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MRO » Topics » Results of Operations for Oil and Gas Producing Activities

These excerpts taken from the MRO 10-K filed Feb 27, 2009.

Results of Operations for Oil and Gas Producing Activities

The following reconciles results of continuing operations for oil and gas producing activities to E&P segment income:

 

(In millions)    2008     2007     2006  

Results of continuing operations

    $ 2,625     $ 1,545     $ 1,858  

Items not included in results of continuing oil and gas operations, net of tax:

       

Marketing income and technology costs

      58       36       40  

Income from equity method investments

      201       154       135  

Other

      (6 )     (6 )     1  

Items not allocated to E&P segment income:

       

Gain on asset disposition

      (163 )     –       (31 )
                        

E&P segment income

    $ 2,715     $ 1,729     $ 2,003  

Average Production Costs (a)

 

(Per barrel of oil equivalent)    United
States		    Europe    Africa    Continuing
Operations

2008

    $ 13.71    $ 10.56    $ 2.56    $ 8.42

2007

      10.46      10.41      3.26      7.56

2006

      8.51      8.36      2.78      6.48

(a)

Computed using production costs, which excludes transportation costs, as disclosed in the Results of Operations for Oil and Gas Producing Activities and as defined by the Securities and Exchange Commission. Natural gas volumes were converted to barrels of oil equivalent using a conversion factor of six mcf of natural gas to one barrel of oil.

Results of Operations for Oil and Gas Producing Activities

The following reconciles results of continuing operations for oil and gas producing activities to E&P segment income:

 

(In millions)    2008     2007     2006  

Results of continuing operations

    $ 2,625     $ 1,545     $ 1,858  

Items not included in results of continuing oil and gas operations, net of tax:

       

Marketing income and technology costs

      58       36       40  

Income from equity method investments

      201       154       135  

Other

      (6 )     (6 )     1  

Items not allocated to E&P segment income:

       

Gain on asset disposition

      (163 )     –       (31 )
                        

E&P segment income

    $ 2,715     $ 1,729     $ 2,003  

Average Production Costs (a)

 

(Per barrel of oil equivalent)    United
States		    Europe    Africa    Continuing
Operations

2008

    $ 13.71    $ 10.56    $ 2.56    $ 8.42

2007

      10.46      10.41      3.26      7.56

2006

      8.51      8.36      2.78      6.48

(a)

Computed using production costs, which excludes transportation costs, as disclosed in the Results of Operations for Oil and Gas Producing Activities and as defined by the Securities and Exchange Commission. Natural gas volumes were converted to barrels of oil equivalent using a conversion factor of six mcf of natural gas to one barrel of oil.

Results of Operations for Oil and Gas Producing Activities

STYLE="margin-top:12px;margin-bottom:0px; text-indent:3%">The following reconciles results of continuing operations for oil and gas producing activities to E&P segment income:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 



























































































































































(In millions)  2008  2007  2006 

Results of continuing operations

  $2,625  $1,545  $1,858 

Items not included in results of continuing oil and gas operations, net of tax:

    

Marketing income and technology costs

   58   36   40 

Income from equity method investments

   201   154   135 

Other

   (6)  (6)  1 

Items not allocated to E&P segment income:

    

Gain on asset disposition

   (163)  –   (31)
             

E&P segment income

  $2,715  $1,729  $2,003 

Average Production Costs
(a)

 






































































(Per barrel of oil equivalent)  United
States		  Europe  Africa  Continuing
Operations

2008

  $13.71  $10.56  $2.56  $8.42

2007

   10.46   10.41   3.26   7.56

2006

   8.51   8.36   2.78   6.48




(a)

Computed using production costs, which excludes transportation costs, as disclosed in the Results of Operations for Oil
and Gas Producing Activities and as defined by the Securities and Exchange Commission. Natural gas volumes were converted to barrels of oil equivalent using a conversion factor of six mcf of natural gas to one barrel of oil.

This excerpt taken from the MRO 10-K filed Feb 29, 2008.

Results of Operations for Oil and Gas Producing Activities

The following reconciles results of continuing operations for oil and gas producing activities to E&P segment income:

 

(In millions)    2007     2006     2005  

Results of continuing operations

    $ 1,545     $ 1,858     $ 1,835  

Items not included in results of continuing oil and gas operations, net of tax:

       

Marketing income and technology costs

      36       40       4  

Income from equity method investments

      154       135       52  

Other

      (6 )     1       (4 )

Items not allocated to E&P segment income:

       

Gain on asset disposition

      –       (31 )     –  
                        

E&P segment income

    $ 1,729     $ 2,003     $ 1,887  
This excerpt taken from the MRO 10-K filed Mar 10, 2005.

Results of Operations for Oil and Gas Producing Activities

        The following reconciles results of continuing operations for oil and gas producing activities to E&P segment income:

(In millions)

   2004
   2003
   2002
  
 
Results before income taxes   $ 1,625   $ 1,502   $ 989  
Items not included in results of continuing oil & gas operations:                    
  Marketing income and technology costs     16     24     25  
  Income from equity method investments     12     20     52  
  Other     (1 )   (5 )   2  
Items not allocated to E&P segment income:                    
  Impairment of certain unproved and producing oil and gas properties     44     –       –    
  Gain on asset disposition     –       (85 )   (24 )
  Contract settlement     –       –       15  
  Loss on joint venture dissolution     –       124     –    
   
 
 
 
    E&P segment income   $ 1,696   $ 1,580   $ 1,059  
 

Average Production Costs(a)

 
   United
States
   Europe
   Africa
   Other
Int'l.
   Total
2004   $ 5.58   $ 5.39   $ 3.35   $ 16.76   $ 5.75
2003     4.92     4.35     3.98     14.56     4.95
2002     4.17     4.03     3.81     14.95     3.90
(a)
Computed using production costs, excluding transportation costs, as disclosed in the Results of Operations for Oil and Gas Activities and as defined by the Securities and Exchange Commission. Natural gas volumes were converted to barrels of oil equivalent using a conversion factor of six mcf of natural gas to one barrel of oil.

EXCERPTS ON THIS PAGE:

10-K (3 sections)
Feb 27, 2009
10-K
Feb 29, 2008
10-K
Mar 10, 2005

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