Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009
The operator of an oil or gas field is the company responsible for the field’s management and day-to-day operation. Operators in the United States are obligated to submit to EIA EIA annual estimates of proved reserves for each field they operate. operate. In 2009, the largest 100 operators (as determined by total operated reserves) accounted for nearly 90 percent of proved oil and natural gas reserves but less than one percent of all operato operators rs (which numbered over 14,000, based on 1 The top ten accounted for 54 percent of data collected by EIA for the 2009 reporting year). proved oil reserves and 48 percent of proved wet natural gas reserves. EIA data release policy does not allow company-specific proved reserves estimates, as publishing these volumes could compromise proprietary data. Figure 1 and accompanying Tables 1 and 2 show the cumulative operated proved reserves of the top 100 operators arranged in ten groups of ten in descending volumetric order. For comparison purposes, the Tables also include the owned proved reserves estimates and production data that most of these companies 2 submitted to the Securities and Exchange Commission (SEC). While there is some overlap, it is useful to distinguish between the proved reserves a company operates and those it actually owns. Figure 1. Cumulative Cumulative Prov ed Reserves o f the Top 100 Operators, Operators, 2009 22 20 e t 18 a s n e d ) 16 n l s o r e C r e a 14 s B a e n o 12 L i l l + i l i B O ( 10 e d u r 8 C
275 250
Oil: 20 Billi on Barrels (89% of U.S. Total )
225 200 175
Natural Gas: 252 Tcf (89% of U.S. Total )
150 125
W e t N a t u r a l G a s ( T c f )
100
Total Operators: Rough ly 14,000 14,000
6 4
75 50
01-10
11-20
21-30
31-40
41-50
51-60
61-70
Operator Opera tor Size Grouping s Source: U.S. Energy Information Administration
71-80
81-90
91-100
For EIA reporting, a company estimates its operated proved reserves on an individual field basis, including 100 percent of each operated field’s proved reserves; fields in which it has ownership but does not no operate proved are notreserves, included. which For filings withonly the its SEC, the of company (if publicly-traded) estimates itst owned includes share proved reserves; all fields in which it has an ownership are included (cumulatively rather than individually). EIA reporting, therefore, accounts for the entirety of a field’s proved reserves and production productio n, while SEC filings 3 include only those volumes owned by companies required to file with the SEC. For example, ExxonMobil currently holds an approximate one-third interest in the Prudhoe Bay Field in Alaska, the country’s largest crude oil field. Because it is not the field’s operator, ExxonMobil does not report its proved reserves or production to EIA. For its filing with the SEC, however, the company would include its one-third share of Prudhoe Bay’s total proved reserves 1
The top 100 operators include both U.S. and foreign companies; their share of total proved reserves is relatively unconcentrated by the standards of many industries. 2 In estimating field-level proved reserves, operators add lease condensate to crude oil (as oil) and plant liquids to natural gas (as “wet” natural gas). 3 The SEC requires companies with more than $10 million in assets whose securities are held by more than 500 owners to file annual and other periodic reports. For 2009, this requirement applied to 60 of the Top 100 operators ranked by liquids proved reserves and 72 of the Top 100 operators ranked by wet gas proved reserves.
Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 1
and production. Operator BP’s EIA submission, on the o other ther hand, would include all of the field’s proved reserves and production, while its SEC filing would be limited to its ownership share. For EIA and SEC purposes, proved reserves are defined as those volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.
Summary Table: Top Operators Ranked by Proved Reserves
Owned (SEC) (SEC) Res er ve ves Pr o od du uc c t io io n
(w)
12.8
173.3
10.0
(w)
23.8
387.6
31.7
24.3
279.9
25.7
14 E O G RESOURCES RESOURCES INC
(w)
15 C O G OPERATING OPERATING LLC LLC
(w)
13.0
142.0
7.3
(w)
15.7
192.9
13.5
16 DENBURY RESOURCE RESOURCES S INC
17 SANDRIDGE ENERGY INC
18 WHITING PETROLEUM PETROLEUM CORP
19 PLAINS EXPLORATION EXPLORATION & PRODUCTION PRODUCTION CO
20 MERIT ENERGY ENERGY CO
21 NOBLE ENERGY INC
11-20 Subtotal
22 ENCORE ACQUISITION CO
23 CITATION OIL & GAS C CORP ORP 24 NEWFIELD EXPLORATION EXPLORATION CO
25 CHESAPEAKE CHESAPEAKE OPERA OPERATING TING INC
10.2
105.3
2.9
15.9
223.8
15.4
(w)
18.0
214.0
17.6
(w)
14.1
-
-
2,762.2 (w)
176.9
1,967.8
150.1
15.7
209.0
17.0
(w)
10.1
147.1
10.0
(w) (w)
11.0 8.8
137.0
8.0
26 MARATHON OIL C CORP ORP
(w) (w)
(w)
15.9
124.0
11.8
(w)
16.8
170.0
23.0 43.0
27 DEVON ENERGY ENERGY CORP
(w)
15.0
559.0
28 BERRY PETROLEUM CO
(w)
6.4
129.9
7.2
29 ENCANA OIL & GAS GAS INC
(w)
5.2
41.2
4.1
30 KINDER MORGAN MORGAN ENERGY PARTNE PARTNERS RS 31 LINN ENERGY ENERGY LLC
21-30 Subtotal
(w)
20.9
86.8
15.7
1,722.0 (w)
125.7
1,604.0
139.8
3.9
156.0
5.7
32 CITY OF LONG BEACH BEACH
(w)
9.9
-
-
33 HILCORP ENERGY CO
(w)
11.5
-
-
(w)
5.8
108.2
6.5
34 ENERGEN RESOURCE RESOURCES S CORP
35 SHERIDAN PRODUCTION C CO O LLC
36 EL PASO PASO E ENERGY NERGY
(w)
3.0
-
-
(w)
5.5
61.2
5.5
(w)
8.2
-
-
(w) (w)
36.7 3.5
274.4 -
44.1 -
(w)
13.8
153.0
26.0
1,027.9 (w)
101.8
752.8
87.8
3.1
59.7
2.0
(w)
2.7
55.2
6.4
(w)
0.5
7.3
0.7
(w)
1.0
-
-
37 ENDEAVOR ENDEAVOR ENERGY RESOURCES RESOURCES LP
38 BHP BILLITON BILLITON 39 RESOLUTE NATURAL NATURAL RESOURCE RESOURCES S CO LLC 40 ENI PETROLEUM PETROLEUM CO INC
31-40 Subtotal
41 ARENA RESOURCES RESOURCES INC
42 FOREST FOREST OIL CO CORP RP
43 PETROBRAS AMERICA INC
44 ENERQUEST ENERQUEST OIL & G GAS AS LTD
45 CIMAREX ENERGY CO
(w)
10.4
58.0
8.5
46 MARINER ENERGY INC
(w)
4.4
86.0
6.0
(w)
6.7
53.8
6.3
(w)
4.9
52.4
3.3
(w)
0.7
-
-
(w)
4.4
38.8
3.0
682.2
38.7
411.2
36.2
47 SM ENERGY ENERGY IN INC C 48 A T P OIL & GAS C CORP ORP
49 WINDSOR ENERGY GROUP LLC LLC 50 BREITBURN ENERGY ENERGY C CO O LP
41-50 Subtotal
Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 3
Table 1. Top 100 Operators Operators Ranked by 20 2009 09 C Crude rude Oil and Lease Condensate Proved Rese Reserves rves (M (Milli illi on Barre Barrels) ls) Ran k
Op er at ed (EIA ) Res e err v ve es Pr o od d uc uc ti ti on on
Co m mp pa an n y Nam e
51 SWIFT ENE ENERGY RGY CO
(w)
52 STEPHE STEPHENS NS & JOHNSON OPERA OPERATING TING CO 53 MURP MURPHY HY OIL CORP CORP
57 VEN VENOCO OCO INC INC
-
-
26.4
6.2
(w)
3.3
-
-
(w)
6.5
47.5
4.2
(w)
1.7
-
-
(w)
3.2
52.0
3.4
(w)
3.4
-
-
(w) (w)
4.0 3.7
37.0 46.6
3.5 3.4
527.3 (w)
45.8
274.0
26.2
3.4
85.7
4.7
(w)
1.7
29.2
1.3
(w)
5.5
-
-
(w)
3.3
29.7
2.7
59 QUESTA QUESTAR RC CORP ORP 60 NATION NATIONAL AL FUEL GAS 61 RANGE RE RESOURC SOURCES ES CORP
1.7
58 BASA RE RESOURC SOURCES ES INC
51-60 Subtotal
62 ULTRA PE PETROLEU TROLEUM M INC
63 WALTER OIL & GAS C CORP ORP
64 CALDI CALDIVE VE INTERNATIONAL INTERNATIONAL INC
5.5
12.9
56 E&B NATURAL R RESOURCES ESOURCES MGM MGMT T CORP
64.5
(w)
55 ENERGY X XXI XI GOM LLC
5.5
(w)
54 TEXAS PETROLEUM INVESTMENT CO
Ow n ed (SEC) Res er er ve ves Pr o od d uc uc ti ti on on
65 DCO DCOR R LL LLC C
(w)
3.1
-
-
66 BOP BOPCO CO LP LP
(w)
3.3
-
-
(w)
0.8
-
-
(w)
7.6
32.3
6.2
(w)
4.0
25.6
3.0
67 GREKA OIL & GAS
68 STONE EN ENERGY ERGY CORP
69 ENERPLUS RESOURCES USA CORP
70 W & T OFFS OFFSHORE HORE INC INC 71 BRIGH BRIGHAM AM EXPLORATION EXPLORATION CO
61-70 Subtotal
72 ANKOR E ENERGY NERGY LLC LLC
(w)
6.9
34.2
7.2
400.9 (w)
39.5
236.7
25.2
1.0
16.6
0.8
(w)
3.6
71.0
8.0
73 TEXL TEXLAND AND PETROLE PETROLEUM UM LP
(w)
2.1
-
-
74 FASKE FASKEN N OIL & RANCH LTD
(w)
2.2
-
-
75 MACP MACPHERSON HERSON O OIL IL CO
76 ENERV ENERVEST EST LTD
77 SAMS SAMSON ON RESOUR RESOURCES CES CO
78 PETRO HUNT L LLC LC
79 LEGACY RESERVES OPERATING OPERATING LP
80 LLOG EX EXPLORA PLORATION TION CO 81 HELIS O OIL IL & GAS CO LLC
71-80 Subtotal
82 RAM E ENERGY NERGY INC
-
-
-
(w)
7.1
-
-
(w)
3.1
-
-
(w)
2.1
26.7
2.2
3.8
-
-
29.5
114.3
11.0
2.7
-
-
(w)
1.8
19.1
1.5
(w)
85 WAPITI ENE ENERGY RGY LLC
-
2.7
(w)
84 ENERG ENERGY Y PARTN PARTNERS ERS LTD
1.9
(w)
276.8 (w)
83 PARAL PARALLEL LEL PETROLE PETROLEUM UM CORP
(w)
0.6
-
-
(w)
1.8
19.9
2.0
(w)
1.0
-
-
86 TIDELA TIDELANDS NDS OIL PRODU PRODUCTION CTION CO
(w)
2.4
-
-
87 SLAWSON EX EXPLORA PLORATION TION CO INC
(w)
2.6
-
-
(w)
1.6
-
-
(w)
4.2
-
-
88 JETTA OPE OPERATING RATING C CO O INC
89 HUN HUNT T OIL C CO O
90 ABRAX ABRAXAS AS PETROLEU PETROLEUM M CORP
81-90 Subtotal
91 VESS OIL CORP CORP
(w)
0.6
8.8
0.6
223.6 (w)
19.3
47.8
4.1
1.7
-
3.0
92 MCM MCMORAN ORAN OIL & GA GAS S LLC
(w)
3.9
15.5
93 YATES PE PETROLEU TROLEUM M CORP
(w)
2.3
-
-
(w)
3.5
-
-
94 MARB MARBOB OB ENERGY C CORP ORP
95 CRIMSON RESOURCE MANAGEMENT MANAGEMENT CORP
96 TEXAS AM AMERICAN ERICAN RESOURCES CO
97 E R G RESO RESOURCES URCES LLC LLC
(w)
1.2
4.6
0.8
(w)
0.5
-
-
(w)
0.7
-
-
98 KERNS OIL & GAS IINC NC
(w)
0.2
-
-
99 MEWBOUR MEWBOURNE NE OIL CO
(w)
1.9
-
-
(w)
3.0
-
-
169.2
18.8
20.1
3.7
Top 100 Subtotal
19,843.5
1,570.6
17,168.2
1,447.4
Total U.S.
22,315.0
1,929.0
-
-
100 WOLVERIN WOLVERINE E GAS & OIL CORP
91-100 Subtotal
Operated: Form EIA-23. Ownership : SEC Forms 10-K, 20-F and 40-F. (w) = withheld. Note: Form EIA-23 proved reserves are are the sum of ten companies due to confidentiality. - = N/A.
Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 4
Table 2. Top 100 Operator s Ranked by 200 2009 9 We Wett Natur al Gas Proved Reserves (Billion Cubic Feet) Ran k
Operated (EIA) Res er v ve es Pr o od du uc c ti ti on on
38 LINN ENERGY ENERGY LLC 39 DOMINION RESOURCE RESOURCES S INC
40 BILL BARRETT CORP
31-40 Subtotal
41 CONTINENTAL RESOURCE RESOURCES S INC
42 MARATHON OIL C CORP ORP
(w)
119.1
918.1
85.5
15,309.8 (w)
1,122.6
5,872.3
481.2
37.0
504.1
21.6
(w)
188.5
820.0
146.0
48.9
776.7
43.3
43 PENN VIRGINIA CORP
(w)
44 J - W OPERATING OPERATING CO
(w)
75.8
-
-
45 HILCORP ENERGY CO
(w)
94.9
-
-
(w)
104.0
-
-
(w)
46 ENERVEST ENERVEST L LTD TD
47 BERRY PETROLEUM CO
38.5
632.2
22.7
48 COMSTOCK RESOURCE RESOURCES S INC
(w)
80.0
682.4
60.8
49 CONTANGO OPERATORS INC
(w)
72.9
280.6
20.5
50 D T E ENERGY ENERGY CORP
41-50 Subtotal
(w)
31.2
234.0
10,271.7
771.6
3,930.0
5.0 320.0
Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 5
Table 2. Top 100 Operators Ranked by 2009 Wet Natural Gas Proved Reserves (Billion Cubic Fee Feet) t) Ran k
Co m p an y Nam e
Op er at ed (EIA ) Res er v es Pr o d u c t i o n
Ow n ed (SEC) Res er v es Pr o d u c t i o n
51 DELTA PETROLEUM PETROLEUM C CORP ORP
(w)
17.5
126.7
17.6
52 MARINER MARINER ENERGY ENERGY INC
(w)
132.5
571.4
90.8
53 BREITBURN BREITBURN ENERGY ENERGY CO LP
(w)
29.5
434.7
21.2
54 LEWIS PETRO PROPERTIE PROPERTIES S INC
(w)
25.3
-
-
55 ENERGY ENERGY CORP OF AMERICA AMERICA
(w)
18.2
-
-
56 CALDIVE CALDIVE INTERNATIONAL INTERNATIONAL INC
(w)
31.0
387.3
27.1
57 C O G OPERATING OPERATING LL LLC C
(w)
36.1
416.9
21.6
58 CARRIZO CARRIZO OIL & GAS INC INC
(w)
43.9
216.2
30.0
59 UNI UNIT T CORP 60 TALISMAN TALISMAN ENERGY INC INC
(w) (w)
64.5 19.1
419.1 566.2
44.1 26.2
7,901.6 (w)
417.6
3,138.5
278.5
76.0
306.0
39.0 -
51-60 Subtotal 61 AMERADA AMERADA HESS CO CORP RP 62 MEWBOURNE MEWBOURNE OIL CO
(w)
61.3
-
63 YATES PETROLEUM PETROLEUM CORP CORP
(w)
123.1
-
-
64 SM ENERGY ENERGY INC INC
(w)
80.3
449.5
71.1
65 WHITING PETROLEUM PETROLEUM CORP CORP
(w)
47.0
307.4
29.3
66 FIDELITY EXPLORATION EXPLORATION & PROD CO
(w)
62.2
448.4
56.6
67 LAREDO LAREDO PETROLEUM PETROLEUM INC
(w)
29.0
-
-
68 G M X RESOURCES RESOURCES IN INC C
(w)
12.8
333.2
12.9
69 GOODRICH GOODRICH PETROLEUM PETROLEUM CORP
(w)
30.5
415.3
28.9
70 ATLAS ENERGY ENERGY IN INC C
(w)
36.2
486.7
35.8
5,218.0 (w)
558.5
2,746.5
273.6
30.4
290.6
21.2
72 KAISER KAISER - FRANCIS OIL CO
(w)
41.6
-
-
73 PLAINS EXPLORATION EXPLORATION & PR PRODUCTION ODUCTION CO
(w)
63.1
873.1
78.2
74 PETROLEUM DEVELOPMENT CORP
(w)
55.4
608.9
35.5
75 VENOCO VENOCO IINC NC
(w)
35.2
278.1
24.7
76 SHERIDAN SHERIDAN PRODU PRODUCTION CTION CO LLC
(w)
13.4
-
-
77 ENDEAVOR ENERGY RESOURCES LP
(w)
30.7
-
-
78 ENCORE ENCORE ACQUISITION ACQUISITION CO
(w)
25.2
439.1
33.9
79 BOPCO BOPCO LP
(w)
37.1
-
-
80 ROSETTA RESOURCE RESOURCES S INC
(w)
48.9
297.0
44.0
3,874.8 (w)
381.0
2,786.8
237.5
4.6
-
-
82 SEDNA ENERGY ENERGY IINC NC
(w)
8.8
-
-
83 PHILLIPS PHILLIPS RESOUR RESOURCES CES INC
(w)
17.7
-
-
84 APPROACH APPROACH RESOUR RESOURCES CES INC
(w)
12.6
168.3
6.3
85 A T P OIL & GAS GAS CORP
(w)
18.5
233.0
12.0
86 RED WILLOW PRODUCTION PRODUCTION CO CO
(w)
52.6
-
-
87 LLOG EXPLORA EXPLORATION TION CO
(w)
64.7
-
-
88 HUNT HUNT OIL CO
(w)
66.5
-
-
89 NEW DOMINION DOMINION L LLC LC
(w)
25.3
-
-
90 WALTER OIL & GAS GAS CORP
(w)
62.8
-
-
3,076.6 (w)
334.0
401.3
18.3
51.5
216.7
41.3
92 ENERGY XXI XXI GOM LLC
(w)
14.2
168.8
17.5
93 AERA ENERGY ENERGY L LLC LC
(w)
16.6
-
-
94 NATIONAL NATIONAL FUEL GAS
(w)
20.3
249.0
22.3
95 BELDEN BELDEN & BLAKE CO CORP RP
(w)
15.4
163.0
12.0
96 ENI PETROLEUM PETROLEUM CO CO INC
(w)
110.7
629.0
155.0
61-70 Subtotal 71 SWIFT ENERGY ENERGY CO CO
71-80 Subtotal 81 GRANITE GRANITE OPERATING OPERATING CO
81-90 Subtotal 91 STONE ENERGY ENERGY CORP CORP
97 MCMORAN MCMORAN OIL & GAS LLC
(w)
61.9
178.8
55.8
98 VALENCE VALENCE OPERA OPERATING TING CO
(w)
37.8
-
-
99 KERNS OIL OIL & GAS INC
(w)
0.9
-
-
(w)
8.1
-
-
100 CAMTERRA CAMTERRA RESOURC RESOURCES ES INC
2,436.8
337.3
1,605.3
304.0
Top 100 Subtotal
91-100 Subtotal
251,694.4
17,965.5
163,905.7
12,582.4
Total U.S.
283,879.0
22,537.0
-
-
Operated: For m EIA-23. Ownershi Ownershi p: SEC For ms 10-K, 20-F and 40-F. (w) = withheld. Note: Form EIA-23 proved reserves are the sum of ten companies due to confidentiality. confidenti ality. - = N/A.
Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 6