8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 7, 2006

POGO PRODUCING COMPANY

(Exact name of registrant as specified in its charter)

Delaware	1-7792	74-1659398
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

5 Greenway Plaza, Suite 2700

Houston, Texas 77046-0504

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (713) 297-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Pogo Producing Company (the “Company”) is furnishing herewith information to be presented at the Lehman Brothers CEO Energy/Power Conference on Thursday, September 7, 2006 at the Waldorf-Astoria Hotel in New York City.  The Company’s presentation is scheduled to begin at 9:45 a.m. Eastern Time.  A copy of the presentation will also be available on the Company’s web site under the Investor Relations Section (www.pogoproducing.com).

The information in Exhibit 99, which is incorporated by reference into this Item 7.01, is not deemed to be “filed” for purposes of Section 18 of the Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any other Company filing, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)       Exhibits:

Exhibit Number	Description
99	Presentation by Pogo Producing Company on September 7, 2006.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Pogo Producing Company
Date: September 7, 2006	By:	/s/ Michael J. Killelea
		Senior Vice President, General Counsel and Corporate Secretary

3

EX-99

Exhibit 99

 

Lehman Brothers CEO Energy/Power Conference September 7, 2006

Certain of the statements contained herein are forward-looking statements, including statements of management’s current expectations as to efficiencies, cost savings, market profile, expenses, drilling and development plans, future production, financial strength, and the competitive ability and position of the company. Statements identified by words such as “expects,” “projects,” “plans,” “believes,” “estimates,” and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from Pogo’s operations cannot be fully realized, the possibility that commodity prices, costs or difficulties related to the conduct of its business will be greater or lesser than expected, and the impact of competition and other risk factors relating to the industry will be greater than expected, all as detailed from time to time in Pogo’s reports filed with the SEC. Pogo disclaims any responsibility to update these forward-looking statements. Non-GAAP (Generally Accepted Accounting Principles) Financial Measures may be discussed during this presentation in reviewing our performance, such as discretionary cash flow. You can find a reconciliation of those measures to GAAP Measures on our website (www.pogoproducing.com) in the Investor Relations Section. Private Securities Litigation Reform Act Safe Harbor Statement

 

The Essential Pogo Gross Leasehold Acres 4,847,000 Ac. North America 3,119,000 Ac. New Zealand 1,480,000 Ac. Vietnam ~ ~ ~ ~ ~ ~

 

North American Production Profile Daily Cumulative Hydrocarbon Production Equivalent Barrels Per Day 33,277 45,715 68,998 79,352 74,465 71,591 Daily Natural Gas Production (MMCF/D) Daily Crude Oil Production (B/D) (Also Includes Condensate, Plant Products) Barrels Per Day Millions of Cubic Feet Per Day Exit Exit 90,000 100,000 2006E 2006E Exit Note: Production estimates are subject to disclaimers set forth in this presentation and do not include downtime due to hurricanes or other unanticipated events and do not include any acquisitions or dispositions of assets. 1H 06 Equivalent Barrels Per Day 2000 2001 2002 2003 2004 2005 1H 06 2006E 2006E 2000 2001 2002 2003 2004 2005 1H 06 2006E 2006E 2005 2004 2003 2002 2001 2000 84,427 020,00040,00060,00080,000100,000250.2210.4276.0244.3201.3172.8106.2330.0300.0010020030040029,89744,28238,41833,75035,44916,92215,57345,00040,000010,00020,00030,00040,00050,000

 

Pogo Proven Reserves* At Year End ** Percentage replacement of yearly hydrocarbon production * Ryder Scott Company and Miller and Lents year-end estimate of proven reserves ** 143% 204% Billions of Cubic Feet Equivalent 153% 305% 187% 188% 199% 102% 177% 480% 122% 147% 133% 268% 2005 PF(1) (1) Pro forma for Latigo acquisition and GOM sale. 14 Year Average 167% 3163424034465996597518458479421,5341,5831,7021,7782,1742,042 0 300 600 900 1,200 1,500 1,800 2,100 199119921993199419951996199719981999200020012002200320042005

 

Successful Drilling Wells Drilled / Successful Wells Successful Wells Drilled 96% 87% 93% 92% 94% 91 127 130 172 248 87 111 121 159 232 363 337 93% 300 92% 325 550 2006E(1) (1) Includes Latigo acquisition. 184 88% 209 010020030040050060019992000200120022003200420051H '06

 

Reserves Distribution (1) 58% Gas 42% Oil GULF OF MEXICO CANADA SAN JUAN ONSHORE GULF COAST 32% 30% 6% 14% Reserves by Region Reserves Mix Total Reserves: 2,174 Bcfe R/P: 10.5 ROCKY MOUNTAINS PERMIAN BASIN 13% 5% (1) Pro forma for Latigo acquisition and GOM sale.

 

Significant Acreage Position Total Net Acreage (1) (1) Pro forma for Latigo acquisition, GOM sale, Vietnam and New Zealand. North American Acreage International Acreage 4226872,6924,0771,31637301,0002,0003,0004,0005,000200320042005Thousands

 

3D Outline 128 Sq. Miles Blackstone Allen A-1 Drilling with Shows Blackstone Minerals A-36 #1 Tested: 15.7 Mmcf/d + 4,954 Bcpd Pogo (Operator) W.I. 100% 50,000 Net Acres Pogo Acreage Potential Austin Chalk Unit Delta Petroleum Well Tested: 25 Mmcf/d + 2,200 Bcpd North Double A Project - Polk & Tyler Cos.,Texas Spud September 15, 2006 Spud October 1, 2006 Current Drilling Location

 

North Double A Project - Polk & Tyler Cos.,Texas Pogo #1 Blackstone Minerals Corp A-36 Well

 

North Double A Project - Austin Chalk Lateral Cross-Sections

 

Brown Dolomite Drilling Granite Wash Drilling Pogo Acreage Major Oil & Gas Fields & Recent Drilling Activity Western Anadarko Basin

 

Marvin Lake Area Pogo Acreage Granite Wash Wells Anderson Ranch 61 #1 TD: 11,500’ Tested: 1.2 Mmcfpd Without Compression Gas Well Sanders 73 #1 Drilling Moore 63 #1 Spud 4th Qtr. Hansen 29 #1 Spud 4th Qtr.

 

Ranches Area ROBERTS Operator: Latigo WI: Avg. 79% Acreage Position: 273,000 gross acres 237,410 net acres Seismic: Recently acquired 460 mi2 3-D Shoot currently being interpreted. Play Description: Permian Brown Dolomite is structurally controlled with prospects updip from gas shows. There are 40+ potential horizontal Brown Dolomite locations. Pennsylvanian Granite Wash is both structurally and stratigraphically controlled and is located along an updip pinchout. Prospective trend area exceeds 120 miles2. There are 100+ potential horizontal Granite Wash locations. Additional potential horizons include Morrow Sand channels and Hunton structural accumulations. 5 miles

 

Utah Central Utah Thrust Play Cumulative Production 7.5 Tcf of Gas 340 Mmbbls of Oil Wolverine Oil and Gas Central Utah Thrust Belt Discovery Estimated 150 Mmboe Proven Sevier Area of Interest Existing Oil Fields Existing Gas Fields Easternmost Thrust

 

Central Utah Thrust Play Pogo Acreage Area of Interest Pogo (Operator) W.I. 97% 68,600 Net Acres ~ ~ ~ ~ Wolverine - Covenant Field Discovery Wells Wolverine Federal Unit Easternmost Thrust

 

Geographic Regions - Focus Areas Red RockAnsellHardy/MintonDeep Basin GasConventional Oil & Gas CBM Milk RiverMikwan/HuxleyFoothills Summit Creek Stewart LakeShallow Gas Devonian Exploration2006 Plans 33 Exploratory Wells 151 Development Wells $225 MM CAPEX Devonian Oil Exploration Northwest Territories Tay River

 

Tay River - Alberta, Canada Shell 2-6 Tay River Discovery 500 – 800 Bcf OGIP 32% H2S Pogo Spud in January 2007 Strachan Cum. 1.1 Tcf Ricinus West Cum. 1.6 Tcf Rge 11 Rge 10 Rge 9 TWP 37 TWP 36 TWP 35 Pogo Acreage 66% Interest Shell Acreage Shell 3D Survey Wells Drilled Gas Field Prospect Area ~ ~ Talisman Proposed Well Shell Proposed Wells 1 Mile Shell Drilling

 

[LOGO]

 

Northwest Territories ExplorationPogo Acreage 969,000 Gross Acres 30% Interest Wells Drilled Oil Pipeline Potential Future Gas Pipeline Proposed Gas Pipeline ~ ~ Summit Creek Stewart Lake D-57 Discovery Well Block EL-441 218,569 Acres Summit Creek K-44 Appraisal Well Summit Creek B-44 Discovery Well 2005 Program Results Summit Creek B-44 Discovery Well Over 500 feet of gross pay Lower Arnica Tested 11 mmcf/d & 3,250 bcpd Upper Arnica Tested 9.9 mmcf/d & 3,035 bcpd 2006 Program Stewart Lake D-57 Discovery Well Little Bear 150 feet of gross pay Tested 5 mmcf/d Summit Creek K-44 Well Lower Arnica 108 feet of gross pay 2D Seismic - $9mm (gross) 5 Miles

 

CBM Play Map Industry CBM Projects Corbett Field Nexen / Trident - Mannville Gilby / Westerose Fields Encana - Ardley Bashaw Field Apache - Horseshoe Canyon Mikwan Field Encana - Horseshoe Canyon Entice Field MGV / Encana - Horseshoe Canyon Thunder / Barrhead Field Trident - Mannville Marsh Field Richards - Ardley Lambert Field Richards - Ardley Pogo est CBM potential Ardley 450 Bcf Mannville 410 Bcf ENTICE MGV / ENCANA Horseshoe CanyonCORBETT NEXEN / TRIDENT Mannville CoalsGILBY / WESTEROSE ENCANA Ardley CoalsMARSH RICHARDS Ardley Coals THUNDER / BARRHEAD TRIDENT Mannville Coals LAMBERT RICHARDS Ardley Coals FIRST COMMERCIAL MANNVILE CBM BASHAW APACHE Horseshoe CanyonMIKWAN ENCANA Horseshoe Canyon

 

North Texas - Barnett Shale Play Pogo W.I. 75% 8,000 Gross Acres Pogo Acreage Newark Field Devon, et al JMG Field EOG, et al Jack County Wise County Barnett Shale Gas Fields

 

Williams County Dunn County North Dakota - Bakken Shale Play Montana North Dakota Pogo Area of Interest and Acreage Oil Wells Pogo W.I. 100% 46,000 Gross Acres ~ ~ Conoco - Watterud 17A Well BP-Amoco Conoco-Phillips Hess Corp. Continental Resources Conoco-Phillips EOG Resources Headington Oil Co. Continental Resources Bicentennial Trend Conoco-Phillips Kerr McGee Whiting O&G Corp. Nance Petroleum Elm Coulee Trend

 

Conoco - Watterud 17A Well Bakken Shale Log GRGRResResMiddle MemberBakken UpperShaleBakken LowerShaleLODGEPOLE THREE FORKS Williston Basin Stratigraphy

 

SW Indiana - New Albany Shale Project Loogootee Area 2005 Gas Discovery Pogo W.I. 47 - 50% 232,000 Gross Acres Pogo Acreage 2006 Exploration Areas Pogo Gas Wells Current Drilling Location Pipeline ~ ~ Production Avg. 2.8 Mmcfgpd (Gross, 12 Wells) 2006 Drilling Activity 5 Exploratory Wells 9 Development Wells Lyons Area Gas Discovery S Buschkoetter Area Gas Discovery SE Plainville Area Gas Discovery Marco Area Exploratory Well Testing Peterson Area 5 Development Wells Drilled Buschkoetter Area 2005 Gas Discovery E Plainville Area Exploratory Gas Discovery 4 Development Wells Drilled

 

New Zealand - North Taranaki Basin Tasman Sea Pacific Ocean NEW ZEALAND Koru Toro Pogo (Operator) – 50% W.I. 1,044,000 Gross Acres Pogo Acreage 3-D Survey Existing Gas Fields Existing Oil Fields Oil Well

 

Toro Prospect - Seismic Line TD 14,400’ DHC $25 MM Mean = 138 MMBoe 9,600 acres 7,163 acres

 

New Zealand - East Coast Basin, PEP 38344 Pogo (Operator) – 100% W.I. 2,075,000 Gross Acres Pogo Acreage Tasman Sea Pacific Ocean NEW ZEALAND J L 2,306,000 Acres PEP 38344 2,075,000 Acres 1,320,000 Acres Existing 4” Line Existing 8” Line Pipeline Total=5,701,000 Acres

 

Exploration Drilling in the NZ East Coast Basin Over 300 HC seeps have inspired drilling for over 140 yrs. Many are old wells drilled only on surface indications. Only 3 offshore wells. BP/Shell/Todd Group drilled 5 onshore wells in the 1960’s. Four around Hawke Bay found gas shows. BP’s last effort, the Hawke Bay-1 well (1975), found oil associated gas shows in Mid-Miocene sandstone & an Oligocene limestone. It’s the only well in PEP 38344. Late 1990’s Westec/Orion awarded 3 permits -14 onshore wells, Kauhauroa-5 tested 11 mmcfgd Tuhara-1 found gas in the Mid-Miocene Tunanui sandstone. PEP 38344

 

Vietnam South China Sea 1,480,000 Acres ~ ~ Pogo (Operator) - 100% W.I. Pogo Acreage 1,480,000 Acres ~ ~ Su Tu Den (Black Lion) 400 Mmbbls 80,000 Bopd Operator: Conoco Phillips Bach Ho (White Tiger) 800 Mmbbls 200,000 Bopd Operator: Vietsovpetro 197,680+Acres 3D 2 Wells (Firm) 2 Wells (Optional)

 

Vietnam - Potential Leads 850 Km 3D in September ‘06

 

International Operational Time Line New ZealandTaranaki BasinAcquired 3D SeismicDrill 2 Wells20052006200720082009VietnamBlock 124Acquire 3D SeismicDrill 2 Wells2006200720082009New ZealandEast Coast BasinAcquire 2D SeismicDrill 1-2 Wells2006200720082009

 

Maintain Moderate Debt Levels Improve Unit Cost Structure Monitor Hedging Position Identify Appropriate Property / Company Acquisition Opportunities Preserve Financial Liquidity Financial Objectives

 

06/30/05 6 Months Ended 06/30/06 Financial Summary (1) Adjusted for after-tax gain on GOM sale and Canadian income tax benefit. (2) Adjusted to remove accrual of the tax liability related to the gain on the GOM sale. Production (Bcfe) 91.7 79.6 Oil & Gas Prices (per Mcfe) $7.76 $6.63 Oil & Gas Revenues ($MM) $711.5 $528.1 Net Income ($MM) $125.8 (1) $113.5 Discretionary Cash Flow ($MM) $412.9 (2) $307.4 Avg. Diluted Shares Out. (MM) 58.0 62.5 Net Income/Share $2.17 $1.82 Discretionary Cash Flow/Share $7.12 $4.92

 

(MM) 06/30/06 Cash $26.7 Bank Debt Subordinated Debt 1,450.0 Total Debt $2,014.0 Stockholders’ Equity 2,618.5 Total Capitalization $4,632.5 12/31/05 $57.7 646.0 1,000.0 $1,646.0 2,099.9 $3,745.9 564.0 Financial Summary Total Debt / Book Capitalization 43% 44%

 

Combined Hedge Position Gas 125 MMCF/D $11.73/MCF $5.92/MCF 2006 Use of hedging strategy to help ensure acquisition rates of return, lower exposure to downside commodity price volatility and stabilize cash flow for reinvestment. Pogo has entered into oil and gas hedges for the majority of acquired volumes to ensure economics and protect cash flow. Oil 17,500 BOPD $51.43/Bbl $80.95/Bbl 2007 Gas 90 MMCF/D $12.45/MCF $6.33/MCF Oil 17,500 BOPD $51.43/Bbl $77.61/Bbl 2008 Gas 15 MMCF/D $12.11/MCF $8.00/MCF Oil 2,500 BOPD $60.00/Bbl $80.13/Bbl

Achieved strong financial results. Improved capital structure. Hedged majority of acquisition related volumes at favorable prices. Increased credit facility to $1 billion; almost $500 million of available capacity. Raised the common stock dividend by 150%. Repurchased 11% of Common Shares. Ranked most conservative E&P Company for accounting practices for fourth consecutive year. Financial Accomplishments

[LOGO]