Year Ended December 31,
2011
(1)
2010
(2)
2009
2008
(3)
2007
(4)
Cash Flow Data
Net cash provided by operating
activities . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,110,755 $ 912,470 $ 499,046 $ 1,371,409 $ 588,112
Net cash used in investing activities . . . . (1,154,591)
(1,575,308)
(1,280,399)
(227,790)
(2,243,137)
Net cash provided by (used in) financing
activities . . . . . . . . . . . . . . . . . . . . . . . . . 456,500
667,413
471,337
(857,190) 1,679,572
As of December 31,
2011
(1)
2010
(2)
2009
2008
(3)
2007
(4)
Balance Sheet Data
Assets
Cash and cash equivalents . . . . . . . . . . . $ 419,098 $ 6,434 $ 1,859 $ 311,875 $ 25,446
Other current assets . . . . . . . . . . . . . . . . . 1,022,279
396,453
304,776 1,164,566
649,474
Property and equipment, net . . . . . . . . . . 7,725,295
7,220,752
6,832,722 4,513,396
8,377,227
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . 535,140
535,144
535,237
535,265
536,822
Investment
(9)
. . . . . . . . . . . . . . . . . . . . . . .
-
664,346
-
-
-
Other assets . . . . . . . . . . . . . . . . . . . . . . .
89,660
71,808
60,137
586,813
104,382
$ 9,791,472 $ 8,894,937 $ 7,734,731 $ 7,111,915 $ 9,693,351
Liabilities and Equity
Current liabilities . . . . . . . . . . . . . . . . . . . . $ 626,186 $ 533,689 $ 682,551 $ 993,645 $ 818,046
Long-term debt . . . . . . . . . . . . . . . . . . . . . 3,760,952
3,344,717
2,649,689 2,805,000
3,305,000
Other long-term liabilities . . . . . . . . . . . . . 247,205
278,516
269,762
191,534
272,627
Deferred income taxes . . . . . . . . . . . . . . . 1,461,897
1,355,050
933,748
744,456
1,959,431
Stockholders’ equity . . . . . . . . . . . . . . . . . 3,264,636
3,382,965
3,198,981 2,377,280
3,338,247
Noncontrolling interest
Preferred stock of subsidiary . . . . . . . . 430,596
-
-
-
-
$ 9,791,472 $ 8,894,937 $ 7,734,731 $ 7,111,915 $ 9,693,351
(1) Reflects the December 2011 divestiture of interests in our Texas Panhandle and South Texas conventional natural gas
properties.
(2) Reflects the December 2010 divestiture of our interest in all of our Gulf of Mexico leasehold located in less than 500 feet
of water and the acquisition of the oil and gas properties in the Eagle Ford Shale oil and gas condensate windows
during the fourth quarter of 2010.
(3) Reflects the February 2008 divestiture of 50% of our working interest in the Permian and Piceance Basins and all of our
working interests in the San Juan Basin and Barnett Shale, the April 2008 acquisition of the South Texas properties and
the December 2008 divestiture of our remaining interests in the Permian and Piceance Basins.
(4) Reflects the acquisition of Pogo Producing Company effective November 6, 2007 and the Piceance Basin properties
effective May 31, 2007.
(5) During 2010, the costs related to our Vietnam oil and gas properties not subject to amortization were transferred to our
Vietnam full cost pool where they were subject to the ceiling limitation. Because our Vietnam full cost pool had no
associated proved oil and gas reserves, we recorded a non-cash pre-tax impairment charge of $59.5 million. At
December 31, 2008, our capitalized costs of oil and gas properties exceeded the full cost ceiling and we recorded an
impairment of oil and gas properties.
(6) Represents the gain on the sale of our investment in Collbran Valley Gas Gathering, LLC.
(7) In December 2011, we recognized $121.0 million of debt extinguishment costs, including $30.9 million in unamortized
debt issue costs and original issue discount, in connection with our debt retirement transactions.
(8) The derivative instruments we have in place are not classified as hedges for accounting purposes. Consequently, these
derivative contracts are marked-to-market each quarter with fair value gains and losses, both realized and unrealized,
recognized currently as a gain or loss on mark-to-market derivative contracts on the income statement.
(9) Our investment is measured at fair value with gains and losses recognized on the income statement. Our investment
was classified as a current asset at December 31, 2011.
48