|
Supplemental Information on Oil and Gas Producing Activities (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Costs Incurred in Oil and Gas Property - Acquisition, Exploration and Development Activities |
(In thousands) |
United States |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Costs incurred during the year: |
|
|
|
|
|
|
|
|
|
|
|
Exploration - capitalized |
$ |
- |
|
|
|
2,602 |
|
|
$ |
- |
|
Exploration - expensed |
|
11,497 |
|
|
|
38,159 |
|
|
|
2,083 |
|
Acquisition |
|
- |
|
|
|
1,630 |
|
|
|
9,495 |
|
Development |
|
113 |
|
|
|
9,689 |
|
|
|
14,936 |
|
Total |
$ |
11,610 |
|
|
|
52,080 |
|
|
$ |
26,514 |
|
(In thousands) |
International |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Costs incurred during the year: |
|
|
|
|
|
|
|
|
|
|
|
Exploration - capitalized |
$ |
2,942 |
|
|
$ |
5,916 |
|
|
$ |
69 |
|
Exploration - expensed |
|
12,431 |
|
|
|
2,878 |
|
|
|
3,625 |
|
Acquisition |
|
- |
|
|
|
10,000 |
|
|
|
455 |
|
Development |
|
54,420 |
|
|
|
4,022 |
|
|
|
8,011 |
|
Total |
$ |
69,793 |
|
|
$ |
22,816 |
|
|
$ |
12,160 |
|
|
| Capitalized Costs Relating to Oil and Gas Producing Activities |
|
December 31, |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Capitalized costs - |
|
|
|
|
|
|
|
|
|
|
|
Properties not being amortized |
$ |
88,194 |
|
|
$ |
66,794 |
|
|
$ |
46,047 |
|
Properties being amortized (1) |
|
222,032 |
|
|
|
195,329 |
|
|
|
182,820 |
|
Total capitalized costs |
$ |
310,226 |
|
|
$ |
262,123 |
|
|
$ |
228,867 |
|
Less accumulated depreciation, depletion, and amortization |
|
(171,854 |
) |
|
|
(155,681 |
) |
|
|
(129,166 |
) |
Net capitalized costs |
$ |
138,372 |
|
|
$ |
106,442 |
|
|
$ |
99,701 |
|
(1) |
Includes $5.2 million, $4.7 million, and $10.4 million asset retirement cost in 2013, 2012, and 2011, respectively. |
|
| Results of Operations for Oil and Gas Producing Activities |
|
United States |
|
|
International |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
Gabon |
|
|
Gabon |
|
|
Gabon |
|
Crude oil and gas sales |
$ |
1,891 |
|
|
$ |
2,798 |
|
|
$ |
1,655 |
|
|
$ |
167,386 |
|
|
$ |
192,489 |
|
|
$ |
208,781 |
|
Production, G&A and other expense |
|
(12,232 |
) |
|
|
(47,866 |
) |
|
|
(7,413 |
) |
|
|
(52,776 |
) |
|
|
(27,425 |
) |
|
|
(27,471 |
) |
Depreciation, depletion and amortization |
|
(1,528 |
) |
|
|
(3,872 |
) |
|
|
(1,922 |
) |
|
|
(15,302 |
) |
|
|
(15,954 |
) |
|
|
(23,604 |
) |
Income tax |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(34,115 |
) |
|
|
(81,813 |
) |
|
|
(93,468 |
) |
Results from oil and gas producing activities |
$ |
(11,869 |
) |
|
$ |
(48,940 |
) |
|
$ |
(7,680 |
) |
|
$ |
65,193 |
|
|
$ |
67,297 |
|
|
$ |
64,238 |
|
|
| Net Proved Reserves |
Proved Reserves: |
Oil (MBbls) |
|
|
Gas (MMCF) |
|
Balance at Janaury 1, 2011 |
|
6,922 |
|
|
|
23 |
|
Production |
|
(1,868 |
) |
|
|
(255 |
) |
Revisions of previous estimates |
|
959 |
|
|
|
31 |
|
Extensions and discoveries |
|
35 |
|
|
|
2,126 |
|
Balance at December 31, 2011 |
|
6,048 |
|
|
|
1,925 |
|
Production |
|
(1,741 |
) |
|
|
(532 |
) |
Revisions of previous estimates |
|
2,200 |
|
|
|
151 |
|
Extensions and discoveries |
|
981 |
|
|
|
- |
|
Balance at December 31, 2012 |
|
7,488 |
|
|
|
1,544 |
|
Production |
|
(1,549 |
) |
|
|
(325 |
) |
Revisions of previous estimates |
|
771 |
|
|
|
114 |
|
Extensions and discoveries |
|
522 |
|
|
|
- |
|
Balance at December 31, 2013 |
|
7,232 |
|
|
|
1,333 |
|
Proved Developed Reserves |
Oil (MBbls) |
|
|
Gas (MMCF) |
|
Balance at January 1, 2011 |
|
5,029 |
|
|
|
23 |
|
Balance at December 31, 2011 |
|
3,854 |
|
|
|
856 |
|
Balance at December 31, 2012 |
|
3,750 |
|
|
|
1,544 |
|
Balance at December 31, 2013 |
|
3,305 |
|
|
|
1,333 |
|
|
| Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil Reserves |
(In thousands) |
United States |
|
|
International |
|
|
Total |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Future cash inflows |
$ |
8,276 |
|
|
$ |
8,260 |
|
|
$ |
13,274 |
|
|
$ |
725,485 |
|
|
$ |
776,646 |
|
|
$ |
623,546 |
|
|
$ |
733,761 |
|
|
$ |
784,906 |
|
|
$ |
636,820 |
|
Future production costs |
|
(3,038 |
) |
|
|
(3,194 |
) |
|
|
(1,661 |
) |
|
|
(223,643 |
) |
|
|
(203,490 |
) |
|
|
(154,020 |
) |
|
|
(226,681 |
) |
|
|
(206,684 |
) |
|
|
(155,681 |
) |
Future development costs |
|
- |
|
|
|
- |
|
|
|
(4,180 |
) |
|
|
(164,142 |
) |
|
|
(186,982 |
) |
|
|
(85,528 |
) |
|
|
(164,142 |
) |
|
|
(186,982 |
) |
|
|
(89,708 |
) |
Future income tax expense |
|
(825 |
) |
|
|
(807 |
) |
|
|
(1,347 |
) |
|
|
(154,519 |
) |
|
|
(181,194 |
) |
|
|
(181,886 |
) |
|
|
(155,344 |
) |
|
|
(182,001 |
) |
|
|
(183,233 |
) |
Future net cash flows |
$ |
4,413 |
|
|
$ |
4,259 |
|
|
$ |
6,086 |
|
|
$ |
183,181 |
|
|
$ |
204,980 |
|
|
$ |
202,112 |
|
|
$ |
187,594 |
|
|
$ |
209,239 |
|
|
$ |
208,198 |
|
Discount to present value at 10% annual rate |
|
(1,299 |
) |
|
|
(1,028 |
) |
|
|
(3,150 |
) |
|
|
(48,859 |
) |
|
|
(55,309 |
) |
|
|
(38,861 |
) |
|
|
(50,158 |
) |
|
|
(56,337 |
) |
|
|
(42,011 |
) |
Standardized measure of discounted future net cash flows |
$ |
3,114 |
|
|
$ |
3,231 |
|
|
$ |
2,936 |
|
|
$ |
134,322 |
|
|
$ |
149,671 |
|
|
$ |
163,251 |
|
|
$ |
137,436 |
|
|
$ |
152,902 |
|
|
$ |
166,187 |
|
|
| Changes in Standardized Measure of Discounted Future Net Cash Flows |
The following table sets forth the changes in standardized measure of discounted future net cash flows as follows:
(In thousands) |
December 31, |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Balance at Beginning of Period |
$ |
152,902 |
|
|
$ |
166,187 |
|
|
$ |
124,824 |
|
Sales of oil and gas, net of production costs |
|
(132,662 |
) |
|
|
(168,563 |
) |
|
|
(183,705 |
) |
Net changes in prices and production costs |
|
(52,056 |
) |
|
|
(11,223 |
) |
|
|
194,633 |
|
Revisions of previous quantity estimates |
|
43,815 |
|
|
|
155,111 |
|
|
|
75,713 |
|
Additions |
|
29,620 |
|
|
|
69,092 |
|
|
|
7,742 |
|
Changes in estimated future development costs |
|
(5,345 |
) |
|
|
(67,834 |
) |
|
|
(5,831 |
) |
Development costs incurred during the period |
|
44,389 |
|
|
|
34,944 |
|
|
|
31,913 |
|
Accretion of discount |
|
15,290 |
|
|
|
16,619 |
|
|
|
12,482 |
|
Net change of income taxes |
|
26,120 |
|
|
|
7,445 |
|
|
|
4,455 |
|
Change in production rates (timing) and other |
|
15,363 |
|
|
|
(48,876 |
) |
|
|
(96,039 |
) |
Balance at End of Period |
$ |
137,436 |
|
|
$ |
152,902 |
|
|
$ |
166,187 |
|
|