-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AgaHuuF9OxeNc8wFVnnGAWkGfDKf9l0voOwpJl0SOVKyJMrIzrxaQuJ3Zkxr1mRe xtcGFUt8wjLrLeZl3sioVQ== 0000950129-04-000328.txt : 20040129 0000950129-04-000328.hdr.sgml : 20040129 20040129133535 ACCESSION NUMBER: 0000950129-04-000328 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040129 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APACHE CORP CENTRAL INDEX KEY: 0000006769 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 410747868 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04300 FILM NUMBER: 04551590 BUSINESS ADDRESS: STREET 1: 2000 POST OAK BLVD STREET 2: ONE POST OAK CENTER STE 100 CITY: HOUSTON STATE: TX ZIP: 77056-4400 BUSINESS PHONE: 7132966000 MAIL ADDRESS: STREET 1: 2000 POST OAK BLVD STREET 2: STE 100 CITY: HOUSTON STATE: TX ZIP: 77056-4400 FORMER COMPANY: FORMER CONFORMED NAME: APACHE OIL CORP DATE OF NAME CHANGE: 19660830 8-K 1 h12247e8vk.txt APACHE CORPORATION - JANUARY 29, 2004 ================================================================================ 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): January 29, 2004 APACHE CORPORATION (Exact name of registrant as specified in Charter) DELAWARE 1-4300 41-0747868 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification Number) 2000 POST OAK BOULEVARD SUITE 100 HOUSTON, TEXAS 77056-4400 (Address of Principal Executive Offices) Registrant's telephone number, including area code: (713) 296-6000 ================================================================================ ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) EXHIBITS. EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press Release dated January 29, 2004, "Apache Earnings Cross Billion-Dollar Milestone" ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On January 29, 2004, Apache issued a press release announcing results for the fiscal year ended December 31, 2004. The press release is listed and furnished under Item 7 as Exhibit 99.1 and incorporated herein by reference. SIGNATURES 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 thereunto duly authorized. APACHE CORPORATION Date: January 29, 2004 /s/ Roger B. Plank ----------------------------------- Roger B. Plank Executive Vice President and Chief Financial Officer INDEX TO EXHIBITS EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press Release dated January 29, 2004, "Apache Earnings Cross Billion-Dollar Milestone" EX-99.1 3 h12247exv99w1.txt PRESS RELEASE DATED JANUARY 29, 2004 Exhibit 99.1 CONTACTS: (MEDIA): TONY LENTINI (713) 296-6227) DAVID HIGGINS (713) 296-6690) (INVESTOR): ROBERT DYE (713) 296-6662 (WEB SITE): WWW.APACHECORP.COM FOR RELEASE AT 8:00 A.M. CENTRAL TIME APACHE EARNINGS CROSS BILLION-DOLLAR MILESTONE FULL-YEAR RESULTS BOOSTED BY STRONG COMMODITY PRICES, RECORD PRODUCTION AND DRILLING RESULTS Houston (Jan. 29, 2004) - Apache Corporation (NYSE, NASDAQ: APA) today reported full-year 2003 earnings of $1.1 billion, or $3.43 per diluted common share, on strong commodity prices and record production, up 105 percent from $544 million, or $1.80 per share in 2002. All per-share amounts in this release reflect the recent two-for-one stock split. Cash from operations before changes in operating assets and liabilities (non-GAAP; see reconciliation below) totaled $2.8 billion in 2003, up 79 percent from $1.6 billion in 2002. Apache's fourth-quarter net income of $260 million, or 80 cents per share, was 45 percent above net income of $179 million, or 59 cents per share, in 2002. Cash from operations before changes in operating assets and liabilities (non-GAAP; see reconciliation below) grew 69 percent to $786 million. Absent the impact of non-cash deferred tax expenses resulting from the erosion of the U.S. dollar, partially offset by a reduction in Canadian tax rates, Apache would have earned $1.2 billion or $3.74 per share for the full year and $284 million or 87 cents per share in the fourth quarter. (Non-GAAP; see reconciliation below.) -more- APACHE EARNINGS SURPASS $1 BILLION--ADD 1 "Strong commodity prices are only part of the story of our 2003 record results," said G. Steven Farris, president, chief executive officer and chief operating officer. "In addition to earning over $1 billion--our best year ever--production increased 22 percent and worldwide reserves increased 26 percent. We replaced 330 percent of our production through a combination of strategic acquisitions and outstanding drilling success at an all-in 2003 finding cost of $6.07 per barrel of oil equivalent. In a year in which we added over half a billion barrels of oil equivalent on $3 billion of investments, Apache reduced its debt to 26 percent of capitalization." Among the financial and operational highlights for 2003: o Apache ended the year with proved reserves of 1.7 billion barrels of oil equivalent (boe), marking the 18th consecutive year of reserve growth; o Production averaged a record 417,400 boe per day, the 24th year of production increases in the last 25 years; o Apache added 234 million boe of proved reserves (154 percent of 2003 production) through exploration and development activities--one of the company's best drilling performances ever; o Another 267 million boe were added through acquisitions, including the company's strategic entree into the North Sea; and o Apache commenced production from the Zhao Dong block in Bohai Bay, China. "We had outstanding exploration success in Egypt and Western Australia last year that will help drive production and financial results in the future," Farris said. Apache's fourth-quarter production averaged 441,400 boe per day, compared with 338,300 boe per day in the prior-year period. Liquid hydrocarbon production averaged 231,400 -more- APACHE EARNINGS SURPASS $1 BILLION--ADD 2 barrels per day, up 45 percent from the prior-year period, while natural gas production averaged 1.26 billion cubic feet per day, up 17 percent. Apache's results include the fourth-quarter after-tax write-down of $10.2 million reflecting remaining costs associated with the termination of operations in Poland. The impairment reduced full-year earnings by 3 cents per diluted common share. Apache Corporation is a large oil and gas independent with core operations in the United States, Canada, Egypt, the United Kingdom North Sea and Western Australia. NOTE: Apache will conduct its quarterly conference call to discuss fourth-quarter and full-year results on Thursday, Jan. 29, at 1 p.m. Central Time. The call will be webcast live and posted on Apache's Web site, www.apachecorp.com. The conference call will be available for delayed playback by telephone for one week beginning at approximately 5 p.m. on Jan 29. To access the telephone playback, dial (719) 457-0820 and provide Apache's confirmation code, 516142. This news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and financial results. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions and uncertainties. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. -end- APACHE CORPORATION FINANCIAL INFORMATION (In thousands, except per share data)
FOR THE QUARTER FOR THE YEAR ENDED DECEMBER 31, ENDED DECEMBER 31, --------------------------- --------------------------- 2003 2002 2003 2002 ----------- ----------- ----------- ----------- REVENUES AND OTHER: Oil and gas production revenues $ 1,069,413 $ 722,178 $ 4,198,920 $ 2,559,748 Other (4,620) 8,195 (8,621) 125 ----------- ----------- ----------- ----------- Total revenues and other 1,064,793 730,373 4,190,299 2,559,873 ----------- ----------- ----------- ----------- OPERATING EXPENSES: Depreciation, depletion and amortization 293,696 213,262 1,073,286 843,879 Asset retirement obligation accretion 10,663 -- 37,763 -- International impairments 12,813 15,000 12,813 19,600 Lease operating costs 184,668 118,359 699,663 457,903 Gathering and transportation costs 16,520 9,353 60,460 38,567 Severance and other taxes 22,910 18,540 121,793 67,309 General and administrative 45,427 25,758 138,524 104,588 ----------- ----------- ----------- ----------- Total operating expenses 586,697 400,272 2,144,302 1,531,846 ----------- ----------- ----------- ----------- OPERATING INCOME 478,096 330,101 2,045,997 1,028,027 FINANCING COSTS: Interest expense 41,182 38,547 169,090 155,667 Amortization of deferred loan costs 539 529 2,163 1,859 Capitalized interest (14,819) (10,198) (52,891) (40,691) Interest income (541) (575) (3,290) (4,002) ----------- ----------- ----------- ----------- Net financing costs 26,361 28,303 115,072 112,833 ----------- ----------- ----------- ----------- Preferred interests of subsidiaries -- 3,640 8,668 16,224 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES 451,735 298,158 1,922,257 898,970 Provision for income taxes 190,121 117,339 827,004 344,641 ----------- ----------- ----------- ----------- INCOME BEFORE CHANGE IN ACCOUNTING PRINCIPLE 261,614 180,819 1,095,253 554,329 Cumulative effect of change in accounting principle, net of tax -- -- 26,632 -- ----------- ----------- ----------- ----------- NET INCOME 261,614 180,819 1,121,885 554,329 Preferred stock dividends 1,420 1,420 5,680 10,815 ----------- ----------- ----------- ----------- INCOME ATTRIBUTABLE TO COMMON STOCK $ 260,194 $ 179,399 $ 1,116,205 $ 543,514 =========== =========== =========== =========== INCOME ATTRIBUTABLE TO COMMON STOCK BEFORE CHANGE IN ACCOUNTING PRINCIPLE $ 260,194 $ 179,399 $ 1,089,573 $ 543,514 =========== =========== =========== =========== BASIC NET INCOME PER COMMON SHARE Before change in accounting principle $ 0.80 $ 0.59 $ 3.38 $ 1.83 =========== =========== =========== =========== After change in accounting principle $ 0.80 $ 0.59 $ 3.46 $ 1.83 =========== =========== =========== =========== DILUTED NET INCOME PER COMMON SHARE Before change in accounting principle $ 0.80 $ 0.59 $ 3.35 $ 1.80 =========== =========== =========== =========== After change in accounting principle $ 0.80 $ 0.59 $ 3.43 $ 1.80 =========== =========== =========== =========== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 324,248 302,582 322,498 297,234 =========== =========== =========== ===========
APACHE CORPORATION FINANCIAL INFORMATION (In thousands, except per share data)
FOR THE QUARTER FOR THE YEAR ENDED DECEMBER 31, ENDED DECEMBER 31, ----------------------------- ----------------------------- 2003 2002 2003 2002 ------------ ------------ ------------ ------------ CAPITALIZED COSTS INCURRED: North America exploration and development $ 280,910 $ 136,585 $ 1,019,036 $ 560,802 International exploration and development 139,386 99,040 466,215 299,382 ------------ ------------ ------------ ------------ $ 420,296 $ 235,625 $ 1,485,251 $ 860,184 ============ ============ ============ ============ Acquisitions: Oil and gas properties $ 66,794 $ 321,852 $ 1,568,106 $ 351,707 Gas gathering, transmission and processing facilities -- 2,875 5,484 2,875 ------------ ------------ ------------ ------------ Total Acquisitions $ 66,794 $ 324,727 $ 1,573,590 $ 354,582 ============ ============ ============ ============ Asset Retirement Obligation Costs $ (49,561) $ -- $ 333,474 $ -- Capitalized interest $ 14,819 $ 10,198 $ 52,891 $ 40,691 Property sales $ (42,742) $ (7,984) $ (58,944) $ (7,043)
DECEMBER 31, DECEMBER 31, 2003 2002 ------------ ------------ BALANCE SHEET DATA: Current Assets $ 899,072 $ 766,781 Property and Equipment, net 11,260,085 8,465,585 Goodwill 189,252 189,252 Other Assets 67,717 38,233 ------------ ------------ Total Assets $ 12,416,126 $ 9,459,851 ============ ============ Current Liabilities $ 820,378 $ 532,235 Long-Term Debt 2,326,966 2,158,815 Deferred Credits and Other Noncurrent Liabilities 2,735,984 1,407,895 Preferred Interests of Subsidiaries -- 436,626 Shareholders' Equity 6,532,798 4,924,280 ------------ ------------ Total Liabilities and Shareholders' Equity $ 12,416,126 $ 9,459,851 ============ ============ Common shares outstanding at end of period 324,497 302,506
NON-GAAP FINANCIAL MEASURES: The press release discusses Apache's cash from operations before changes in operating assets and liabilities. It is presented because management believes the information is useful for investors because it is used internally and widely accepted by those following the oil and gas industry as a financial indicator of a company's ability to generate cash to internally fund exploration and development activities, fund dividend programs, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies, and is frequently included in published research when providing investment recommendations. Cash from operations before changes in operating assets and liabilities, therefore, is an additional measure of liquidity, but is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing, or financing activities. The following table reconciles net cash provided by operating activities to cash from operations before changes in operating assets and liabilities.
FOR THE QUARTER FOR THE YEAR ENDED DECEMBER 31, ENDED DECEMBER 31, ----------------------------- ----------------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Net cash provided by operating activities $ 626,791 $ 371,449 $2,705,900 $1,380,718 Changes in operating assets and liabilities 159,309 94,333 94,658 186,152 ---------- ---------- ---------- ---------- Cash from operations before changes in operating assets and liabilities $ 786,100 $ 465,782 $2,800,558 $1,566,870 ========== ========== ========== ==========
Earnings and earnings per share absent non-cash deferred tax impacts, a non-GAAP measure, exclude certain tax items that management believes distort the Company's results of operations. These items relate to deferred tax expense resulting from currency fluctuations and the effects of a tax rate reduction in Canada. Management believes that, during periods of volatility in foreign currency exchange rates and foreign tax rates, the exclusion of these items from earnings and earnings per share provides a more representative report of the Company's financial performance and will enable investors to better compare our results with other companies by eliminating items that have distinctive effects on the Company.
FOR THE QUARTER FOR THE YEAR ENDED DECEMBER 31, 2003 ENDED DECEMBER 31, 2003 ----------------------- ------------------------- EARNINGS EPS EARNINGS EPS --------- ------ ----------- ------ Earnings and earnings per share $ 260,194 $ 0.80 $ 1,116,205 $ 3.43 --------- ------ ----------- ------ Deferred tax expense resulting from currency fluctuations 94,680 0.29 171,930 0.53 Effects of tax rate reduction in Canada (71,340) (0.22) (71,340) (0.22) --------- ------ ----------- ------ Earnings and earnings per share absent non-cash deferred tax impacts $ 283,534 $ 0.87 $ 1,216,795 $ 3.74 ========= ====== =========== ======
APACHE CORPORATION FINANCIAL INFORMATION
FOR THE QUARTER FOR THE YEAR ENDED DECEMBER 31, ENDED DECEMBER 31, ------------------------------ ------------------------------ 2003 2002 2003 2002 ------------- ------------- ------------- ------------- FINANCIAL DATA (In thousands, except per share data): Revenues and other $ 1,064,793 $ 730,373 $ 4,190,299 $ 2,559,873 ============= ============= ============= ============= Income Attributable to Common Stock $ 260,194 $ 179,399 $ 1,116,205 $ 543,514 ============= ============= ============= ============= Basic Net Income Per Common Share: Before change in accounting principle $ 0.80 $ 0.59 $ 3.38 $ 1.83 ============= ============= ============= ============= After change in accounting principle $ 0.80 $ 0.59 $ 3.46 $ 1.83 ============= ============= ============= ============= Diluted Net Income Per Common Share: Before change in accounting principle $ 0.80 $ 0.59 $ 3.35 $ 1.80 ============= ============= ============= ============= After change in accounting principle $ 0.80 $ 0.59 $ 3.43 $ 1.80 ============= ============= ============= ============= Weighted Average Common Shares Outstanding 324,248 302,582 322,498 297,234 ============= ============= ============= ============= Diluted Shares Outstanding 327,280 304,905 325,330 304,612 ============= ============= ============= ============= PRODUCTION AND PRICING DATA: NATURAL GAS VOLUME - MCF PER DAY United States 685,704 466,834 665,156 503,310 Canada 328,089 364,365 318,528 329,344 Egypt 116,579 137,051 113,554 122,655 Australia 121,881 101,127 111,061 117,802 North Sea 1,400 -- 1,714 -- China -- -- -- -- Argentina 6,186 5,335 7,144 7,276 ------------- ------------- ------------- ------------- Total 1,259,839 1,074,712 1,217,157 1,080,387 ============= ============= ============= ============= AVERAGE NATURAL GAS PRICE PER MCF United States $ 4.70 $ 3.86 $ 5.22 $ 3.15 Canada 4.16 3.28 4.69 2.74 Egypt 4.13 4.05 4.18 3.71 Australia 1.57 1.24 1.44 1.28 North Sea 5.94 -- 2.77 -- China -- -- -- -- Argentina 0.46 0.39 0.47 0.42 Total 4.18 3.43 4.61 2.87 OIL VOLUME - BARRELS PER DAY United States 71,982 49,310 69,404 53,009 Canada 25,450 25,344 25,220 25,220 Egypt 47,982 44,460 47,551 43,772 Australia 26,553 30,553 30,589 30,361 North Sea 40,950 -- 29,260 -- China 7,943 -- 2,791 -- Argentina 557 586 579 617 ------------- ------------- ------------- ------------- Total 221,417 150,253 205,394 152,979 ============= ============= ============= ============= AVERAGE OIL PRICE PER BARREL United States $ 27.38 $ 27.64 $ 27.48 $ 25.31 Canada 28.58 25.39 29.06 23.46 Egypt 28.64 26.12 27.64 24.65 Australia 31.35 27.46 29.87 25.17 North Sea 24.13 -- 25.40 -- China 26.82 -- 26.33 -- Argentina 29.53 26.29 29.23 23.90 Total 27.65 26.77 27.76 24.78 NGL VOLUME - BARRELS PER DAY United States 8,504 6,263 7,578 6,691 Canada 1,515 2,704 1,565 1,756 ------------- ------------- ------------- ------------- Total 10,019 8,967 9,143 8,447 ============= ============= ============= ============= AVERAGE NGL PRICE PER BARREL United States $ 23.50 $ 17.94 $ 21.70 $ 15.29 Canada 20.51 12.14 19.25 12.41 Total 23.05 16.19 21.28 14.69
APACHE CORPORATION CALCULATION OF FINDING COSTS For the Year Ended December 31, 2003 (In thousands, except per BOE data)
DOMESTIC CANADA N. AMERICA AUSTRALIA EGYPT ---------- ---------- ---------- ---------- ---------- FINDING COSTS * E & D (excluding cap. int. & GTM) $ 439,541 $ 579,495 $1,019,036 $ 128,261 $ 242,652 Acquisitions (FCP only) 846,736 6,366 853,102 27,105 -- ---------- ---------- ---------- ---------- ---------- Total All Sources $1,286,277 $ 585,861 $1,872,138 $ 155,366 $ 242,652 ---------- ---------- ---------- ---------- ---------- RESERVES ADDED (MBOE) E & D 54,304 80,237 134,541 32,965 51,333 Acquisitions 114,137 1,325 115,462 6,749 -- Revisions 1,967 (1,351) 616 (2) 1,363 ---------- ---------- ---------- ---------- ---------- Total All Sources 170,408 80,211 250,619 39,712 52,696 ---------- ---------- ---------- ---------- ---------- E & D and Revisions 56,271 78,886 135,157 32,963 52,696 ---------- ---------- ---------- ---------- ---------- FINDING COST PER BOE: * E & D Only $ 8.09 $ 7.22 $ 7.57 $ 3.89 $ 4.73 E & D and Revisions 7.81 7.35 7.54 3.89 4.60 Acquisitions Only 7.42 4.80 7.39 4.02 -- ALL SOURCES 7.55 7.30 7.47 3.91 4.60 NORTH SEA CHINA OTHER WORLDWIDE ---------- ---------- ---------- ---------- FINDING COSTS * E & D (excluding cap. int. & GTM) $ 60,204 $ 30,729 $ 4,369 $1,485,251 Acquisitions (FCP only) 687,899 -- -- 1,568,106 ---------- ---------- ---------- ---------- Total All Sources $ 748,103 $ 30,729 $ 4,369 $3,053,357 ---------- ---------- ---------- ---------- RESERVES ADDED (MBOE) E & D 14,506 620 368 234,333 Acquisitions 144,808 267,019 Revisions -- (114) -- 1,863 ---------- ---------- ---------- ---------- Total All Sources 159,314 506 368 503,215 ---------- ---------- ---------- ---------- E & D and Revisions 14,506 506 368 236,196 ---------- ---------- ---------- ---------- FINDING COST PER BOE: * E & D Only $ 4.15 $ 49.56 $ 11.87 $ 6.34 E & D and Revisions 4.15 60.73 11.87 6.29 Acquisitions Only 4.75 -- -- 5.87 ALL SOURCES 4.70 60.73 11.87 6.07
* Excludes Asset Retirement Obligation Costs of $333 million, or $0.66 / BOE, Worldwide. APACHE CORPORATION 2003 RESERVE SUMMARY
US CANADA N. AMERICA EGYPT AUSTRALIA ---------------------------------------------------------------------------- OIL, MBO 12/31/02 BAL 333,422 163,639 497,061 74,791 52,248 Production (28,098) (9,776) (37,874) (17,356) (11,165) Additions 35,378 15,649 51,027 15,090 11,712 Sales (1,176) (1,692) (2,868) 0 0 Purchases 48,886 574 49,460 0 309 Revisions 953 12 965 648 (2) ---------------------------------------------------------------------------- 12/31/03 BAL 389,365 168,406 557,771 73,173 53,102 ============================================================================ GAS, MMCF 12/31/02 BAL 1,784,093 1,338,751 3,122,844 370,667 557,656 Production (242,782) (116,263) (359,045) (41,447) (40,537) Additions 113,552 387,533 501,085 217,455 127,516 Sales (23,054) (671) (23,725) 0 0 Purchases 391,510 4,510 396,020 0 38,638 Revisions 6,073 (8,177) (2,104) 4,292 0 ---------------------------------------------------------------------------- 12/31/03 BAL 2,029,392 1,605,683 3,635,075 550,967 683,273 ============================================================================ MMBOE 12/31/02 BAL 630,771 386,764 1,017,535 136,569 145,191 Production (68,562) (29,153) (97,715) (24,264) (17,921) Additions 54,306 80,237 134,543 51,333 32,965 Sales (5,018) (1,804) (6,822) 0 0 Purchases 114,137 1,325 115,462 0 6,749 Revisions 1,965 (1,351) 614 1,363 (2) ---------------------------------------------------------------------------- 12/31/03 BAL 727,599 436,019 1,163,617 165,001 166,981 ============================================================================ REPLACEMENT RATE Adds only 79% 275% 138% 212% 184% Adds & Rev 82% 271% 138% 217% 184% All Adds 249% 275% 256% 217% 222% GROWTH % 15.4% 12.7% 14.4% 20.8% 15.0% R/P 10.6 15.0 11.9 6.8 9.3 RESV, % GAS 46% 61% 52% 56% 68% PROD, % GAS 59% 66% 61% 28% 38% CHINA ARGENTINA NORTH SEA TOTAL INTL TOTAL ------------------------------------------------------------------------ OIL, MBO 12/31/02 BAL 11,333 1,332 0 139,704 636,765 Production (1,019) (211) (10,680) (40,431) (78,305) Additions 620 20 14,489 41,931 92,958 Sales 0 0 0 0 (2,868) Purchases 0 0 144,071 144,380 193,840 Revisions (114) 1 0 533 1,498 ------------------------------------------------------------------------ 12/31/03 BAL 10,820 1,142 147,880 286,117 843,888 ======================================================================== GAS, MMCF 12/31/02 BAL 0 3,469 0 931,792 4,054,636 Production 0 (2,607) (626) (85,217) (444,262) Additions 0 2,084 105 347,160 848,245 Sales 0 (196) 0 (196) (23,921) Purchases 0 0 4,423 43,061 439,081 Revisions 0 1 0 4,293 2,189 ------------------------------------------------------------------------ 12/31/03 BAL 0 2,751 3,902 1,240,893 4,875,968 ======================================================================== MMBOE 12/31/02 BAL 11,333 1,910 0 295,003 1,312,538 Production (1,019) (646) (10,784) (54,634) (152,349) Additions 620 367 14,506 99,791 234,333 Sales 0 (33) 0 (33) (6,855) Purchases 0 0 144,808 151,557 267,019 Revisions (114) 1 0 1,249 1,863 ------------------------------------------------------------------------ 12/31/03 BAL 10,820 1,601 148,530 492,932 1,656,549 ======================================================================== REPLACEMENT RATE Adds only 61% 57% 135% 183% 154% Adds & Rev 50% 57% 135% 185% 155% All Adds 50% 57% 1,477% 462% 330% GROWTH % (4.5%) (16.2%) NA 67.1% 26.2% R/P 10.6 2.5 13.8 9.0 10.9 RESV, % GAS 0% 29% 0% 42% 49% PROD, % GAS 0% 67% 1% 26% 49%
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