Acquisition, Exploration and Development Expenditures
The following table summarizes the costs incurred during the last three years for our acquisition,
exploration and development activities (in thousands).
Year Ended December 31,
2011
2010
2009
Consolidated entities
Property acquisition costs
Unproved properties . . . . . . . . . . . . . . . . . . . . . $ 36,562 $ 612,471 $ 1,121,644
Proved properties . . . . . . . . . . . . . . . . . . . . . . . .
9,236
48,078
5,072
Exploration costs . . . . . . . . . . . . . . . . . . . . . . . . . .
1,147,858
719,004
1,309,396
Development costs . . . . . . . . . . . . . . . . . . . . . . . .
708,519
363,242
272,820
$ 1,902,175 $ 1,742,795 $ 2,708,932
Entity’s share of equity investee
(1)
Property acquisition costs
Unproved properties . . . . . . . . . . . . . . . . . . . . . $ 15,523
Proved properties . . . . . . . . . . . . . . . . . . . . . . . .
-
Exploration costs . . . . . . . . . . . . . . . . . . . . . . . . . .
175,802
Development costs . . . . . . . . . . . . . . . . . . . . . . . .
17,190
$ 208,515
(1) Amounts relate to our equity investment in McMoRan acquired on December 30, 2010. Our proportionate share of
McMoRan’s 2010 costs incurred is not presented because it is insignificant as PXP owned the investment for one day and it
is not practicable to determine one day of costs incurred.
Production and Sales
The following table presents information with respect to oil and gas production attributable to our
properties, average sales prices we realized and our average production expenses during the years
ended December 31, 2011, 2010 and 2009.
Inglewood
(1)
Haynesville
Shale
(1)
Other Total
2011
Oil and liquids sales (MBbls) . . . . . . . . . . . . . . . . .
2,332
-
15,540 17,872
Gas (MMcf)
Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
969
68,015
42,593 111,577
Used as fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
-
2,073 2,108
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
934
68,015
40,520 109,469
MBOE
Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,494
11,336
22,638 36,468
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,488
11,336
22,293 36,117
Average realized sales price before
derivative transactions
(2)
Oil (per Bbl) . . . . . . . . . . . . . . . . . . . . . . . . . $ 96.65
$
- $ 83.87 $ 85.53
Gas (per Mcf) . . . . . . . . . . . . . . . . . . . . . . .
4.10
3.85
4.01
3.91
Per BOE . . . . . . . . . . . . . . . . . . . . . . . . . . .
92.14
23.11
65.75 54.18
Average production cost per BOE
(3)
Lease operating expenses . . . . . . . . . . . . . . . . $ 21.23
$ 1.71 $ 11.78 $ 9.27
Steam gas costs . . . . . . . . . . . . . . . . . . . . . . . . .
-
-
2.94
1.81
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.67
-
1.22
1.14
Gathering and transportation . . . . . . . . . . . . . . .
0.17
4.38
0.54
1.72
Table continued on following page.
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