Results of Operations
The following table reflects the components of our oil and gas production and sales prices and
sets forth our operating revenues and costs and expenses on a BOE basis:
Year Ended December 31,
2011
2010
2009
Sales Volumes
Oil and liquids sales (MBbls) . . . . . . . . .
17,872
16,769
17,560
Gas (MMcf)
Production . . . . . . . . . . . . . . . . . . . . . . 111,577
95,047
78,184
Used as fuel . . . . . . . . . . . . . . . . . . . . .
2,108
1,954
2,358
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,469
93,093
75,826
MBOE
Production . . . . . . . . . . . . . . . . . . . . . .
36,468
32,610
30,591
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . .
36,117
32,285
30,198
Daily Average Volumes
Oil and liquids sales (Bbls) . . . . . . . . . . .
48,964
45,943
48,110
Gas (Mcf)
Production . . . . . . . . . . . . . . . . . . . . . . 305,691 260,402 214,203
Used as fuel . . . . . . . . . . . . . . . . . . . . .
5,776
5,353
6,461
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,915 255,049 207,742
BOE
Production . . . . . . . . . . . . . . . . . . . . . .
99,912
89,343
83,811
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . .
98,950
88,451
82,734
Unit Economics (in dollars)
Average NYMEX Prices
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95.11 $ 79.61 $ 62.09
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.04
4.38
3.97
Average Realized Sales Price
Before Derivative Transactions
Oil (per Bbl) . . . . . . . . . . . . . . . . . . . $ 85.53 $ 68.14 $ 51.43
Gas (per Mcf) . . . . . . . . . . . . . . . . . .
3.91
4.29
3.72
Per BOE . . . . . . . . . . . . . . . . . . . . . .
54.18
47.77
39.25
Costs and Expenses per BOE
Production costs
Lease operating expenses . . . . . . . $ 9.27 $ 8.13 $ 8.31
Steam gas costs . . . . . . . . . . . . . . .
1.81
2.06
1.78
Electricity . . . . . . . . . . . . . . . . . . . . .
1.14
1.33
1.45
Production and ad valorem
taxes . . . . . . . . . . . . . . . . . . . . . . .
1.53
0.91
1.28
Gathering and transportation . . . . .
1.72
1.57
1.21
DD&A (oil and gas properties) . . . . . .
17.76
15.87
12.79
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