You are on page 1of 6

Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 The operator of an oil or gas field

is the company responsible for the fields management and day-to-day operation. Operators in the United States are obligated to submit to EIA annual estimates of proved reserves for each field they operate. In 2009, the largest 100 operators (as determined by total operated reserves) accounted for nearly 90 percent of proved oil and natural gas reserves but less than one percent of all operators (which numbered over 14,000, based on 1 The top ten accounted for 54 percent of data collected by EIA for the 2009 reporting year). proved oil reserves and 48 percent of proved wet natural gas reserves. EIA data release policy does not allow company-specific proved reserves estimates, as publishing these volumes could compromise proprietary data. Figure 1 and accompanying Tables 1 and 2 show the cumulative operated proved reserves of the top 100 operators arranged in ten groups of ten in descending volumetric order. For comparison purposes, the Tables also include the owned proved reserves estimates and production data that most of these companies 2 submitted to the Securities and Exchange Commission (SEC). While there is some overlap, it is useful to distinguish between the proved reserves a company operates and those it actually owns.
Figure 1. Cumulative Proved Reserves of the Top 100 Operators, 2009
22 20
Crude Oil + Lease Condensate (Billion Barrels)

275

18 16 14 12 10 8 6 4

Oil: 20 Billion Barrels (89% of U.S. Total)

250 225
Wet Natural Gas (Tcf)

200 175

Natural Gas: 252 Tcf (89% of U.S. Total)

150 125 100

Total Operators: Roughly 14,000

75 50

01-10

11-20

21-30

31-40

41-50

51-60

61-70

71-80

81-90

91-100

Operator Size Groupings


Source: U.S. Energy Information Administration

For EIA reporting, a company estimates its operated proved reserves on an individual field basis, including 100 percent of each operated fields proved reserves; fields in which it has ownership but does not operate are not included. For filings with the SEC, the company (if publicly-traded) estimates its owned proved reserves, which includes only its share of proved reserves; all fields in which it has an ownership are included (cumulatively rather than individually). EIA reporting, therefore, accounts for the entirety of a fields proved reserves and production, while SEC filings 3 include only those volumes owned by companies required to file with the SEC. For example, ExxonMobil currently holds an approximate one-third interest in the Prudhoe Bay Field in Alaska, the countrys largest crude oil field. Because it is not the fields operator, ExxonMobil does not report its proved reserves or production to EIA. For its filing with the SEC, however, the company would include its one-third share of Prudhoe Bays total proved reserves
The top 100 operators include both U.S. and foreign companies; their share of total proved reserves is relatively unconcentrated by the standards of many industries. 2 In estimating field-level proved reserves, operators add lease condensate to crude oil (as oil) and plant liquids to natural gas (as wet natural gas). 3 The SEC requires companies with more than $10 million in assets whose securities are held by more than 500 owners to file annual and other periodic reports. For 2009, this requirement applied to 60 of the Top 100 operators ranked by liquids proved reserves and 72 of the Top 100 operators ranked by wet gas proved reserves.
1

Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 1

and production. Operator BPs EIA submission, on the other hand, would include all of the fields proved reserves and production, while its SEC filing would be limited to its ownership share. For EIA and SEC purposes, proved reserves are defined as those volumes of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.

Summary Table: Top Operators Ranked by Proved Reserves 2009 Oil (million barrels) Operated (EIA) Owned (SEC) Reserves Production Reserves Production Top 100 U.S. Total % U.S. Total 19,844 22,315 88.9% 1,571 1,929 81.4% 17,168 22,315 76.9% 1,447 1,929 75.0% 2008 Oil (million barrels) Operated (EIA) Owned (SEC) Reserves Production Reserves Production 18,123 20,554 88.2% 1,469 1,845 79.6% 14,941 20,554 72.7% 1,291 1,845 70.0%

Top 100 U.S. Total % U.S. Total

Natural Gas (billion cubic feet) Operated (EIA) Owned (SEC) Reserves Production Reserves Production 251,694 17,966 163,906 12,582 283,879 22,537 283,879 22,537 88.7% 79.7% 57.7% 55.8%

Natural Gas (billion cubic feet) Operated (EIA) Owned (SEC) Reserves Production Reserves Production 228,019 17,385 158,588 11,833 255,035 21,415 255,035 21,415 89.4% 81.2% 62.2% 55.3%

Operated: Form EIA-23. Owned: SEC Forms 10-K, 20-F, and 40-F.

Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 2

Table 1. Top 100 Operators Ranked by 2009 Crude Oil and Lease Condensate Proved Reserves (Million Barrels)
Rank
1 BP PLC 2 OCCIDENTAL PETROLEUM CORP 3 CHEVRON CORP 4 CONOCOPHILLIPS CO 5 SHELL OIL CO 6 AERA ENERGY LLC 7 ANADARKO PETROLEUM CORP 8 APACHE CORP 9 EXXONMOBIL CORP 10 PIONEER NATURAL RESOURCES USA INC 1-10 Subtotal 11 AMERADA HESS CORP 12 CONTINENTAL RESOURCES INC 13 XTO ENERGY INC 14 E O G RESOURCES INC 15 C O G OPERATING LLC 16 DENBURY RESOURCES INC 17 SANDRIDGE ENERGY INC 18 WHITING PETROLEUM CORP 19 PLAINS EXPLORATION & PRODUCTION CO 20 MERIT ENERGY CO 11-20 Subtotal 21 NOBLE ENERGY INC 22 ENCORE ACQUISITION CO 23 CITATION OIL & GAS CORP 24 NEWFIELD EXPLORATION CO 25 CHESAPEAKE OPERATING INC 26 MARATHON OIL CORP 27 DEVON ENERGY CORP 28 BERRY PETROLEUM CO 29 ENCANA OIL & GAS INC 30 KINDER MORGAN ENERGY PARTNERS 21-30 Subtotal 31 LINN ENERGY LLC 32 CITY OF LONG BEACH 33 HILCORP ENERGY CO 34 ENERGEN RESOURCES CORP 35 SHERIDAN PRODUCTION CO LLC 36 EL PASO ENERGY 37 ENDEAVOR ENERGY RESOURCES LP 38 BHP BILLITON 39 RESOLUTE NATURAL RESOURCES CO LLC 40 ENI PETROLEUM CO INC 31-40 Subtotal 41 ARENA RESOURCES INC 42 FOREST OIL CORP 43 PETROBRAS AMERICA INC 44 ENERQUEST OIL & GAS LTD 45 CIMAREX ENERGY CO 46 MARINER ENERGY INC 47 SM ENERGY INC 48 A T P OIL & GAS CORP 49 WINDSOR ENERGY GROUP LLC 50 BREITBURN ENERGY CO LP 41-50 Subtotal

Company Name

Operated (EIA) Reserves Production


(w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 12,051.4 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 2,762.2 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 1,722.0 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 1,027.9 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 682.2 309.0 93.7 173.5 121.7 94.9 58.1 42.7 39.9 33.2 7.9 974.6 28.9 12.8 23.8 24.3 13.0 15.7 10.2 15.9 18.0 14.1 176.9 15.7 10.1 11.0 8.8 15.9 16.8 15.0 6.4 5.2 20.9 125.7 3.9 9.9 11.5 5.8 3.0 5.5 8.2 36.7 3.5 13.8 101.8 3.1 2.7 0.5 1.0 10.4 4.4 6.7 4.9 0.7 4.4 38.7

Owned (SEC) Reserves Production


3,073.0 1,606.0 1,361.0 1,905.0 422.0 760.0 524.2 1,616.0 472.4 11,739.6 249.0 173.3 387.6 279.9 142.0 192.9 105.3 223.8 214.0 1,967.8 209.0 147.1 137.0 124.0 170.0 559.0 129.9 41.2 86.8 1,604.0 156.0 108.2 61.2 274.4 153.0 752.8 59.7 55.2 7.3 58.0 86.0 53.8 52.4 38.8 411.2 237.0 99.0 177.0 153.0 71.0 63.0 34.8 112.0 16.5 963.3 26.0 10.0 31.7 25.7 7.3 13.5 2.9 15.4 17.6 150.1 17.0 10.0 8.0 11.8 23.0 43.0 7.2 4.1 15.7 139.8 5.7 6.5 5.5 44.1 26.0 87.8 2.0 6.4 0.7 8.5 6.0 6.3 3.3 3.0 36.2

Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 3

Table 1. Top 100 Operators Ranked by 2009 Crude Oil and Lease Condensate Proved Reserves (Million Barrels)
Rank Company Name Operated (EIA) Reserves Production
(w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 51-60 Subtotal 61 RANGE RESOURCES CORP 62 ULTRA PETROLEUM INC 63 WALTER OIL & GAS CORP 64 CALDIVE INTERNATIONAL INC 65 DCOR LLC 66 BOPCO LP 67 GREKA OIL & GAS 68 STONE ENERGY CORP 69 ENERPLUS RESOURCES USA CORP 70 W & T OFFSHORE INC 61-70 Subtotal 71 BRIGHAM EXPLORATION CO 72 ANKOR ENERGY LLC 73 TEXLAND PETROLEUM LP 74 FASKEN OIL & RANCH LTD 75 MACPHERSON OIL CO 76 ENERVEST LTD 77 SAMSON RESOURCES CO 78 PETRO HUNT LLC 79 LEGACY RESERVES OPERATING LP 80 LLOG EXPLORATION CO 71-80 Subtotal 81 HELIS OIL & GAS CO LLC 82 RAM ENERGY INC 83 PARALLEL PETROLEUM CORP 84 ENERGY PARTNERS LTD 85 WAPITI ENERGY LLC 86 TIDELANDS OIL PRODUCTION CO 87 SLAWSON EXPLORATION CO INC 88 JETTA OPERATING CO INC 89 HUNT OIL CO 90 ABRAXAS PETROLEUM CORP 81-90 Subtotal 91 VESS OIL CORP 92 MCMORAN OIL & GAS LLC 93 YATES PETROLEUM CORP 94 MARBOB ENERGY CORP 95 CRIMSON RESOURCE MANAGEMENT CORP 96 TEXAS AMERICAN RESOURCES CO 97 E R G RESOURCES LLC 98 KERNS OIL & GAS INC 99 MEWBOURNE OIL CO 100 WOLVERINE GAS & OIL CORP 91-100 Subtotal Top 100 Subtotal Total U.S. 527.3 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 400.9 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 276.8 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 223.6 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 169.2 19,843.5 22,315.0 5.5 1.7 12.9 3.3 6.5 1.7 3.2 3.4 4.0 3.7 45.8 3.4 1.7 5.5 3.3 3.1 3.3 0.8 7.6 4.0 6.9 39.5 1.0 3.6 2.1 2.2 1.9 2.7 7.1 3.1 2.1 3.8 29.5 2.7 1.8 0.6 1.8 1.0 2.4 2.6 1.6 4.2 0.6 19.3 1.7 3.9 2.3 3.5 1.2 0.5 0.7 0.2 1.9 3.0 18.8 1,570.6 1,929.0

Owned (SEC) Reserves Production


64.5 26.4 47.5 52.0 37.0 46.6 274.0 85.7 29.2 29.7 32.3 25.6 34.2 236.7 16.6 71.0 26.7 114.3 19.1 19.9 8.8 47.8 15.5 4.6 20.1 17,168.2 5.5 6.2 4.2 3.4 3.5 3.4 26.2 4.7 1.3 2.7 6.2 3.0 7.2 25.2 0.8 8.0 2.2 11.0 1.5 2.0 0.6 4.1 3.0 0.8 3.7 1,447.4 -

51 SWIFT ENERGY CO 52 STEPHENS & JOHNSON OPERATING CO 53 MURPHY OIL CORP 54 TEXAS PETROLEUM INVESTMENT CO 55 ENERGY XXI GOM LLC 56 E&B NATURAL RESOURCES MGMT CORP 57 VENOCO INC 58 BASA RESOURCES INC 59 QUESTAR CORP 60 NATIONAL FUEL GAS

Operated: Form EIA-23. Ownership: SEC Forms 10-K, 20-F and 40-F. (w) = withheld. Note: Form EIA-23 proved reserves are the sum of ten companies due to confidentiality. - = N/A.

Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 4

Table 2. Top 100 Operators Ranked by 2009 Wet Natural Gas Proved Reserves (Billion Cubic Feet)
Rank
1 BP PLC 2 CHESAPEAKE OPERATING INC 3 XTO ENERGY INC 4 ENCANA OIL & GAS INC 5 CONOCOPHILLIPS CO 6 DEVON ENERGY CORP 7 EXXONMOBIL CORP 8 E O G RESOURCES INC 9 ANADARKO PETROLEUM CORP 10 ULTRA PETROLEUM INC 1-10 Subtotal 11 QUESTAR CORP 12 THE WILLIAMS COMPANIES INC 13 SOUTHWESTERN ENERGY PRODUCTION CO 14 EQUITABLE RESOURCES INC 15 NEWFIELD EXPLORATION CO 16 PETROHAWK OPERATING CO 17 OCCIDENTAL PETROLEUM CORP 18 PIONEER NATURAL RESOURCES USA INC 19 APACHE CORP 20 SHELL OIL CO 11-20 Subtotal 21 CHEVRON CORP 22 EL PASO ENERGY 23 SANDRIDGE ENERGY INC 24 RANGE RESOURCES CORP 25 QUICKSILVER RESOURCES INC 26 CABOT OIL & GAS CORP 27 HIGHMOUNT EXPLOR & PROD TEXAS LLC 28 NOBLE ENERGY INC 29 C N X GAS CO LLC 30 FOREST OIL CORP 21-30 Subtotal 31 SAMSON RESOURCES CO 32 EXCO RESOURCES INC 33 CIMAREX ENERGY CO 34 ENERGEN RESOURCES CORP 35 ANTERO RESOURCES CORP 36 NFR ENERGY LLC 37 MERIT ENERGY CO 38 LINN ENERGY LLC 39 DOMINION RESOURCES INC 40 BILL BARRETT CORP 31-40 Subtotal 41 CONTINENTAL RESOURCES INC 42 MARATHON OIL CORP 43 PENN VIRGINIA CORP 44 J - W OPERATING CO 45 HILCORP ENERGY CO 46 ENERVEST LTD 47 BERRY PETROLEUM CO 48 COMSTOCK RESOURCES INC 49 CONTANGO OPERATORS INC 50 D T E ENERGY CORP 41-50 Subtotal

Company Name

Operated (EIA) Reserves Production


(w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 135,323.4 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 43,189.2 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 25,092.6 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 15,309.8 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 10,271.7 1,016.6 1,235.1 1,097.3 801.6 1,208.1 969.0 521.4 576.7 1,027.9 228.7 8,682.4 337.6 547.0 425.2 138.1 246.1 244.1 325.0 215.9 355.7 495.9 3,330.5 624.1 314.4 148.6 146.9 99.7 117.2 117.4 192.4 105.4 163.9 2,029.8 294.4 157.9 150.1 120.5 36.6 28.4 87.1 70.0 58.5 119.1 1,122.6 37.0 188.5 48.9 75.8 94.9 104.0 38.5 80.0 72.9 31.2 771.6

Owned (SEC) Reserves Production


15,216.0 13,510.0 12,501.7 5,713.0 10,742.0 8,469.0 11,688.0 6,350.1 7,764.0 3,736.6 95,690.4 2,525.0 4,255.0 3,650.3 4,056.1 2,605.0 2,700.0 2,799.0 2,450.1 2,440.3 2,258.0 29,738.8 2,698.0 2,052.0 680.1 2,614.7 1,556.0 2,013.2 1,521.0 1,534.0 1,911.4 1,415.4 17,995.8 925.7 1,186.6 897.5 774.0 1,170.4 918.1 5,872.3 504.1 820.0 776.7 632.2 682.4 280.6 234.0 3,930.0 907.0 835.0 855.0 590.0 850.0 743.0 566.0 422.3 817.0 172.2 6,757.5 168.7 435.0 299.7 104.3 172.0 174.0 232.0 147.5 243.6 399.0 2,375.8 511.0 215.0 87.5 130.6 61.6 97.9 77.0 145.0 94.4 116.0 1,536.0 118.7 118.0 72.3 45.6 41.0 85.5 481.2 21.6 146.0 43.3 22.7 60.8 20.5 5.0 320.0

Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 5

Table 2. Top 100 Operators Ranked by 2009 Wet Natural Gas Proved Reserves (Billion Cubic Feet)
Rank Company Name Operated (EIA) Reserves Production
(w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 51-60 Subtotal 61 AMERADA HESS CORP 62 MEWBOURNE OIL CO 63 YATES PETROLEUM CORP 64 SM ENERGY INC 65 WHITING PETROLEUM CORP 66 FIDELITY EXPLORATION & PROD CO 67 LAREDO PETROLEUM INC 68 G M X RESOURCES INC 69 GOODRICH PETROLEUM CORP 70 ATLAS ENERGY INC 61-70 Subtotal 71 SWIFT ENERGY CO 72 KAISER - FRANCIS OIL CO 73 PLAINS EXPLORATION & PRODUCTION CO 74 PETROLEUM DEVELOPMENT CORP 75 VENOCO INC 76 SHERIDAN PRODUCTION CO LLC 77 ENDEAVOR ENERGY RESOURCES LP 78 ENCORE ACQUISITION CO 79 BOPCO LP 80 ROSETTA RESOURCES INC 71-80 Subtotal 81 GRANITE OPERATING CO 82 SEDNA ENERGY INC 83 PHILLIPS RESOURCES INC 84 APPROACH RESOURCES INC 85 A T P OIL & GAS CORP 86 RED WILLOW PRODUCTION CO 87 LLOG EXPLORATION CO 88 HUNT OIL CO 89 NEW DOMINION LLC 90 WALTER OIL & GAS CORP 81-90 Subtotal 91 STONE ENERGY CORP 92 ENERGY XXI GOM LLC 93 AERA ENERGY LLC 94 NATIONAL FUEL GAS 95 BELDEN & BLAKE CORP 96 ENI PETROLEUM CO INC 97 MCMORAN OIL & GAS LLC 98 VALENCE OPERATING CO 99 KERNS OIL & GAS INC 100 CAMTERRA RESOURCES INC 91-100 Subtotal Top 100 Subtotal Total U.S. 7,901.6 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 5,218.0 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 3,874.8 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 3,076.6 (w) (w) (w) (w) (w) (w) (w) (w) (w) (w) 2,436.8 251,694.4 283,879.0 17.5 132.5 29.5 25.3 18.2 31.0 36.1 43.9 64.5 19.1 417.6 76.0 61.3 123.1 80.3 47.0 62.2 29.0 12.8 30.5 36.2 558.5 30.4 41.6 63.1 55.4 35.2 13.4 30.7 25.2 37.1 48.9 381.0 4.6 8.8 17.7 12.6 18.5 52.6 64.7 66.5 25.3 62.8 334.0 51.5 14.2 16.6 20.3 15.4 110.7 61.9 37.8 0.9 8.1 337.3 17,965.5 22,537.0

Owned (SEC) Reserves Production


126.7 571.4 434.7 387.3 416.9 216.2 419.1 566.2 3,138.5 306.0 449.5 307.4 448.4 333.2 415.3 486.7 2,746.5 290.6 873.1 608.9 278.1 439.1 297.0 2,786.8 168.3 233.0 401.3 216.7 168.8 249.0 163.0 629.0 178.8 1,605.3 163,905.7 17.6 90.8 21.2 27.1 21.6 30.0 44.1 26.2 278.5 39.0 71.1 29.3 56.6 12.9 28.9 35.8 273.6 21.2 78.2 35.5 24.7 33.9 44.0 237.5 6.3 12.0 18.3 41.3 17.5 22.3 12.0 155.0 55.8 304.0 12,582.4 -

51 DELTA PETROLEUM CORP 52 MARINER ENERGY INC 53 BREITBURN ENERGY CO LP 54 LEWIS PETRO PROPERTIES INC 55 ENERGY CORP OF AMERICA 56 CALDIVE INTERNATIONAL INC 57 C O G OPERATING LLC 58 CARRIZO OIL & GAS INC 59 UNIT CORP 60 TALISMAN ENERGY INC

Operated: Form EIA-23. Ownership: SEC Forms 10-K, 20-F and 40-F. (w) = withheld. Note: Form EIA-23 proved reserves are the sum of ten companies due to confidentiality. - = N/A.

Top 100 Operators: Proved Reserves and Production, Operated vs Owned, 2009 6