"Importantly, our investments in recent years have afforded us the ability to scale our growth to optimize value. We're committed to our goal of growing production at a 5 to 7 percent compound annual rate from 2010 through 2017, and we'll do so with our long-standing commitment to spending largely within our cash flows. While volume growth is critical to our success, value growth is the ultimate goal. A key focus in 2013 will be improving our earnings and cash margins as we grow," Cazalot added.
2012 Key Highlights
· Demonstrated ability to execute strategy in first full year as an independent E&P company
o Achieved 8 percent year-over-year growth in Upstream net production available for sale, excluding Libya· Doubled Lower 48 onshore net production available for sale over the past five quarters o Increased average net production more than four-fold in the Eagle Ford shale from approximately 15,000 barrels of oil equivalent per day (boed) in December 2011 to more than 65,000 boed in December 2012. For the same period, average net production in the Bakken shale increased from 24,000 to 35,000 boed, while average net production in the Oklahoma Resource Basins increased from 2,500 to 9,600 boed o Expanded midstream infrastructure in the Eagle Ford to support production growth o In total, spud 392 gross operated wells in U.S. resource plays in 2012, compared to 123 in 2011 · Completed targeted acquisitions in the Eagle Ford of approximately $1 billion, increased the Company's acreage position and working interest in the core of the play and added production and drilling locations · Replaced 226 percent of 2012 Upstream production, including acquisitions and Libya o Increased total net proved reserves 12 percent to 2.0 billion boe o Replaced 268 percent of net proved liquid hydrocarbon and synthetic crude oil (SCO) reserves, consistent with liquids-focused strategy
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV