Delaware | 73-0785597 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) | |
100 Glenborough Drive, Suite 100 | ||
Houston, Texas | 77067 | |
(Address of principal executive offices) | (Zip Code) | |
(281) 872-3100 (Registrant’s telephone number, including area code) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) |
Part I. Financial Information | |
Item 1. Financial Statements | |
Item 4. Controls and Procedures | |
Part II. Other Information | |
Item 1. Legal Proceedings | |
Item 1A. Risk Factors | |
Item 3. Defaults Upon Senior Securities | |
Item 4. Mine Safety Disclosures | |
Item 5. Other Information | |
Item 6. Exhibits | |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues | |||||||||||||||
Oil, Gas and NGL Sales | $ | 934 | $ | 783 | $ | 1,970 | $ | 1,500 | |||||||
Income from Equity Method Investees | 32 | 48 | 86 | 96 | |||||||||||
Other Revenues | — | 11 | — | 33 | |||||||||||
Total | 966 | 842 | 2,056 | 1,629 | |||||||||||
Costs and Expenses | |||||||||||||||
Production Expense | 169 | 137 | 334 | 264 | |||||||||||
Exploration Expense | 167 | 67 | 227 | 137 | |||||||||||
Depreciation, Depletion and Amortization | 325 | 211 | 619 | 404 | |||||||||||
General and Administrative | 96 | 82 | 193 | 164 | |||||||||||
Asset Impairments | 73 | 131 | 73 | 137 | |||||||||||
Other Operating (Income) Expense, Net | (2 | ) | (11 | ) | 10 | 18 | |||||||||
Total | 828 | 617 | 1,456 | 1,124 | |||||||||||
Operating Income | 138 | 225 | 600 | 505 | |||||||||||
Other (Income) Expense | |||||||||||||||
(Gain) Loss on Commodity Derivative Instruments | (276 | ) | (143 | ) | (180 | ) | 143 | ||||||||
Interest, Net of Amount Capitalized | 27 | 21 | 59 | 37 | |||||||||||
Other Non-Operating (Income) Expense, Net | (3 | ) | (9 | ) | (3 | ) | — | ||||||||
Total | (252 | ) | (131 | ) | (124 | ) | 180 | ||||||||
Income from Continuing Operations Before Income Taxes | 390 | 356 | 724 | 325 | |||||||||||
Income Tax Provision | 115 | 87 | 200 | 90 | |||||||||||
Income from Continuing Operations | 275 | 269 | 524 | 235 | |||||||||||
Discontinued Operations, Net of Tax | 17 | 25 | 32 | 73 | |||||||||||
Net Income | $ | 292 | $ | 294 | $ | 556 | $ | 308 | |||||||
Earnings Per Share, Basic | |||||||||||||||
Income from Continuing Operations | $ | 1.55 | $ | 1.51 | $ | 2.95 | $ | 1.33 | |||||||
Discontinued Operations, Net of Tax | 0.09 | 0.15 | 0.18 | 0.42 | |||||||||||
Net Income | $ | 1.64 | $ | 1.66 | $ | 3.13 | $ | 1.75 | |||||||
Earnings Per Share, Diluted | |||||||||||||||
Income from Continuing Operations | $ | 1.49 | $ | 1.47 | $ | 2.88 | $ | 1.31 | |||||||
Discontinued Operations, Net of Tax | 0.09 | 0.14 | 0.18 | 0.42 | |||||||||||
Net Income | $ | 1.58 | $ | 1.61 | $ | 3.06 | $ | 1.73 | |||||||
Weighted Average Number of Shares Outstanding | |||||||||||||||
Basic | 178 | 176 | 178 | 176 | |||||||||||
Diluted | 180 | 179 | 180 | 178 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
Revenues | ||||||||
Oil, Gas and NGL Sales | $ | 1,112 | $ | 830 | ||||
Income from Equity Method Investees | 53 | 48 | ||||||
Other Revenues | - | 21 | ||||||
Total | 1,165 | 899 | ||||||
Costs and Expenses | ||||||||
Production Expense | 179 | 142 | ||||||
Exploration Expense | 63 | 70 | ||||||
Depreciation, Depletion and Amortization | 312 | 221 | ||||||
General and Administrative | 98 | 83 | ||||||
Other Operating (Income) Expense, Net | 12 | 36 | ||||||
Total | 664 | 552 | ||||||
Operating Income | 501 | 347 | ||||||
Other (Income) Expense | ||||||||
Loss on Commodity Derivative Instruments | 96 | 286 | ||||||
Interest, Net of Amount Capitalized | 32 | 16 | ||||||
Other Non-Operating (Income) Expense, Net | (1 | ) | 8 | |||||
Total | 127 | 310 | ||||||
Income Before Income Taxes | 374 | 37 | ||||||
Income Tax Provision | 111 | 23 | ||||||
Net Income | $ | 263 | $ | 14 | ||||
Earnings Per Share, Basic | $ | 1.48 | $ | 0.08 | ||||
Earnings Per Share, Diluted | 1.47 | 0.08 | ||||||
Weighted Average Number of Shares Outstanding, Basic | 177 | 176 | ||||||
Weighted Average Number of Shares Outstanding, Diluted | 180 | 178 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Income | $ | 292 | $ | 294 | $ | 556 | $ | 308 | |||||||
Other Items of Comprehensive Income (Loss) | |||||||||||||||
Interest Rate Cash Flow Hedges | |||||||||||||||
Unrealized Change in Fair Value | — | — | — | 23 | |||||||||||
Less Tax Provision | — | — | — | (8 | ) | ||||||||||
Net Change in Other | 1 | 1 | 3 | 3 | |||||||||||
Other Comprehensive Income | 1 | 1 | 3 | 18 | |||||||||||
Comprehensive Income | $ | 293 | $ | 295 | $ | 559 | $ | 326 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
Net Income | $ | 263 | $ | 14 | ||||
Other Items of Comprehensive Income (Loss) | ||||||||
Interest Rate Cash Flow Hedges | ||||||||
Unrealized Change in Fair Value | - | 23 | ||||||
Less Tax Provision | - | (8 | ) | |||||
Net Change in Other | 2 | 2 | ||||||
Other Comprehensive Income | 2 | 17 | ||||||
Comprehensive Income | $ | 265 | $ | 31 |
June 30, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and Cash Equivalents | $ | 702 | $ | 1,455 | |||
Accounts Receivable, Net | 824 | 783 | |||||
Other Current Assets | 368 | 180 | |||||
Assets Held for Sale | 324 | — | |||||
Total Current Assets | 2,218 | 2,418 | |||||
Property, Plant and Equipment | |||||||
Oil and Gas Properties (Successful Efforts Method of Accounting) | 18,440 | 17,703 | |||||
Property, Plant and Equipment, Other | 322 | 294 | |||||
Total Property, Plant and Equipment, Gross | 18,762 | 17,997 | |||||
Accumulated Depreciation, Depletion and Amortization | (5,337 | ) | (5,215 | ) | |||
Total Property, Plant and Equipment, Net | 13,425 | 12,782 | |||||
Goodwill | 696 | 696 | |||||
Other Noncurrent Assets | 642 | 548 | |||||
Total Assets | $ | 16,981 | $ | 16,444 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities | |||||||
Accounts Payable - Trade | $ | 1,279 | $ | 1,343 | |||
Other Current Liabilities | 1,060 | 925 | |||||
Total Current Liabilities | 2,339 | 2,268 | |||||
Long-Term Debt | 4,074 | 4,100 | |||||
Deferred Income Taxes, Noncurrent | 2,080 | 2,059 | |||||
Other Noncurrent Liabilities | 683 | 752 | |||||
Total Liabilities | 9,176 | 9,179 | |||||
Commitments and Contingencies | |||||||
Shareholders’ Equity | |||||||
Preferred Stock - Par Value $1.00 per share; 4 Million Shares Authorized, None Issued | — | — | |||||
Common Stock - Par Value $0.01 and $3.33 1/3 per share; 500 Million and 250 Million Shares Authorized; 198 Million and 197 Million Shares Issued, Respectively | 2 | 656 | |||||
Additional Paid in Capital | 3,224 | 2,497 | |||||
Accumulated Other Comprehensive Loss | (97 | ) | (100 | ) | |||
Treasury Stock, at Cost; 19 Million Shares | (651 | ) | (638 | ) | |||
Retained Earnings | 5,327 | 4,850 | |||||
Total Shareholders’ Equity | 7,805 | 7,265 | |||||
Total Liabilities and Shareholders’ Equity | $ | 16,981 | $ | 16,444 |
March 31, | December 31, | |||||||
2012 | 2011 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and Cash Equivalents | $ | 1,143 | $ | 1,455 | ||||
Accounts Receivable, Net | 919 | 783 | ||||||
Other Current Assets | 330 | 180 | ||||||
Total Current Assets | 2,392 | 2,418 | ||||||
Property, Plant and Equipment | ||||||||
Oil and Gas Properties (Successful Efforts Method of Accounting) | 18,527 | 17,703 | ||||||
Property, Plant and Equipment, Other | 317 | 294 | ||||||
Total Property, Plant and Equipment, Gross | 18,844 | 17,997 | ||||||
Accumulated Depreciation, Depletion and Amortization | (5,460 | ) | (5,215 | ) | ||||
Total Property, Plant and Equipment, Net | 13,384 | 12,782 | ||||||
Goodwill | 696 | 696 | ||||||
Other Noncurrent Assets | 592 | 548 | ||||||
Total Assets | $ | 17,064 | $ | 16,444 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts Payable - Trade | $ | 1,457 | $ | 1,343 | ||||
Other Current Liabilities | 951 | 925 | ||||||
Total Current Liabilities | 2,408 | 2,268 | ||||||
Long-Term Debt | 4,088 | 4,100 | ||||||
Deferred Income Taxes, Noncurrent | 2,216 | 2,059 | ||||||
Other Noncurrent Liabilities | 819 | 752 | ||||||
Total Liabilities | 9,531 | 9,179 | ||||||
Commitments and Contingencies | ||||||||
Shareholders’ Equity | ||||||||
Preferred Stock - Par Value $1.00 per share; 4 Million Shares Authorized, None Issued | - | - | ||||||
Common Stock - Par Value $3.33 1/3 per share; 250 Million Shares Authorized; 198 Million and 197 Million Shares Issued, Respectively | 659 | 656 | ||||||
Additional Paid in Capital | 2,549 | 2,497 | ||||||
Accumulated Other Comprehensive Loss | (98 | ) | (100 | ) | ||||
Treasury Stock, at Cost; 19 Million Shares | (651 | ) | (638 | ) | ||||
Retained Earnings | 5,074 | 4,850 | ||||||
Total Shareholders’ Equity | 7,533 | 7,265 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 17,064 | $ | 16,444 |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Cash Flows From Operating Activities | |||||||
Net Income | $ | 556 | $ | 308 | |||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||||||
Depreciation, Depletion and Amortization | 651 | 456 | |||||
Asset Impairments | 73 | 139 | |||||
Dry Hole Cost | 118 | 45 | |||||
Deferred Income Taxes | 92 | 44 | |||||
Dividends (Income) from Equity Method Investees, Net | (7 | ) | (5 | ) | |||
Unrealized (Gain) Loss on Commodity Derivative Instruments | (204 | ) | 160 | ||||
Gain on Divestitures | (9 | ) | (26 | ) | |||
Other Adjustments for Noncash Items Included in Income | 41 | 45 | |||||
Changes in Operating Assets and Liabilities | |||||||
Increase in Accounts Receivable | (58 | ) | (32 | ) | |||
Increase in Other Current Assets | (49 | ) | (17 | ) | |||
Increase in Accounts Payable | 84 | 188 | |||||
Decrease in Current Income Taxes Payable | (13 | ) | (62 | ) | |||
Increase in Other Current Liabilities | 14 | 1 | |||||
Other Operating Assets and Liabilities, Net | (42 | ) | (15 | ) | |||
Net Cash Provided by Operating Activities | 1,247 | 1,229 | |||||
Cash Flows From Investing Activities | |||||||
Additions to Property, Plant and Equipment | (1,900 | ) | (1,261 | ) | |||
Additions to Equity Method Investments | (35 | ) | — | ||||
Proceeds from Divestitures | 10 | 77 | |||||
Net Cash Used in Investing Activities | (1,925 | ) | (1,184 | ) | |||
Cash Flows From Financing Activities | |||||||
Exercise of Stock Options | 26 | 26 | |||||
Excess Tax Benefits from Stock-Based Awards | 13 | 9 | |||||
Dividends Paid, Common Stock | (79 | ) | (64 | ) | |||
Purchase of Treasury Stock | (13 | ) | (16 | ) | |||
Proceeds from Credit Facilities | — | 120 | |||||
Repayment of Credit Facilities | — | (470 | ) | ||||
Proceeds from Issuance of Senior Long-Term Debt, Net | — | 836 | |||||
Settlement of Interest Rate Derivative Instrument | — | (40 | ) | ||||
Repayment of Capital Lease Obligation | (22 | ) | — | ||||
Net Cash Provided By (Used In) Financing Activities | (75 | ) | 401 | ||||
Increase (Decrease) in Cash and Cash Equivalents | (753 | ) | 446 | ||||
Cash and Cash Equivalents at Beginning of Period | 1,455 | 1,081 | |||||
Cash and Cash Equivalents at End of Period | $ | 702 | $ | 1,527 |
Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Treasury Stock at Cost | Retained Earnings | Total Shareholders' Equity | ||||||||||||||||||
December 31, 2011 | $ | 656 | $ | 2,497 | $ | (100 | ) | $ | (638 | ) | $ | 4,850 | $ | 7,265 | |||||||||
Net Income | — | — | — | — | 556 | 556 | |||||||||||||||||
Stock-based Compensation | — | 34 | — | — | — | 34 | |||||||||||||||||
Exercise of Stock Options | — | 26 | — | — | — | 26 | |||||||||||||||||
Tax Benefits Related to Exercise of Stock Options | — | 13 | — | — | — | 13 | |||||||||||||||||
Dividends (44 cents per share) | — | — | — | — | (79 | ) | (79 | ) | |||||||||||||||
Changes in Treasury Stock, Net | — | — | — | (13 | ) | — | (13 | ) | |||||||||||||||
Change in Par Value | (654 | ) | 654 | — | — | — | |||||||||||||||||
Net Change in Other | — | — | 3 | — | — | 3 | |||||||||||||||||
June 30, 2012 | $ | 2 | $ | 3,224 | $ | (97 | ) | $ | (651 | ) | $ | 5,327 | $ | 7,805 | |||||||||
December 31, 2010 | $ | 651 | $ | 2,385 | $ | (104 | ) | $ | (624 | ) | $ | 4,540 | $ | 6,848 | |||||||||
Net Income | — | — | — | — | 308 | 308 | |||||||||||||||||
Stock-based Compensation | — | 29 | — | — | — | 29 | |||||||||||||||||
Exercise of Stock Options | 2 | 24 | — | — | — | 26 | |||||||||||||||||
Tax Benefits Related to Exercise of Stock Options | — | 9 | — | — | — | 9 | |||||||||||||||||
Dividends (36 cents per share) | — | — | — | — | (64 | ) | (64 | ) | |||||||||||||||
Changes in Treasury Stock, Net | — | — | — | (16 | ) | — | (16 | ) | |||||||||||||||
Interest Rate Cash Flow Hedges | |||||||||||||||||||||||
Unrealized Change in Fair Value | — | — | 15 | — | — | 15 | |||||||||||||||||
Net Change in Other | 1 | (1 | ) | 3 | — | — | 3 | ||||||||||||||||
June 30, 2011 | $ | 654 | $ | 2,446 | $ | (86 | ) | $ | (640 | ) | $ | 4,784 | $ | 7,158 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
Cash Flows From Operating Activities | ||||||||
Net Income | $ | 263 | $ | 14 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||||||||
Depreciation, Depletion and Amortization | 312 | 221 | ||||||
Dry Hole Cost | 1 | 22 | ||||||
Deferred Income Taxes | 32 | 11 | ||||||
Dividends (Income) from Equity Method Investees, Net | (29 | ) | (23 | ) | ||||
Unrealized Loss on Commodity Derivative Instruments | 73 | 303 | ||||||
Other Adjustments for Noncash Items Included in Income | 30 | 36 | ||||||
Changes in Operating Assets and Liabilities | ||||||||
(Increase) in Accounts Receivable | (135 | ) | (9 | ) | ||||
(Increase) in Other Current Assets | (5 | ) | (17 | ) | ||||
Increase in Accounts Payable | 190 | 28 | ||||||
Increase (Decrease) in Current Income Taxes Payable | 5 | (71 | ) | |||||
(Decrease) in Other Current Liabilities | (26 | ) | (54 | ) | ||||
Other Operating Assets and Liabilities, Net | 30 | 23 | ||||||
Net Cash Provided by Operating Activities | 741 | 484 | ||||||
Cash Flows From Investing Activities | ||||||||
Additions to Property, Plant and Equipment | (1,018 | ) | (578 | ) | ||||
Additions to Equity Method Investments | (14 | ) | - | |||||
Proceeds from Divestitures | - | 3 | ||||||
Net Cash Used in Investing Activities | (1,032 | ) | (575 | ) | ||||
Cash Flows From Financing Activities | ||||||||
Exercise of Stock Options | 27 | 23 | ||||||
Excess Tax Benefits from Stock-Based Awards | 12 | 8 | ||||||
Dividends Paid, Common Stock | (39 | ) | (32 | ) | ||||
Purchase of Treasury Stock | (13 | ) | (16 | ) | ||||
Proceeds from Credit Facilities | - | 120 | ||||||
Repayment of Credit Facilities | - | (470 | ) | |||||
Proceeds from Issuance of Senior Long-Term Debt, Net | - | 836 | ||||||
Settlement of Interest Rate Derivative Instrument | - | (40 | ) | |||||
Repayment of Capital Lease Obligation | (8 | ) | - | |||||
Net Cash Provided By (Used In) Financing Activities | (21 | ) | 429 | |||||
Increase (Decrease) in Cash and Cash Equivalents | (312 | ) | 338 | |||||
Cash and Cash Equivalents at Beginning of Period | 1,455 | 1,081 | ||||||
Cash and Cash Equivalents at End of Period | $ | 1,143 | $ | 1,419 |
Common Stock | Additional Paid in Capital | Acumulated Other Comprehensive Loss | Treasury Stock at Cost | Retained Earnings | Total Shareholders' Equity | |||||||||||||||||||
December 31, 2011 | $ | 656 | $ | 2,497 | $ | (100 | ) | $ | (638 | ) | $ | 4,850 | $ | 7,265 | ||||||||||
Net Income | - | - | - | - | 263 | 263 | ||||||||||||||||||
Stock-based Compensation | - | 16 | - | - | - | 16 | ||||||||||||||||||
Exercise of Stock Options | 2 | 25 | - | - | - | 27 | ||||||||||||||||||
Tax Benefits Related to Exercise of Stock Options | - | 12 | - | - | - | 12 | ||||||||||||||||||
Restricted Stock Awards, Net | 1 | (1 | ) | - | - | - | - | |||||||||||||||||
Dividends (22 cents per share) | - | - | - | - | (39 | ) | (39 | ) | ||||||||||||||||
Changes in Treasury Stock, Net | - | - | - | (13 | ) | - | (13 | ) | ||||||||||||||||
Net Change in Other | - | - | 2 | - | - | 2 | ||||||||||||||||||
March 31, 2012 | $ | 659 | $ | 2,549 | $ | (98 | ) | $ | (651 | ) | $ | 5,074 | $ | 7,533 | ||||||||||
December 31, 2010 | $ | 651 | $ | 2,385 | $ | (104 | ) | $ | (624 | ) | $ | 4,540 | $ | 6,848 | ||||||||||
Net Income | - | - | - | - | 14 | 14 | ||||||||||||||||||
Stock-based Compensation | - | 14 | - | - | - | 14 | ||||||||||||||||||
Exercise of Stock Options | 2 | 21 | - | - | - | 23 | ||||||||||||||||||
Tax Benefits Related to Exercise of Stock Options | - | 8 | - | - | - | 8 | ||||||||||||||||||
Restricted Stock Awards, Net | 1 | (1 | ) | - | - | - | - | |||||||||||||||||
Dividends (18 cents per share) | - | - | - | - | (32 | ) | (32 | ) | ||||||||||||||||
Changes in Treasury Stock, Net | - | - | - | (16 | ) | - | (16 | ) | ||||||||||||||||
Interest Rate Cash Flow Hedges | ||||||||||||||||||||||||
Unrealized Change in Fair Value | - | - | 15 | - | - | 15 | ||||||||||||||||||
Net Change in Other | - | - | 2 | - | - | 2 | ||||||||||||||||||
March 31, 2011 | $ | 654 | $ | 2,427 | $ | (87 | ) | $ | (640 | ) | $ | 4,522 | $ | 6,876 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Other Revenues (1) | $ | — | $ | 11 | $ | — | $ | 33 | |||||||
Production Expense | |||||||||||||||
Lease Operating Expense | $ | 100 | $ | 83 | $ | 205 | $ | 163 | |||||||
Production and Ad Valorem Taxes | 44 | 39 | 81 | 70 | |||||||||||
Transportation and Gathering Expense | 25 | 15 | 48 | 31 | |||||||||||
Total | $ | 169 | $ | 137 | $ | 334 | $ | 264 | |||||||
Other Operating (Income) Expense, Net | |||||||||||||||
Deepwater Gulf of Mexico Moratorium Expense (2) | $ | — | $ | 1 | $ | — | $ | 19 | |||||||
Electricity Generation Expense (1) | — | 9 | — | 26 | |||||||||||
Gain on Divestitures | (9 | ) | (25 | ) | (9 | ) | (26 | ) | |||||||
Other, Net | 7 | 4 | 19 | (1 | ) | ||||||||||
Total | $ | (2 | ) | $ | (11 | ) | $ | 10 | $ | 18 | |||||
Other Non-Operating (Income) Expense, Net | |||||||||||||||
Deferred Compensation (Income) Expense (3) | $ | (11 | ) | $ | (7 | ) | $ | (8 | ) | $ | 3 | ||||
Interest Income | — | (2 | ) | — | (5 | ) | |||||||||
Other (Income) Expense, Net | 8 | — | 5 | 2 | |||||||||||
Total | $ | (3 | ) | $ | (9 | ) | $ | (3 | ) | $ | — |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(millions) | ||||||||
Other Revenues (1) | $ | - | $ | 21 | ||||
Production Expense | ||||||||
Lease Operating Expense | $ | 118 | $ | 92 | ||||
Production and Ad Valorem Taxes | 38 | 32 | ||||||
Transportation and Gathering Expense | 23 | 18 | ||||||
Total | $ | 179 | $ | 142 | ||||
Other Operating (Income) Expense, Net | ||||||||
Deepwater Gulf of Mexico Moratorium Expense (2) | $ | - | $ | 18 | ||||
Electricity Generation Expense (1) | - | 17 | ||||||
Other, Net | 12 | 1 | ||||||
Total | $ | 12 | $ | 36 | ||||
Other Non-Operating (Income) Expense, Net | ||||||||
Deferred Compensation Expense (3) | $ | 3 | $ | 10 | ||||
Interest Income | - | (3 | ) | |||||
Other (Income) Expense, Net | (4 | ) | 1 | |||||
Total | $ | (1 | ) | $ | 8 |
(1) | Other revenues |
(2) | Amount relates to rig stand-by expense incurred prior to receiving a permit to resume drilling activities in the deepwater Gulf of |
(3) | Amounts represent increases (decreases) in the fair value of shares of our common stock held in a rabbi trust. |
March 31, | December 31, | ||||||||||||||
2012 | 2011 | June 30, 2012 | December 31, 2011 | ||||||||||||
(millions) | |||||||||||||||
Accounts Receivable, Net | |||||||||||||||
Commodity Sales | $ | 467 | $ | 356 | $ | 319 | $ | 356 | |||||||
Joint Interest Billings | 344 | 313 | 394 | 313 | |||||||||||
Other | 117 | 123 | 120 | 123 | |||||||||||
Allowance for Doubtful Accounts | (9 | ) | (9 | ) | (9 | ) | (9 | ) | |||||||
Total | $ | 919 | $ | 783 | $ | 824 | $ | 783 | |||||||
Other Current Assets | |||||||||||||||
Inventories, Current | $ | 77 | $ | 78 | $ | 67 | $ | 78 | |||||||
Commodity Derivative Assets, Current | 17 | 10 | |||||||||||||
Deferred Income Taxes, Net, Current (1) | 159 | 41 | |||||||||||||
Commodity Derivative Assets | 85 | 10 | |||||||||||||
Deferred Income Taxes, Net (1) | 100 | 41 | |||||||||||||
Probable Insurance Claims (2) | 22 | 15 | 31 | 15 | |||||||||||
Prepaid Expenses and Other Current Assets, Current | 55 | 36 | |||||||||||||
Prepaid Expenses and Other Current Assets | 85 | 36 | |||||||||||||
Total | $ | 330 | $ | 180 | $ | 368 | $ | 180 | |||||||
Other Noncurrent Assets | |||||||||||||||
Equity Method Investments | $ | 376 | $ | 329 | $ | 373 | $ | 329 | |||||||
Mutual Fund Investments | 108 | 99 | 104 | 99 | |||||||||||
Commodity Derivative Assets, Noncurrent | 22 | 37 | |||||||||||||
Commodity Derivative Assets | 85 | 37 | |||||||||||||
Other Assets, Noncurrent | 86 | 83 | 80 | 83 | |||||||||||
Total | $ | 592 | $ | 548 | $ | 642 | $ | 548 | |||||||
Other Current Liabilities | |||||||||||||||
Production and Ad Valorem Taxes | $ | 123 | $ | 121 | $ | 119 | $ | 121 | |||||||
Commodity Derivative Liabilities, Current | 119 | 76 | |||||||||||||
Commodity Derivative Liabilities | 2 | 76 | |||||||||||||
Income Taxes Payable | 131 | 127 | 107 | 127 | |||||||||||
Asset Retirement Obligations, Current | 41 | 33 | |||||||||||||
Asset Retirement Obligations | 45 | 33 | |||||||||||||
Interest Payable | 41 | 56 | 55 | 56 | |||||||||||
CONSOL Installment Payment (3) | 325 | 324 | 327 | 324 | |||||||||||
Current Portion of FPSO Lease Obligation | 48 | 45 | 53 | 45 | |||||||||||
Liabilities Associated with Assets Held for Sale | 234 | — | |||||||||||||
Other | 123 | 143 | 118 | 143 | |||||||||||
Total | $ | 951 | $ | 925 | $ | 1,060 | $ | 925 | |||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred Compensation Liabilities, Noncurrent | $ | 237 | $ | 222 | |||||||||||
Asset Retirement Obligations, Noncurrent | 350 | 344 | |||||||||||||
Accrued Benefit Costs, Noncurrent | 90 | 88 | |||||||||||||
Commodity Derivative Liabilities, Noncurrent | 29 | 7 | |||||||||||||
Deferred Compensation Liabilities | $ | 224 | $ | 222 | |||||||||||
Asset Retirement Obligations | 298 | 344 | |||||||||||||
Accrued Benefit Costs | 89 | 88 | |||||||||||||
Commodity Derivative Liabilities | — | 7 | |||||||||||||
Other | 113 | 91 | 72 | 91 | |||||||||||
Total | $ | 819 | $ | 752 | $ | 683 | $ | 752 |
(1) | Increase from December 31, 2011 is due to reclassification of deferred income tax assets from long-term to short-term as certain foreign entities are estimated to begin utilizing net operating loss carryforwards in 2012 and 2013. |
(2) | Amounts represent the costs incurred to date of the Leviathan-2 appraisal well and expected well abandonment costs in excess of the insurance deductible |
(3) | See Note 3. Acquisitions and Dispositions and Note |
June 30, 2012 | ||||
(millions) | ||||
Current Assets | ||||
Accounts Receivable, Net | $ | 19 | ||
Other Current Assets | 11 | |||
Total Current Assets | 30 | |||
Property, Plant and Equipment, Net | 294 | |||
Total Assets Held for Sale | $ | 324 | ||
Accounts Payable - Trade | $ | 9 | ||
Asset Retirement Obligation | 89 | |||
Deferred Tax Liability | 136 | |||
Total Liabilities Related to Assets Held for Sale | $ | 234 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Oil and Gas Sales | $ | 65 | $ | 112 | $ | 140 | $ | 225 | |||||||
Income Before Income Taxes | 39 | 69 | 79 | 137 | |||||||||||
Income Tax Expense | 22 | 44 | 47 | 64 | |||||||||||
Discontinued Operations, Net of Tax | $ | 17 | $ | 25 | $ | 32 | $ | 73 |
June 30, 2012 | |||
(millions) | |||
Unproved Oil and Gas Properties | $ | 853 | |
Proved Oil and Gas Properties | 386 | ||
Investment in CONE Gathering LLC | 69 | ||
Total Assets Acquired (1) | $ | 1,308 |
(1) | Total reflects impact of $17 million imputed interest on CONSOL installment payments. |
estimated quantities of crude oil and natural gas reserves prepared by our qualified petroleum engineers; |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
South Raton (Deepwater Gulf of Mexico) | $ | 34 | $ | — | $ | 34 | $ | — | |||||||
Piceance (Onshore US) | 39 | — | 39 | — | |||||||||||
East Texas (Onshore US) | — | 116 | — | 116 | |||||||||||
Other (Onshore US) | — | 15 | — | 21 | |||||||||||
Total | $ | 73 | $ | 131 | $ | 73 | $ | 137 |
March 31, | December 31, | ||||||||||||||||||||||||||||||
2012 | 2011 | June 30, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||
Debt | Interest Rate | Debt | Interest Rate | Debt | Interest Rate | Debt | Interest Rate | ||||||||||||||||||||||||
(millions, except percentages) | |||||||||||||||||||||||||||||||
Credit Facility, due October 14, 2016 (1) | $ | - | - | $ | - | - | $ | — | — | $ | — | — | |||||||||||||||||||
CONSOL Installment Payments, due September 30, 2012 and 2013 | 656 | 1.76 | % (2) | 656 | 1.76 | % (2) | 656 | 1.76 | % | (2) | 656 | 1.76 | % | (2) | |||||||||||||||||
FPSO Lease Obligation | 344 | - | 355 | - | 333 | — | 355 | — | |||||||||||||||||||||||
5¼% Senior Notes, due April 15, 2014 | 200 | 5.25 | % | 200 | 5.25 | % | 200 | 5.25 | % | 200 | 5.25 | % | |||||||||||||||||||
8¼% Senior Notes, due March 1, 2019 | 1,000 | 8.25 | % | 1,000 | 8.25 | % | 1,000 | 8.25 | % | 1,000 | 8.25 | % | |||||||||||||||||||
4.15% Senior Notes, due December 15, 2021 | 1,000 | 4.15 | % | 1,000 | 4.15 | % | 1,000 | 4.15 | % | 1,000 | 4.15 | % | |||||||||||||||||||
7¼% Senior Notes, due October 15, 2023 | 100 | 7.25 | % | 100 | 7.25 | % | 100 | 7.25 | % | 100 | 7.25 | % | |||||||||||||||||||
8% Senior Notes, due April 1, 2027 | 250 | 8.00 | % | 250 | 8.00 | % | 250 | 8.00 | % | 250 | 8.00 | % | |||||||||||||||||||
6% Senior Notes, due March 1, 2041 | 850 | 6.00 | % | 850 | 6.00 | % | 850 | 6.00 | % | 850 | 6.00 | % | |||||||||||||||||||
7¼% Senior Debentures, due August 1, 2097 | 84 | 7.25 | % | 84 | 7.25 | % | 84 | 7.25 | % | 84 | 7.25 | % | |||||||||||||||||||
Total | 4,484 | 4,495 | 4,473 | 4,495 | |||||||||||||||||||||||||||
Unamortized Discount | (23 | ) | (26 | ) | (19 | ) | (26 | ) | |||||||||||||||||||||||
Total Debt, Net of Discount | 4,461 | 4,469 | 4,454 | 4,469 | |||||||||||||||||||||||||||
Less Amounts Due Within One Year | |||||||||||||||||||||||||||||||
CONSOL Installment Payment, due September 30, 2012, net of discount | (325 | ) | (324 | ) | (327 | ) | (324 | ) | |||||||||||||||||||||||
FPSO Lease Obligation | (48 | ) | (45 | ) | (53 | ) | (45 | ) | |||||||||||||||||||||||
Long-Term Debt Due After One Year | $ | 4,088 | $ | 4,100 | $ | 4,074 | $ | 4,100 |
(1) |
(2) | Imputed |
Swaps | Collars | ||||||||||||||||
Settlement Period | Type of Contract | Index | Bbls Per Day | Weighted Average Fixed Price | Weighted Average Short Put Price | Weighted Average Floor Price | Weighted Average Ceiling Price | ||||||||||
Instruments Entered Into as of June 30, 2012 | |||||||||||||||||
2012 | Swaps | NYMEX WTI (1) | 5,000 | $ | 91.84 | $ | — | $ | — | $ | — | ||||||
2012 | Swaps | Dated Brent | 8,000 | 89.06 | — | — | — | ||||||||||
2012 | Three-Way Collars | NYMEX WTI | 23,000 | — | 61.09 | 83.04 | 101.66 | ||||||||||
2012 | Three-Way Collars | Dated Brent | 3,000 | — | 70.00 | 95.83 | 105.00 | ||||||||||
2013 | Swaps | NYMEX WTI | 3,000 | 87.00 | — | — | — | ||||||||||
2013 | Swaps | Dated Brent | 3,000 | 98.03 | — | — | — | ||||||||||
2013 | Two-Way Collars | NYMEX WTI | 5,000 | — | — | 95.00 | 115.00 | ||||||||||
2013 | Three-Way Collars | NYMEX WTI | 7,000 | — | 63.57 | 83.57 | 109.04 | ||||||||||
2013 | Three-Way Collars | Dated Brent | 26,000 | — | 82.88 | 100.86 | 127.32 | ||||||||||
2014 | Swaps | NYMEX WTI | 5,000 | 86.50 | — | — | — | ||||||||||
2014 | Swaps | Dated Brent | 8,000 | 105.94 | — | — | — | ||||||||||
2014 | Three-Way Collars | Dated Brent | 10,000 | — | 85.00 | 98.50 | 129.24 |
Swaps | Collars | |||||||||||||||||||||
Settlement Period | Type of Contract | Index | Bbls Per Day | Weighted Average Fixed Price | Weighted Average Short Put Price | Weighted Average Floor Price | Weighted Average Ceiling Price | |||||||||||||||
Instruments Entered Into as of March 31, 2012 | ||||||||||||||||||||||
2012 | Swaps | NYMEX WTI (1) | 5,000 | $ | 91.84 | $ | - | $ | - | $ | - | |||||||||||
2012 | Swaps | Dated Brent | 8,000 | 89.06 | - | - | - | |||||||||||||||
2012 | Three-Way Collars | NYMEX WTI | 23,000 | - | 61.09 | 83.04 | 101.66 | |||||||||||||||
2012 | Three-Way Collars | Dated Brent | 3,000 | - | 70.00 | 95.83 | 105.00 | |||||||||||||||
2013 | Swaps | Dated Brent | 3,000 | 98.03 | - | - | - | |||||||||||||||
2013 | Two-Way Collars | NYMEX WTI | 5,000 | - | - | 95.00 | 115.00 | |||||||||||||||
2013 | Three-Way Collars | NYMEX WTI | 5,000 | - | 65.00 | 85.00 | 113.63 | |||||||||||||||
2013 | Three-Way Collars | Dated Brent | 26,000 | - | 82.88 | 100.86 | 127.32 | |||||||||||||||
2014 | Swaps | Dated Brent | 3,000 | 107.15 | - | - | - | |||||||||||||||
2014 | Three-Way Collars | Dated Brent | 10,000 | - | 85.00 | 98.50 | 129.24 |
(1) | West Texas Intermediate |
Swaps | Collars | |||||||||||||||
Settlement Period | Type of Contract | Index | MMBtu Per Day | Weighted Average Fixed Price | Weighted Average Short Put Price | Weighted Average Floor Price | Weighted Average Ceiling Price | |||||||||
Instruments Entered Into as of June 30, 2012 | ||||||||||||||||
2012 | Swaps | NYMEX HH (1) | 30,000 | $ | 5.10 | $ | — | $ | — | $ | — | |||||
2012 | Two-Way Collars | NYMEX HH | 40,000 | — | — | 3.25 | 5.14 | |||||||||
2012 | Three-Way Collars | NYMEX HH | 110,000 | — | 4.44 | 5.25 | 6.66 | |||||||||
2013 | Swaps | NYMEX HH | 30,000 | 5.25 | — | — | — | |||||||||
2013 | Two-Way Collars | NYMEX HH | 40,000 | — | — | 3.25 | 5.14 | |||||||||
2013 | Three-Way Collars | NYMEX HH | 100,000 | — | 3.88 | 4.75 | 5.63 |
Swaps | Collars | |||||||||||||||||||||
Settlement Period | Type of Contract | Index | MMBtu Per Day | Weighted Average Fixed Price | Weighted Average Short Put Price | Weighted Average Floor Price | Weighted Average Ceiling Price | |||||||||||||||
Instruments Entered Into as of March 31, 2012 | ||||||||||||||||||||||
2012 | Swaps | NYMEX HH (1) | 30,000 | $ | 5.10 | $ | - | $ | - | $ | - | |||||||||||
2012 | Two-Way Collars | NYMEX HH | 40,000 | - | - | 3.25 | 5.14 | |||||||||||||||
2012 | Three-Way Collars | NYMEX HH | 110,000 | - | 4.44 | 5.25 | 6.66 | |||||||||||||||
2013 | Swaps | NYMEX HH | 30,000 | 5.25 | - | - | - | |||||||||||||||
2013 | Two-Way Collars | NYMEX HH | 40,000 | - | - | 3.25 | 5.14 | |||||||||||||||
2013 | Three-Way Collars | NYMEX HH | 100,000 | - | 3.88 | 4.75 | 5.63 |
(1) | Henry Hub |
Settlement Period | Index | Index Less Differential | MMBtu Per Day | Weighted Average Differential | ||
2012 | IFERC CIG (1) | NYMEX HH | 150,000 | $ | (0.52 | ) |
(1) | Colorado Interstate Gas – Northern System |
Settlement Period | Index | Index Less Differential | MMBtu Per Day | Weighted Average Differential | ||||||
2012 | IFERC CIG (1) | NYMEX HH | 150,000 | $ | (0.52 | ) |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments | Fair Value of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||
Asset Derivative Instruments | Liability Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | Asset Derivative Instruments | Liability Derivative Instruments | |||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | June 30, 2012 | December 31, 2011 | June 30, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commodity Derivative Instruments | Current Assets | $ | 17 | Current Assets | $ | 10 | Current Liabilities | $ | 119 | Current Liabilities | $ | 76 | Current Assets | $ | 85 | Current Assets | $ | 10 | Current Liabilities | $ | 2 | Current Liabilities | $ | 76 | ||||||||||||||||||||
Noncurrent Assets | 22 | Noncurrent Assets | 37 | Noncurrent Liabilities | 29 | Noncurrent Liabilities | 7 | Noncurrent Assets | 85 | Noncurrent Assets | 37 | Noncurrent Liabilities | — | Noncurrent Liabilities | 7 | |||||||||||||||||||||||||||||
Total | $ | 39 | $ | 47 | $ | 148 | $ | 83 | $ | 170 | $ | 47 | $ | 2 | $ | 83 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Realized Mark-to-Market (Gain) Loss | $ | 1 | $ | (1 | ) | $ | 24 | $ | (17 | ) | |||||
Unrealized Mark-to-Market (Gain) Loss | (277 | ) | (142 | ) | (204 | ) | 160 | ||||||||
Total (Gain) Loss on Commodity Derivative Instruments | $ | (276 | ) | $ | (143 | ) | $ | (180 | ) | $ | 143 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(millions) | ||||||||
Realized Mark-to-Market (Gain) Loss | $ | 23 | $ | (17 | ) | |||
Unrealized Mark-to-Market Loss | 73 | 303 | ||||||
Total Loss on Commodity Derivative Instruments | $ | 96 | $ | 286 |
Fair Value Measurements Using | |||||||||||||||||||
Quoted Prices in Active Markets (Level 1) (1) | Significant Other Observable Inputs (Level 2) (2) | Significant Unobservable Inputs (Level 3) (3) | Adjustment (4) | Fair Value Measurement | |||||||||||||||
(millions) | |||||||||||||||||||
June 30, 2012 | |||||||||||||||||||
Financial Assets | |||||||||||||||||||
Mutual Fund Investments | $ | 104 | $ | — | $ | — | $ | — | $ | 104 | |||||||||
Commodity Derivative Instruments | — | 193 | — | (23 | ) | 170 | |||||||||||||
Financial Liabilities | |||||||||||||||||||
Commodity Derivative Instruments | — | (25 | ) | — | 23 | (2 | ) | ||||||||||||
Portion of Deferred Compensation Liability Measured at Fair Value | (158 | ) | — | — | — | (158 | ) | ||||||||||||
December 31, 2011 | |||||||||||||||||||
Financial Assets | |||||||||||||||||||
Mutual Fund Investments | $ | 99 | $ | — | $ | — | $ | — | $ | 99 | |||||||||
Commodity Derivative Instruments | — | 99 | — | (52 | ) | 47 | |||||||||||||
Financial Liabilities | |||||||||||||||||||
Commodity Derivative Instruments | — | (135 | ) | — | 52 | (83 | ) | ||||||||||||
Portion of Deferred Compensation Liability Measured at Fair Value | (162 | ) | — | — | — | (162 | ) |
Fair Value Measurements Using | ||||||||||||||||||||
Quoted Prices in Active Markets (Level 1) (1) | Significant Other Observable Inputs (Level 2) (2) | Significant Unobservable Inputs (Level 3) (3) | Adjustment (4) | Fair Value Measurement | ||||||||||||||||
(millions) | ||||||||||||||||||||
March 31, 2012 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mutual Fund Investments | $ | 108 | $ | - | $ | - | $ | - | $ | 108 | ||||||||||
Commodity Derivative Instruments | - | 105 | - | (66 | ) | 39 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Commodity Derivative Instruments | - | (214 | ) | - | 66 | (148 | ) | |||||||||||||
Portion of Deferred Compensation | ||||||||||||||||||||
Liability Measured at Fair Value | (172 | ) | - | - | - | (172 | ) | |||||||||||||
December 31, 2011 | ||||||||||||||||||||
Financial Assets | ||||||||||||||||||||
Mutual Fund Investments | $ | 99 | $ | - | $ | - | $ | - | $ | 99 | ||||||||||
Commodity Derivative Instruments | - | 99 | - | (52 | ) | 47 | ||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Commodity Derivative Instruments | - | (135 | ) | - | 52 | (83 | ) | |||||||||||||
Portion of Deferred Compensation Liability | ||||||||||||||||||||
Measured at Fair Value | (162 | ) | - | - | - | (162 | ) |
(1) | Level 1 measurements are fair value measurements which use quoted market prices (unadjusted) in active markets for identical assets or liabilities. We use Level 1 inputs when available as Level 1 inputs generally provide the most reliable evidence of fair value. |
(2) | Level 2 measurements are fair value measurements which use inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. |
(3) | Level 3 measurements are fair value measurements which use unobservable inputs. |
(4) | Amount represents the impact of master netting agreements that allow us to net cash settle asset and liability positions with the same counterparty. |
Fair Value Measurements Using | |||||||||||||||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Net Book Value (1) | Total Pre-tax (Non-cash) Impairment Loss | ||||||||||
millions | |||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||
Impaired Oil and Gas Properties | $ | — | $ | — | $ | 172 | $ | 245 | $ | 73 | |||||
Three Months Ended June 30, 2011 | |||||||||||||||
Impaired Oil and Gas Properties | — | — | 29 | 160 | 131 | ||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||
Impaired Oil and Gas Properties | — | — | 172 | 245 | 73 | ||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||
Impaired Oil and Gas Properties | — | — | 32 | 169 | 137 |
June 30, 2012 | December 31, 2011 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(millions) | |||||||||||||||
Long-Term Debt, Net of Unamortized Discount (1) | $ | 4,121 | $ | 4,712 | $ | 4,114 | $ | 4,733 |
March 31, | December 31, | |||||||||||||||
2012 | 2011 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(millions) | ||||||||||||||||
Long-Term Debt, Net of Unamortized Discount (1) | $ | 4,117 | $ | 4,606 | $ | 4,114 | $ | 4,733 |
(1) | Excludes Aseng FPSO lease obligation. No floating rate debt was outstanding at |
Three Months Ended March 31, 2012 | Six Months Ended June 30, 2012 | ||||||
(millions) | |||||||
Capitalized Exploratory Well Costs, Beginning of Period | $ | 696 | $ | 696 | |||
Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves | 93 | 160 | |||||
Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves | - | (9 | ) | ||||
Capitalized Exploratory Well Costs Charged to Expense | - | ||||||
Capitalized Exploratory Well Costs Charged to Expense (1) | (107 | ) | |||||
Other (2) | (19 | ) | |||||
Capitalized Exploratory Well Costs, End of Period | $ | 789 | $ | 721 |
June 30, 2012 | December 31, 2011 | ||||||
(millions) | |||||||
Exploratory Well Costs Capitalized for a Period of One Year or Less | $ | 330 | $ | 318 | |||
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 391 | 378 | |||||
Balance at End of Period | $ | 721 | $ | 696 | |||
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 8 | 9 |
March 31, | December 31, | |||||||
2012 | 2011 | |||||||
(millions) | ||||||||
Exploratory Well Costs Capitalized for a Period of One Year or Less | $ | 345 | $ | 318 | ||||
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 444 | 378 | ||||||
Balance at End of Period | $ | 789 | $ | 696 | ||||
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling | 10 | 9 |
Suspended Since | |||||||||||||||
Total | 2011 | 2010 | 2009 & Prior | ||||||||||||
(millions) | |||||||||||||||
Country/Project: | |||||||||||||||
Offshore Equatorial Guinea | |||||||||||||||
Blocks O and I | $ | 155 | $ | 43 | $ | 6 | $ | 106 | |||||||
Offshore Cameroon | |||||||||||||||
YoYo | 44 | 4 | 2 | 38 | |||||||||||
Offshore Israel | |||||||||||||||
Leviathan | 62 | 21 | 41 | — | |||||||||||
Leviathan-1 Deep | 27 | 27 | — | — | |||||||||||
Dalit | 22 | — | 1 | 21 | |||||||||||
Deepwater Gulf of Mexico | |||||||||||||||
Gunflint | 68 | 9 | 3 | 56 | |||||||||||
Other | |||||||||||||||
2 projects of $10 million or less each | 13 | 7 | 6 | — | |||||||||||
Total | $ | 391 | $ | 111 | $ | 59 | $ | 221 |
Suspended Since | ||||||||||||||||
Total | 2011 | 2010 | 2009 & Prior | |||||||||||||
(millions) | ||||||||||||||||
Country/Project | ||||||||||||||||
Offshore Equatorial Guinea | ||||||||||||||||
Blocks O and I | $ | 114 | $ | 2 | $ | 6 | $ | 106 | ||||||||
Offshore Cameroon | ||||||||||||||||
YoYo | 41 | 1 | 2 | 38 | ||||||||||||
Offshore Israel | ||||||||||||||||
Leviathan | 86 | 45 | 41 | - | ||||||||||||
Dalit | 22 | - | 1 | 21 | ||||||||||||
Deepwater Gulf of Mexico | ||||||||||||||||
Gunflint | 70 | 11 | 3 | 56 | ||||||||||||
Deep Blue | 75 | 2 | 54 | 19 | ||||||||||||
North Sea | ||||||||||||||||
Selkirk | 22 | - | 1 | 21 | ||||||||||||
Other | ||||||||||||||||
3 projects of $10 million or less each | 14 | 6 | 8 | - | ||||||||||||
Total | $ | 444 | $ | 67 | $ | 116 | $ | 261 |
Three Months Ended March 31, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Asset Retirement Obligations, Beginning Balance | $ | 377 | $ | 253 | $ | 377 | $ | 253 | |||||||
Liabilities Incurred | 6 | 1 | 23 | 1 | |||||||||||
Liabilities Settled | (2 | ) | (9 | ) | (2 | ) | (12 | ) | |||||||
Revision of Estimate | 3 | 4 | 20 | 6 | |||||||||||
Accretion Expense | 7 | 5 | 14 | 10 | |||||||||||
Other | (89 | ) | — | ||||||||||||
Asset Retirement Obligations, Ending Balance | $ | 391 | $ | 254 | $ | 343 | $ | 258 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
(millions, except per share amounts) | |||||||||||||||||||||||
Net Income | $ | 263 | $ | 14 | |||||||||||||||||||
Income from Continuing Operations | $ | 275 | $ | 269 | $ | 524 | $ | 235 | |||||||||||||||
Earnings Adjustment from Assumed Conversion of Dilutive Shares of Common Stock in Rabbi Trust (1) | (7 | ) | (4 | ) | (5 | ) | — | ||||||||||||||||
Income from Continuing Operations Used for Diluted Earnings Per Share Calculation | $ | 268 | $ | 265 | $ | 519 | $ | 235 | |||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 177 | 176 | 178 | 176 | 178 | 176 | |||||||||||||||||
Incremental Shares From Assumed Conversion of Dilutive Stock Options and Restricted Stock | 3 | 2 | |||||||||||||||||||||
Incremental Shares From Assumed Conversion of Dilutive Stock Options, Restricted Stock and Shares of Common Stock in Rabbi Trust | 2 | 3 | 2 | 2 | |||||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 180 | 178 | 180 | 179 | 180 | 178 | |||||||||||||||||
Earnings Per Share, Basic | $ | 1.48 | $ | 0.08 | |||||||||||||||||||
Earnings Per Share, Diluted | 1.47 | 0.08 | |||||||||||||||||||||
Earnings from Continuing Operations Per Share, Basic | $ | 1.55 | $ | 1.51 | $ | 2.95 | $ | 1.33 | |||||||||||||||
Earnings from Continuing Operations Per Share, Diluted | 1.49 | 1.47 | 2.88 | 1.31 | |||||||||||||||||||
Number of antidilutive stock options, shares of restricted stock and shares of common stock in rabbi trust excluded from calculation above | 2 | 2 | 3 | 2 | 3 | 3 |
(1) | Consistent with GAAP, when dilutive, deferred compensation gains or losses, net of tax, are excluded from net income while our common shares held in the rabbi trust are included in the diluted share count. For this reason, the diluted earnings per share calculations for the three months ended June 30, 2012 and 2011 and for the six months ended June 30, 2012 exclude deferred compensation gains, |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
(millions) | |||||||||||||||||||||||
Current | $ | 79 | $ | 12 | $ | 56 | $ | 39 | $ | 100 | $ | 36 | |||||||||||
Deferred | 32 | 11 | 59 | 48 | 100 | 54 | |||||||||||||||||
Total Income Tax Provision | $ | 111 | $ | 23 | $ | 115 | $ | 87 | $ | 200 | $ | 90 | |||||||||||
Effective Tax Rate | 30 | % | 62 | % | 29 | % | 24 | % | 28 | % | 28 | % |
Consolidated | United States | West Africa | Eastern Mediter- ranean | North Sea | Other Int'l and Corporate | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Three Months Ended March 31, 2012 | ||||||||||||||||||||||||
Revenues from Third Parties | $ | 1,112 | $ | 554 | $ | 383 | $ | 44 | $ | 75 | $ | 56 | ||||||||||||
Income from Equity Method Investees | 53 | 2 | 51 | - | - | - | ||||||||||||||||||
Total Revenues | 1,165 | 556 | 434 | 44 | 75 | 56 | ||||||||||||||||||
DD&A | 312 | 198 | 73 | 5 | 18 | 18 | ||||||||||||||||||
(Gain) Loss on Commodity Derivative Instruments | 96 | (9 | ) | 105 | - | - | - | |||||||||||||||||
Income (Loss) Before Income Taxes | 374 | 193 | 227 | 32 | 40 | (118 | ) | |||||||||||||||||
Three Months Ended March 31, 2011 | ||||||||||||||||||||||||
Revenues from Third Parties | $ | 851 | $ | 505 | $ | 130 | $ | 52 | $ | 114 | $ | 50 | ||||||||||||
Income from Equity Method Investees | 48 | - | 48 | - | - | - | ||||||||||||||||||
Total Revenues | 899 | 505 | 178 | 52 | 114 | 50 | ||||||||||||||||||
DD&A | 221 | 167 | 10 | 4 | 28 | 12 | ||||||||||||||||||
Loss on Commodity Derivative Instruments | 286 | 192 | 94 | - | - | - | ||||||||||||||||||
Income (Loss) Before Income Taxes | 37 | (37 | ) | 74 | 39 | 68 | (107 | ) | ||||||||||||||||
March 31, 2012 | ||||||||||||||||||||||||
Goodwill | $ | 696 | $ | 696 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Total Assets | 17,064 | 11,220 | 2,948 | 2,107 | 458 | 331 | ||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||
Goodwill | 696 | 696 | - | - | - | - | ||||||||||||||||||
Total Assets | 16,444 | 11,201 | 2,728 | 1,751 | 544 | 220 |
Consolidated | United States | West Africa | Eastern Mediterranean | Other Int'l & Corporate | |||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||
Revenues from Third Parties | $ | 934 | $ | 527 | $ | 332 | $ | 29 | $ | 46 | |||||||||
Income from Equity Method Investees | 32 | 1 | 31 | — | — | ||||||||||||||
Total Revenues | 966 | 528 | 363 | 29 | 46 | ||||||||||||||
DD&A | 325 | 232 | 62 | 10 | 21 | ||||||||||||||
Asset Impairments (1) | 73 | 73 | — | — | — | ||||||||||||||
Gain on Divestiture | (9 | ) | (9 | ) | — | — | — | ||||||||||||
Gain on Commodity Derivative Instruments (2) | (276 | ) | (93 | ) | (183 | ) | — | — | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 390 | 48 | 455 | 5 | (118 | ) | |||||||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||
Revenues from Third Parties | $ | 794 | $ | 553 | $ | 118 | $ | 76 | $ | 47 | |||||||||
Income from Equity Method Investees | 48 | — | 48 | — | — | ||||||||||||||
Total Revenues | 842 | 553 | 166 | 76 | 47 | ||||||||||||||
DD&A | 211 | 187 | 7 | 7 | 10 | ||||||||||||||
Asset Impairments (1) | 131 | 131 | — | — | — | ||||||||||||||
Gain on Divestiture (3) | (25 | ) | — | — | — | (25 | ) | ||||||||||||
Gain on Commodity Derivative Instruments (2) | (143 | ) | (142 | ) | (1 | ) | — | — | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 356 | 250 | 116 | 57 | (67 | ) | |||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||
Revenues from Third Parties | $ | 1,970 | $ | 1,080 | $ | 715 | $ | 73 | $ | 102 | |||||||||
Income from Equity Method Investees | 86 | 3 | 83 | — | — | ||||||||||||||
Total Revenues | 2,056 | 1,083 | 798 | 73 | 102 | ||||||||||||||
DD&A | 619 | 430 | 135 | 15 | 39 | ||||||||||||||
Asset Impairments (1) | 73 | 73 | — | — | — | ||||||||||||||
Gain on Divestiture | (9 | ) | (9 | ) | — | — | — | ||||||||||||
(Gain) on Commodity Derivative Instruments (2) | (180 | ) | (102 | ) | (78 | ) | — | — | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 724 | 241 | 682 | 37 | (236 | ) | |||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||
Revenues from Third Parties | $ | 1,533 | $ | 1,059 | $ | 248 | $ | 128 | $ | 98 | |||||||||
Income from Equity Method Investees | 96 | — | 96 | — | — | ||||||||||||||
Total Revenues | 1,629 | 1,059 | 344 | 128 | 98 | ||||||||||||||
DD&A | 404 | 354 | 17 | 11 | 22 | ||||||||||||||
Asset Impairments (1) | 137 | 137 | — | — | — | ||||||||||||||
Gain on Divestiture (3) | (26 | ) | (1 | ) | — | — | (25 | ) | |||||||||||
Loss on Commodity Derivative Instruments (2) | 143 | 50 | 93 | — | — | ||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 325 | 213 | 190 | 96 | (174 | ) | |||||||||||||
June 30, 2012 | |||||||||||||||||||
Goodwill | $ | 696 | $ | 696 | $ | — | $ | — | $ | — | |||||||||
Total Assets | 16,657 | 11,188 | 2,761 | 2,289 | 419 | ||||||||||||||
December 31, 2011 | |||||||||||||||||||
Goodwill | 696 | 696 | — | — | — | ||||||||||||||
Total Assets | 16,106 | 11,201 | 2,728 | 1,751 | 426 |
Executive Overview; |
Operating Outlook; |
Results of Operations; and |
Liquidity and Capital Resources. |
commodity prices, including price realizations on specific crude oil and natural gas production including the impact of NGLs; |
cash flows from operations; |
operating and development costs and possible inflationary pressures; |
permitting activity in the deepwater Gulf of Mexico; |
drilling results; |
impact of new laws and regulations, including implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, on our business practices. |
ensuring energy security in the economy; |
requiring a minimum 25-year supply of gas to the domestic market; |
allowing for a redetermination of market needs after the year 2018; |
requiring regulatory approval for export; |
determining that an Israeli natural gas export facility be under Israeli control and within the jurisdiction of Israel’s economic waters; |
taking steps to increase competition in the natural gas market; and |
requiring infrastructure redundancy, physical connection of all reservoirs to the domestic market, third party access to infrastructure, and the development of statutory procedures to define infrastructures. |
Increase | ||||||||||||
(Decrease) | ||||||||||||
2012 | 2011 | from Prior Year | ||||||||||
(millions) | ||||||||||||
Three Months Ended March 31, | ||||||||||||
Oil, Gas and NGL Sales | $ | 1,112 | $ | 830 | 34 | % | ||||||
Income from Equity Method Investees | 53 | 48 | 10 | % | ||||||||
Other Revenues | - | 21 | (100 | %) | ||||||||
Total | $ | 1,165 | $ | 899 | 30 | % |
Increase (Decrease) from Prior Year | ||||||||||
2012 | 2011 | |||||||||
(millions) | ||||||||||
Three Months Ended June 30, | ||||||||||
Oil, Gas and NGL Sales | $ | 934 | $ | 783 | 19 | % | ||||
Income from Equity Method Investees | 32 | 48 | (33 | )% | ||||||
Other Revenues | — | 11 | (100 | )% | ||||||
Total | $ | 966 | $ | 842 | 15 | % | ||||
Six Months Ended June 30, | ||||||||||
Oil, Gas and NGL Sales | $ | 1,970 | $ | 1,500 | 31 | % | ||||
Income from Equity Method Investees | 86 | 96 | (10 | )% | ||||||
Other Revenues | — | 33 | (100 | )% | ||||||
Total | $ | 2,056 | $ | 1,629 | 26 | % |
Sales Volumes | Average Realized Sales Prices | ||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil & Condensate | Natural Gas | NGLs | Total | Crude Oil & Condensate | Natural Gas | NGLs | |||||||||||||||||||||||||||||||||||||||||||||
(MBbl/d) | (MMcf/d) | (MBbl/d) | (MBoe/d) (1) | (Per Bbl) | (Per Mcf) | (Per Bbl) | Sales Volumes | Average Realized Sales Prices | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Crude Oil & Condensate (MBbl/d) | Natural Gas (MMcf/d) | NGLs (MBbl/d) | Total (MBoe/d) (1) | Crude Oil & Condensate (Per Bbl) | Natural Gas (Per Mcf) | NGLs (Per Bbl) | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 42 | 433 | 17 | 131 | $ | 101.21 | $ | 2.62 | $ | 41.62 | 46 | 431 | 16 | 134 | $ | 94.49 | $ | 2.10 | $ | 33.06 | |||||||||||||||||||||||||||||||
Equatorial Guinea (2) | 35 | 230 | - | 73 | 118.04 | 0.27 | - | 34 | 215 | — | 70 | 104.55 | 0.27 | — | |||||||||||||||||||||||||||||||||||||
Israel | - | 108 | - | 18 | - | 4.51 | - | — | 60 | — | 10 | — | 5.44 | — | |||||||||||||||||||||||||||||||||||||
North Sea | 6 | 5 | - | 7 | 122.44 | 7.88 | - | ||||||||||||||||||||||||||||||||||||||||||||
China | 5 | - | - | 5 | 126.10 | - | - | 5 | — | — | 5 | 115.41 | — | — | |||||||||||||||||||||||||||||||||||||
Total Consolidated Operations | 88 | 776 | 17 | 234 | 110.80 | 2.22 | 41.62 | 85 | 706 | 16 | 219 | 99.67 | 1.82 | 33.06 | |||||||||||||||||||||||||||||||||||||
Equity Investees (3) | 2 | - | 7 | 9 | 110.09 | - | 68.02 | 1 | — | 4 | 5 | 109.98 | — | 61.47 | |||||||||||||||||||||||||||||||||||||
Total Operations | 90 | 776 | 24 | 243 | $ | 110.78 | $ | 2.22 | $ | 49.34 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Continuing Operations | 86 | 706 | 20 | 224 | $ | 99.81 | $ | 1.82 | $ | 38.87 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2011 | Three Months Ended June 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 37 | 382 | 14 | 114 | $ | 92.25 | $ | 4.07 | $ | 47.80 | 37 | 378 | 15 | 115 | $ | 101.99 | $ | 4.21 | $ | 50.03 | |||||||||||||||||||||||||||||||
Equatorial Guinea (2) | 13 | 248 | - | 55 | 103.49 | 0.27 | - | 11 | 233 | — | 50 | 114.80 | 0.27 | — | |||||||||||||||||||||||||||||||||||||
Israel | - | 140 | - | 23 | - | 4.19 | - | — | 174 | — | 29 | — | 4.81 | — | |||||||||||||||||||||||||||||||||||||
North Sea | 11 | 8 | - | 12 | 106.26 | 7.30 | - | ||||||||||||||||||||||||||||||||||||||||||||
China | 4 | - | - | 4 | 95.28 | - | - | 3 | — | — | 3 | 109.96 | — | — | |||||||||||||||||||||||||||||||||||||
Total Consolidated Operations | 65 | 778 | 14 | 208 | 97.15 | 2.91 | 47.80 | 51 | 785 | 15 | 197 | 105.23 | 3.18 | 50.03 | |||||||||||||||||||||||||||||||||||||
Equity Investees (3) | 2 | - | 5 | 7 | 103.93 | - | 75.71 | 2 | — | 5 | 7 | 115.23 | — | 75.83 | |||||||||||||||||||||||||||||||||||||
Total Operations | 67 | 778 | 19 | 215 | $ | 97.32 | $ | 2.91 | $ | 55.43 | |||||||||||||||||||||||||||||||||||||||||
Total Continuing Operations | 53 | 785 | 20 | 204 | $ | 105.58 | $ | 3.18 | $ | 56.65 | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 44 | 432 | 16 | 132 | $ | 97.70 | $ | 2.36 | $ | 37.46 | |||||||||||||||||||||||||||||||||||||||||
Equatorial Guinea (2) | 35 | 222 | �� | — | 72 | 111.38 | 0.27 | — | |||||||||||||||||||||||||||||||||||||||||||
Israel | — | 84 | — | 14 | — | 4.84 | — | ||||||||||||||||||||||||||||||||||||||||||||
China | 5 | — | — | 5 | 120.93 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Consolidated Operations | 84 | 738 | 16 | 223 | $ | 104.70 | $ | 2.01 | $ | 37.46 | |||||||||||||||||||||||||||||||||||||||||
Equity Investees (3) | 2 | — | 5 | 7 | 110.05 | — | 65.57 | ||||||||||||||||||||||||||||||||||||||||||||
Total Continuing Operations | 86 | 738 | 21 | 230 | $ | 104.80 | $ | 2.01 | $ | 44.50 | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | Six Months Ended June 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 37 | 380 | 14 | 114 | $ | 97.15 | $ | 4.14 | $ | 48.98 | |||||||||||||||||||||||||||||||||||||||||
Equatorial Guinea (2) | 12 | 240 | — | 52 | 108.57 | 0.27 | — | ||||||||||||||||||||||||||||||||||||||||||||
Israel | — | 157 | — | 26 | — | 4.54 | — | ||||||||||||||||||||||||||||||||||||||||||||
China | 4 | — | — | 4 | 102.61 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Consolidated Operations | 53 | 777 | 14 | 196 | 100.14 | 3.02 | 48.98 | ||||||||||||||||||||||||||||||||||||||||||||
Equity Investees (3) | 2 | — | 5 | 7 | 109.89 | — | 74.16 | ||||||||||||||||||||||||||||||||||||||||||||
Total Continuing Operations | 55 | 777 | 19 | 203 | $ | 100.46 | $ | 3.02 | $ | 56.06 |
(1) | Natural gas is converted on the basis of six Mcf of gas per one barrel of oil equivalent. This ratio reflects an energy content equivalency and not a price or revenue equivalency. Given commodity price differentials, the price for a barrel of oil equivalent for natural gas is significantly less than the price for a barrel of oil. |
(2) | Natural gas from the Alba field in Equatorial Guinea is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an |
(3) | Volumes represent sales of condensate and LPG from the Alba plant in Equatorial Guinea. See Income from Equity Method Investees below. |
Commodity Price Increase (Decrease) | |||||||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||||||
Crude Oil & Condensate | Natural Gas | Crude Oil & Condensate | Natural Gas | Commodity Price Increase (Decrease) | |||||||||||||||||||||||||||
(Per Bbl) | (Per Mcf) | (Per Bbl) | (Per Mcf) | 2012 | 2011 | ||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||
Crude Oil & Condensate | Natural Gas | Crude Oil & Condensate | Natural Gas | ||||||||||||||||||||||||||||
(Per Bbl) | (Per Mcf) | (Per Bbl) | (Per Mcf) | ||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||
United States | $ | (2.40 | ) | $ | 0.28 | $ | (2.75 | ) | $ | 0.76 | $ | (0.26 | ) | $ | 0.41 | $ | (6.67 | ) | $ | 0.67 | |||||||||||
Equatorial Guinea | (7.84 | ) | - | - | - | (5.02 | ) | — | — | — | |||||||||||||||||||||
Total Consolidated Operations | (4.26 | ) | 0.16 | (1.56 | ) | 0.37 | (2.16 | ) | 0.25 | (4.82 | ) | 0.32 | |||||||||||||||||||
Total Operations | (4.17 | ) | 0.16 | (1.52 | ) | 0.37 | |||||||||||||||||||||||||
Total Continuing Operations | (2.14 | ) | 0.25 | (4.64 | ) | 0.32 | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||
United States | $ | (1.28 | ) | $ | 0.35 | $ | (4.72 | ) | $ | 0.71 | |||||||||||||||||||||
Equatorial Guinea | (6.45 | ) | — | — | — | ||||||||||||||||||||||||||
Total Consolidated Operations | (3.34 | ) | 0.20 | (3.29 | ) | 0.35 | |||||||||||||||||||||||||
Total Continuing Operations | (3.26 | ) | 0.20 | (3.15 | ) | 0.35 |
Sales Revenues | Sales Revenues | ||||||||||||||||||||||||||||||
Crude Oil & Condensate | Natural Gas | NGLs | Total | Crude Oil & Condensate | Natural Gas | NGLs | Total | ||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | $ | 569 | $ | 203 | $ | 58 | $ | 830 | |||||||||||||||||||||||
Three Months Ended June 30, 2011 | $ | 490 | $ | 226 | $ | 67 | $ | 783 | |||||||||||||||||||||||
Changes due to | |||||||||||||||||||||||||||||||
Increase in Sales Volumes | 211 | 2 | 16 | 229 | |||||||||||||||||||||||||||
Increase (Decrease) in Sales Volumes | 323 | (23 | ) | 5 | 305 | ||||||||||||||||||||||||||
(Decrease) in Sales Prices | (44 | ) | (86 | ) | (24 | ) | (154 | ) | |||||||||||||||||||||||
Three Months Ended June 30, 2012 | $ | 769 | $ | 117 | $ | 48 | $ | 934 | |||||||||||||||||||||||
Six Months Ended June 30, 2011 | $ | 951 | $ | 425 | $ | 124 | $ | 1,500 | |||||||||||||||||||||||
Changes due to | |||||||||||||||||||||||||||||||
Increase (Decrease) in Sales Volumes | 568 | (19 | ) | 20 | 569 | ||||||||||||||||||||||||||
Increase (Decrease) in Sales Prices | 110 | (48 | ) | (9 | ) | 53 | 69 | (136 | ) | (32 | ) | (99 | ) | ||||||||||||||||||
Three Months Ended March 31, 2012 | $ | 890 | $ | 157 | $ | 65 | $ | 1,112 | |||||||||||||||||||||||
Six Months Ended June 30, 2012 | $ | 1,588 | $ | 270 | $ | 112 | $ | 1,970 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
Methanol Sales Volumes (Mmgal) | 41 | 40 | 36 | 39 | 77 | 78 | |||||||||||||||||
Methanol Sales Prices (per gallon) | $ | 1.04 | $ | 1.03 | $ | 1.09 | $ | 1.01 | $ | 1.06 | $ | 1.02 |
Three Months Ended | Increase | |||||||||||
March 31, | (Decrease) | |||||||||||
2012 | 2011 | from Prior Year | ||||||||||
(millions) | ||||||||||||
Production Expense | $ | 179 | $ | 142 | 26 | % | ||||||
Exploration Expense | 63 | 70 | (10 | %) | ||||||||
Depreciation, Depletion and Amortization | 312 | 221 | 41 | % | ||||||||
General and Administrative | 98 | 83 | 18 | % | ||||||||
Other Operating (Income) Expense, Net | 12 | 36 | (67 | %) | ||||||||
Total | $ | 664 | $ | 552 | 20 | % |
Increase (Decrease) from Prior Year | ||||||||||
2012 | 2011 | |||||||||
(millions) | ||||||||||
Three Months Ended June 30, | ||||||||||
Production Expense | $ | 169 | $ | 137 | 23 | % | ||||
Exploration Expense | 167 | 67 | 149 | % | ||||||
Depreciation, Depletion and Amortization | 325 | 211 | 54 | % | ||||||
General and Administrative | 96 | 82 | 17 | % | ||||||
Asset Impairments | 73 | 131 | (44 | )% | ||||||
Other Operating (Income) Expense, Net | (2 | ) | (11 | ) | (82 | )% | ||||
Total | $ | 828 | $ | 617 | 34 | % | ||||
Six Months Ended June 30, | ||||||||||
Production Expense | $ | 334 | $ | 264 | 27 | % | ||||
Exploration Expense | 227 | 137 | 66 | % | ||||||
Depreciation, Depletion and Amortization | 619 | 404 | 53 | % | ||||||
General and Administrative | 193 | 164 | 18 | % | ||||||
Asset Impairments | 73 | 137 | (47 | )% | ||||||
Other Operating (Income) Expense, Net | 10 | 18 | (44 | )% | ||||||
Total | $ | 1,456 | $ | 1,124 | 30 | % |
Total per BOE (1) | Total | United States | Equatorial Guinea | Israel | North Sea | Other Int'l, Corporate | ||||||||||||||||||||||
(millions, except unit rate) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | ||||||||||||||||||||||||||||
Lease Operating Expense (2) | $ | 5.53 | $ | 118 | $ | 71 | $ | 23 | $ | 4 | $ | 13 | $ | 7 | ||||||||||||||
Production and Ad Valorem Taxes | 1.76 | 38 | 26 | - | - | - | 12 | |||||||||||||||||||||
Transportation and Gathering Expense | 1.10 | 23 | 21 | - | - | 1 | 1 | |||||||||||||||||||||
Total Production Expense | $ | 8.39 | $ | 179 | $ | 118 | $ | 23 | $ | 4 | $ | 14 | $ | 20 | ||||||||||||||
Three Months Ended March 31, 2011 | ||||||||||||||||||||||||||||
Lease Operating Expense (2) | $ | 4.89 | $ | 92 | $ | 62 | $ | 9 | $ | 3 | $ | 12 | $ | 6 | ||||||||||||||
Production and Ad Valorem Taxes | 1.71 | 32 | 25 | - | - | - | 7 | |||||||||||||||||||||
Transportation and Gathering Expense | 0.94 | 18 | 16 | - | - | 2 | - | |||||||||||||||||||||
Total Production Expense | $ | 7.54 | $ | 142 | $ | 103 | $ | 9 | $ | 3 | $ | 14 | $ | 13 |
Total per BOE (1) | Total | United States | Equatorial Guinea | Israel | Other Int'l, Corporate | ||||||||||||||||||
(millions, except unit rate) | |||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||
Lease Operating Expense (2) | $ | 5.02 | $ | 100 | $ | 68 | $ | 20 | $ | 3 | $ | 9 | |||||||||||
Production and Ad Valorem Taxes | 2.21 | 44 | 33 | — | — | 11 | |||||||||||||||||
Transportation and Gathering Expense | 1.27 | 25 | 24 | — | — | 1 | |||||||||||||||||
Total Production Expense | $ | 8.50 | $ | 169 | $ | 125 | $ | 20 | $ | 3 | $ | 21 | |||||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||||||
Lease Operating Expense (2) | $ | 4.67 | $ | 83 | $ | 60 | $ | 14 | $ | 4 | $ | 5 | |||||||||||
Production and Ad Valorem Taxes | 2.10 | 39 | 28 | — | — | 11 | |||||||||||||||||
Transportation and Gathering Expense | 0.88 | 15 | 14 | — | — | 1 | |||||||||||||||||
Total Production Expense | $ | 7.65 | $ | 137 | $ | 102 | $ | 14 | $ | 4 | $ | 17 | |||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||
Lease Operating Expense (2) | $ | 5.07 | $ | 205 | $ | 139 | $ | 43 | $ | 7 | $ | 16 | |||||||||||
Production and Ad Valorem Taxes | 2.01 | 81 | 59 | — | — | 22 | |||||||||||||||||
Transportation and Gathering Expense | 1.16 | 48 | 45 | — | — | 3 | |||||||||||||||||
Total Production Expense | $ | 8.24 | $ | 334 | $ | 243 | $ | 43 | $ | 7 | $ | 41 | |||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||
Lease Operating Expense (2) | $ | 4.61 | $ | 163 | $ | 122 | $ | 23 | $ | 7 | $ | 11 | |||||||||||
Production and Ad Valorem Taxes | 1.96 | 70 | 52 | — | — | 18 | |||||||||||||||||
Transportation and Gathering Expense | 0.87 | 31 | 30 | — | — | 1 | |||||||||||||||||
Total Production Expense | $ | 7.44 | $ | 264 | $ | 204 | $ | 23 | $ | 7 | $ | 30 |
(1) | Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees. |
(2) | Lease operating expense includes oil and gas operating costs (labor, fuel, repairs, replacements, saltwater disposal and other related lifting costs) and workover expense. |
an increase in US lease operating, transportation and gathering expenses due to higher sales volumes from the Wattenberg area due to ongoing development activities and new production from the Marcellus Shale joint venture; an increase in US taxes of approximately $6 million, of which approximately $4 million related to wells spud prior to 2012, due to the enactment of the annual Marcellus Shale well impact fee by the Pennsylvania legislature in first quarter 2012; an increase in Equatorial Guinea lease operating expense associated with the Aseng field which began producing in November 2011; and an increase in China taxes due to increases in sales volumes and prices. 40 |
Total | United States | West Africa (1) | Eastern Mediter-ranean (2) | North Sea | Other Int'l, Corporate (3) | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Three Months Ended March 31, 2012 | ||||||||||||||||||||||||
Dry Hole Cost | $ | 1 | $ | - | $ | 1 | $ | - | $ | - | $ | - | ||||||||||||
Seismic | 28 | 26 | - | - | - | 2 | ||||||||||||||||||
Exploration Expense | 27 | 4 | 2 | 1 | 3 | 17 | ||||||||||||||||||
Other | 7 | 6 | 1 | - | - | - | ||||||||||||||||||
Total Exploration Expense | $ | 63 | $ | 36 | $ | 4 | $ | 1 | $ | 3 | $ | 19 | ||||||||||||
Three Months Ended March 31, 2011 | ||||||||||||||||||||||||
Dry Hole Cost | $ | 22 | $ | 22 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Seismic | 26 | 16 | - | - | - | 10 | ||||||||||||||||||
Exploration Expense | 18 | 5 | 1 | - | - | 12 | ||||||||||||||||||
Other | 4 | 4 | - | - | - | - | ||||||||||||||||||
Total Exploration Expense | $ | 70 | $ | 47 | $ | 1 | $ | - | $ | - | $ | 22 |
Total | United States | West Africa (1) | Eastern Mediterranean (2) | Other Int'l, Corporate (3) | |||||||||||||||
(millions) | |||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||
Dry Hole Cost | $ | 117 | $ | 116 | $ | 1 | $ | — | $ | — | |||||||||
Seismic | 17 | 13 | — | — | 4 | ||||||||||||||
Exploration Expense | 28 | 4 | 2 | 1 | 21 | ||||||||||||||
Other | 5 | 4 | — | — | 1 | ||||||||||||||
Total Exploration Expense | $ | 167 | $ | 137 | $ | 3 | $ | 1 | $ | 26 | |||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||
Dry Hole Cost | $ | 23 | $ | (2 | ) | $ | 25 | $ | — | $ | — | ||||||||
Seismic | 13 | 7 | 1 | 3 | 2 | ||||||||||||||
Exploration Expense | 24 | 7 | 2 | — | 15 | ||||||||||||||
Other | 7 | 7 | — | — | — | ||||||||||||||
Total Exploration Expense | $ | 67 | $ | 19 | $ | 28 | $ | 3 | $ | 17 | |||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||
Dry Hole Cost | $ | 118 | $ | 116 | $ | 2 | $ | — | $ | — | |||||||||
Seismic | 46 | 39 | — | — | 7 | ||||||||||||||
Exploration Expense | 52 | 8 | 4 | 2 | 38 | ||||||||||||||
Other | 11 | 10 | 1 | — | — | ||||||||||||||
Total Exploration Expense | $ | 227 | $ | 173 | $ | 7 | $ | 2 | $ | 45 | |||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||
Dry Hole Cost | $ | 45 | $ | 20 | $ | 25 | $ | — | $ | — | |||||||||
Seismic | 39 | 23 | 1 | 3 | 12 | ||||||||||||||
Exploration Expense | 42 | 12 | 3 | — | 27 | ||||||||||||||
Other | 11 | 11 | — | — | — | ||||||||||||||
Total Exploration Expense | $ | 137 | $ | 66 | $ | 29 | $ | 3 | $ | 39 |
(1) | West Africa includes Equatorial Guinea, Cameroon, and Senegal/Guinea-Bissau. |
(2) | Eastern Mediterranean includes Israel and Cyprus. |
(3) | Other International includes various international new ventures such as offshore Nicaragua. |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
DD&A Expense (millions) (1) | $ | 312 | $ | 221 | ||||
Unit Rate per BOE (2) | $ | 14.60 | $ | 11.81 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
DD&A Expense (millions) (1) | $ | 325 | $ | 211 | $ | 619 | $ | 404 | |||||||
Unit Rate per BOE (2) | $ | 16.37 | $ | 11.80 | $ | 15.26 | $ | 11.38 |
(1) | For DD&A expense by geographical area, see Item 1. Financial Statements – Note |
(2) | Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
G&A Expense (millions) | $ | 96 | $ | 82 | $ | 193 | $ | 164 | |||||||
Unit Rate per BOE (1) | $ | 4.84 | $ | 4.57 | $ | 4.77 | $ | 4.61 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
G&A Expense (millions) | $ | 98 | $ | 83 | ||||
Unit Rate per BOE (1) | $ | 4.60 | $ | 4.43 |
(1) | Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Asset Impairments | $ | 73 | $ | 131 | $ | 73 | $ | 137 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
(millions) | |||||||||||||||||||||||
Deepwater Gulf of Mexico Moratorium Expense | $ | - | $ | 18 | $ | — | $ | 1 | $ | — | $ | 19 | |||||||||||
Electricity Generation Expense | - | 17 | — | 9 | — | 26 | |||||||||||||||||
Gain on Divestitures | (9 | ) | (25 | ) | (9 | ) | (26 | ) | |||||||||||||||
Other, Net | 12 | 1 | 7 | 4 | 19 | (1 | ) | ||||||||||||||||
Total | $ | 12 | $ | 36 | $ | (2 | ) | $ | (11 | ) | $ | 10 | $ | 18 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
(millions) | |||||||||||||||||||||||
Loss on Commodity Derivative Instruments | $ | 96 | $ | 286 | |||||||||||||||||||
(Gain) Loss on Commodity Derivative Instruments | $ | (276 | ) | $ | (143 | ) | $ | (180 | ) | $ | 143 | ||||||||||||
Interest, Net of Amount Capitalized | 32 | 16 | 27 | 21 | 59 | 37 | |||||||||||||||||
Other Non-Operating (Income) Expense, Net | (1 | ) | 8 | (3 | ) | (9 | ) | (3 | ) | — | |||||||||||||
Total | $ | 127 | $ | 310 | $ | (252 | ) | $ | (131 | ) | $ | (124 | ) | $ | 180 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions, except unit rate) | |||||||||||||||
Interest Expense | $ | 69 | $ | 49 | $ | 138 | $ | 90 | |||||||
Capitalized Interest | (42 | ) | (28 | ) | (79 | ) | (53 | ) | |||||||
Interest Expense, Net | $ | 27 | $ | 21 | $ | 59 | $ | 37 | |||||||
Unit Rate per BOE (1) | $ | 1.35 | $ | 1.19 | $ | 1.44 | $ | 1.05 |
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(millions, except unit rate) | ||||||||
Interest Expense | $ | 69 | $ | 41 | ||||
Capitalized Interest | (37 | ) | (25 | ) | ||||
Interest Expense, Net | $ | 32 | $ | 16 | ||||
Unit Rate per BOE (1) | $ | 1.49 | $ | 0.86 |
(1) | Consolidated unit rates exclude sales volumes and expenses attributable to equity method investees. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
millions | |||||||||||||||
Oil and Gas Sales | $ | 65 | $ | 112 | $ | 140 | $ | 225 | |||||||
Less: | |||||||||||||||
Production Expense | 11 | 18 | 25 | 32 | |||||||||||
DD&A Expense | 14 | 24 | 32 | 52 | |||||||||||
Other Operating (Income) Expense, Net | 1 | 1 | 4 | 4 | |||||||||||
Income Before Income Taxes | 39 | 69 | 79 | 137 | |||||||||||
Income Tax Expense | 22 | 44 | 47 | 64 | |||||||||||
Income From Discontinued Operations | $ | 17 | $ | 25 | $ | 32 | $ | 73 | |||||||
Key Statistics: | |||||||||||||||
Daily Production | |||||||||||||||
Crude Oil & Condensate (MBbl/d) | 6 | 10 | 6 | 10 | |||||||||||
Natural Gas (MMcf/d) | 4 | 6 | 5 | 7 | |||||||||||
Average Realized Price | |||||||||||||||
Crude Oil & Condensate (Per Bbl) | $ | 109.66 | $ | 119.61 | $ | 116.14 | $ | 112.47 | |||||||
Natural Gas (Per Mcf) | 8.84 | 8.28 | 8.29 | 7.74 |
March 31, | December 31, | |||||||
2012 | 2011 | |||||||
(millions, except percentages) | ||||||||
Cash and Cash Equivalents | $ | 1,143 | $ | 1,455 | ||||
Amount Available to be Borrowed Under Credit Facility (1) | 3,000 | 3,000 | ||||||
Total Liquidity | $ | 4,143 | $ | 4,455 | ||||
Total Debt (2) | $ | 4,484 | $ | 4,495 | ||||
Total Shareholders' Equity | 7,533 | 7,265 | ||||||
Ratio of Debt-to-Book Capital (3) | 37 | % | 38 | % |
June 30, | December 31, | ||||||
2012 | 2011 | ||||||
(millions, except percentages) | |||||||
Cash and Cash Equivalents | $ | 702 | $ | 1,455 | |||
Amount Available to be Borrowed Under Credit Facility (1) | 3,000 | 3,000 | |||||
Total Liquidity | $ | 3,702 | $ | 4,455 | |||
Total Debt (2) | $ | 4,473 | $ | 4,495 | |||
Total Shareholders' Equity | 7,805 | 7,265 | |||||
Ratio of Debt-to-Book Capital (3) | 36 | % | 38 | % |
(1) | See Credit Facility below. |
(2) | Total debt includes Aseng FPSO lease obligation and remaining CONSOL installment payments and excludes unamortized debt |
(3) | We define our ratio of debt-to-book capital as total debt (which includes long-term debt excluding unamortized discount, the current portion of long-term debt, and short-term borrowings) divided by the sum of total debt plus shareholders’ equity. |
Three Months Ended March 31 | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Total Cash Provided By (Used in) | |||||||||||||||
Operating Activities | $ | 741 | $ | 484 | $ | 1,247 | $ | 1,229 | |||||||
Investing Activities | (1,032 | ) | (575 | ) | (1,925 | ) | (1,184 | ) | |||||||
Financing Activities | (21 | ) | 429 | (75 | ) | 401 | |||||||||
Increase (Decrease) in Cash and Cash Equivalents | $ | (312 | ) | $ | 338 | $ | (753 | ) | $ | 446 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
(millions) | |||||||||||||||||||||||
Acquisition, Capital and Exploration Expenditures | |||||||||||||||||||||||
Unproved Property Acquisition | $ | 73 | $ | 15 | $ | 14 | $ | 42 | $ | 87 | $ | 57 | |||||||||||
Exploration | 129 | 122 | 92 | 106 | 221 | 228 | |||||||||||||||||
Development | 735 | 374 | 719 | 500 | 1,454 | 874 | |||||||||||||||||
Corporate and Other | 12 | 34 | 13 | 54 | 25 | 88 | |||||||||||||||||
Total | $ | 949 | $ | 545 | $ | 838 | $ | 702 | $ | 1,787 | $ | 1,247 | |||||||||||
Other | |||||||||||||||||||||||
Investment in Equity Method Investee | $ | 14 | $ | - | $ | 21 | $ | — | $ | 35 | $ | — | |||||||||||
Increase in FPSO Lease Obligation | - | 34 | — | 17 | — | 51 |
our growth strategies; |
our ability to successfully and economically explore for and develop crude oil and natural gas resources; |
anticipated trends in our business; |
our future results of operations; |
our liquidity and ability to finance our exploration and development activities; |
market conditions in the oil and gas industry; |
our ability to make and integrate acquisitions; |
the impact of governmental fiscal terms and/or regulation, such as that involving the protection of the environment or marketing of production, as well as other regulations; and |
access to resources. |
COGCC |
Item 1A. Risk Factors |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||
(in thousands) | ||||||||||||
04/01/2012 - 04/30/2012 | 295 | $ | 94.26 | — | — | |||||||
05/01/2012 - 05/31/2012 | 219 | 97.04 | — | — | ||||||||
06/01/2012 - 06/30/2012 | 102 | 81.63 | — | — | ||||||||
Total | 616 | $ | 93.16 | — | — |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
(in thousands) | ||||||||||||||||
01/01/12 - 01/31/12 | 68,223 | $ | 100.13 | - | - | |||||||||||
02/01/12 - 02/29/12 | 57,994 | 101.25 | - | - | ||||||||||||
03/01/12 - 03/31/12 | 5,651 | 99.74 | - | - | ||||||||||||
Total | 131,868 | $ | 100.61 | - | - |
(1) | Stock repurchases during the period related to stock received by us from employees for the payment of withholding taxes due on shares issued under stock-based compensation plans. |
NOBLE ENERGY, INC. | ||||
(Registrant) | ||||
Date | July 26, 2012 | /s/ Kenneth M. Fisher | ||
Kenneth M. Fisher Senior Vice President, Chief Financial Officer |
Exhibit Number | Exhibit | |||
3.1 | Certificate of Incorporation | |||
3.2 | By-Laws of Noble Energy, Inc. as amended through June 1, 2009 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (Date of Event: February 17, 2009) filed February 20, 2009 and incorporated herein by reference). | |||
Certification of the Company’s Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241), filed herewith. | ||||
Certification of the Company’s Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241), filed herewith. | ||||
Certification of the Company’s Chief Executive Officer Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), filed herewith. | ||||
Certification of the Company’s Chief Financial Officer Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), filed herewith. | ||||
101.INS | XBRL Instance Document | |||
101.SCH | XBRL Schema Document | |||
101.CAL | XBRL Calculation Linkbase Document | |||
101.LAB | XBRL Label Linkbase Document | |||
101.PRE | XBRL Presentation Linkbase Document | |||
101.DEF | XBRL Definition Linkbase Document |