Production
Full year 2007 production was 289 Bcfe
First quarter 2008 production volumes averaged 886 MMcfe/d, including unconsolidated affiliate production volumes of 75 MMcfe/d. First quarter 2007 production volumes averaged 820 MMcfe/d, including 70 MMcfe/d of unconsolidated affiliate production volumes. The increase reflects successful drilling programs and acquisitions in 2007. Reported production volumes in the first quarter 2008 associated with properties sold during the quarter averaged 88 MMcfe/d.
In 2008, El Paso expects to produce 870-930 MMcfe/d, including its proportionate interest in Four Star. The impact of the company's portfolio high grading and the improvements to its overall inventory enable El Paso to project an average 2007 - 2010 growth rate of 8 to 12 percent from its new asset base. The new base showing 2007 adjusted production is as follows:
Reported Production: 862 MMcfe/d
Less: Divestiture Properties: 116 MMcfe/d
Plus: Peoples Acquisition: 52 MMcfe/d
Adjusted 2007 Base Production: 798 MMcfe/d
Reserves
El Paso Corporation announces that its proved natural gas and oil reserves at December 31, 2007, totaled 3.1 trillion cubic feet equivalent (Tcfe), including 256 billion cubic feet equivalent (Bcfe) related to its proportionate interest in Four Star Oil & Gas Company (Four Star). Below is a reconciliation of consolidated proved reserves from December 31, 2006 to December 31, 2007, and a summary of El Paso's 48.8-percent interest in Four Star Proved reserves at December 31, 2007.
Consolidated Proved Reserves (Bcfe)
Proved reserves at Dec. 31, 2006: 2,415
Production: (289)
Net Sales: (2)
Additions: 341
Acquisitions: 357
Revisions due to Price: 43
Revisions due to Performance: (12)
Proved reserves at Dec. 31, 2007: 2,853
El Paso's Interest in Four Star Proved Reserves
Four Star at December 31, 2007 (Bcfe): 256
El Paso E&P's 2007 oil and gas capital expenditures were $2,589 million, which included $1,178 million for acquisitions and $230 million of international expenditures. Approximately 72 percent of the December 31, 2007 proved reserves are proved developed, and 80 percent are natural gas, including Four Star.