Oil
(MBbl)
Gas
(MMcf)
(MBOE)
2010
Consolidated entities
Proved Reserves
Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,030 873,108 359,548
Revisions of previous estimates . . . . . . . . . . . . . . . . . . . . 15,299
28,111
19,984
Extensions, discoveries and other additions . . . . . . . . . . 10,250 401,288
77,131
Improved recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
-
-
Purchase of reserves in-place . . . . . . . . . . . . . . . . . . . . . .
1,260
854
1,403
Sale of reserves in-place . . . . . . . . . . . . . . . . . . . . . . . . . .
(802)
(51,244)
(9,343)
Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(16,769)
(95,047)
(32,610)
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,268 1,157,070 416,113
Proved Developed Reserves, December 31
. . . . . . . . . . 150,492 517,183 236,689
Proved Undeveloped Reserves, December 31
. . . . . . . 72,776 639,887 179,424
Entity’s share of equity investee
(1)
Proved Reserves
Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,028
57,938
14,684
Revisions of previous estimates . . . . . . . . . . . . . . . . . . . .
204
3,632
809
Extensions, discoveries and other additions . . . . . . . . . .
-
-
-
Improved recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
-
-
Purchase of reserves in-place . . . . . . . . . . . . . . . . . . . . .
360
15,091
2,875
Sale of reserves in-place . . . . . . . . . . . . . . . . . . . . . . . . .
(72)
(45)
(79)
Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(804)
(14,248)
(3,178)
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,716
62,368
15,111
Proved Developed Reserves, December 31
. . . . . . . . . .
4,315
46,974
12,144
Proved Undeveloped Reserves, December 31
. . . . . . .
401
15,394
2,967
2009
Proved Reserves
Beginning balance
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,707 686,357 292,100
Revisions of previous estimates . . . . . . . . . . . . . . . . . . . . 53,113
(86,966) 38,619
Extensions, discoveries and other additions . . . . . . . . . .
770 338,161
57,130
Improved recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
-
-
Purchase of reserves in-place . . . . . . . . . . . . . . . . . . . . .
-
13,740
2,290
Sale of reserves in-place . . . . . . . . . . . . . . . . . . . . . . . . .
-
-
-
Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(17,560)
(78,184)
(30,591)
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,030 873,108 359,548
Proved Developed Reserves, December 31
. . . . . . . . . . 144,839 509,121 229,693
Proved Undeveloped Reserves, December 31
. . . . . . . 69,191 363,987 129,855
(1) Amounts relate to our equity investment in McMoRan acquired on December 30, 2010.
(2) Reserve estimates as of January 1, 2009 are calculated using year-end reference prices adjusted for location and quality
differentials as required by SEC reporting rules at December 31, 2008.
Revisions of Previous Estimates
In 2011, we had net positive revisions of 1 MMBOE. Positive revisions of 21 MMBOE were
primarily related to higher realized oil prices principally at our California properties. Negative revisions
of 20 MMBOE were mostly related to lower gas prices, primarily at our Panhandle properties prior to
the divestment in December 2011.
F-59