Production
Total natural gas production in 2007 averaged 1,668 mmcf/d, an increase of 12% from 2006, primarily due to a full year of production from the Anadarko Canada Corporation acquisition in November of 2006. Total crude oil and NGLs production in 2007 averaged 331,232 bbl/d, a slight decrease from 2006. North America grew 5%, offset by a decrease in production from the International operations.
2007 Daily production, before royalties
Natural gas (mmcf/d): 1,668
Crude oil and NGLs (bbl/d): 331,232
Equivalent production (boe/d): 609,206
Reserves
Total net proved reserves from conventional operations at the end of 2007 amounted to 1.4 billion barrels of crude oil and NGLs and 3.7 trillion cubic feet of natural gas. Total net proved conventional reserves increased modestly from 2006 to 2007.
Net proved reserve additions from conventional operations equaled 110% of 2007 net production, at a finding and on-stream cost of $14.28 per barrel of oil equivalent. The Company's three-year average proved finding and on-stream costs were $15.07 per barrel of oil equivalent.
Total net proved and probable reserves from conventional operations at the end of 2007 amounted to 2.1 billion barrels of crude oil and NGLs and 4.8 trillion cubic feet of natural gas. Total proved and probable net conventional reserves remained relatively unchanged from the prior year.
Net proved and probable reserve additions from conventional operations equaled 87% of 2007 net production, at a finding and on-stream cost of $18.02 per barrel of oil equivalent. The Company's three-year average net proved and probable finding and on-stream costs were $11.03 per barrel of oil equivalent. As anticipated, the significantly reduced drilling program in 2007 resulted in less proved and probable reserves being booked.
Total net proved and probable reserves from conventional operations at the end of 2006 amounted to 2.1 billion barrels of crude oil and NGLs and 5.0 trillion cubic feet of natural gas. Total proved and probable net conventional reserves increased by 30%, with net proved and probable crude oil reserves increasing by 28% and net proved and probable natural gas reserves increasing by 35%.
Net proved and probable reserve additions from conventional operations equaled 472% of 2006 net production, at a finding and onstream cost of $10.09 per barrel of oil equivalent. The Company's three-year average net proved and probable finding and onstream costs was $9.88 per barrel of oil equivalent.