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Operations
CORE PROPERTIES:
New Mexico Shelf
Texas Permian
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December 31, 2009 |
Year Ended |
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December 31, |
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2009 Average |
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Total Proved |
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Gross Identified |
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Net Daily |
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Reserves |
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PV-10 |
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% Proved |
Drilling |
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Total Gross |
Total Net |
Production |
Areas |
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(Mboe) |
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($ in millions) |
% Oil |
Developed |
Location |
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Acreage |
Acreage |
(Boe per Day) |
| Core Operating Areas |
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New Mexico Permian.. |
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128,605 |
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$ 1,824.3 |
65.2% |
52.1% |
1,592 |
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150,214 |
69,931 |
19,586 |
Texas Permian............. |
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77,173 |
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856.9 |
70.5% |
44.0% |
1,795 |
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287,961 |
91,135 |
8,113 |
| Emerging Plays: |
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| Lower Abo................. |
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2,707 |
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51.3 |
63.3% |
54.6% |
152 |
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59,179 |
48,401 |
1,581 |
| Bakken/ Three Forks... |
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2,642 |
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30.4 |
77.6% |
35.2% |
146 |
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42,210 |
11,193 |
511 |
| Other........................... |
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376 |
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1.9 |
3.0% |
83.8% |
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140,238 |
56,287 |
155 |
| Total......................... |
(a) |
211,503 |
(b) |
$ 2,764.8 |
67.1% |
49.0% |
3,695 |
(c) |
679,802 |
276,947 |
29,946 |
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(a) |
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Includes additions of 13.6 MMBoe resulting from the adoption of the new SEC rules related to disclosures of oil and natural gas reserves that are effective for fiscal years ending on or after December 31, 2009. For more information on the comparability of our reserves as a result of the new SEC rules, see “Item 1A. Risk Factors and Item 2. Properties.” |
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(b) |
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Our Standardized Measure at December 31, 2009 was $1,922.0 million. PV-10 is a Non-GAAP financial measure and is derived from the Standardized Measure which is the most directly comparable GAAP financial measure. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10 percent. We believe that the presentation of the PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved |
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reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 measure and the Standardized Measure do not purport to present the fair value of our oil and natural gas reserves. See “Item 1. Business — Non-GAAP Financial Measures and Reconciliations.” |
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(c) |
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Of the 3,695 gross identified drilling locations, 1,726 locations were associated with proved reserves. |
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