results of operations — 100 companies (millions)

Revenues $736,018.0 $ 207,003.1 $ 92,366.6 $ 46,797.9 $ 95,504.2 $ 121,443.1 $ 130,265.1 $ 42,638.0

Production costs (a) 205,753.4 72,497.1 15,174.5 19,059.2 19,430.4 30,352.9 38,106.5 11,132.8

Exploration expense 31,279.3 7,610.5 4,552.2 1,235.0 2,706.1 4,389.2 5,189.4 5,596.9

DD&A (b) 195,326.9 31,179.6 19,178.5 17,999.6 20,877.5 14,125.2 82,581.3 9,385.1

Other expenses (c) 21,445.0 5,071.7 3,608.1 1,811.7 809.0 4,738.3 4,265.5 1,140.5

Pre-tax results of operations 282,213.4 90,644.0 49,853.4 6,692.3 51,681.1 67,837.5 122.3 15,382.7

Income taxes 147,825.1 27,487.7 29,298.9 1,467.2 32,562.6 47,652.2 70.0 9,286.3

Results of operations $ 134,388.3 $ 63,156.4 $ 20,554.5 $ 5,225.1 $ 19,118.5 $ 20,185.2 $ 52.3 $ 6,096.4

'(� H�� *�� "��*��;�'<(� H�� "��"��;��'�(� H�� "��<��!��"��-��*��;�

2009 proved oil reserves (a) — 100 companies (million barrels)

Beginning of year 128,210.9 59,684.5 11,851.2 5,785.5 6,671.7 22,779.1 16,252.4 5,186.6

Additions:

Extensions and discoveries 7,073.2 2,731.5 500.8 1,419.0 383.3 609.0 979.6 450.1

Improved recovery 912.8 346.2 167.3 98.1 57.0 69.7 174.5 —

Revisions (b) 14,072.8 386.7 521.3 8,567.8 777.5 2,695.7 1,023.2 100.6

Production '��;�( 'Q��;�( '��:;�( '/:~;�( '��;�( '��;~( '��Q:�;Q( '�/:;~(

Purchases 1,450.5 159.7 13.0 671.8 154.0 103.7 208.3 140.0

Sales '��~��;�( '�~;Q( '��;�( '��;�( '�/;�( '��Q;�( '��;�( '��;�(

Other (c) 875.8 '��;/( 63.0 876.0 '��;:( '/;�( 0.2 153.0

End of year 140,103.7 59,301.1 11,639.4 15,801.4 6,901.3 24,033.9 17,060.7 5,366.0

'(� H�� ;��:�� -�� ;��'<(� V��!��+�� :/Q;~�"��<��!�-�� %)+�V ��;�=�� !��"��

measure calculations. '�(� H�� !��;

41

Worldwide ��Africa and Middle East Canada Europe


Other/ ��

2009 proved gas reserves (a) — 100 companies (Bcf)

Beginning of year 538,251.4 188,313.9 32,387.7 30,537.3 45,951.7 46,982.5 156,801.7 37,276.7

Additions:

Extensions and discoveries 60,917.5 20,095.1 1,743.7 2,938.8 411.9 899.8 28,970.3 5,857.9

Improved recovery 1,556.9 343.4 60.0 19.2 59.0 350.3 725.0 —

Revisions '��~~Q;�( '��Q�;�( 1,377.2 '��;Q( 1,782.1 1,037.1 '��;�( 1,097.5

Production 'Q:��~Q;�( '��~�/;�( '��:;�( 'Q�/��;~( '/��;�( '��~~/;�( '��;~( '��:��;Q(

Purchases 18,995.2 13,493.5 737.0 1,074.3 257.0 110.3 1,433.1 1,890.0

Sales '��;Q( '��Q;�( — '��/�;:( 'Q/�;�( '��;Q( '��Q;�( '��Q;�(

Other (a) 1,447.3 '��/�;:( 482.0 1,354.8 0.1 '��;�( 97.3 1,744.0

End of year 559,970.6 203,524.2 34,498.0 28,256.6 43,090.2 44,423.8 163,119.4 43,058.4

'(� H�� !��;�

2009 performance measures — 100 companies (costs in $ per BOE, production replacement rates in %)

PRAC $ 7.80 $ 0.98 $ 10.95 $ 16.25 $ 27.72 $ 11.40 $ 10.50 $ 14.91

FDC 13.51 12.81 19.90 10.83 16.59 10.02 13.88 16.58

RRC 12.52 9.24 19.25 12.30 17.81 10.07 13.62 16.22

Oil production replacement rates

All sources 128% 95% 81% 299% 123% 160% 158% 106%

Excluding purchases and sales 130 92 83 357 110 160 156 120

Gas production replacement rates

All sources 151% 300% 171% 'Q([ 43% 49% 150% 238%

Excluding purchases and sales 121 146 139 24 45 49 158 238

Production costs $ 11.79 $ 13.92 $ 8.38 $ 16.12 $ 10.02 $ 10.49 $ 10.98 $ 11.76


43

��


*��+��


Unproved properties acquired 4,788.5 2,900.0 1,453.9 2,032.9 915.1

Exploration 6,465.8 8,233.3 11,350.3 13,352.8 12,209.7

Development 26,818.9 34,564.8 52,931.7 69,339.8 58,139.5

Other 549.4 56.0 87.0 38.3 28.6

Total $ 46,475.8 $ 47,605.2 $ 71,698.9 $ 86,076.3 $ 73,647.6

��#��;**��

2005 2006 2007 2008 2009Revenues $ 134,248.8 $ 171,897.4 $ 227,878.9 $ 311,139.5 $ 207,003.1

Production costs (a) 40,664.1 60,350.1 79,711.6 115,466.1 72,497.1


DD&A (b) 12,290.1 15,211.0 21,993.1 28,887.3 31,179.6

Other expenses (c) 345.2 1,069.5 4,736.6 6,031.9 5,071.7


Income taxes 23,824.9 29,450.7 39,092.5 51,066.9 27,487.7


'(� H�� *�� "��*��;��'<(� H�� "��"��;��'�(� H�� "��<��!��"��-��*��;�

��#�� <��;**��

2005 2006 2007 2008 2009Beginning of year 56,630.3 56,560.1 58,275.6 61,016.8 59,684.5

Additions:


Improved recovery 304.0 315.0 214.0 296.0 346.2

Revisions '��;�( 1,715.0 606.3 '��Q;�( 386.7

Production 'Q��:�;�( 'Q�QQ�;Q( 'Q��Q�;�( 'Q��;�( 'Q��;�(

Purchases 856.0 1,051.4 1,241.0 55.0 159.7

Sales '��;�( '��;�( '��;�( '��;:( '�~;Q(

Other (b) 609.0 '�;�( 2,250.6 '�;�( '��;/(

End of year 56,560.1 58,275.6 61,016.8 59,684.5 59,301.1

'(� H�� ;��'<(� H�� !��;

��#�� ;**��=��

45


Additions:


Improved recovery — 71.0 116.0 111.9 343.4

Revisions 893.7 4,647.7 '��Q;�( 8,760.9 '��Q�;�(

Production '/��~�;/( '��Q�;Q( '��~;/( '��/;:( '��~�/;�(

Purchases 5,218.8 44.0 625.2 599.0 13,493.5

Sales '��;�( '/;�( '/��:~;/( '��/;�( '��Q;�(

Other (a) 1,379.0 '��~;�( 17,656.0 — '��/�;:(

End of year 149,763.0 158,258.3 176,366.1 188,313.9 203,524.2

'(� H�� !��;�

��#�� ;**��/�<�

��#�� !�� replacement costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 4.78 $ 1.75 $ 4.37 $ 8.48 $ 0.98 $ 2.44 $ 2.93

FDC 12.54 6.89 12.38 14.46 12.81 13.25 11.57

RRC 9.73 6.18 10.76 14.30 9.24 11.20 9.82

��#��;**��


Excluding purchases and sales 56 120 85 69 92 82 84

��#��;**��



��#��;**��.��/34�

2005 2006 2007 2008 2009 3-year 5-year $ 9.75 $ 13.33 $ 15.85 $ 22.67 $ 13.92 $ 17.46 $ 15.34


Proved properties acquired

Unproved properties acquired Exploration Development Other


Apache Corporation $ — $ 37.8 $ 182.5 $ 473.8 $ — $ 694.1

BHP Billiton Group — — 84.0 1,178.0 — 1,262.0

BP p.l.c. 306.0 10.0 376.0 837.0 — 1,529.0

Chevron Corporation1 — — 154.0 2,963.0 — 3,117.0

CNOOC Limited — — 891.0 5,026.2 — 5,917.2

ConocoPhillips — 30.0 346.0 1,244.0 — 1,620.0

Eni SpA 15.3 115.6 321.8 2,745.6 — 3,198.3

Exxon Mobil Corporation 59.0 62.0 659.0 3,310.0 — 4,090.0

Mitsui & Co., Ltd. 71.4 38.5 194.9 455.0 — 759.8


Murphy Oil Corporation — — 114.4 680.4 15.5 810.3

��!��"�� — — 85.0 72.0 — 157.0

OAO LUKOIL 17.0 23.0 162.0 3,726.0 — 3,928.0

OAO NOVATEK 1,254.2 — 24.2 502.3 — 1,780.7

OAO TATNEFT — — 166.6 481.4 — 648.0

OJSC Rosneft Oil Company4 — 96.0 325.0 5,422.0 — 5,843.0

OMV Aktiengesellschaft — — 4.4 138.3 — 142.6

PetroChina Company Limited — — 4,791.8 14,653.7 — 19,445.5

Repsol YPF, S.A. — — 37.7 8.4 — 46.1

Royal Dutch Shell plc 630.0 165.0 740.0 4,202.0 — 5,737.0

Sinopec Shanghai Petrochemical Company Ltd. — — 2,133.0 6,956.4 — 9,089.5

Swift Energy Company — — — — — —

Talisman Energy Inc. 1.8 307.7 195.5 375.2 13.1 893.2

Total S.A. — 29.4 172.2 2,592.8 — 2,794.4

All companies $ 2,354.7 $ 915.1 $ 12,209.7 $ 58,139.5 $ 28.6 $73,647.6

Integrateds $ 1,098.7 $ 569.5 $ 10,747.6 $ 50,512.0 $ 15.5 $62,943.4

Large independents 1,256.0 345.5 1,377.1 7,555.5 13.1 10,547.2

Independents — — 85.0 72.0 — 157.0

*��+��Millions

47

RevenuesProduction


expense DD&A (c)

Other (income)


Apache Corporation $ 363.4 $ 110.8 $ — $ 201.6 $ 5.9 $ 13.5 $ 31.6

BHP Billiton Group 4,557.0 1,167.0 55.0 575.0 — 970.0 1,790.0

BP p.l.c. 8,404.0 3,372.0 79.0 853.0 519.0 659.0 2,922.0

Chevron Corporation1 14,617.0 2,674.0 113.0 2,704.0 535.0 3,856.0 4,735.0

CNOOC Limited 11,103.0 3,109.2 383.1 1,848.0 64.8 1,459.9 4,238.0

ConocoPhillips 4,340.0 722.0 216.0 924.0 143.0 1,090.0 1,245.0

Eni SpA 3,403.1 426.3 398.4 1,113.0 348.3 312.0 805.2

Exxon Mobil Corporation 9,722.0 2,876.0 426.0 1,011.0 — 3,059.0 2,350.0

Mitsui & Co., Ltd. 2,050.2 292.4 104.6 718.6 — 391.3 543.4

MOL Magyar Olaj- és Gázipari Nyrt. 132.1 35.9 32.9 45.8 '/;�( 15.7 7.0

Murphy Oil Corporation 1,526.4 242.7 55.8 304.1 7.8 354.1 561.9

��!��"�� 366.0 91.0 — 124.0 — 54.0 97.0

OAO LUKOIL 25,720.0 15,422.0 71.0 2,235.0 43.0 1,399.0 6,550.0

OAO NOVATEK 2,731.9 1,273.2 17.8 161.6 35.9 248.7 994.8

OAO TATNEFT 9,106.4 6,335.1 111.3 285.5 — 474.9 1,899.7

OJSC Rosneft Oil Company4 23,519.0 9,366.0 325.0 3,318.0 87.0 1,029.0 9,394.0

OMV Aktiengesellschaft 399.9 92.7 8.6 131.9 3.3 64.0 99.4

PetroChina Company Limited 52,247.4 16,608.5 2,839.5 8,347.1 284.4 4,973.9 19,194.0

Repsol YPF, S.A. — — 40.5 — — '��;~( '��;:(

Royal Dutch Shell plc 12,497.0 1,647.0 404.0 1,244.0 2,921.0 4,813.0 1,468.0


15,507.8 6,021.5 1,543.6 3,841.5 — 1,025.4 3,075.9

Swift Energy Company — 0.0 — — — — '�;�(

Talisman Energy Inc. 1,157.1 271.7 287.5 334.9 — 192.0 71.0

Total S.A. 3,532.2 340.2 98.0 858.2 78.4 1,045.8 1,111.6

All companies $ 207,003.1 $ 72,497.1 $ 7,610.5 $ 31,179.6 $ 5,071.7 $ 27,487.7 $ 63,156.4

Integrateds $ 186,724.6 $ 66,474.2 $ 6,867.2 $ 27,934.6 $ 4,965.1 $ 24,549.5 $ 55,934.0

Large independents 19,912.5 5,932.0 743.4 3,121.0 106.6 2,884.1 7,125.3

Independents 366.0 91.0 — 124.0 — 54.0 97.0

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;��'<(� H�� *�� "��*��;��'�(� H�� "��"��;�'�(� H�� "��<��!��"��-��*��;�

*��+��#�%�Millions


*��+��#�%�Million barrels

Beginning

Extensions and

discoveriesImproved recovery Revisions Production Purchases Sales Other (b) Ending

Ending rank

Apache Corporation 76.5 3.6 — 1.9 'Q;~( — — — 78.4 17

BHP Billiton Group 356.8 5.9 1.2 13.3 '��;�( — — — 336.4 14

BP p.l.c. 797.0 7.0 33.0 '��/;�( '/~;�( 1.0 '�~;�( — 631.0 11

Chevron Corporation1 3,705.0 3.0 36.0 'Q�/;�( '��:;�( — — '�Q;�( 3,117.0 5

CNOOC Limited 1,465.0 140.0 — 117.0 '��;�( — 'Q;�( — 1,549.0 8

ConocoPhillips 479.0 26.0 2.0 '��;�( '��;�( — — '��/;�( 332.0 15

Eni SpA 1,043.0 52.0 — '��;�( '/�;�( — — — 975.0 10

Exxon Mobil Corporation 2,450.0 86.0 — '��;�( '��;�( — — — 2,287.0 7

Mitsui & Co., Ltd. 74.0 1.0 — 4.0 '�:;�( 1.0 — — 61.0 18


35.7 — — 3.3 '/;/( — — — 33.4 20

Murphy Oil Corporation 100.7 11.2 31.0 '�;:( '��;:( — — — 110.1 16

��!��"�� 29.5 10.0 — '�;�( '~;�( — — '�;/( 32.0 21

OAO LUKOIL 13,838.0 503.0 — '~Q~;�( '~�Q;�( 39.0 '��;�( — 13,054.0 2

OAO NOVATEK 452.0 67.0 — '�Q;�( '�/;�( 118.0 — — 589.0 12

OAO TATNEFT 5,625.0 — — 702.0 '��~;�( — — — 6,141.0 4

OJSC Rosneft Oil Company4 13,360.0 703.0 — 683.0 '�:/;�( — — — 13,951.0 1

OMV Aktiengesellschaft 20.1 — — 5.1 '/;/( — '�;Q( — 19.4 22

PetroChina Company Limited 11,221.0 1,005.0 73.0 '�:�;�( '��;�( — — — 11,263.0 3

Repsol YPF, S.A. — — — — — — — — — —

Royal Dutch Shell plc 1,134.0 34.0 39.0 214.0 '��Q;�( — — — 1,308.0 9


2,841.0 69.0 131.0 80.0 'Q��;�( — — — 2,820.0 6

Swift Energy Company — — — — — — — — — —

Talisman Energy Inc. 43.2 4.8 — 2.0 ':;�( 0.7 — — 41.3 19

Total S.A. 538.0 — — 51.0 '��;�( — — — 572.0 13

All companies 59,684.5 2,731.5 346.2 386.7 (3,772.7) 159.7 (46.3) (188.5) 59,301.1

Integrateds 57,261.5 2,500.2 345.0 276.5 'Q�/��;:( 41.0 '�Q;Q( '��;�( 56,674.9

Large independents 2,393.5 221.3 1.2 111.2 '��;�( 118.7 'Q;�( — 2,594.1

Independents 29.5 10.0 — '�;�( '~;�( — — '�;/( 32.0

'(� H�� ;��'<(� H�� !��;��

49

*��+��Bcf

Beginning

Extensions and


Ending rank

Apache Corporation 1,253.5 174.9 — 0.0 '~�;�( — — — 1,361.4 15

BHP Billiton Group 4,128.1 267.5 179.5 31.4 'Q�~;�( — — — 4,289.7 10

BP p.l.c. 8,297.0 531.0 157.0 '��:;�( '�Q�;�( 31.0 '��Q;�( — 8,154.0 7

Chevron Corporation1 13,133.0 54.0 — 256.0 '��;�( — — '��:~�;�( 10,693.0 6

CNOOC Limited 5,016.0 320.0 — 119.0 '��~;�( — — — 5,249.0 9

ConocoPhillips 3,326.0 54.0 — ':�;�( '��/;�( — — '�:;�( 2,912.0 13

Eni SpA 3,954.0 6.0 — '�~:;�( '�~Q;�( — — — 3,528.0 11

Exxon Mobil Corporation 11,878.0 5,518.0 — ':��;�( '��Q;�( — — — 15,743.0 5

Mitsui & Co., Ltd. 664.0 27.0 — 33.0 ':�;�( 6.0 — — 632.0 16


1.1 — — 53.0 '�;�( — — — 51.9 19

Murphy Oil Corporation 405.2 67.6 6.9 59.4 '��;Q( — — — 511.8 17

��!��"�� — — — — — — — — — —

OAO LUKOIL 22,273.0 164.0 — '~��;�( '�Q~;�( 13.0 — — 15,933.0 4

OAO NOVATEK 24,357.0 4,278.0 — '��;�( '��;�( 13,420.0 — — 40,726.0 2

OAO TATNEFT — — — — — — — — — —

OJSC Rosneft Oil Company4 — — — — — — — — — —

OMV Aktiengesellschaft 83.6 — — 60.2 '��;�( — — 0.1 121.8 18

PetroChina Company Limited 61,189.0 5,440.0 — '��Q;�( '��;�( — — — 63,244.0 1

Repsol YPF, S.A. — — — — — — — — — —

Royal Dutch Shell plc 15,601.0 3,078.0 — 674.0 '�Q~;�( 16.0 — — 18,533.0 3


6,959.0 27.0 — 52.0 '�::;�( — — — 6,739.0 8

Swift Energy Company — — — — — — — — — —

Talisman Energy Inc. 1,697.4 88.1 — '/�;�( '��;�( 7.5 — — 1,635.5 14

Total S.A. 4,098.0 — — '�~/;�( '�~�;�( — — — 3,466.0 12

All companies 188,313.9 20,095.1 343.4 (7,832.7) (8,615.1) 13,493.5 (223.0) (2,050.9) 203,524.2

Integrateds 151,861.9 14,966.6 163.9 '��Q;�( '~��;~( 66.0 '��Q;�( '��/�;:( 150,262.5

Large independents 36,452.0 5,128.5 179.5 '�:;�( '��Q~;/( 13,427.5 — — 53,261.6

Independents — — — — — — — — —

'(� H�� !��;�


*��+��#��+��%�#�%�Costs in $ per BOE, production replacement rates in %





Production costs

Apache Corporation $ 7.04 $ 15.19 $ 15.11 168% 156% 404% 404% $ 7.80


BP p.l.c. 20.85 12.93 13.59 56 64 101 107 34.12

Chevron Corporation1 2.94 13.11 12.31 84 84 116 96 7.02

CNOOC Limited — 20.92 20.92 128 129 47 71 17.93

ConocoPhillips — 42.70 42.70 69 85 12 25 8.82

Eni SpA 7.12 36.64 31.47 89 104 104 91 4.57

Exxon Mobil Corporation — 5.86 5.93 149 161 342 343 13.21

Mitsui & Co., Ltd. 22.14 16.96 17.53 35 46 149 146 5.13

MOL Magyar Olaj- és Gázipari Nyrt. 4.64 22.16 21.15 86 79 942 942 4.67


��!��"�� — 25.39 25.39 191 191 — — 24.45

OAO LUKOIL 1.72 '�/;��( '�:;~�( '~( '��( 'QQ�( 'QQ:( 28.08

OAO NOVATEK 0.52 1.92 1.03 380 188 652 229 5.59

OAO TATNEFT — 2.35 2.35 141 141 — — 42.62

OJSC Rosneft Oil Company4 4.88 6.86 6.30 154 110 — — 16.33


PetroChina Company Limited — 12.67 12.67 86 86 274 274 16.76

Repsol YPF, S.A. — 740.11 740.11 14 14 — — 35.40



— 22.54 22.54 47 47 544 544 20.54

Swift Energy Company — 'Q��/�;:�( 'Q��/�;:�( '��/:�( '//( '~�Q( 21 13.28

Talisman Energy Inc. 6.78 44.64 29.27 49 42 171 94 10.31

Total S.A. — 35.44 35.59 170 262 39 40 3.69

All companies $ 2.44 $ 13.25 $ 11.20 91% 82% 220% 184% $ 17.46

Integrated $ 5.44 $ 13.83 $ 13.04 87% 79% 160% 184% $ 18.11


Independents — 26.30 26.30 93 167 '~�Q( 21 22.62

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;

51

Africa and Middle East


Africa and Middle East


Unproved properties acquired 1,106.2 797.8 1,571.2 2,380.9 383.8

Exploration 2,624.1 4,495.6 5,679.5 6,475.2 6,031.4

Development 16,079.2 18,903.2 23,474.6 26,910.8 27,803.6

Other 82.8 16.6 14.9 657.8 0.9

Total $ 21,032.6 $ 25,820.4 $ 31,780.4 $ 38,522.8 $ 35,707.2

Africa and Middle East — costs incurred — 100 companies (millions)

2005 2006 2007 2008 2009Revenues $ 67,285.8 $ 87,089.6 $ 100,273.0 $ 129,875.6 $ 92,366.6



DD&A (b) 7,727.5 10,612.0 12,634.8 16,228.5 19,178.5

Other expenses (c) 2,472.8 3,489.1 5,834.4 4,960.5 3,608.1


Income taxes 29,093.3 36,836.9 40,435.8 54,195.9 29,298.9


'(� H�� *�� "��*��;��'<(� H�� "��"��;��'�(� H�� "��<��!��"��-��*��;��

Africa and Middle East — revenues and results of operations — 100 companies (millions)


Additions:

Extensions and discoveries 501.4 380.5 543.0 440.4 500.8


Revisions '/��;/( 275.3 '��;�( 1,439.2 521.3

Production '��/Q;�( '��QQ�;~( '��Q��;/( '��Q��;�( '��:;�(

Purchases 442.7 183.1 42.2 32.0 13.0

Sales — '��;�( '�Q;:( '��;�( '��;�(

Other (b) '��;�( 0.1 286.4 '�;�( 63.0

End of year 12,177.9 11,797.7 11,229.3 11,851.2 11,639.4

'(� H�� ;'<(� H�� !��;

Africa and Middle East — proved oil reserves (a) — 100 companies (million barrels)

53


Additions:

Extensions and discoveries 1,133.8 827.4 793.0 479.0 1,743.7


Revisions 473.5 334.0 164.4 2,930.5 1,377.2

Production '��~�;:( '��/��;/( '��:��;�( '��/Q;�( '��:;�(

Purchases 41.2 104.5 5.0 6.0 737.0

Sales — — '��;~( — —

Other (a) '��;�( 0.1 1,952.0 '�;�( 482.0

End of year 30,401.2 30,180.8 31,188.3 32,387.7 34,498.0

'(� H�� !��;

Africa and Middle East — proved gas reserves — 100 companies (Bcf)

�<��>��4�� !��reserve replacement costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 2.56 $ 8.01 $ 24.18 $ 63.58 $ 10.95 $ 21.83 $ 8.56

FDC 48.29 24.33 49.08 14.09 19.90 20.56 22.95

RRC 24.42 21.60 47.48 14.71 19.25 20.61 21.23

Africa and Middle East — oil production replacement rates — 100 companies



Africa and Middle East — gas production replacement rates — 100 companies



Africa and Middle East — production costs — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-year$ 6.25 $ 6.63 $ 7.96 $ 9.15 $ 8.38 $ 8.50 $ 7.74





Anadarko Petroleum Corporation $ — $ — $ — $ — $ — $ —

Apache Corporation — 39.0 438.3 244.8 — 722.1

BP p.l.c. — 18.0 712.0 2,707.0 — 3,437.0

Canadian Natural Resources Limited — — 0.9 573.3 — 574.2

Chevron Corporation — — 346.0 3,426.0 — 3,772.0

ConocoPhillips — — 33.0 240.0 — 273.0

Eni SpA 452.7 133.7 837.2 4,906.1 — 6,329.8


Hess Corporation — — 225.0 255.0 — 480.0

Marathon Oil Corporation — 6.0 127.0 289.0 — 422.0

Mitsui & Co., Ltd. — — 8.7 67.4 — 76.0

MOL Magyar Olaj- és Gázipari Nyrt. — — 12.9 — — 12.9

Murphy Oil Corporation — — 19.1 186.6 0.9 206.6

Nexen Inc. — — — 60.5 — 60.5

Noble Energy, Inc. — 1.0 111.0 133.0 — 245.0

Occidental Petroleum Corporation 158.0 3.0 50.0 996.0 — 1,207.0

OMV Aktiengesellschaft 1.7 — 132.5 190.7 — 324.9

Petroleo Brasileiro, S.A. (Petrobras) 65.0 2.0 96.0 307.0 — 470.0

Pioneer Natural Resources Company 0.1 — 20.6 16.0 — 36.6

Repsol YPF, S.A. — — 290.3 89.3 — 379.6

Royal Dutch Shell plc — 163.0 376.0 1,768.0 — 2,307.0

Sasol Limited — — 136.4 109.0 — 245.4

StatoilHydro ASA — 1.9 391.9 1,689.6 — 2,083.4

Total S.A. 210.0 11.2 786.8 4,953.2 — 5,961.2

All companies $ 1,487.5 $ 383.8 $ 6,031.4 $ 27,803.6 $ 0.9 $ 35,707.2

Integrateds $ 1,329.4 $ 340.8 $ 5,410.7 $ 25,779.9 $ 0.9 $ 32,861.7

Large independents 158.0 42.0 489.2 1,814.1 — 2,503.3

Independents 0.1 1.0 131.6 209.5 — 342.1

*��/��Millions

55

RevenuesProduction


expense DD&A (c)

Other (income)


Anadarko Petroleum Corporation $ — $ — $ — $ — $ — $ — $ —

Apache Corporation 2,553.0 287.7 — 578.2 — 809.8 877.3

BP p.l.c. 7,159.0 908.0 219.0 2,041.0 143.0 1,517.0 2,331.0

Canadian Natural Resources Limited 729.3 157.8 — 462.0 3.5 26.3 79.8

Chevron Corporation 9,071.0 1,477.0 236.0 2,186.0 'Q�;�( 3,214.0 1,990.0

ConocoPhillips 1,955.0 311.0 32.0 201.0 26.0 1,186.0 199.0

Eni SpA 16,363.6 2,461.4 1,072.6 3,424.0 1,306.6 5,644.4 2,454.5


Hess Corporation 2,193.0 502.0 159.0 821.0 — 514.0 197.0

Marathon Oil Corporation 1,756.0 174.0 73.0 152.0 — 882.0 475.0

Mitsui & Co., Ltd. 550.1 48.2 5.9 91.5 — 237.7 166.8

MOL Magyar Olaj- és Gázipari Nyrt. 3.4 — 12.9 1.6 1.7 — '��;:(

Murphy Oil Corporation 16.5 13.4 10.8 11.5 0.1 1.3 '��;~(

Nexen Inc. 618.1 167.5 — 89.4 19.3 123.6 218.3

Noble Energy, Inc. 484.0 63.0 11.0 59.0 — 79.0 272.0

Occidental Petroleum Corporation 4,195.0 601.0 83.0 823.0 208.0 1,227.0 1,253.0

OMV Aktiengesellschaft 1,092.3 107.5 144.5 155.0 14.2 485.1 186.0

Petroleo Brasileiro, S.A. (Petrobras) 1,097.0 185.0 189.0 299.0 ':;�( 69.0 364.0

Pioneer Natural Resources Company 207.5 34.4 18.2 86.6 3.8 40.1 24.5

Repsol YPF, S.A. 957.3 125.6 214.9 92.1 1.4 396.3 127.0

Royal Dutch Shell plc 7,137.0 1,750.0 532.0 1,233.0 444.0 2,370.0 808.0

Sasol Limited 236.4 27.8 36.2 34.0 '�Q;~( 73.0 79.0

StatoilHydro ASA 3,947.2 545.6 355.8 1,545.5 — 505.9 994.3

Total S.A. 15,164.8 1,856.4 484.4 2,499.0 1,491.0 5,230.4 3,603.6

All companies $ 92,366.6 $ 15,174.5 $ 4,552.2 $ 19,178.5 $ 3,608.1 $ 29,298.9 $ 20,554.5

Integrateds $ 83,579.5 $ 13,863.1 $ 4,439.9 $ 17,080.2 $ 3,373.5 $ 26,993.1 $ 17,829.7


Independents 1,309.7 264.9 29.2 235.0 23.1 242.7 514.8

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;��'<(� H�� *�� "��*��;��'�(� H�� "��"��;�'�(� H�� "��<��!��"��-��*��;�

*��/��#�%�Millions


*��/��#�%�Million barrels

Beginning

Extensions and


Ending rank

Anadarko Petroleum Corporation 206.0 — — — — — — '��~;�( — —

Apache Corporation 114.4 41.1 — '~;Q( 'QQ;~( — — — 115.6 15

BP p.l.c. 960.0 114.0 32.0 '��;�( '��:;�( — — — 876.0 5


142.0 — — '�;�( '��;�( — — — 123.0 14

Chevron Corporation 1,385.0 10.0 48.0 '�~;�( '�/�;�( — — — 1,246.0 4

ConocoPhillips 282.0 3.0 — 10.0 '��;�( — — — 267.0 11

Eni SpA 1,606.0 43.0 25.0 207.0 '��;�( 2.0 — — 1,665.0 3

Exxon Mobil Corporation 2,137.0 53.0 — 'QQ;�( '�/�;�( — — — 1,907.0 2

Hess Corporation 324.0 — — 34.0 '��;�( — — — 314.0 9

Marathon Oil Corporation 354.0 31.0 — 3.0 'Q�;�( — '�;�( — 350.0 8

Mitsui & Co., Ltd. 18.0 — — 2.0 'Q;�( — — — 17.0 18


— — — — — — — — — —

Murphy Oil Corporation — 8.6 — — '�;�( — — — 7.9 22

Nexen Inc. 20.0 — — 6.0 '��;�( — — — 15.0 19

Noble Energy, Inc. 75.0 26.0 — '�;�( '�;�( — — — 92.0 17


440.0 — 51.0 108.0 '/�;�( 11.0 — 4.0 562.0 7

OMV Aktiengesellschaft 129.6 — — 18.1 '�/;�( — — — 131.9 12


84.8 30.4 10.3 1.7 '�~;Q( — — — 110.9 16


14.1 — — '�;�( '�;/( — — — 9.7 21

Repsol YPF, S.A. 128.8 4.3 — 5.2 '��;~( — — — 123.6 13

Royal Dutch Shell plc 598.0 51.0 1.0 189.0 '��;�( — — — 735.0 6

Sasol Limited 10.5 2.4 — 2.4 '�;/( — — — 12.8 20

StatoilHydro ASA — 44.0 — 64.0 '~Q;�( — — 265.0 310.0 10

Total S.A. 2,822.0 39.0 — 88.0 '�/�;�( — '��;�( — 2,648.0 1

All companies 11,851.2 500.8 167.3 521.3 (1,429.1) 13.0 (48.0) 63.0 11,639.4

Integrateds 10,839.7 433.7 116.3 424.4 '��Q��;:( 2.0 '��;�( 265.0 10,722.1

Large independents 902.4 41.1 51.0 93.7 ':~;~( 11.0 — '��;�( 800.6

Independents 109.1 26.0 — 3.2 '��;/( — — — 116.7

'(� H�� ;'<(� H�� !��;�

57

*��/��Bcf

Beginning

Extensions and


Ending rank

Anadarko Petroleum Corporation — — — — — — — — — —

Apache Corporation 1,371.0 2.1 — '��;~( '�Q�;�( — — — 1,159.1 10

BP p.l.c. 2,432.0 59.0 49.0 270.0 '��:;�( — — — 2,561.0 5


94.0 — — 'Q;�( '~;�( — — — 85.0 16

Chevron Corporation 3,056.0 3.0 — 4.0 '��;�( — — — 3,021.0 4

ConocoPhillips 997.0 — — '�;�( '�~;�( — — 1.0 950.0 11

Eni SpA 8,395.0 479.0 — '�~�;�( '~��;�( 1.0 — — 8,021.0 1

Exxon Mobil Corporation 918.0 — — 45.0 '�Q;�( — — — 920.0 12

Hess Corporation — — — — — — — — — —

Marathon Oil Corporation 1,975.0 — — '�Q;�( '�/�;�( — — — 1,795.0 7

Mitsui & Co., Ltd. 32.0 — — 17.0 '/;�( — — — 44.0 18


— — — — — — — — — —

Murphy Oil Corporation — — — — — — — — — —

Nexen Inc. — — — — — — — — — —

Noble Energy, Inc. 1,251.0 5.0 — 47.0 '��:;�( — — — 1,174.0 9

Occidental Petroleum Corporation 1,236.0 — 11.0 281.0 '�:;�( 736.0 — — 2,175.0 6

OMV Aktiengesellschaft 105.1 15.6 — 18.5 'Q�;�( — — — 107.8 15


26.8 — — 5.0 — — — — 31.8 19


62.7 — — '�;�( ':;:( — — — 48.7 17

Repsol YPF, S.A. 165.1 — — 'Q�;~( '�Q;�( — — — 110.8 14

Royal Dutch Shell plc 1,759.0 720.0 — 740.0 '��;�( — — — 3,038.0 3

Sasol Limited 1,214.0 — — 495.1 '~/;Q( — — — 1,643.8 8

StatoilHydro ASA — — — '�:;�( '/�;�( — — 481.0 338.0 13

Total S.A. 7,298.0 460.0 — '��/;�( 'QQ:;�( — — — 7,274.0 2

All companies 32,387.7 1,743.7 60.0 1,377.2 (2,289.7) 737.0 — 482.0 34,498.0

Integrateds 28,373.0 1,736.6 49.0 1,138.0 '��:�Q;�( 1.0 — 482.0 29,856.2

Large independents 2,701.0 2.1 11.0 196.4 '��;�( 736.0 — — 3,419.1

Independents 1,313.7 5.0 — 42.9 '�Q�;:( — — — 1,222.7

'(� H�� !��;


Africa and Middle East — performance measures (three-year averages) (a) Costs in $ per BOE, production replacement rates in %





Production costs

Anadarko Petroleum Corporation $ — $ '�;��( $ '�;��( '�~([ '�~([ — — $33.61

Apache Corporation 103.55 13.70 13.81 133 133 101% 101% 5.56

BP p.l.c. — 20.39 20.39 161 161 77 77 6.26

Canadian Natural Resources Limited — 49.25 50.66 76 76 307 307 10.94

Chevron Corporation — '��;/�( '��;/:( '�/( '�/( '/�( '/�( 9.19

ConocoPhillips — 25.51 25.57 41 41 9 9 8.17

Eni SpA 38.43 21.67 22.90 85 75 107 107 7.22


Hess Corporation — 14.06 15.55 108 108 — — 10.56

Marathon Oil Corporation — 11.94 11.94 55 59 46 46 3.35

Mitsui & Co., Ltd. — 46.80 46.80 33 33 124 124 9.52

MOL Magyar Olaj- és Gázipari Nyrt. — — — — — — — —

Murphy Oil Corporation — 24.02 24.02 1,229 1,229 — — 19.14

Nexen Inc. — 20.72 20.72 38 38 — — 13.28

Noble Energy, Inc. — 10.66 10.66 108 108 62 62 2.01


OMV Aktiengesellschaft — 20.38 20.41 167 167 '�~( '�( 5.04

Petroleo Brasileiro, S.A. (Petrobras) — 13.32 14.24 436 436 — — 11.90

Pioneer Natural Resources Company — 19.76 19.77 121 276 '�:( '�:( 11.77

Repsol YPF, S.A. — 31.71 34.77 85 85 15 15 8.45

Royal Dutch Shell plc — 12.07 12.10 86 87 208 208 12.93

Sasol Limited — 6.83 6.83 55 55 279 279 2.71

StatoilHydro ASA — 22.36 22.36 171 171 '�~/( '�~/( 7.58

Total S.A. — 15.71 16.09 88 104 176 176 5.56

All companies $ 21.83 $20.56 $20.61 88% 89% 129% 118% $8.50

Integrated $ 60.34 $21.69 $22.30 82% 84% 117% 117% $8.36


Independents — 14.13 14.13 72 90 58 58 6.05

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;

59

Canada


Canada

2005 2006 2007 2008 2009Proved properties acquired $ 237.8 $ 17,777.4 $ 1,731.8 $ 8,340.1 $ 13,825.5


Exploration 3,449.6 3,678.0 3,654.3 3,985.7 2,946.2

Development 14,243.2 17,716.1 15,934.7 18,920.4 20,410.2

Other 341.9 132.5 275.9 175.5 73.5

Total $ 19,353.3 $ 44,402.2 $ 23,280.6 $ 38,228.6 $ 38,448.2

Canada — costs incurred — 100 companies (millions)

2005 2006 2007 2008 2009Revenues $ 38,148.1 $ 41,208.3 $ 46,741.1 $ 59,108.2 $ 46,797.9


Exploration expense 645.1 877.8 1,475.9 1,290.5 1,235.0

DD&A (b) 9,244.6 11,693.1 14,160.5 36,153.0 17,999.6

Other expenses (c) 609.7 654.8 1,106.9 959.7 1,811.7


Income taxes 6,540.7 4,562.3 4,830.4 3,546.2 1,467.2

Results of operations $13,277.2 $13,548.0 13,481.6 $4,130.8 $5,225.1

'(� H�� *�� "��*��;��'<(� H�� "��"��;��'�(� H�� "��<��!��"��-��*��;��

Canada — revenues and results of operations — 100 companies (millions)


Additions:

Extensions and discoveries 563.7 519.0 395.9 341.2 1,419.0


Revisions (b) 1,757.5 427.2 294.3 'Q�~;Q( 8,567.8

Production '��;�( '�Q:;Q( '�/�;Q( '��/;:( '/:~;�(

Purchases 25.0 249.8 34.0 106.3 671.8

Sales '�Q�;�( '�/;�( '��;�( '�/;�( '��;�(

Other (c) 2.3 '�;�( 51.4 — 876.0

End of year 4,938.3 6,174.6 6,154.3 5,785.5 15,801.4

'(� H�� ;�'<(� ��:�� :/Q;~�"��<��!�-�� %)+�V ��;�=��

performance measure calculations.'�(� H�� !��;

Canada — proved oil reserves (a) — 100 companies (million barrels)

61


Additions:



Revisions 140.6 '��;/( 201.2 375.3 '��;Q(

Production 'Q��;�( 'Q��//;�( 'Q�/��;/( 'Q��;�( 'Q�/��;~(

Purchases 83.6 4,029.5 302.9 1,358.0 1,074.3

Sales '~��;�( '��Q��;�( ':��;�( 'Q��;�( '��/�;:(

Other (a) 5.8 '/Q;�( 1,404.9 0.0 1,354.8

End of year 27,061.1 29,596.6 29,700.1 30,537.3 28,256.6

'(� H�� !��;�

Canada — proved gas reserves — 100 companies (Bcf)

�� !�� replacement costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 6.11 $ 19.29 $ 20.49 $ 25.07 $ 16.25 $ 18.85 $ 18.81

FDC 6.17 12.88 16.60 56.71 10.83 18.55 13.15

RRC 6.17 14.86 16.84 44.47 12.30 18.62 14.25

Canada — oil production replacement rates — 100 companies


Excluding purchases and sales 554 342 181 'Q( 357 196 288

Canada — gas production replacement rates — 100 companies

2005 2006 2007 2008 2009 3-year 5-yearAll sources 118% 175% 64% 124% 'Q([ 61% 95%


Canada — production costs — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-year $ 8.09 $ 9.72 $ 11.14 $ 12.77 $ 16.12 $ 13.46 $ 11.74





Apache Corporation $ 13.2 $ — $ 178.6 $ 325.8 $ — $ 517.5

BP p.l.c. — 1.0 79.0 386.0 — 466.0

Canadian Natural Resources Limited 5.3 60.5 151.6 1,782.1 — 1,999.5

Cenovus Energy Inc.2 — 3.0 60.0 894.0 — 957.0

Chevron Corporation — — — — — —

ConocoPhillips 7.0 62.0 251.0 1,114.0 — 1,434.0

Devon Energy Corporation 18.0 72.0 152.0 835.0 — 1,077.0

EnCana Corporation 178.0 46.0 129.0 2,588.0 — 2,941.0

Enerplus Resources Fund 2.3 52.3 25.9 171.0 22.5 274.0

EOG Resources, Inc. '�;�( 17.8 51.2 219.6 18.0 306.6

Exxon Mobil Corporation — 353.0 498.0 2,394.0 — 3,245.0


Husky Energy Inc. 192.9 76.3 227.1 1,074.3 14.0 1,584.7

Marathon Oil Corporation 11.0 1.0 11.0 976.0 — 999.0

Murphy Oil Corporation — 31.0 9.9 299.2 22.2 362.3

Nexen Inc. 662.0 2.6 197.3 682.2 — 1,544.1

Pengrowth Energy Trust 21.6 9.6 12.2 108.0 11.7 163.1

Penn West Energy Trust '��;�( 16.7 69.2 478.6 — 342.7

Quicksilver Resources Inc. — 2.7 59.4 24.2 — 86.2

Royal Dutch Shell plc 3.0 43.0 373.0 4,002.0 — 4,421.0

Suncor Energy Inc. 12,804.2 — 136.7 2,516.7 — 15,457.6

Talisman Energy Inc. 128.9 345.4 297.2 382.2 '��;:( 1,138.7

All companies $ 13,825.5 $ 1,192.9 $ 2,946.2 $ 20,410.2 $ 73.5 $ 38,448.2

Integrateds $ 13,196.1 $ 613.3 $ 1,714.8 $ 15,350.2 $ 36.2 $ 30,910.6

Large independents 165.3 495.7 830.5 3,544.7 3.1 5,039.2

Independents 464.1 83.9 400.8 1,515.3 34.1 2,498.4

"��Millions

63

RevenuesProduction


expense DD&A (c)

Other (income)


Apache Corporation $ 877.2 $ 358.3 $ — $ 1,846.0 $ 18.8 �� 'QQ/;/( �� '��;Q(

BP p.l.c. 583.0 285.0 80.0 170.0 — '/�;�( 'Q:;�(

Canadian Natural Resources Limited 6,242.1 1,781.2 — 1,916.2 35.9 730.2 1,778.6

Cenovus Energy Inc.2 4,058.0 728.0 — 1,090.0 — 634.0 1,606.0

Chevron Corporation — — — — — — —

ConocoPhillips 2,692.0 1,221.0 201.0 1,985.0 38.0 'Q�:;�( '��;�(

Devon Energy Corporation 2,139.0 782.0 — 585.0 38.0 220.0 514.0

EnCana Corporation 6,835.0 1,226.0 — 1,980.0 — 1,059.0 2,570.0

Enerplus Resources Fund 786.7 297.6 — 774.9 — '�~:;�( '��~;�(

EOG Resources, Inc. 413.9 154.6 20.1 243.5 — '�;Q( 'Q;�(

Exxon Mobil Corporation 5,883.0 2,506.0 339.0 948.0 — 597.0 1,493.0

Forest Oil Corporation 112.3 38.3 — 255.0 1.0 '/�;�( '��:;�(

Husky Energy Inc. 3,753.6 1,247.1 — 1,161.1 34.2 393.8 917.3

Marathon Oil Corporation 599.0 380.0 16.0 126.0 — 17.0 60.0

Murphy Oil Corporation 720.5 288.6 10.0 244.0 92.1 21.0 64.8

Nexen Inc. 767.2 382.3 73.7 319.2 100.8 '��;�( '��;/(

Pengrowth Energy Trust 843.6 346.1 — 518.6 24.3 — '�/;�(

Penn West Energy Trust 1,888.1 888.0 — 555.8 — — 444.4

Quicksilver Resources Inc. 188.7 38.7 — 226.5 — '��;�( '/�;Q(

Royal Dutch Shell plc 3,682.0 1,963.0 177.0 1,999.0 1,075.0 '/��;�( ':~�;�(

Suncor Energy Inc. 6,329.8 4,340.8 123.6 1,362.2 208.6 '��;/( 305.0

Talisman Energy Inc. 1,461.3 534.7 194.6 783.7 — '�Q;�( 'Q�;~(

All companies $ 46,797.9 $ 19,059.2 $ 1,235.0 $ 17,999.6 $ 1,811.7 $ 1,467.2 $ 5,225.1

Integrateds $ 31,077.8 $ 13,457.5 $ 946.6 $ 9,975.4 $ 1,592.9 $ 1,138.3 $ 3,967.2

Large independents 11,133.5 3,610.8 214.7 5,374.4 92.7 600.3 1,240.6

Independents 4,586.6 1,990.9 73.7 2,649.9 126.1 '��;Q( 17.3

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;��'<(� H�� *�� "��*��;��'�(� H�� "��"��;�'�(� H�� "��<��!��"��-��*��;

"��#�%�Millions


"��#�%�Million barrels

Beginning

Extensions and



Ending rank

Apache Corporation 155.7 1.8 — '�;/( '~;Q( — — — 146.8 14

BP p.l.c. 12.0 — — 2.0 '�;�( — — — 12.0 21


948.0 30.0 83.0 1,686.0 ':�;�( 1.0 — 7.0 2,664.0 3

Cenovus Energy Inc.2 — — — — — — 951.0 951.0 5

Chevron Corporation — — — 460.0 — — — — 460.0 11

ConocoPhillips 193.0 170.0 — 408.0 '�/;�( — — — 746.0 6

Devon Energy Corporation 169.0 123.0 — 285.0 '�:;�( — — — 548.0 10

EnCana Corporation 954.0 171.9 — '��;Q( '��;Q( 0.5 ':~�;Q( — 35.5 18

Enerplus Resources Fund 88.6 1.6 0.1 7.4 '�;~( 0.4 '�;�( — 88.5 17

EOG Resources, Inc. 10.8 19.8 — '�;�( '�;:( — '�;�( — 27.6 19

Exxon Mobil Corporation 812.0 — — 2,204.0 ':�;�( — — — 2,918.0 2

Forest Oil Corporation 8.8 7.2 — 2.8 '�;:( — '�;�( — 16.9 20

Husky Energy Inc. 464.0 81.0 6.0 60.0 '~Q;�( 10.0 — — 558.0 9

Marathon Oil Corporation — — — 603.0 — — — — 603.0 8

Murphy Oil Corporation 24.3 3.3 — 141.4 '��;�( — — — 157.3 13

Nexen Inc. 304.0 31.0 — 287.0 '��;�( 85.0 — '�Q;�( 610.0 7

Pengrowth Energy Trust 106.7 1.3 — 0.4 '��;�( 0.8 '�;/( — 97.5 15

Penn West Energy Trust 271.0 11.0 9.0 39.0 'Q�;�( 3.0 ':;�( 1.0 293.0 12

Quicksilver Resources Inc. 0.0 — — 0.0 '�;�( — — — 0.0 22

Royal Dutch Shell plc 48.0 426.0 — 1,265.0 '�/;�( — — — 1,694.0 4

Suncor Energy Inc. 1,084.0 336.0 — 1,200.0 '��/;�( 571.0 '�;�( — 3,085.0 1

Talisman Energy Inc. 131.5 4.0 — 2.7 ':;:( 0.1 'Q:;�( — 89.4 16

All companies 5,785.5 1,419.0 98.1 8,567.8 (596.7) 671.8 (1,020.0) 876.0 15,801.4

Integrateds 3,591.3 1,188.2 6.0 6,263.1 'Q:�;�( 581.5 ':~:;Q( 951.0 11,219.8

Large independents 1,415.0 178.6 83.0 1,968.1 '�Q�;�( 1.1 'Q:;�( 7.0 3,475.7

Independents 779.1 52.1 9.1 336.6 '~~;~( 89.2 '��;�( '��;�( 1,105.9

'(� H�� ;'<(� H�� :/Q;~�"��<��!�-�� %)+�V ��;�=�� !��"��"� �� ;�'�(� H�� !��;�

65

"��Bcf

Beginning

Extensions and


Ending rank

Apache Corporation 2,203.4 340.3 — '��;�( '�Q�;�( 0.0 — — 2,305.3 3

BP p.l.c. 1,127.0 94.0 5.0 43.0 '��;�( — — — 1,169.0 13


3,523.0 92.0 11.0 '�~/;�( '��Q;�( 15.0 '~;�( — 3,027.0 2

Cenovus Energy Inc.2 — — — — — — — 1,474.0 1,474.0 8

Chevron Corporation — — — — — — — — — —

ConocoPhillips 2,614.0 95.0 — '�Q;�( 'Q��;�( 2.0 '�;�( — 2,296.0 4

Devon Energy Corporation 1,510.0 67.0 — '�Q;�( '��Q;�( 6.0 '�:;�( — 1,288.0 10

EnCana Corporation 7,847.0 726.0 — '�//;�( '��/;�( 28.0 '��;�( — 5,349.0 1

Enerplus Resources Fund 838.1 3.0 0.2 '�~/;�( '��;~( — '�;~( — 474.4 15

EOG Resources, Inc. 1,237.2 846.5 — '��;�( '��;:( — '/;�( — 1,549.5 6

Exxon Mobil Corporation 1,383.0 — — 248.0 '�~�;�( — '�;�( — 1,368.0 9

Forest Oil Corporation 237.5 110.3 — 'QQ;�( '�Q;�( — '��;Q( — 221.2 19

Husky Energy Inc. 1,912.0 67.0 — 'Q�/;�( '�~�;�( 16.0 — — 1,513.0 7

Marathon Oil Corporation — — — — — — — — — —

Murphy Oil Corporation 62.2 83.3 — '�;~( '��;�( — '�;�( — 124.7 20

Nexen Inc. 350.0 16.0 — '�/;�( '��;�( — — — 244.0 18

Pengrowth Energy Trust 524.9 6.7 — 'Q~;~( '��;:( 1.1 '�;�( — 415.4 16

Penn West Energy Trust 875.0 16.0 3.0 'Q�;�( '�Q/;�( 6.0 'Q�;�( — 693.0 14

Quicksilver Resources Inc. 332.6 12.2 — '~�;�( '��;�( — '�;�( — 253.1 17

Royal Dutch Shell plc 1,231.0 160.0 — '�;�( '��/;�( — — — 1,172.0 12

Suncor Energy Inc. 441.0 18.0 — '/�;�( '��~;�( 986.0 '�;�( — 1,277.0 11

Talisman Energy Inc. 2,288.4 185.6 — 28.2 '�Q�;�( 14.2 '��/;�( '��:;�( 2,043.0 5

All companies 30,537.3 2,938.8 19.2 (2,102.3) (3,512.6) 1,074.3 (2,052.9) 1,354.8 28,256.6

Integrateds 16,617.2 1,243.3 5.0 '�/~;~( '��::�;�( 1,032.0 '��;�( 1,474.0 15,742.7

Large independents 10,762.0 1,531.4 11.0 '�Q�;�( '��;�( 35.2 '�//;:( '��:;�( 10,212.8

Independents 3,158.1 164.1 3.2 '/��;/( '��Q;�( 7.1 '��~;�( — 2,301.1

'(� H�� !��;�


Canada — performance measures (three-year averages) (a) Costs in $ per BOE, production replacement rates in %





Production costs

Apache Corporation $ 14.97 $ 38.99 $ 38.47 '~Q([ '/�([ 85% 99% $ 13.53

BP p.l.c. — 12.07 12.09 38 38 179 182 14.89

Canadian Natural Resources Limited 17.42 36.39 34.45 28 27 51 44 11.94

Cenovus Energy Inc.2 — 7.91 7.88 357 25 25 26 8.25

Chevron Corporation — — — — — — — —

ConocoPhillips 21.00 11.09 11.10 597 627 14 29 13.23


EnCana Corporation 16.73 12.00 12.11 'Q:~( 348 28 105 7.75

Enerplus Resources Fund 29.44 'Q~;�/( 152.30 51 34 10 '��( 12.44


Exxon Mobil Corporation — 21.17 21.17 '�:( 65 28 57 13.97

Forest Oil Corporation — 10.72 10.72 470 508 132 231 8.90

Husky Energy Inc. 12.97 27.01 24.90 101 97 45 25 13.11

Marathon Oil Corporation — — — — — — — —


Nexen Inc. 8.03 32.48 19.83 624 284 43 42 15.79

Pengrowth Energy Trust 22.62 45.55 30.60 87 34 66 38 14.92

Penn West Energy Trust 30.70 29.17 30.24 175 72 122 19 15.18

Quicksilver Resources Inc. — 136.66 136.66 70 70 19 21 9.74


Suncor Energy Inc. 17.54 12.36 15.37 820 391 482 32 28.46

Talisman Energy Inc. 38.04 28.01 28.31 '�Q( 99 85 119 10.65

All companies $ 18.85 $ 18.55 $ 18.62 150% 196% 61% 66% $ 13.46

Integrated $ 16.63 $ 15.74 $ 15.94 167% 256% 61% 73% $ 14.12


Independents 24.10 41.16 30.13 205 95 52 15 14.12

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;��

67

Europe


Europe

2005 2006 2007 2008 2009Proved properties acquired $ 1,883.7 $ 1,465.7 $ 141.5 $ 389.9 $ 5,455.8

Unproved properties acquired 1,261.9 730.4 12.2 345.0 43.4

Exploration 1,805.9 2,895.3 4,196.2 5,000.0 4,413.2

Development 14,667.4 19,798.5 22,139.7 23,796.8 21,737.5

Other 95.7 683.8 272.5 85.7 231.9

Total $ 19,714.6 $ 25,573.7 $ 26,762.2 $ 29,617.3 $ 31,881.9

Europe — costs incurred — 100 companies (millions)

2005 2006 2007 2008 2009Revenues $ 92,018.2 $ 110,562.3 $ 119,959.0 $ 155,067.6 $ 95,504.2



DD&A (b) 16,050.2 16,571.3 20,480.3 23,773.1 20,877.5

Other expenses (c) 2,015.5 564.7 126.6 1,412.3 809.0


Income taxes 34,149.1 47,269.2 47,855.6 66,680.1 32,562.6


'(� H�� *�� "��*��;�'<(� H�� "��"��;��'�(� H�� "��<��!��"��-��*��;�

Europe — revenues and results of operations — 100 companies (millions)


Additions:



Revisions 404.3 247.1 645.7 'Q�;�( 777.5

Production '��~�;Q( '��/;~( '��:;/( '��~�;�( '��;�(

Purchases 183.7 56.2 2.0 2.0 154.0

Sales 'Q/;:( '~�;:( 'Q�;�( '~:;�( '�/;�(

Other (b) '�~;�( 19.5 606.2 0.9 '��;:(

End of year 8,184.2 7,520.7 7,751.6 6,671.7 6,901.3

'(� H�� ;��'<(� H�� !��;

Europe — proved oil reserves (a) — 100 companies (million barrels)

69


Additions:

Extensions and discoveries 1,436.8 1,234.0 1,681.0 647.9 411.9


Revisions 1,913.6 '~��;~( 2,096.3 703.4 1,782.1

Production '/�/�/;�( '/�Q�:;/( '/��;�( '/��//;�( '/��;�(

Purchases 233.4 519.6 21.0 84.0 257.0

Sales '��Q~:;�( '��;Q( '��;�( '�QQ;�( 'Q/�;�(

Other (a) '��;:( '~�;�( 6,566.0 'Q�;:( 0.1

End of year 49,405.5 45,127.8 49,852.2 45,951.7 43,090.2

'(� H�� !��;�

Europe — proved gas reserves — 100 companies (Bcf)

4�� !�� replacement costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 8.46 $ 10.26 $ 25.74 $ 24.37 $ 27.72 $ 27.42 $ 15.99

FDC 12.39 38.40 17.63 74.24 16.59 23.53 22.32

RRC 11.86 33.19 17.66 72.29 17.81 23.75 21.72

Europe — oil production replacement rates — 100 companies



Europe — gas production replacement rates — 100 companies



Europe — production costs — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-year $ 6.61 $ 8.12 $ 10.48 $ 10.86 $ 10.02 $ 10.46 $ 9.18





Apache Corporation $ — $ — $ 105.1 $ 270.3 $ — $ 375.5


BG Group plc — — 51.7 512.4 — 564.1

BP p.l.c. 179.0 '�;�( 183.0 1,805.0 — 2,166.0

Canadian Natural Resources Limited — — 31.6 242.8 — 274.4

ConocoPhillips — 5.0 184.0 1,108.0 — 1,297.0

Eni SpA — — 214.5 2,046.3 — 2,260.8

Exxon Mobil Corporation — 1.0 471.0 3,384.0 — 3,856.0

Forest Oil Corporation — — 7.6 — — 7.6

Helix Energy Solutions Group — — — — 2.6 2.6

Hess Corporation — 2.0 69.0 513.0 — 584.0

Marathon Oil Corporation — — 81.0 354.0 — 435.0


Murphy Oil Corporation — — 0.1 17.3 '�;�( 15.2

Nexen Inc. — — 135.9 400.7 — 536.6

Noble Energy, Inc. — — — — — —

OMV Aktiengesellschaft — — 78.2 232.9 13.2 324.3

Repsol YPF, S.A. — — 166.1 32.1 — 198.2

Royal Dutch Shell plc 10.0 — 485.0 2,378.0 — 2,873.0

StatoilHydro ASA — — 1,298.9 4,881.6 — 6,180.5

Suncor Energy Inc. 5,167.4 — 131.5 114.8 — 5,413.7

Talisman Energy Inc. — — 268.2 965.1 218.3 1,451.6

Total S.A. 99.4 36.4 397.6 2,321.2 — 2,854.6

All companies $ 5,455.8 $ 43.4 $ 4,413.2 $ 21,737.5 $ 231.9 $ 31,881.9

Integrateds $ 5,455.8 $ 43.4 $ 3,813.1 $ 19,250.2 $ 11.0 $ 28,573.6

Large independents — — 456.6 1,990.7 218.3 2,665.6

Independents — 0.0 143.5 496.6 2.6 642.8

��Millions

71

RevenuesProduction


expense DD&A (c)

Other (income)


Apache Corporation $ 1,368.8 $ 566.6 $ — $ 255.5 $ 14.5 $ 266.1 $ 266.1

ATP Oil & Gas Corporation 17.0 10.0 0.0 24.0 1.2 ':;�( ':;�(

BG Group plc 3,010.2 452.9 116.0 366.7 97.2 991.9 985.6

BP p.l.c. 5,598.0 1,404.0 59.0 1,333.0 '��QQ�;�( 1,644.0 2,495.0

Canadian Natural Resources Limited 1,169.4 411.1 — 181.5 21.0 277.9 277.9

ConocoPhillips 7,234.0 1,318.0 156.0 2,120.0 253.0 2,280.0 1,107.0

Eni SpA 7,518.0 1,303.8 214.5 1,927.9 360.8 1,810.9 1,900.1


Forest Oil Corporation — — — — 0.0 — '�;�(

Helix Energy Solutions Group 1.0 2.3 — 1.4 — '�;�( '�;�(



MOL Magyar Olaj- és Gázipari Nyrt. 872.7 110.3 22.4 129.1 '/�;�( 154.7 514.4


Nexen Inc. 2,130.6 221.8 43.8 767.2 14.9 427.0 655.9

Noble Energy, Inc. — — — — — — —

OMV Aktiengesellschaft 883.0 272.6 74.8 169.9 1.9 97.1 266.7

Repsol YPF, S.A. 47.4 23.7 36.3 14.0 — '�~;�( ':;�(

Royal Dutch Shell plc 11,216.0 3,051.0 273.0 2,730.0 1,064.0 2,886.0 1,212.0

StatoilHydro ASA 24,554.8 3,083.6 824.7 4,064.7 — 12,033.8 4,548.2

Suncor Energy Inc. 831.9 199.9 51.7 314.7 8.8 119.2 137.6

Talisman Energy Inc. 2,777.9 1,101.9 122.7 1,094.0 — 321.7 137.6

Total S.A. 10,117.8 1,617.0 224.0 2,084.6 365.4 4,127.2 1,699.6

All companies $ 95,504.2 $ 19,430.4 $ 2,706.1 $ 20,877.5 $ 809.0 $ 32,562.6 $ 19,118.5

Integrateds $ 85,029.3 $ 16,663.8 $ 2,423.6 $ 18,187.2 $ 660.2 $ 30,288.1 $ 16,806.3


Independents 2,148.6 234.1 43.9 792.7 16.2 416.9 644.9

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;�'<(� H�� *�� "��*��;��'�(� H�� "��"��;�'�(� H�� "��<��!��"��-��*��;�

��#�%�Millions


��#�%�Million barrels

Beginning

Extensions and


Ending rank

Apache Corporation 187.9 6.1 — 0.0 '��;Q( — — — 171.7 11

ATP Oil & Gas Corporation 25.5 — — 0.0 '�;�( — — — 25.5 18

BG Group plc 159.1 3.1 — 31.9 '�:;�( 7.0 — — 171.7 12

BP p.l.c. 804.0 184.0 49.0 6.0 '�/;�( 1.0 '�;�( — 961.0 2


256.0 — — '�;�( '��;�( — — — 240.0 10

ConocoPhillips 552.0 7.0 — 29.0 '��;�( — — — 501.0 5

Eni SpA 463.0 84.0 8.0 97.0 '~�;�( — — — 584.0 4

Exxon Mobil Corporation 533.0 — — 93.0 '�Q�;�( — '�;�( — 487.0 7

Forest Oil Corporation — — — — — — — — — —

Helix Energy Solutions Group — — — — — — — — — —

Hess Corporation 332.0 1.0 — 28.0 'Q�;�( — — — 330.0 8

Marathon Oil Corporation 104.0 12.0 — 19.0 'QQ;�( — — — 102.0 15


29.4 0.6 — 8.3 '~;/( — — — 31.8 17

Murphy Oil Corporation 17.0 — — '�;�( '�;�( — — — 11.7 19

Nexen Inc. 172.0 19.0 — 14.0 'Q~;�( — — — 169.0 13

Noble Energy, Inc. 23.0 — — — — — — '�Q;�( — —

OMV Aktiengesellschaft 65.2 1.5 — 6.6 '�;�( — — 0.1 65.6 16

Repsol YPF, S.A. 1.5 3.7 — 1.6 '�;/( — — — 6.3 20

Royal Dutch Shell plc 481.0 7.0 — 123.0 '��;�( — '�;�( — 496.0 6

StatoilHydro ASA 1,396.0 39.0 — 195.0 '��:;�( — — — 1,351.0 1

Suncor Energy Inc. — 1.0 — 6.0 '��;�( 145.0 — — 141.0 14

Talisman Energy Inc. 272.0 6.3 — 91.3 '�Q;�( — '�;�( — 322.0 9

Total S.A. 798.0 8.0 — 34.0 '��;�( 1.0 — — 733.0 3

All companies 6,671.7 383.3 57.0 777.5 (1,104.1) 154.0 (15.2) (22.9) 6,901.3

Integrateds 5,576.2 348.8 57.0 642.3 ':/:;�( 147.0 '��;�( 0.1 5,801.4

Large independents 875.0 15.5 — 121.2 '��:;�( 7.0 '�;�( — 905.4

Independents 220.5 19.0 — 14.0 'Q~;�( — — '�Q;�( 194.5

'(� H�� ;'<(� H�� !��;�

73

��Bcf

Beginning

Extensions and


Ending rank

Apache Corporation 5.6 0.3 — — '�;�( — — — 4.9 21

ATP Oil & Gas Corporation 111.0 3.1 — '�;�( 'Q;�( — — — 110.2 13

BG Group plc 1,020.0 65.0 — 31.0 '�/�;�( — '�:;�( — 930.0 8

BP p.l.c. 2,867.0 150.0 34.0 '��;�( '�/�;�( 159.0 '��;�( — 2,718.0 6


67.0 — — 4.0 '�;�( — — — 67.0 15

ConocoPhillips 2,303.0 24.0 — 19.0 'QQ�;�( — — — 2,009.0 7

Eni SpA 4,265.0 27.0 25.0 246.0 '��;�( — '�;�( — 4,084.0 5

Exxon Mobil Corporation 5,445.0 — — 79.0 '��;�( — '�;�( — 4,723.0 3

Forest Oil Corporation 56.3 — — '�;~( — — — — 51.7 16

Helix Energy Solutions Group 13.0 — — '�;�( '�;�( — — — 12.0 20

Hess Corporation 639.0 — — 66.0 '~�;�( — '�;�( — 642.0 9

Marathon Oil Corporation 291.0 2.0 — '��;�( '��;�( — '��~;�( — 109.0 14


376.0 12.0 — '~�;�( '~:;�( — — — 251.4 11

Murphy Oil Corporation 20.8 — — 9.3 '�;Q( — — — 28.8 18

Nexen Inc. 18.0 6.0 — 2.0 ':;�( — — — 17.0 19

Noble Energy, Inc. — — — — — — — — — —

OMV Aktiengesellschaft 522.5 2.1 — 5.7 '//;~( — — 0.1 474.8 10

Repsol YPF, S.A. 5.1 — — — '�;Q( — — — 2.9 22

Royal Dutch Shell plc 4,641.0 30.0 — 751.0 '��;�( — — — 4,722.0 4

StatoilHydro ASA 17,581.0 35.0 — 690.0 '��Q~�;�( — — — 16,939.0 1

Suncor Energy Inc. — 1.0 — '�;�( '�;�( 40.0 — — 29.0 17

Talisman Energy Inc. 197.5 '�;/( — 15.6 '��;�( — '~�;�( — 117.5 12

Total S.A. 5,507.0 55.0 — 73.0 '~QQ;�( 58.0 '�Q;�( — 5,047.0 2

All companies 45,951.7 411.9 59.0 1,782.1 (5,014.7) 257.0 (357.0) 0.1 43,090.2

Integrateds 44,463.4 338.1 59.0 1,735.6 '��;Q( 257.0 '�~�;�( 0.1 41,779.8

Large independents 1,290.1 64.8 — 50.6 '�:�;�( — ':~;�( — 1,119.4

Independents 198.2 9.1 — '�;�( '��;Q( — — — 191.0

'(� H�� !��;�


Europe — performance measures (three-year averages) (a) Costs in $ per BOE, production replacement rates in %





Production costs

Apache Corporation $ — $ 34.88 $ 34.88 62% 62% 25% 25% $ 31.80

ATP Oil & Gas Corporation — 35.68 35.68 11,969 12,015 '��( 97 10.32

BG Group plc 11.66 11.51 11.52 111 102 74 76 8.42

BP p.l.c. 6.51 12.63 12.24 129 132 57 60 13.91

Canadian Natural Resources Limited — 384.61 365.25 '�~( '��( 331 331 28.80

ConocoPhillips — 55.98 55.98 19 19 23 30 9.72

Eni SpA — 25.15 25.02 93 93 24 23 8.63


Forest Oil Corporation — 0.88 0.88 — — — — —

Helix Energy Solutions Group — 3.80 3.80 — — '��Q��( 475 89.53

Hess Corporation — 18.02 18.02 90 96 87 89 16.64

Marathon Oil Corporation — 37.59 37.59 91 92 ':�( '��( 10.40

MOL Magyar Olaj- és Gázipari Nyrt. — 'Q�;/�( 'Q�;/�( '�/( '�( '~�( 'Q�( 7.57

Murphy Oil Corporation — 'Q�;��( 'Q�;��( '��( '��( 165 165 14.52

Nexen Inc. 42.80 20.24 20.47 90 89 73 73 6.15

Noble Energy, Inc. — 15.94 15.94 150 150 89 89 12.80


Repsol YPF, S.A. — 63.23 63.23 267 267 209 209 30.84


StatoilHydro ASA — 22.20 22.20 64 64 45 45 6.95

Suncor Energy Inc. 34.07 37.90 34.23 1,382 64 463 'Q�( 16.20

Talisman Energy Inc. — 85.10 85.10 15 34 '�~( 78 26.04

Total S.A. 19.53 21.33 21.23 53 53 79 73 7.56

All companies $ 27.42 $ 23.53 $ 23.75 66% 64% 45% 48% $ 10.46

Integrated $ 28.43 $ 22.73 $ 23.08 67% 65% 44% 47% $ 9.75


Independents 42.80 20.17 20.34 102 101 '�~( 181 6.90

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;�

75

South and Central America


South and Central America

2005 2006 2007 2008 2009Proved properties acquired $ 83.1 $ 802.7 $ 53.7 $ 784.0 $ 1,391.7

Unproved properties acquired 609.7 1,079.4 171.0 70.3 147.6

Exploration 3,920.1 3,824.7 4,873.1 7,784.5 7,777.0

Development 14,787.1 17,449.6 22,338.9 27,107.7 29,700.4

Other 10.6 1.0 7.0 29.0 12.0

Total $ 19,410.6 $ 23,157.4 $ 27,443.6 $ 35,775.6 $ 39,028.7

South and Central America — costs incurred — 100 companies (millions)

2005 2006 2007 2008 2009Revenues $ 111,940.2 $ 134,149.1 $ 146,949.8 $ 187,407.8 $ 121,443.1



DD&A (b) 8,373.8 10,709.9 12,753.9 16,002.5 14,125.2

Other expenses (c) 5,641.9 4,476.6 3,322.8 5,628.9 4,738.3


Income taxes 61,079.4 62,199.5 72,263.5 84,770.6 47,652.2


'(� H�� *�� "��*��;�'<(� H�� "��"��;��'�(� H�� "��<��!��"��-��*��;�

South and Central America — revenues and results of operations — 100 companies (millions)


Additions:



Revisions '~~;/( 947.8 1,144.4 643.9 2,695.7

Production '��~�;~( '��Q��;�( '��;�( '��Q�;�( '��;~(

Purchases 38.4 181.3 1.3 12.5 103.7

Sales '~�;�( '��;�( '�;�( '��;�( '��Q;�(

Other (b) 923.4 '�Q�;�( '��Q;Q( '�;�( '/;�(

End of year 26,093.9 24,774.3 23,878.2 22,779.1 24,033.9

'(� H�� ;��'<(� H�� !��;

South and Central America — proved oil reserves (a) — 100 companies (million barrels)

77


Additions:

Extensions and discoveries 1,782.4 1,113.2 1,348.1 1,799.1 899.8


Revisions 'Q��:;/( '��:�/;�( 2,096.7 565.8 1,037.1

Production '��Q;�( '��/��;�( '��;~( '��;�( '��~~/;�(

Purchases 36.4 691.4 29.6 123.1 110.3

Sales '�/:;Q( '��;�( — 'Q;�( '��;Q(

Other (a) 1,603.0 0.9 759.2 '�;Q( '��;�(

End of year 54,424.9 49,692.2 49,060.8 46,982.5 44,423.8

'(� H�� !��;�

South and Central America — proved gas reserves — 100 companies (Bcf)

?��"�� !��and reserve replacement costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 1.87 $ 2.71 $ 8.65 $ 23.76 $ 11.40 $ 13.82 $ 6.20

FDC 2,921.62 19.29 13.42 20.98 10.02 13.40 16.42

RRC 380.27 15.91 13.40 21.04 10.07 13.41 15.86

South and Central America — oil production replacement rates — 100 companies



South and Central America — gas production replacement rates — 100 companies

2005 2006 2007 2008 2009 3-year 5-yearAll sources '��([ 'Q([ 72% 57% 49% 59% 28%

Excluding purchases and sales 'Q:( '��( 71 54 49 58 27

South and Central America — production costs — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-year $ 7.15 $ 8.25 $ 9.14 $ 12.05 $ 10.49 $ 10.54 $ 9.39





Apache Corporation $ 24.2 $ 0.3 $ 96.8 $ 46.6 — $ 167.9

BP p.l.c. — — 78.0 453.0 — 531.0

Ecopetrol S.A. 1,335.1 — 590.5 1,900.6 — 3,826.2

El Paso Corporation — 51.0 67.0 118.0 6.0 242.0

EOG Resources, Inc. — 0.8 14.3 21.4 6.0 42.4

Murphy Oil Corporation — — — 0.8 — 0.8

Noble Energy, Inc. — — — — — —

Occidental Petroleum Corporation — — 26.0 560.0 — 586.0

Petroleo Brasileiro, S.A. (Petrobras) 24.0 9.0 3,815.0 13,843.0 — 17,691.0

Petroleos Mexicanos (PEMEX) — — 2,276.8 11,156.2 — 13,432.9

Repsol YPF, S.A. 8.4 79.5 545.6 1,304.8 — 1,938.3

Royal Dutch Shell plc — 7.0 267.0 296.0 — 570.0

All companies $ 1,391.7 $ 147.6 $ 7,777.0 $ 29,700.4 $ 12.0 $ 39,028.7

Integrateds $ 1,367.5 $ 95.5 $ 7,572.9 $ 28,954.4 $ — $ 37,990.3

Large independents 24.2 1.1 137.0 628.0 6.0 796.3

Independents — 51.0 67.0 118.0 6.0 242.0

;��"��*��Millions

79

RevenuesProduction


expense DD&A (c)

Other (income)


Apache Corporation $ 361.7 $ 120.1 $ — $ 147.4 $ 2.7 $ 32.1 $ 59.6

BP p.l.c. 2,934.0 615.0 16.0 697.0 173.0 916.0 517.0

Ecopetrol S.A. 8,177.7 3,011.1 613.0 521.0 — 1,330.8 2,701.9

El Paso Corporation 25.0 31.0 — 101.0 — — '��;�(

EOG Resources, Inc. 233.1 28.8 5.1 46.6 — 58.7 94.0

Murphy Oil Corporation — — — — — — —

Noble Energy, Inc. — — — — — — —

Occidental Petroleum Corporation 1,538.0 431.0 28.0 798.0 116.0 6.0 159.0

Petroleo Brasileiro, S.A. (Petrobras) 39,383.0 15,736.0 1,397.0 5,046.0 1,312.0 5,316.0 10,576.0

Petroleos Mexicanos (PEMEX) 61,029.4 7,025.8 1,859.3 4,556.6 2,744.4 39,616.4 5,227.0

Repsol YPF, S.A. 7,156.1 3,102.2 288.9 2,087.7 318.2 502.4 856.8

Royal Dutch Shell plc 605.0 252.0 182.0 124.0 72.0 '��~;�( 101.0

All companies $ 121,443.1 $ 30,352.9 $ 4,389.2 $ 14,125.2 $ 4,738.3 $ 47,652.2 $ 20,185.2

Integrateds $ 119,285.3 $ 29,742.1 $ 4,356.1 $ 13,032.3 $ 4,619.6 $ 47,555.5 $ 19,979.7

Large independents 2,132.9 579.8 33.1 992.0 118.7 96.8 312.6

Independents 25.0 31.0 — 101.0 — — '��;�(

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;��'<(� H�� *�� "��*��;��'�(� H�� "��"��;�'�(� H�� "��<��!��"��-��*��;

;��"��*��#�%�Millions


;��"��*��#�%�Million barrels

Beginning

Extensions and


Ending rank

Apache Corporation 31.8 4.9 — '�;�( '/;�( — — — 31.1 8

BP p.l.c. 102.0 — 7.0 18.0 '��;�( — — — 105.0 6

Ecopetrol S.A. 798.9 137.3 — 319.0 '�Q�;:( — — — 1,123.3 3

El Paso Corporation 3.2 2.1 — '�;�( '0;�( — — — 4.2 10

EOG Resources, Inc. 8.3 — — '�;�( '�;�( — — — 5.4 9

Murphy Oil Corporation 4.8 — — — '�;/( — '�;Q( — — —

Noble Energy, Inc. — — — — — — — — — —


224.0 2.0 37.0 'Q�;�( '��;�( — — '/;�( 198.0 5


9,005.2 112.8 11.0 1,741.1 '��:;�( 99.4 '::;�( — 10,150.9 2

Petroleos Mexicanos (PEMEX) 11,865.0 311.0 — 577.0 '��~�;�( — — — 11,691.0 1

Repsol YPF, S.A. 724.0 14.9 14.7 64.6 '�Q/;�( 4.3 — — 687.0 4

Royal Dutch Shell plc 12.0 24.0 — 11.0 ':;�( — — — 38.0 7

All companies 22,779.1 609.0 69.7 2,695.7 (2,114.6) 103.7 (103.7) (5.0) 24,033.9

Integrateds 22,511.9 600.0 32.7 2,730.7 '��;�( 103.7 '��Q;�( — 23,795.2

Large independents 264.1 6.9 37.0 'QQ;:( 'Q�;/( — — '/;�( 234.5

Independents 3.2 2.1 — '�;�( '0;�( — — — 4.2

'(� H�� ;'<(� H�� !��;

81

;��"��*��Bcf

Beginning

Extensions and


Ending rank

Apache Corporation 546.4 50.7 — '�;�( '~�;�( — — — 527.3 7

BP p.l.c. 10,750.0 105.0 322.0 322.0 ':�:;�( — — — 10,570.0 3

Ecopetrol S.A. 1,898.9 38.6 — 548.5 '�/~;~( — — — 2,329.4 5

El Paso Corporation 47.0 70.0 — '�;�( '�;�( — — — 105.0 10

EOG Resources, Inc. 1,198.1 — — '��;:( '��;�( — — — 985.8 6


Noble Energy, Inc. 180.0 — — — — — — '��;�( — —


212.0 2.0 26.0 '��;�( '��;�( — — — 183.0 9


11,986.5 153.1 1.0 '�/~;Q( '��:;�( 110.3 '��;Q( — 10,904.5 2

Petroleos Mexicanos (PEMEX) 12,702.0 404.0 — 504.0 '��~��;�( — — — 11,966.0 1

Repsol YPF, S.A. 7,158.6 68.3 1.3 315.2 ':��;~( — — — 6,614.8 4

Royal Dutch Shell plc 303.0 8.0 — '��;�( 'Q�;�( — — — 238.0 8

All companies 46,982.5 899.8 350.3 1,037.1 (4,665.8) 110.3 (110.3) (180.0) 44,423.8

Integrateds 44,799.0 777.0 324.3 1,192.4 '��;�( 110.3 '��;Q( — 42,622.7

Large independents 1,956.5 52.7 26.0 '��;Q( '�:�;�( — — — 1,696.1

Independents 227.0 70.0 — '�;�( '�;�( — — '��;�( 105.0

'(� H�� !��;�


South and Central America — performance measures (three-year averages) (a) Costs in $ per BOE, production replacement rates in %





Production costs

Apache Corporation $ — $ 13.68 $ 14.23 108% 108% 120% 120% $ 6.19

BP p.l.c. — 9.98 9.98 '�//( 33 43 43 4.03

Ecopetrol S.A. — 8.22 10.92 159 159 214 214 15.78

El Paso Corporation — 'Q:;��( 'Q:;��( '��/�( '��/�( 545 545 23.03

EOG Resources, Inc. 5.83 '��;��( '�Q;Q�( '~�( '~�( '��( '��( 2.31

Murphy Oil Corporation — '�~�;QQ( '�~�;QQ( '��( '/( — — 10.74

Noble Energy, Inc. — 0.45 0.45 — — 171 171 5.25

Occidental Petroleum Corporation — 31.60 31.72 72 72 77 77 13.36

Petroleo Brasileiro, S.A. (Petrobras) 1.84 14.29 13.71 139 139 70 65 19.81

Petroleos Mexicanos (PEMEX) — 12.55 12.55 67 67 62 62 5.47

Repsol YPF, S.A. 2.28 15.80 15.67 56 55 38 38 11.20


All companies $ 13.82 $ 13.40 $ 13.41 90% 93% 59% 58% $ 10.54

Integrated $ 13.82 $ 13.06 $ 13.07 91% 94% 59% 58% $ 10.58


Independents — '//;�Q( '//;�Q( '��/�( '��/�( 316 316 12.95

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;�

83

US


US



Exploration 8,092.8 12,838.6 15,942.3 18,637.2 15,738.4

Development 29,873.3 46,205.6 59,089.1 74,403.5 48,969.2

Other 1,703.3 1,328.5 605.0 1,046.4 448.1

Total $ 67,326.2 $ 129,656.2 $ 116,011.3 $ 152,315.9 $ 80,413.2

US — costs incurred — 100 companies (millions)

2005 2006 2007 2008 2009Revenues $ 119,686.7 $ 134,646.7 $ 148,614.5 $ 203,635.5 $ 130,265.1



DD&A (b) 21,205.7 28,200.4 35,537.8 81,451.0 82,581.3

Other expenses (c) 4,106.1 2,725.3 3,790.2 4,483.4 4,265.5

Pre-tax results of operations 67,924.5 69,149.0 66,735.0 63,971.5 122.3

Income taxes 24,163.9 25,049.1 24,418.1 23,854.1 70.0

Results of operations $ 43,760.6 $ 44,099.9 $ 42,316.9 $ 40,117.4 $ 52.3

'(� H�� *�� "��*��;�'<(� H�� "��"��;��'�(� H�� "��<��!��"��-��*��;�

US — revenues and results of operations — 100 companies (millions)


Additions:



Revisions 67.6 �'QQ�;Q( 532.0 �'��QQ;�( 1,023.2

Production �'��;�( �'��:;�( �'��;�( �'��~�;:( �'��Q:�;Q(

Purchases 940.4 1,341.5 580.6 341.7 208.3

Sales �'�/~./( �'�Q~;/( �'�~�;/( �'�~�;�( �'��;�(

Other (b) �'��;�( �'/;�( �'��;�( �'�~;�( 0.2

End of year 16,882.9 17,362.9 17,579.8 16,252.4 17,060.7

'(� H�� ;��'<(� H�� !��;

US — proved oil reserves (a) — 100 companies (million barrels)

85


Additions:


Improved recovery 2,011.5 1,965.9 842.2 1,724.5 725.0

Revisions 2,768.6 '��Q��;�( 5,575.3 '��/��;/( '��;�(

Production ':��QQ;/( ':�:Q:;:( '��:��;Q( '��;~( '��;~(

Purchases 7,754.1 15,173.1 9,968.8 6,136.5 1,433.1

Sales '��Q;�( '��/��;�( '��Q�Q;�( '��;~( '��Q;�(

Other (a) '�Q:;~( 219.1 116.7 '�:�;/( 97.3

End of year 116,265.9 132,476.4 150,550.7 156,801.7 163,119.4

'(� H�� !��;�

US — proved gas reserves — 100 companies (Bcf)

@?�� !�� costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 9.69 $ 12.08 $ 12.57 $ 17.11 $ 10.50 $ 13.87 $ 12.27

FDC 11.65 30.88 16.10 55.71 13.88 22.12 21.23

RRC 10.94 19.78 15.07 41.39 13.62 20.18 18.20

US — oil production replacement rates — 100 companies

2005 2006 2007 2008 2009 3-year 5-yearAll sources 148% 139% 133% 'Q[( 158% 98% 116%

Excluding purchases and sales 92 50 124 '�~( 156 90 83

US — gas production replacement rates — 100 companies



US — production costs — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-year $ 8.62 $ 10.52 $ 12.03 $ 15.00 $ 10.98 $ 12.64 $ 11.53





Anadarko Petroleum Corporation $ 266.0 $ 270.0 $ 743.0 $ 2,005.0 $ — $ 3,284.0

Apache Corporation 196.0 — 233.0 891.8 — 1,320.8

Arena Resources, Inc. 3.9 — — 107.1 — 111.0

Atlas Energy, Inc. 24.8 — 6.5 134.7 — 166.1


Berry Petroleum Company 13.5 — 30.3 138.2 — 182.0

Bill Barrett Corporation — 70.1 185.3 147.2 '�;�( 401.5

BP p.l.c. '��;�( 370.0 1,377.0 4,208.0 — 5,938.0

BreitBurn Energy Partners L.P. — — — 28.7 4.9 33.6

Cabot Oil & Gas Corporation 0.4 145.7 81.5 365.8 — 593.4

Carrizo Oil & Gas, Inc. — 35.2 77.3 55.3 '�;�( 166.4

Chaparral Energy, Inc. 14.6 3.8 4.9 127.6 — 150.9

Chesapeake Energy Corporation 61.0 2,793.0 813.0 2,729.0 '�;�( 6,394.0

Chevron Corporation 3.0 29.0 576.0 3,338.0 — 3,946.0

Cimarex Energy Co. 13.5 24.8 59.4 430.4 12.9 540.9

CNX Gas Corporation 30.4 50.7 46.0 181.9 — 309.1

Comstock Resources, Inc. — 26.0 102.0 218.2 — 346.2

Concho Resources Inc. 205.3 74.7 133.7 260.3 6.4 680.3

ConocoPhillips 7.0 78.0 613.0 2,516.0 — 3,214.0

Contango Oil & Gas Company 1.1 — 23.3 22.9 — 47.3

<;��Millions

87




Continental Resources, Inc. $ 1.2 $ 73.3 $ 96.1 $ 259.5 $ 1.2 $ 431.3

Denbury Resources Inc. 585.6 104.8 4.6 292.5 — 987.6

Devon Energy Corporation 17.0 63.0 382.0 2,548.0 — 3,010.0

El Paso Corporation 87.0 89.0 355.0 324.0 36.0 891.0

EnCana Corporation — 46.0 133.0 1,688.0 — 1,867.0

Encore Acquisition Company 398.8 17.1 165.7 121.0 4.0 706.5

Energen Corporation 186.3 5.1 16.6 226.8 — 434.8

Enerplus Resources Fund — 427.1 4.4 35.9 '�;:( 466.5

EOG Resources, Inc. 464.4 648.3 473.5 1,838.9 60.0 3,485.0

EQT Corporation 6.0 24.9 14.9 676.1 — 722.0

EV Energy Partners, L.P. 36.5 2.6 — 12.3 — 51.4

EXCO Resources, Inc. 6.5 333.2 37.1 262.8 0.9 640.4



GMX Resources Inc. 6.9 11.5 116.3 15.9 0.6 151.0

Goodrich Petroleum Corporation 0.6 15.3 35.4 189.4 3.7 244.4

Helix Energy Solutions Group 0.1 1.8 39.2 71.5 66.5 179.1

Hess Corporation — 184.0 206.0 807.0 — 1,197.0

Kinder Morgan Energy Partners, L.P. 5.3 — — 330.3 — 335.6

Linn Energy, LLC 115.9 0.9 0.3 140.9 — 258.1





Loews Corporation $ 7.0 $ 24.0 $ 8.0 $ 148.0 $ — $ 187.0

Marathon Oil Corporation — 127.0 271.0 1,150.0 — 1,548.0

Mariner Energy, Inc. 200.0 69.8 170.6 246.7 106.7 793.8

MDU Resources Group, Inc. 3.9 8.8 33.1 135.2 2.0 183.0

Murphy Oil Corporation — 82.4 84.7 197.2 5.0 369.3

National Fuel Gas Company 35.8 44.5 11.7 125.1 2.9 220.0

��!��"�� 33.0 114.0 817.0 292.0 19.0 1,275.0

Nexen Inc. — 8.8 160.5 105.2 — 274.4

Noble Energy, Inc. '/;�( 89.0 189.0 700.0 11.0 984.0

Occidental Petroleum Corporation 569.0 100.0 131.0 1,223.0 — 2,023.0

Penn Virginia Corporation — 15.0 7.2 149.6 — 171.8

Petrohawk Energy Corporation 4.6 474.8 949.4 550.7 — 1,979.5

Petroleo Brasileiro, S.A. (Petrobras) — — 64.0 571.0 — 635.0

Petroleum Development Corporation 2.3 5.9 20.1 72.4 — 100.6

Pioneer Natural Resources Company 8.8 80.1 90.7 255.5 — 435.1

Plains Exploration & Production Company 5.1 1,121.6 1,309.4 272.8 — 2,708.9

Questar Corporation 6.4 215.1 92.9 741.1 — 1,055.5

Quicksilver Resources Inc. 0.1 11.3 32.8 341.7 — 385.9

Range Resources Corporation — 176.9 104.0 527.2 6.1 814.2

Repsol YPF, S.A. — 5.6 181.4 295.8 — 482.8

89




Rosetta Resources Inc. $ 11.5 $ 28.2 $ 24.6 $ 65.2 $ — $ 129.5

Royal Dutch Shell plc — 224.0 1,632.0 2,315.0 — 4,171.0

SandRidge Energy, Inc. 749.1 67.7 126.3 407.4 — 1,350.6

Southwestern Energy Company 4.4 115.2 52.2 1,358.1 — 1,529.9

St. Mary Land & Exploration Company 0.1 41.7 154.1 223.1 — 419.0

Stone Energy Corporation — 212.8 78.6 187.8 55.9 535.1

Swift Energy Company 56.7 4.4 2.9 111.1 — 175.1

Talisman Energy Inc. 0.9 343.6 164.8 105.2 3.5 618.0

The Williams Companies, Inc. 85.0 220.0 51.0 878.0 — 1,234.0

Ultra Petroleum Corporation — 33.2 102.2 606.0 — 741.4

Unit Corporation 3.7 37.1 30.5 154.6 4.6 230.6

Venoco, Inc. 22.8 9.0 61.5 97.8 — 191.1

W&T Offshore, Inc. 17.5 12.2 97.5 142.9 — 270.1

Whiting Petroleum Corporation 78.8 12.9 51.0 436.7 — 579.4

XTO Energy Inc. 30.0 224.0 500.0 2,488.0 40.0 3,282.0

All companies $ 4,689.9 $ 10,567.8 $ 15,738.4 $ 48,969.2 $ 448.1 $ 80,413.2

Integrateds $ 10.0 $ 1,334.0 $ 5,686.1 $ 19,568.0 $ 5.0 $ 26,603.1


Independents 3,075.6 4,791.8 6,612.0 15,572.3 341.6 30,393.3


Company statistics

RevenuesProduction


expense DD&A (c)

Other (income)


Anadarko Petroleum Corporation $ 6,045.0 $ 2,010.0 $ 810.0 $ 3,160.0 $ — $ 25.0 $ 40.0

Apache Corporation 3,049.7 904.0 — 2,137.2 63.1 '�:;�( 'Q/;�(

Arena Resources, Inc. 141.1 25.8 — 39.4 — 28.1 47.9

Atlas Energy, Inc. 278.2 45.7 6.5 260.3 — '�Q;�( '��;�(

ATP Oil & Gas Corporation 295.1 75.0 0.2 174.6 13.3 11.2 20.8

Berry Petroleum Company 513.2 174.8 5.4 139.9 — 62.0 131.1

Bill Barrett Corporation 593.3 116.3 3.2 305.9 — 72.3 95.6

BP p.l.c. 16,072.0 3,470.0 663.0 3,857.0 2,145.0 1,902.0 4,035.0

BreitBurn Energy Partners L.P. 203.5 138.5 — 104.3 — '�;/( 'Q�;�(

Cabot Oil & Gas Corporation 800.5 175.8 50.8 265.4 — 113.2 195.3

Carrizo Oil & Gas, Inc. 155.5 30.2 — 390.9 0.3 ':�;�( '��;�(

Chaparral Energy, Inc. 323.0 114.5 — 344.8 — '/�;:( '�/;�(

Chesapeake Energy Corporation 5,049.0 983.0 — 12,371.0 — 'Q��;�( '/��:�;�(

Chevron Corporation 11,411.0 3,648.0 451.0 3,721.0 38.0 1,258.0 2,295.0

Cimarex Energy Co. 962.4 287.6 — 1,034.6 12.3 '�Q�;/( '�Q�;~(

CNX Gas Corporation 671.5 229.2 — 107.3 — 125.7 209.4

Comstock Resources, Inc. 290.9 69.2 0.9 213.4 — 1.7 5.7

Concho Resources Inc. 544.4 108.1 10.7 218.3 1.1 140.1 66.2

ConocoPhillips 10,666.0 4,627.0 500.0 3,231.0 302.0 637.0 1,369.0

Contango Oil & Gas Company 190.7 23.7 20.6 43.7 — 41.0 61.6

<;��#�%Millions

91

RevenuesProduction


expense DD&A (c)

Other (income)


Continental Resources, Inc. $ 610.7 $ 138.9 $ 12.6 $ 289.0 $ 2.3 $ 63.8 $ 104.1

Denbury Resources Inc. 630.5 368.6 — 236.1 — 9.9 15.9

Devon Energy Corporation 3,958.0 1,400.0 — 7,655.0 53.0 '��;�( 'Q�Q/�;�(

El Paso Corporation 1,072.0 298.0 — 2,446.0 — '~�/;�( '��~�;�(

EnCana Corporation 4,007.0 565.0 — 1,561.0 — 698.0 1,183.0

Encore Acquisition Company 680.6 234.6 52.5 300.8 — 22.9 69.8

Energen Corporation 815.5 217.4 10.2 180.8 4.9 143.7 258.4

Enerplus Resources Fund 147.5 24.6 — 61.5 — 3.6 57.8

EOG Resources, Inc. 2,741.8 827.2 177.3 1,460.4 — 106.5 170.4

EQT Corporation 384.6 61.4 17.9 117.4 — 71.4 116.5

EV Energy Partners, L.P. 50.1 47.5 — 52.0 — '�;�( '��;�(

EXCO Resources, Inc. 550.5 196.6 — 1,515.0 7.1 '��;:( '��~;Q(


Forest Oil Corporation 655.6 172.5 — 1,612.8 7.2 '��;�( '��/;:(

GMX Resources Inc. 91.9 10.8 — 219.2 — '�;�( '�Q�;�(

Goodrich Petroleum Corporation 157.9 44.0 9.3 369.3 — '/~;�( '��;�(

Helix Energy Solutions Group 473.9 139.1 24.4 241.2 '�Q;Q( 23.7 68.8


Kinder Morgan Energy Partners, L.P. 767.0 188.8 — 441.4 53.3 — 83.5

Linn Energy, LLC 266.8 179.5 7.2 191.3 — 0.5 '��;~(


Company statistics

RevenuesProduction


expense DD&A (c)

Other (income)


Loews Corporation $ 620.0 $ 343.0 $ — $ 1,036.0 $ 80.0 $ 'Q��;�( $ '/Q�;�(


Mariner Energy, Inc. 916.9 282.4 — 1,151.0 — '��;�( 'QQ/;�(

MDU Resources Group, Inc. 439.7 123.1 — 743.6 2.7 '�~�;�( '�~/;~(


National Fuel Gas Company 281.2 62.6 — 272.1 5.4 '��;�( 'Q�;:(

��!��"�� 972.0 375.0 — 1,807.0 8.0 '�Q�;�( '��;�(

Nexen Inc. 281.5 85.9 91.2 273.6 71.9 '�Q;Q( '�/�;�(

Noble Energy, Inc. 1,341.0 417.0 75.0 1,193.0 — '��;�( '�Q~;�(

Occidental Petroleum Corporation 5,832.0 1,851.0 156.0 1,237.0 389.0 594.0 1,605.0

Penn Virginia Corporation 228.7 72.3 57.8 256.1 0.7 '~�;�( ':�;�(

Petrohawk Energy Corporation 986.9 229.5 — 2,235.1 1.5 '~��;�( '�/�;�(

Petroleo Brasileiro, S.A. (Petrobras) 64.0 36.0 49.0 37.0 — — '/�;�(

Petroleum Development Corporation 169.0 57.8 22.9 125.4 — '�Q;�( '�Q;Q(

Pioneer Natural Resources Company 1,402.4 444.3 79.1 557.2 71.5 92.7 157.8

Plains Exploration & Production Company 1,187.1 426.1 — 405.6 — 133.5 222.0

Questar Corporation 1,267.3 185.8 25.0 533.1 — 183.2 340.2

Quicksilver Resources Inc. 608.0 112.9 — 914.8 — '��~;:( '��;�(

Range Resources Corporation 906.4 166.0 46.9 488.0 — 17.0 188.5

Repsol YPF, S.A. 623.8 48.8 69.8 450.7 1.4 27.9 25.1

93

RevenuesProduction


expense DD&A (c)

Other (income)


Rosetta Resources Inc. $ 217.4 $ 73.2 $ — $ 500.5 $ — $ '�Q�;�( $ '��~;�(

Royal Dutch Shell plc 5,829.0 1,722.0 610.0 2,440.0 653.0 '�/�;�( 862.0

SandRidge Energy, Inc. 454.7 173.3 — 1,869.3 — '�;:( '��/��;�(

Southwestern Energy Company 1,593.2 259.6 — 1,381.8 — '�/;�( 'Q�;/(

St. Mary Land & Exploration Company 756.6 206.8 62.2 538.7 — '�:;Q( 'Q�;:(

Stone Energy Corporation 714.4 164.7 — 764.8 33.0 '�~;�( '�~�;�(

Swift Energy Company 371.7 118.1 — 242.2 2.9 3.4 5.2

Talisman Energy Inc. 110.4 29.8 46.5 132.4 — 'Q�;�( '~�;/(

The Williams Companies, Inc. 2,144.0 649.0 58.0 873.0 178.0 146.0 240.0

Ultra Petroleum Corporation 666.8 152.8 — 1,238.8 — '�/�;�( '��;�(

Unit Corporation 352.6 75.2 — 394.9 — '�Q;�( '��;�(

Venoco, Inc. 243.1 110.2 — 86.2 5.8 9.8 31.1

W&T Offshore, Inc. 603.6 219.1 — 526.9 34.5 '�:;/( '��;Q(

Whiting Petroleum Corporation 956.3 301.9 46.9 420.9 — 63.6 122.9

XTO Energy Inc. 8,927.0 1,677.0 77.0 3,079.0 40.0 1,466.3 2,587.7

All companies $ 130,265.1 $ 38,106.5 $ 5,189.4 $ 82,581.3 $ 4,265.5 $ 70.0 $ 52.3

Integrateds $ 60,551.4 $ 18,600.3 $ 3,125.3 $ 18,603.1 $ 3,146.2 $ 5,420.3 $ 11,656.1

Large independents 35,712.9 9,682.0 1,266.7 31,232.0 545.1 �'��:;�( �'��QQ;~(

Independents 34,000.8 9,824.2 797.4 32,746.2 574.3 �'��/��;�( �'��Q��;�(

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;'<(� H�� *�� "��*��;'�(� H�� "��"��;'�(� H�� "��<��!��"��-��*��;�


<;��#�%�Million barrels

Beginning

Extensions and


Ending rank

Anadarko Petroleum Corporation 692.0 15.0 — 114.0 '~Q;�( 7.0 '/;�( — 760.0 6

Apache Corporation 514.8 17.6 — 13.0 'Q�;�( 13.0 — — 523.6 8

Arena Resources, Inc. 55.8 14.4 — '��;�( '�;�( 1.6 — — 59.7 37

Atlas Energy, Inc. 1.7 0.1 — 0.3 '�;�( 0.0 '�;�( — 1.9 70

ATP Oil & Gas Corporation 39.8 2.3 — 13.6 'Q;Q( 0.0 — — 52.4 41

Berry Petroleum Company 125.3 9.0 — 2.8 '�;�( 0.1 — — 129.9 24

Bill Barrett Corporation 5.7 1.4 — 1.5 '�;�( — — — 7.8 63

BP p.l.c. 2,990.0 73.0 82.0 165.0 '�Q�;�( — — — 3,073.0 1

BreitBurn Energy Partners L.P. 25.9 — — 17.0 'Q;�( — '�;�( — 38.8 45

Cabot Oil & Gas Corporation 9.3 0.5 — '�;�( '�;�( — '�;�( — 7.8 64

Carrizo Oil & Gas, Inc. 18.3 2.4 — '/;�( '�;/( — — — 14.8 59

Chaparral Energy, Inc. 51.3 6.7 2.5 32.3 'Q;:( 0.6 '�;�( — 89.5 29

Chesapeake Energy Corporation 120.6 27.1 — '��;Q( '��;�( 0.2 '�;�( — 124.0 25

Chevron Corporation 1,470.0 6.0 2.0 63.0 '��;�( — 'Q;�( — 1,361.0 5

Cimarex Energy Co. 45.2 13.8 — 11.2 '�;/( 0.3 '�;�( — 58.0 38

CNX Gas Corporation — — — — — — — — — —

Comstock Resources, Inc. 9.7 0.0 — '�;~( '�;�( — '�;�( — 7.2 66

Concho Resources Inc. 86.3 47.8 — 1.4 '�;Q( 13.9 '�;�( — 142.0 22

ConocoPhillips 1,928.0 31.0 15.0 85.0 '�/Q;�( — '�;�( — 1,905.0 2

Contango Oil & Gas Company 12.9 0.2 — 0.4 '�;�( — — — 12.4 60

95

Beginning

Extensions and


Ending rank

Continental Resources, Inc. 106.2 75.5 — 1.6 '��;�( 0.0 — — 173.3 18

Denbury Resources Inc. 179.1 0.3 13.9 4.5 '�Q;/( 28.4 '�:;�( — 192.9 17

Devon Energy Corporation 484.0 81.0 — 38.0 '�Q;�( — '�;�( — 559.0 7

El Paso Corporation 28.1 18.1 — 14.8 '/;/( 7.3 '�;~( — 61.2 36

EnCana Corporation 51.6 6.5 — '��;~( '�;�( — '�;�( — 41.2 44

Encore Acquisition Company 134.5 6.9 — 9.7 '��;�( 6.1 '�;�( — 147.1 21

Energen Corporation 91.0 10.1 — '�;�( '~;/( 14.6 '�;�( — 108.2 26

Enerplus Resources Fund 19.2 0.1 1.9 1.2 '�;/( — — — 19.9 55

EOG Resources, Inc. 205.8 76.8 — 10.5 '�/;�( 21.5 ':;�( — 279.9 12

EQT Corporation 2.1 — — '�;�( '�;�( — — — 2.0 69

EV Energy Partners, L.P. 15.5 0.4 — 3.1 '�;Q( 0.4 — — 18.1 58

EXCO Resources, Inc. 20.8 0.2 — '�;�( '�;~( — '��;~( — 5.5 67

Exxon Mobil Corporation 1,644.0 3.0 — 82.0 '��;�( — '�;�( — 1,616.0 3

Forest Oil Corporation 100.3 31.5 — 'Q;~( '~;�( — '~~;~( — 55.2 39

GMX Resources Inc. 5.0 0.0 — '�;�( '�;�( — — — 3.7 68

Goodrich Petroleum Corporation 2.0 0.5 — '�;�( '�;�( — — — 0.9 72

Helix Energy Solutions Group 32.0 0.2 — 0.2 '�;�( — '�;�( — 29.7 50

Hess Corporation 227.0 26.0 — 22.0 '�~;�( — — — 249.0 13


85.4 — — 16.9 '�/;�( 0.1 — — 86.8 30

Linn Energy, LLC 134.9 3.2 — 14.8 '/;~( 9.1 — — 156.3 20


Beginning

Extensions and


Ending rank

Loews Corporation 84.8 2.3 — '~;�( 'Q;�( — '�;:( — 73.8 33

Marathon Oil Corporation 178.0 21.0 — — '�Q;�( — '~;�( — 170.0 19

Mariner Energy, Inc. 69.3 14.5 — 3.1 '~;�( 5.0 — — 86.0 31

MDU Resources Group, Inc. 34.3 2.6 — 0.7 'Q;�( — '�;�( — 34.2 47

Murphy Oil Corporation 26.8 0.8 — 5.0 '~;�( — — — 26.4 52

National Fuel Gas Company 46.2 1.2 — 0.4 'Q;�( 2.1 '�;�( — 46.6 43

��!��"�� 110.8 38.0 — 'Q;�( '�;�( 1.0 '�;�( 0.2 137.0 23

Nexen Inc. 17.0 1.0 — 4.0 'Q;�( — — — 19.0 56

Noble Energy, Inc. 198.0 32.0 — '/;�( '��;�( 1.0 — — 209.0 16


1,547.0 29.0 56.0 58.0 '::;�( 15.0 — — 1,606.0 4

Penn Virginia Corporation 27.0 9.2 — '�;�( '�;Q( — '�;�( — 26.4 53

Petrohawk Energy Corporation 13.8 4.7 — 1.7 '�;/( — '��;�( — 8.3 62


15.5 — — '�;�( '�;/( — — — 7.3 65


15.0 1.3 — 3.0 '�;Q( 0.0 '�;�( — 18.1 57


448.9 11.6 — 30.2 '�~;/( — '�;�( — 472.4 9


177.7 0.8 — 53.1 '��;~( — — — 214.0 15

Questar Corporation 31.6 5.4 — 3.4 'Q;/( 0.1 — — 37.0 46

Quicksilver Resources Inc. 94.8 15.7 — '�;�( '/;�( — — — 101.1 28

Range Resources Corporation 73.3 25.0 — 6.9 '�;�( — '��;�( — 85.7 32

Repsol YPF, S.A. 48.1 7.2 — 20.5 ':;Q( — — — 66.4 34

97

Beginning

Extensions and


Ending rank

Rosetta Resources Inc. 3.6 3.6 — 3.1 '�;�( 0.0 '�;Q( — 9.0 61

Royal Dutch Shell plc 347.0 54.0 — 92.0 '��;�( — — — 422.0 10

SandRidge Energy, Inc. 43.2 0.0 — 8.8 '�;:( 56.3 '�;�( — 105.3 27

Southwestern Energy Company 1.5 0.0 — '�;Q( '�;�( — — — 1.1 71


51.4 3.4 1.2 4.5 '~;Q( — '�;�( — 53.8 40

Stone Energy Corporation 36.6 0.4 — 2.0 '~;�( — '�;�( — 32.3 49

Swift Energy Company 67.7 3.1 — '�;�( '/;/( — — — 64.5 35

Talisman Energy Inc. — — — — — — — — — —

The Williams Companies, Inc. — — — — — — — — — —

Ultra Petroleum Corporation 27.0 5.9 — '�;�( '�;Q( — — — 29.2 51

Unit Corporation 19.9 5.9 — 3.3 '�;�( 0.1 — — 26.3 54

Venoco, Inc. 58.2 0.9 — 3.7 'Q;�( — '�;�( — 52.0 42

W&T Offshore, Inc. 43.9 1.5 — '�;�( '�;�( 0.0 '�;:( — 34.2 48

Whiting Petroleum Corporation 180.0 25.1 — 33.6 '�/;�( 3.2 '�;�( — 223.8 14

XTO Energy Inc. 343.3 44.1 — 31.8 'Q�;�( 0.1 — — 387.6 11

All companies 16,252.4 979.6 174.5 1,023.2 (1,397.3) 208.3 (180.2) 0.2 17,060.7

Integrateds 8,926.0 228.5 99.0 514.2 '��:;�( — '��;�( — 8,937.3

Large independents 3,907.5 290.6 56.0 255.0 'Q�:;�( 56.8 '�~;�( — 4,240.2

Independents 3,418.9 460.5 19.5 254.0 '�~:;�( 151.5 '�/�;�( 0.2 3,883.1

'(� H�� ;�'<(� H�� !��;�


<;��Bcf

Beginning

Extensions and


Ending rank

Anadarko Petroleum Corporation 8,105.0 210.0 — 228.0 '��;�( 149.0 '��;�( — 7,764.0 7

Apache Corporation 2,537.2 150.7 — '/�;~( '��Q;�( 47.8 — — 2,437.9 21

Arena Resources, Inc. 58.8 13.6 — '�/;�( '�;�( 2.8 — — 57.2 71

Atlas Energy, Inc. 990.8 316.6 — '��;�( 'Q/;�( 0.1 '�;�( '��;�( 1,008.7 31

ATP Oil & Gas Corporation 210.8 15.3 — 18.6 '��;�( 0.3 — — 233.0 65

Berry Petroleum Company 724.1 54.7 — 'Q�;~( '��;�( 37.2 '��~;~( — 632.2 41

Bill Barrett Corporation 784.3 169.0 — 50.0 '�/;/( 0.5 '�;�( — 918.1 33

BP p.l.c. 14,532.0 496.0 550.0 549.0 ':��;�( — '�;�( — 15,216.0 1

BreitBurn Energy Partners L.P. 466.4 — — '��;�( '��;�( — '�;�( — 434.7 50

Cabot Oil & Gas Corporation 1,886.0 459.6 — '�:Q;�( ':�;:( 0.0 '��;�( — 2,013.2 24

Carrizo Oil & Gas, Inc. 392.7 191.5 — 'Q�;/( 'Q�;�( — '�;�( — 513.0 45

Chaparral Energy, Inc. 372.4 49.4 2.9 '��;�( '��;~( 0.3 '�;�( — 314.4 56

Chesapeake Energy Corporation 11,327.0 4,530.0 — '��QQ/;�( '�Q/;�( 32.0 '��:;�( — 13,510.0 2

Chevron Corporation 3,150.0 53.0 — 39.0 '/��;�( — 'QQ;�( — 2,698.0 16

Cimarex Energy Co. 1,067.3 229.6 — 6.7 '��;�( 2.1 '�;�( — 1,186.6 30

CNX Gas Corporation 1,422.0 406.8 — 177.0 ':�;�( — — — 1,911.4 25

Comstock Resources, Inc. 523.6 349.9 — '�Q�;�( '~�;�( — '�;�( — 682.4 39

Concho Resources Inc. 305.9 109.2 — '��;�( '��;~( 38.1 '�;Q( — 416.9 52

ConocoPhillips 10,920.0 146.0 3.0 526.0 '�/�;�( — 'Q;�( — 10,742.0 5

Contango Oil & Gas Company 291.6 2.1 — 7.4 '��;/( — — — 280.6 61

99

Beginning

Extensions and


Ending rank

Continental Resources, Inc. 318.1 210.0 — '�;/( '��;~( 0.0 — — 504.1 46

Denbury Resources Inc. 428.0 11.8 — 'Q;�( '��;�( 2.3 'Q�/;:( — 88.0 70

Devon Energy Corporation 8,369.0 1,451.0 — '~��;�( '��Q;�( 1.0 '�;�( — 8,469.0 6

El Paso Corporation 2,091.0 380.0 — '��;�( '��/;�( 19.0 '�:;�( — 2,052.0 23

EnCana Corporation 5,831.0 1,406.0 — '��/;�( '/:�;�( — '�:;�( — 5,713.0 9

Encore Acquisition Company 307.5 87.6 — '�:;�( 'QQ;:( 107.6 '�;�( — 439.1 49

Energen Corporation 1,038.5 45.8 — '��;:( '��;Q( 9.6 '�;�( — 897.5 34

Enerplus Resources Fund 32.3 2.5 2.3 9.5 '�;�( 3.5 — — 45.7 73

EOG Resources, Inc. 4,889.0 1,925.0 — 'Q��;�( '��;Q( 450.8 '��;�( — 6,350.1 8

EQT Corporation 3,097.3 1,158.6 — ':�;�( '��;Q( — '�;�( — 4,056.1 11

EV Energy Partners, L.P. 266.0 3.5 — '��;�( '�~;/( 15.2 — — 257.2 63

EXCO Resources, Inc. 1,815.1 240.8 — 'Q��;~( '��;�( 8.1 '��/;�( — 925.7 32

Exxon Mobil Corporation 11,778.0 158.0 — 320.0 '/~~;�( 8.0 '��;�( — 11,688.0 4

Forest Oil Corporation 1,719.6 320.7 — 'Q/�;�( '��~;�( — '�/�;/( — 1,415.4 29

GMX Resources Inc. 435.3 25.7 — '��;:( '��;:( — — — 333.2 55

Goodrich Petroleum Corporation 390.4 318.7 — '�~�;:( '��;:( — '�;�( — 415.3 53

Helix Energy Solutions Group 460.5 6.5 — '��;~( '��;�( — '�;:( — 387.3 54

Hess Corporation 276.0 23.0 — 46.0 'Q:;�( — — — 306.0 58


1.3 — — '�;Q( '�;Q( 0.0 — — 0.7 75

Linn Energy, LLC 851.2 31.5 — '~:;Q( '�/;�( 6.8 — — 774.5 38


Beginning

Extensions and


Ending rank

Loews Corporation 1,694.0 39.0 — '��;�( '��;�( 7.0 '�;�( — 1,521.0 28

Marathon Oil Corporation 1,085.0 80.0 — '�Q:;�( '��~;�( — '~�;�( — 820.0 36

Mariner Energy, Inc. 558.0 79.5 — '�~;�( ':�;�( 70.9 — — 571.4 43

MDU Resources Group, Inc. 604.3 26.9 — '��~;�( '/~;~( — '�;�( — 448.4 48

Murphy Oil Corporation 97.4 2.6 — 9.1 '�:;�( — — — 89.3 69

National Fuel Gas Company 225.9 59.2 — ':;~( '��;Q( 0.4 '�;�( — 249.0 64

��!��"�� 2,109.8 1,045.0 — 'Q/�;�( '��;�( 6.0 '�~;�( 0.2 2,605.0 18

Nexen Inc. 151.0 11.0 — 8.0 '��;�( — — — 150.0 68

Noble Energy, Inc. 1,859.0 211.0 — 'Q:�;�( '��/;�( 6.0 — — 1,534.0 27


3,153.0 362.0 137.0 '~��;�( '�Q�;�( 67.0 — — 2,799.0 14

Penn Virginia Corporation 754.1 180.4 — '��;Q( '�Q;Q( — '�;�( — 776.7 37

Petrohawk Energy Corporation 1,334.7 1,933.7 — '��;Q( '��;�( 1.6 '��;~( — 2,700.0 15


126.1 — — '��;�( 'Q;:( — — — 51.5 72


662.9 82.8 — '��;:( 'Q/;/( 0.8 '�;�( — 608.9 42


2,917.0 18.9 — 'QQ/;�( '��;/( — 'Q;Q( — 2,450.1 20


686.4 338.2 — '��;�( '��;�( 13.7 — — 873.1 35

Questar Corporation 2,028.5 982.4 — 'Q��;:( '�~�;�( 1.7 — — 2,525.0 19

Quicksilver Resources Inc. 1,306.5 460.2 — '��;�( '~�;~( 0.3 '��;/( — 1,556.0 26

Range Resources Corporation 2,213.5 620.1 — 'Q�;/( '�Q�;~( — '/�;�( — 2,614.7 17

Repsol YPF, S.A. 12.3 2.0 — 5.2 'Q;�( — — — 15.8 74

101

Beginning

Extensions and


Ending rank

Rosetta Resources Inc. 376.0 32.0 — '~�;�( '��;�( 3.0 'Q;�( — 297.0 59

Royal Dutch Shell plc 2,392.0 229.0 — 36.0 'Q::;�( — — — 2,258.0 22

SandRidge Energy, Inc. 1,899.6 8.9 — '��;:( '��;/( 104.0 '�;�( — 680.1 40

Southwestern Energy Company 2,175.5 1,683.3 — 94.9 '�::;�( 1.8 '/;/( — 3,650.3 13


557.4 52.0 29.9 '�~;�( '��;�( — '��;�( — 449.5 47

Stone Energy Corporation 299.6 12.2 — '/Q;�( '��;Q( — '�;Q( — 216.7 66

Swift Energy Company 292.4 32.9 — '�Q;/( '��;�( — — — 290.6 60

Talisman Energy Inc. — 474.6 — — '�~;�( — '�;�( 119.2 566.2 44

The Williams Companies, Inc. 4,339.0 1,051.0 — '�/:;�( '�Q/;�( 159.0 — — 4,255.0 10

Ultra Petroleum Corporation 3,355.8 758.7 — '��/;�( '��;�( — — — 3,736.6 12

Unit Corporation 450.1 70.4 — '/�;�( '��;�( 0.0 — — 419.1 51

Venoco, Inc. 236.2 38.5 — 8.0 '��;�( 20.5 '�;�( — 278.1 62

W&T Offshore, Inc. 227.9 14.5 — '�Q;�( '/�;~( 0.4 '��;�( — 165.8 67

Whiting Petroleum Corporation 354.8 42.0 — '~�;~( '�:;Q( 4.2 '�;~( — 307.4 57

XTO Energy Inc. 11,802.9 2,175.8 — '~��;�( '�//;�( 22.4 — — 12,501.7 3

All companies 156,801.7 28,970.3 725.0 (10,022.7) (12,441.6) 1,433.1 (2,443.7) 97.3 163,119.4

Integrateds 50,199.8 2,595.6 553.0 475.6 '��Q/;�( 8.0 '�::;�( — 49,597.6

Large independents 50,183.1 11,279.1 137.0 'Q��;�( '��Q;~( 770.0 '�Q~;�( 119.2 54,397.9

Independents 56,418.8 15,095.5 35.0 '��;Q( '��Q�;~( 655.1 '��;:( '��;:( 59,123.9

'(� H�� !��;�


US — performance measures (three-year averages) (a) Costs in $ per BOE, production replacement rates in %





Production costs

Anadarko Petroleum Corporation �� ':;~�( $ 17.04 $ 15.63 9% 149% '��([ 84% $ 11.61

Apache Corporation 12.60 40.67 29.12 127 70 67 51 13.06

Arena Resources, Inc. 5.37 22.16 14.99 543 314 365 195 12.34

Atlas Energy, Inc. 12.75 10.87 12.08 61 52 1,071 380 7.56

ATP Oil & Gas Corporation 2.35 51.38 42.11 255 231 242 172 10.24

Berry Petroleum Company 11.12 11.25 11.19 180 210 735 359 17.34

Bill Barrett Corporation 8.00 10.76 10.74 66 372 349 349 8.71

BP p.l.c. 27.00 20.06 20.46 77 89 105 98 12.69

BreitBurn Energy Partners L.P. 12.92 'Q�;/�( 19.32 205 '��( 1,003 '/�( 21.93

Cabot Oil & Gas Corporation 20.48 15.29 16.25 92 48 340 292 11.27

Carrizo Oil & Gas, Inc. — 12.30 12.17 797 724 598 602 7.31

Chaparral Energy, Inc. 15.35 90.70 53.81 110 82 3 '��( 18.59

Chesapeake Energy Corporation 11.20 20.56 19.95 155 141 329 354 7.34

Chevron Corporation 11.01 79.96 70.67 22 23 21 28 15.54

Cimarex Energy Co. 12.58 25.43 25.13 93 144 126 146 11.69

CNX Gas Corporation 23.54 8.40 8.76 — — 383 374 17.01

Comstock Resources, Inc. 14.55 16.90 16.56 87 108 248 235 7.88

Concho Resources Inc. 15.88 11.69 13.04 754 521 545 351 11.01

ConocoPhillips 12.00 39.90 39.25 30 30 37 36 18.79

Contango Oil & Gas Company 18.64 4.80 8.18 959 716 926 733 4.56

103





Production costs

Continental Resources, Inc. $ 34.80 $ 10.73 $ 11.04 370% 363% 860% 857% $ 11.26

Denbury Resources Inc. 19.12 12.46 13.79 290 257 '��~( 275 20.12


El Paso Corporation 15.06 22.77 20.38 153 169 128 114 8.47

EnCana Corporation 43.54 25.67 27.44 10 25 119 116 8.00

Encore Acquisition Company 17.91 137.83 34.08 79 '�Q( 257 231 16.91

Energen Corporation 11.12 191.45 52.09 121 35 3 '�( 12.61

Enerplus Resources Fund 19.39 46.97 42.03 105 104 380 239 6.66


EQT Corporation 15.62 5.37 5.44 218 211 667 690 4.36

EV Energy Partners, L.P. 10.22 '��;��( 12.78 697 '~�( 615 '��( 13.19

EXCO Resources, Inc. 17.44 150.36 28.01 ':/( 49 44 20 9.43

Exxon Mobil Corporation 14.47 26.43 26.32 18 22 80 81 16.52

Forest Oil Corporation 13.09 31.91 19.64 '�/�( 212 363 116 8.08

GMX Resources Inc. — 25.74 27.06 326 326 395 395 7.31

Goodrich Petroleum Corporation 16.24 18.37 18.35 'QQ~( 151 436 454 10.36

Helix Energy Solutions Group 1,141.61 22.84 23.37 28 106 193 278 18.45


Kinder Morgan Energy Partners, L.P. 57.30 '~�Q;Q�( '~~�;��( '�( '�( 137 136 16.16

Linn Energy, LLC 12.33 30.45 14.24 1,052 167 690 39 13.98


Production replacement rates

Oil Gas




Production costs

Loews Corporation $ 5.46 �� '�:;�:( $ 9.52 906% '~�([ 901% '��~([ $ 20.50

Marathon Oil Corporation 4.15 42.45 41.77 97 103 49 61 16.29

Mariner Energy, Inc. 12.37 35.92 25.99 312 197 161 86 12.54

MDU Resources Group, Inc. 14.13 61.83 37.25 186 179 51 1 10.45

Murphy Oil Corporation — 'QQ�;�Q( 'QQ�;�Q( '��( '��( '�( '�( 13.34

National Fuel Gas Company 10.68 32.07 26.93 '�( 'Q�( 177 179 8.70

��!��"�� 14.43 14.52 14.51 293 306 304 322 11.65

Nexen Inc. 10.95 '��QQ�;~~( 216.18 8 '�( 40 '�( 10.98

Noble Energy, Inc. 14.99 36.35 33.50 178 174 53 35 10.05


Penn Virginia Corporation 7.11 13.88 13.06 915 903 360 323 9.52

Petrohawk Energy Corporation 16.42 15.83 15.86 '��Q( 197 571 618 7.96

Petroleo Brasileiro, S.A. (Petrobras) — '/:;�/( '/:;�/( '��( '��( '�~Q( '�~Q( 23.04

Petroleum Development Corporation 11.49 9.97 10.38 421 302 467 347 9.52

Pioneer Natural Resources Company 6.61 39.77 25.13 246 196 46 ':( 11.63


16.24 179.38 41.28 '��Q( '��( 508 362 16.82

Questar Corporation 12.59 13.68 13.47 188 192 340 275 6.74

Quicksilver Resources Inc. 15.73 9.95 10.92 457 511 528 750 9.26

Range Resources Corporation 13.34 11.33 11.57 333 443 451 412 7.39

Repsol YPF, S.A. 29.30 81.49 71.77 292 241 '/~( '��( 6.14

105


Oil Gas




Production costs

Rosetta Resources Inc. $ 11.97 $ 193.31 $ 48.40 346% 346% 31% '��([ $ 8.54


SandRidge Energy, Inc. 15.24 724.62 45.34 1,203 421 25 '��( 10.84

Southwestern Energy Company 17.74 8.02 8.02 '/�:( 96 544 553 5.44

St. Mary Land & Exploration Company 10.33 75.08 46.72 'Q( 18 84 65 12.62

Stone Energy Corporation 35.92 1,852.55 66.43 48 28 '�( '��( 13.48

Swift Energy Company 24.92 113.34 62.81 55 20 136 66 15.08

Talisman Energy Inc. — 7.80 7.81 — — 1,806 1,811 6.83

The Williams Companies, Inc. 6.46 18.88 17.38 — — 147 129 9.58

Ultra Petroleum Corporation — 7.22 7.22 443 443 452 452 6.31

Unit Corporation 19.30 23.80 23.57 302 295 109 101 8.79

Venoco, Inc. 11.47 32.46 24.28 121 108 172 111 17.31

W&T Offshore, Inc. 15.34 '��;��( '/�Q;�Q( 4 '�/( '��( '��( 13.72

Whiting Petroleum Corporation 18.93 29.88 27.47 177 186 87 12 16.99

XTO Energy Inc. 19.82 15.64 17.23 250 138 367 231 10.25

All companies $ 13.87 $ 22.12 $ 20.18 98% 90% 188% 165% $ 12.64

Integrated $ 26.78 $ 33.51 $ 33.17 55% 59% 70% 70% $ 14.76


Independents 13.00 20.20 17.83 186 143 283 225 11.15

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;�


107

��

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=��>��



Exploration 3,775.7 5,183.1 6,438.2 7,899.3 7,756.3

Development 15,090.8 18,669.1 15,579.5 17,816.5 17,972.9

Other 147.0 8.8 7.4 10.2 17.1

Total $ 26,956.8 $ 38,020.8 $ 32,368.9 $ 36,134.5 $ 35,125.5

3�"�D��;**��

2005 2006 2007 2008 2009Revenues $ 51,931.8 $ 63,444.5 $ 44,602.8 $ 53,719.1 $ 42,638.0



DD&A (b) 7,377.4 8,223.9 11,729.6 9,494.9 9,385.1

Other expenses (c) 4,221.8 6,306.5 2,027.6 699.2 1,140.5


Income taxes 14,212.2 15,310.5 11,140.6 15,039.9 9,286.3


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3�"�D�� <��;**��


Additions:


Improved recovery 40.0 30.2 1.0 14.0 —

Revisions 'Q:�;�( 318.7 '/��;�( 454.5 100.6

Production '�~�;�( '�Q�;/( '/�~;�( '�~�;�( '�/:;~(

Purchases 554.1 269.1 390.0 91.1 140.0

Sales ':�;�( 'Q��;�( '��QQ;~( '��~;�( '��;�(

Other (b) 25.8 '�:�;�( '��/��;�( '�:�;�( 153.0

End of year 9,407.7 9,045.0 5,283.8 5,186.6 5,366.0

'(� H�� ;��'<(� H�� !��;

3�"�D�� ;**��=��

109


Additions:

Extensions and discoveries 3,118.1 7,584.9 1,016.2 560.7 5,857.9

Improved recovery 43.0 29.9 1.0 — —

Revisions 1,338.1 831.2 1,434.3 3,052.5 1,097.5

Production '��~��;�( '��;�( '��Q�;Q( '��~��;�( '��:��;Q(

Purchases 1,122.0 244.9 3,633.0 2,491.2 1,890.0

Sales '��;�( '��:;�( '��;~( '��Q:;�( '��Q;�(

Other (a) '�/;�( 106.6 '��;/( 31.9 1,744.0

End of year 47,056.3 52,834.4 35,523.5 37,276.7 43,058.4

'(� H�� !��;

3�"�D�� ;**��/�<�

3�"�D�� !��reserve replacement costs (RRC) — 100 companies ($ per BOE)

2005 2006 2007 2008 2009 3-year 5-yearPRAC $ 6.51 $ 15.66 $ 3.02 $ 6.95 $ 14.91 $ 6.80 $ 7.64

FDC 22.88 15.72 90.57 26.01 16.58 27.47 22.88

RRC 15.78 15.71 24.53 20.53 16.22 19.76 17.99

3�"�D��;**��

2005 2006 2007 2008 2009 3-year 5-yearAll sources 89% 90% -138% 120% 106% 22% 56%

Excluding purchases and sales 28 95 '�~( 140 120 77 69

3�"�D��;**��



3�"�D��;**��.��/34�

2005 2006 2007 2008 2009 3-year 5-year $ 8.83 $ 10.10 $ 10.32 $ 12.50 $ 11.76 $ 11.52 $ 10.57





Anadarko Petroleum Corporation $ — $ 9.0 $ 486.0 $ 881.0 $ — $ 1,376.0

Apache Corporation — — 10.8 — — 10.8

BG Group plc 924.5 1,346.1 1,582.7 2,247.1 — 6,100.3

BHP Billiton Group — 60.0 404.0 897.0 — 1,361.0

Canadian Natural Resources Limited — — — 1.8 — 1.8

Chevron Corporation1 — — 848.0 2,434.0 — 3,282.0

CNOOC Limited 126.8 22.1 175.3 536.8 — 861.0

ConocoPhillips — 55.0 90.0 685.0 — 830.0

Devon Energy Corporation — — — — — —

EnCana Corporation — — 2.0 — — 2.0

Eni SpA1 182.5 59.9 394.2 1,482.2 — 2,118.8

EOG Resources, Inc. — '�;Q( 71.9 1.9 — 73.5

Hess Corporation 74.0 2.0 438.0 343.0 — 857.0

Husky Energy Inc. — 1.8 481.5 14.9 — 498.1

INPEX CORPORATION3 — 103.5 484.1 2,341.3 — 2,928.9

Marathon Oil Corporation 15.0 2.0 29.0 64.0 — 110.0

Mitsui & Co., Ltd.1 — 5.6 66.6 215.3 — 287.5

Murphy Oil Corporation — 4.7 79.4 1.2 — 85.3

Nexen Inc. — — 76.3 437.5 — 513.8

Noble Energy, Inc. — 2.0 13.0 124.0 5.0 144.0

OAO LUKOIL1 1,154.0 97.0 232.0 695.0 — 2,178.0

OMV Aktiengesellschaft — 13.0 75.4 956.8 8.6 1,053.8

Petroleo Brasileiro, S.A. (Petrobras) — — 157.0 — — 157.0

Pioneer Natural Resources Company — — 0.7 — — 0.7

StatoilHydro ASA — 208.8 995.3 2,475.3 — 3,679.3

Suncor Energy Inc. 2,133.6 — 62.2 220.9 — 2,416.7

Talisman Energy Inc. — 41.2 190.2 51.7 3.5 286.6

Total S.A. 2,171.4 564.2 310.8 865.2 — 3,911.6

All companies $ 6,781.8 $ 2,597.5 $ 7,756.3 $ 17,972.9 $ 17.1 $ 35,125.5

Integrateds $ 5,730.5 $ 1,014.0 $ 4,261.4 $ 10,452.7 $ 8.6 $ 21,467.1


Independents — 2.0 90.0 561.5 5.0 658.5

=��>��Millions

111

RevenuesProduction


expense DD&A (c)

Other (income)


Anadarko Petroleum Corporation $ 1,437.0 $ 530.0 $ 297.0 $ 181.0 $ — $ 165.2 $ 263.8

Apache Corporation — — — — — — —

BG Group plc 4,494.2 694.2 824.2 1,021.7 590.8 637.8 725.5

BHP Billiton Group 2,462.0 370.0 345.0 786.0 — 519.0 442.0

Canadian Natural Resources Limited — — — — — — —

Chevron Corporation1 7,977.0 2,010.0 542.0 1,714.0 413.0 1,618.0 1,680.0

CNOOC Limited 1,180.4 183.6 90.3 485.7 3.4 210.5 206.9

ConocoPhillips 65.0 20.0 75.0 62.0 17.0 '��;�( '��;�(

Devon Energy Corporation — — — — — — —

EnCana Corporation — — — 28.0 — — '��;�(

Eni SpA1 2,338.8 488.9 532.1 1,649.3 '��:;�( 58.5 '��;Q(

EOG Resources, Inc. 23.8 11.4 18.3 8.6 — '~;�( '�;�(


Husky Energy Inc. 207.8 26.3 — 64.0 0.9 35.1 81.6

INPEX CORPORATION3 10,433.8 3,174.4 292.2 171.1 — 5,188.0 1,608.0

Marathon Oil Corporation — 22.0 28.0 — — '��;�( 'Q~;�(

Mitsui & Co., Ltd.1 1,402.6 412.3 62.6 166.2 — 212.9 548.6

Murphy Oil Corporation 2.4 23.8 77.7 5.8 0.6 '�;~( '��;:(

Nexen Inc. 61.4 7.0 56.1 12.3 25.4 '��;�( '�:;Q(

Noble Energy, Inc. 270.0 79.0 24.0 150.0 — 6.0 11.0

OAO LUKOIL1 2,313.0 685.0 157.0 428.0 — 401.0 642.0

OMV Aktiengesellschaft 2,696.6 1,235.3 93.8 465.4 12.5 159.1 730.4

Petroleo Brasileiro, S.A. (Petrobras) — — 71.0 1.0 '�;�( — '��;�(

Pioneer Natural Resources Company — — — — — — —

StatoilHydro ASA 2,394.7 510.0 1,473.0 1,171.1 — '�/�;/( '/��;�(

Suncor Energy Inc. 191.1 20.2 31.6 35.1 5.3 74.5 24.5

Talisman Energy Inc. 232.3 49.1 124.5 42.1 — 28.9 '��;Q(

Total S.A. 1,250.2 270.2 169.4 366.8 253.4 144.2 46.2

All companies $ 42,638.0 $ 11,132.8 $ 5,596.9 $ 9,385.1 $ 1,140.5 $ 9,286.3 $ 6,096.4

Integrateds $ 22,043.3 $ 6,034.1 $ 3,525.2 $ 6,526.7 $ 520.9 $ 2,557.2 $ 2,879.2

Large independents 20,263.4 5,012.7 1,991.5 2,696.1 594.2 6,743.3 3,225.5

Independents 331.4 86.0 80.1 162.3 25.4 '��;�( '�;Q(

'(� �"� �� !��<��!��"�� #��"� ��!��"��"��"��;��'<(� H�� *�� "��*��;��'�(� H�� "��"��;�'�(� H�� "��<��!��"��-��*��;

=��>��#�%�Millions


=��>��#�%�Million barrels

Beginning

Extensions and


Ending rank

Anadarko Petroleum Corporation 28.0 20.0 — 21.0 '�/;�( — — 206.0 250.0 8

Apache Corporation — — — — — — — — — —

BG Group plc 529.0 47.5 — 25.3 'Q�;�( — — — 564.7 4

BHP Billiton Group 241.8 14.0 — 28.9 'Q/;~( — — — 249.1 9


— — — — — — — — — —

Chevron Corporation1 790.0 33.0 — '�;�( ':�;�( — '~;�( 73.0 789.0 2

CNOOC Limited 113.0 — — 20.0 '�6;�( 2.0 — — 119.0 11

ConocoPhillips 6.0 — — '�;�( — — '/;�( 115.0 108.0 12

Devon Energy Corporation 128.0 — — — — — '��;�( — — —

EnCana Corporation — — — — — — — — — —

Eni SpA1 273.0 13.0 — 36.0 'Q�;�( — '/�;�( — 239.0 10

EOG Resources, Inc. 0.1 — — 0.0 '�;�( — — — 0.1 20

Hess Corporation 87.0 — — '�;�( '~;�( — — — 74.0 13

Husky Energy Inc. 6.0 — — 5.0 'Q;�( — — — 8.0 19

INPEX CORPORATION3 829.0 — — 49.0 '/�;�( — '~.�( — 815.0 1


Mitsui & Co., Ltd.1 53.0 — — 4.0 '�;�( — — — 49.0 14


Nexen Inc. 31.0 7.0 — 1.0 '�;�( — — — 38.0 16

Noble Energy, Inc. 15.0 1.0 — — '�;�( — — 23.0 35.0 17

OAO LUKOIL1 620.0 37.0 — '��;�( '��;�( 102.0 — — 642.0 3

OMV Aktiengesellschaft 481.4 0.1 — 10.1 'QQ;/( — — — 458.1 5


— — — — — — — — — —


— — — — — — — — — —

StatoilHydro ASA 677.0 51.0 — '�~;�( 'Q�;�( — '�;�( '�~�;�( 410.0 7

Suncor Energy Inc. — 6.0 — 4.0 '�;�( 36.0 — — 44.0 15

Talisman Energy Inc. 26.3 6.5 — '�;�( 'Q;�( — 'Q;�( — 21.0 18

Total S.A. 252.0 214.0 — 6.0 '��;�( — '�;�( — 453.0 6

All companies 5,186.6 450.1 — 100.6 (459.6) 140.0 (204.7) 153.0 5,366.0

Integrateds 3,245.4 354.1 — 'Q:;:( '��;/( 138.0 '~�;�( '�~;�( 3,274.1

Large independents 1,895.2 88.0 — 139.5 '��;�( 2.0 '�Q�;�( 206.0 2,018.9

Independents 46.0 8.0 — 1.0 '/;�( — — 23.0 73.0

'(� H�� ;'<(� H�� !��;�

113

=��>��Bcf

Beginning

Extensions and


Ending rank

Anadarko Petroleum Corporation — — — — — — — — — —

Apache Corporation — — — — — — — — — —

BG Group plc 9,603.0 474.0 — 460.0 '�/Q;�( 567.0 — — 10,251.0 1

BHP Billiton Group 530.1 7.5 — '�;�( '��;�( — '�;�( — 484.7 12


— — — — — — — — — —

Chevron Corporation1 3,736.0 4,277.0 — 226.0 '��;�( — '��;�( 1,962.0 9,637.0 2

CNOOC Limited 608.0 8.0 — 78.0 '��;�( 46.0 — — 696.0 11

ConocoPhillips — — — 'Q�;�( — — — 88.0 56.0 15

Devon Energy Corporation 6.0 — — — — — — '~;�( — —

EnCana Corporation — — — — — — — — — —

Eni SpA1 3,615.0 87.0 — 61.0 '�~:;�( 136.0 '��/�Q;�( — 2,217.0 6

EOG Resources, Inc. 14.9 — — 3.0 '/;�( — — — 12.7 16

Hess Corporation 1,858.0 — — 83.0 '�~:;�( 101.0 — — 1,873.0 8

Husky Energy Inc. — — — — — — — — — —

INPEX CORPORATION3 2,905.0 — — 281.0 'Q:�;�( 5.0 — 1.0 2,795.0 5


Mitsui & Co., Ltd.1 942.0 — — 33.0 '/�;�( — — — 924.0 9


Nexen Inc. — — — — — — — — — —

Noble Energy, Inc. 25.0 2.0 — — '��;�( — — 180.0 196.0 14

OAO LUKOIL1 6,980.0 294.0 — '�:�;�( '�:�;�( 130.0 — — 6,917.0 3

OMV Aktiengesellschaft 2,113.9 10.4 — 205.2 '��;�( — — — 2,141.3 7


— — — — — — — — — —


— — — — — — — — — —

StatoilHydro ASA 1,403.0 87.0 — '��;�( ':�;�( — — '��;�( 872.0 10

Suncor Energy Inc. — 229.0 — 15.0 '��;�( 153.0 — — 387.0 13

Talisman Energy Inc. 222.8 — — '�;�( '�;�( — '��;�( — 1.7 17

Total S.A. 2,714.0 382.0 — 25.0 '��;�( 752.0 '~�;�( — 3,597.0 4

All companies 37,276.7 5,857.9 — 1,097.5 (2,924.3) 1,890.0 (1,883.4) 1,744.0 43,058.4

Integrateds 23,361.9 5,366.4 — 279.2 '��/~~;�( 1,272.0 '��~~�;�( 1,569.0 28,621.3

Large independents 13,889.8 489.5 — 818.3 '��Q��;�( 618.0 '��;�( '/;�( 14,241.1

Independents 25.0 2.0 — — '��;�( — — 180.0 196.0

'(� H�� !��;�


=��>��#��+��%�#�%�Costs in $ per BOE, production replacement rates in %


Oil Gas




Production costs

Anadarko Petroleum Corporation $ — $ 19.79 $ 19.89 78% 354% — — $ 21.14

Apache Corporation — — — — — — — —

BG Group plc 5.86 21.38 17.61 260 263 173% 115% 3.35


Canadian Natural Resources Limited — — — — — — — —

Chevron Corporation1 '�;��( 7.70 5.66 '�/( 27 492 497 9.58

CNOOC Limited 13.12 30.74 29.05 370 360 139 99 7.51

ConocoPhillips — '/Q;�Q( '/Q;�Q( '��( '�/�( ':��( 'Q~�( 52.78

Devon Energy Corporation — 38.65 38.65 '�:�( 79 33 33 22.06

EnCana Corporation — — — — — — — —

Eni SpA1 3.19 71.98 14.13 243 116 565 67 8.41

EOG Resources, Inc. 4.93 '/��;/�( 61.63 125 '�( 98 '��( 11.76


Husky Energy Inc. — 140.11 140.11 60 60 — — 6.93

INPEX CORPORATION3 — 28.69 27.88 116 120 26 22 25.12

Marathon Oil Corporation — — — — — — — —

Mitsui & Co., Ltd.1 7.52 70.33 23.58 '��/( 44 '�Q:( 40 19.96

Murphy Oil Corporation — — — — — — — —

Nexen Inc. — 118.35 118.35 160 160 — — 4.77

Noble Energy, Inc. — 19.47 19.47 34 117 77 77 16.03

OAO LUKOIL1 7.21 9.33 8.41 24 87 618 298 7.24


Petroleo Brasileiro, S.A. (Petrobras) — — — — — — — —

Pioneer Natural Resources Company — — — — — — — —

StatoilHydro ASA 31.74 59.99 54.37 153 123 36 48 9.62

Suncor Energy Inc. 34.69 5.59 21.55 2,300 500 3,970 2,440 5.50

Talisman Energy Inc. — 400.35 400.35 2 31 '/~��( '��( 10.51

Total S.A. 17.33 '��;��( '��;~�( ':��( '��( 233 130 4.78

All companies $ 6.80 $ 27.47 $ 19.76 22% 77% 215% 163% $ 11.52

Integrated $ 6.72 $ 28.48 $ 18.12 'Q�([ 29% 302% 232% $ 10.71


Independents — 61.29 61.29 81 133 77 77 12.49

'(� ��!��"��"� ��<��-��!�� !��"��!��-��;�

115

Other information


Study companies and their areas of operations

��Africa and Middle East Canada Europe


Other/ ��

Anadarko Petroleum Corporation � � �

Apache Corporation � � � � � � �

Arena Resources, Inc. �

Atlas Energy, Inc. �

ATP Oil & Gas Corporation � �

Berry Petroleum Company �

BG Group plc � �

BHP Billiton Group � �

Bill Barrett Corporation �

BP p.l.c. � � � � � �

BreitBurn Energy Partners L.P. �

Cabot Oil & Gas Corporation �

Canadian Natural Resources Limited � � � �

Carrizo Oil & Gas, Inc. �

Cenovus Energy Inc. �

Chaparral Energy, Inc. �

Chesapeake Energy Corporation �

Chevron Corporation � � � � �

Cimarex Energy Co. �

CNOOC Limited � �

CNX Gas Corporation �

Comstock Resources, Inc. �

Concho Resources Inc. �

ConocoPhillips � � � � � �

Contango Oil & Gas Company �

?��@��

117



Other/ ��

Continental Resources, Inc. �

Denbury Resources Inc. �

Devon Energy Corporation � � �

Ecopetrol S.A. �

El Paso Corporation � �

EnCana Corporation � � �

Encore Acquisition Company �

Energen Corporation �

Enerplus Resources Fund � �

Eni SpA � � � �

EOG Resources, Inc. � � � �

EQT Corporation �

EV Energy Partners, L.P. �

EXCO Resources, Inc. �

Exxon Mobil Corporation � � � � �

Forest Oil Corporation � � �

GMX Resources Inc. �

Goodrich Petroleum Corporation �

Helix Energy Solutions Group � �

Hess Corporation � � � �

Husky Energy Inc. � �

INPEX CORPORATION �

Kinder Morgan Energy Partners, L.P. �

Linn Energy, LLC �

Loews Corporation �


Company statistics



Other/ ��

Marathon Oil Corporation � � � � �

Mariner Energy, Inc. �

MDU Resources Group, Inc. �

Mitsui & Co., Ltd. � � �

MOL Magyar Olaj- és Gázipari Nyrt. � � �

Murphy Oil Corporation � � � � � � �

National Fuel Gas Company �

��!��"��

Nexen Inc. � � � � �

Noble Energy, Inc. � � � � �

OAO LUKOIL � �

OAO NOVATEK �

OAO TATNEFT �

Occidental Petroleum Corporation � � �

OJSC Rosneft Oil Company �

OMV Aktiengesellschaft � � � �

Pengrowth Energy Trust �

Penn Virginia Corporation �

Penn West Energy Trust �

PetroChina Company Limited �

Petrohawk Energy Corporation �

Petroleo Brasileiro, S.A. (Petrobras) � � � �

Petroleos Mexicanos (PEMEX) �

Petroleum Development Corporation �

Pioneer Natural Resources Company � � �

119



Other/ ��

Plains Exploration & Production Company �

Questar Corporation �

Quicksilver Resources Inc. � �

Range Resources Corporation �

Repsol YPF, S.A. � � � � �

Rosetta Resources Inc. �

Royal Dutch Shell plc � � � � � �

SandRidge Energy, Inc. �

Sasol Limited �


�

Southwestern Energy Company �

St. Mary Land & Exploration Company �

StatoilHydro ASA � � �

Stone Energy Corporation �

Suncor Energy Inc. � � �

Swift Energy Company � �

Talisman Energy Inc. � � � � �

The Williams Companies, Inc. �

Total S.A. � � � �

Ultra Petroleum Corporation �

Unit Corporation �

Venoco, Inc. �

W&T Offshore, Inc. �

Whiting Petroleum Corporation �

XTO Energy Inc. �


Peer groupsIntegratedsBP p.l.c.+�� )��-�H��;Chevron CorporationConocoPhillipsEcopetrol S.A.EnCana CorporationEni SpAExxon Mobil CorporationHess Corporation � I-�)��-�H��;Marathon Oil CorporationMitsui & Co., Ltd.^��^�-��Z��g�X��}-��;Murphy Oil CorporationOAO LUKOILOAO TATNEFT�B%+�V��!��+�"��-�^��I��!�PetroChina Company Limited��|��%;�;�'��<�(��^�*��'�)^)�(Repsol YPF, S.A. V�-��? ��%��Sasol Limited%��%��"��

Company Ltd. StatoilHydro ASA % ��)��-�H��;Total S.A.

Large independentsAnadarko Petroleum CorporationApache CorporationBG Group plcBHP Billiton GroupCanadian Natural Resources Limited+��I��)��-�+��CNOOC Limited?��)��-�+��EOG Resources, Inc.INPEX CORPORATIONOAO NOVATEKOccidental Petroleum Corporation=��"��)��-�H��;�=��)��-�H��;

IndependentsArena Resources, Inc.��)��-��H��;�ATP Oil & Gas Corporation Berry Petroleum CompanyBill Barrett Corporation|��| ��)��-��;�;Cabot Oil & Gas Corporation+��X��,�g��H��;+��)��-��H��;�+�"��*�)��-�+�;�CNX Gas CorporationComstock Resources, Inc. Concho Resources Inc.+��,�g�+�"��-Continental Resources, Inc.?��< �-�V�� H��;El Paso CorporationEncore Acquisition Company)��+��Enerplus Resources FundEQT Corporation )��)��-��;�;EXCO Resources, Inc.Forest Oil CorporationGMX Resources Inc.Goodrich Petroleum Corporation ��*�)��-�%�� g�� ^��)��-��;�;��)��-��+

Loews Corporation^��)��-��H��;^?$�V�� H��;National Fuel Gas Company}�#��)*��+�"��-Nexen Inc.}�<��)��-��H��;��#��)��-�=� ��+��]��)��-�=� ��#I�)��-�+�� "�?��"��+��Pioneer Natural Resources CompanyPlains Exploration & Production CompanyQuestar CorporationQuicksilver Resources Inc.V��V�� +��Rosetta Resources Inc.%��V��)��-��H��;�%� ��#��)��-�+�"��-St. Mary Land & Exploration Company%��)��-�+��%#�!��)��-�+�"��-The Williams Companies, Inc.Ultra Petroleum CorporationUnit Corporation Venoco, Inc.W&T Offshore, Inc.]�� "�+��

Company footnotes'�( Amounts presented for Chevron, Eni, LUKOIL and Mitsui include investments accounted for by

the equity method.

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This publication contains information in summary form ��!��!�� -;�H��not intended to be a substitute for detailed research or the �*��!��!��Z ��"��;�}��)Ng^��"��-��"�"<��!��<��)��,�N� ��X��can accept any responsibility for loss occasioned to any ��!��!��"�� !��-�material in this publication. On any specific matter, reference should be made to the appropriate advisor.

Dale Nijoka Global Oil & Gas Leader +1 713 750 1551 [email protected]

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John Avaldsnes) ��^��)��H��!��')^)H�( +47 51 70 67 40 [email protected]

Enrique Grotz �� +54 11 4515 2655 �� ;��X��;�-;��"

Jeff DowlingAustralia +61 8 9429 2229 Z�!!;��#�� ;�-;��"

Carlos Assis|�X�� +55 21 2109 1606 [email protected]

Barry MunroCanada +1 403 206 5017 <��-;�;" ��;�-;��"

Raymond NgChina +86 10 5815 3332 �-"��;��;�-;��"

David BarringerMiddle East +973 3961 7303 ��;<��<�;�-;��"

Jeff SluijterNetherlands +31 88 407 8710 [email protected]

Alexey LozaRussia +7 495 641 2945 ��*�-;��X�� ;�-;��"

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