Worldwide production averaged 188,575 barrels of oil equivalent per day in the second quarter 2012, compared to 170,457 barrels of oil equivalent per day in the same quarter in 2011. Total crude oil and gas liquids production was 104,012 barrels per day in the second quarter of 2012 compared to 94,242 barrels per day in the 2011 quarter. The increase in oil production in 2012 was primarily attributable to higher gross production at the Kikeh field, offshore Sabah, as wells have been brought on stream in association with the ongoing field development and well work program. In addition, 2012 crude oil production in the United States was higher than 2011 levels primarily due to an ongoing development program in the Eagle Ford Shale area. Increases in Eagle Ford production more than offset lower volumes produced at fields in the Gulf of Mexico. Oil production at Syncrude in Western Canada was adversely affected in the 2012 quarter by equipment maintenance. Crude oil production at Terra Nova, offshore Eastern Canada, was also lower in the 2012 quarter primarily due to the start of a 150 day shut-in for equipment maintenance in June 2012. The Azurite field, offshore Republic of the Congo, had lower crude oil production in 2012 due to well decline and one well being offline during the quarter pending a mechanical workover. Crude oil and gas liquids sales volumes averaged 104,768 barrels per day in the second quarter of 2012 compared to 90,004 barrels per day in the 2011 quarter. Natural gas sales volumes averaged 507 million cubic feet per day in the second quarter of 2012 compared to 457 million cubic feet per day in the 2011 quarter. The increase in natural gas sales volumes in 2012 was attributable to higher gas production at the Tupper West area in British Columbia, Canada. The Company’s worldwide crude oil and condensate sales prices averaged $94.33 per barrel for the second quarter of 2012 compared to $99.37 per barrel in the second quarter 2011. North American natural gas sales prices averaged $2.15 per thousand cubic feet (MCF) in the 2012 quarter compared to $4.26 per MCF in the same quarter of 2011. Natural gas produced offshore Sarawak, Malaysia was sold at an average price of $7.88 per MCF during the second quarter 2012 compared to an average price of $6.40 per MCF in the second quarter 2011.
|Three Mos. Ended||Six Mos. Ended|
|June 30||June 30|
|Oil Production Volume – Bbls. per day||104,012||94,242||105,751||103,725|
|Natural Gas Sales Volume – MCF per day||507,379||457,288||516,507||435,283|
|Total BOE Production Volume – BOE per day||188,575||170,457||191,836||176,272|
|Average Realized Oil Sales Price – Per Bbl.||$||94.33||99.37||97.21||93.04|
Average Realized North American Gas Sales Price – Per MCF
Average Realized Sarawak Gas Sales Price – Per MCF
Refining and Marketing (R&M)
The Company previously announced its intent to sell its U.K. R&M assets. Ongoing sale activities related to these assets continue.