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This excerpt taken from the MRO 10-Q filed Nov 7, 2007. E&P
segment revenues increased $182 million in the third quarter of 2007
from the comparable prior-year period, primarily as a result of increased crude
oil and natural gas marketing activities and higher liquid hydrocarbon
realizations. Partially
offsetting the impact of these increases were declines in liquid hydrocarbon
sales volumes and domestic natural gas sales volumes. Decreases in domestic liquid
hydrocarbon and natural gas sales volumes primarily reflect normal production
declines for our Gulf of Mexico and Permian Basin properties. The lower international liquid hydrocarbon
sales volumes were due to 30,000 barrels of oil per day that were produced and
sold in the third quarter of 2006 that were owed to our account upon our resumption
of operations in Libya. Though it did
not have a significant impact on E&P segment revenues, the increase in
Equatorial Guinea natural gas sales volumes due to the start-up of the LNG
production facility in the second quarter of 2007 contributed to the decline in
the average international natural gas realization for the third quarter of
2007.
E&P segment revenues in the first nine months of 2007 decreased $644 million from the comparable prior-year period. Revenue decreases from natural gas marketing activities in the first quarter of 2007 account for a substantial portion of the decline for the nine-month period. The remainder of the decrease was primarily related to lower liquid hydrocarbon and natural gas sales volumes and realizations. Normal production rate declines, particularly for our Gulf of Mexico properties, caused domestic liquid hydrocarbon and natural gas sales volumes to decrease in the first nine months of 2007 compared to the same period of 2006, and the decline in Libya liquid hydrocarbon sales volumes for the third quarter discussed above caused the majority of the decrease in international liquid hydrocarbon sales volumes.
See Supplemental Statistics for information regarding net sales volumes and average realizations by geographic area.
Excluded from E&P segment revenues were losses of $123 million and gains of $121 million for the third quarters of 2007 and 2006, on long-term natural gas contracts in the United Kingdom which are accounted for as derivative instruments. For the first nine months of 2007 and 2006, losses of $111 million and gains of $182 million are excluded from E&P segment revenues. See Item 3. Quantitative and Qualitative Disclosures About Market Risk.
This excerpt taken from the MRO 10-Q filed Aug 7, 2007. E&P segment revenues
decreased $374 million in the second quarter of 2007 from the comparable
prior-year period, primarily as a result of lower liquid hydrocarbon sales
volumes and realizations, with the most significant sales volume decline
related to international operations.
International liquid hydrocarbon sales volumes were significantly higher
in the second quarter of 2006 due to
approximately 40 mbpd of sales in excess of production in that quarter, while
sales volumes approximated production in the second quarter of 2007. Though it did not have a significant impact
on E&P segment revenues, the increase in Equatorial Guinea natural gas
sales volumes due to the start-up of the LNG production facility there
contributed to the decline in the average international natural gas realization
for the second quarter of 2007.
E&P segment revenues in the first six months of 2007 decreased $826 million from the comparable prior-year period. Revenue decreases from natural gas marketing activities in the first quarter of 2007 account for a substantial portion of the decline for the six-month period. The remainder of the decrease was primarily related to lower liquid hydrocarbon and natural gas sales volumes and realizations. Normal production rate declines, particularly for our Gulf of Mexico properties, caused domestic liquid hydrocarbon and natural gas sales volumes to decrease in the first six months of 2007 compared to the same period of 2006. See Supplemental Statistics for information regarding net sales volumes and average realizations by geographic area. Excluded from E&P segment revenues were losses of $9 million and $17 million for the second quarters of 2007 and 2006, on long-term natural gas contracts in the United Kingdom that are accounted for as derivative instruments. For the first six months of 2007 and 2006, gains of $12 million and $61 million are excluded from E&P segment revenues. See Item 3. Quantitative and Qualitative Disclosures About Market Risk. This excerpt taken from the MRO 10-Q filed May 7, 2007. E&P segment revenues decreased $452 million in the first quarter of
2007 from the comparable prior-year period. See Supplemental Statistics for
information regarding net sales volumes and average realizations by geographic
area. Decreased natural gas marketing activities account for the majority of
the revenue decline. In addition, normal production rate declines, particularly
for our Gulf of Mexico properties, caused domestic liquid hydrocarbon and
natural gas sales volumes to decrease in the first quarter of 2007 compared to
the first quarter of 2006. Our average realizations on domestic natural gas
decreased 11 percent compared to the first quarter of 2006, while those on
domestic liquid hydrocarbons were flat. Partially offsetting the decline in
domestic revenue was an increase in revenues from our international operations.
Liquid hydrocarbon sales volumes in Libya were higher in the first quarter of
2007 than in the comparable prior-year period due to the timing of liftings.
The impact of increased liquid hydrocarbon sales volumes was partially offset
by lower average realizations for both liquid hydrocarbons and natural gas and
a 22 percent decline in natural gas sales volumes, primarily in Europe.
Excluded from E&P segment revenues were gains of $21 million and $78 million for the first quarters of 2007 and 2006 related to long-term natural gas sales contracts in the United Kingdom that are accounted for as derivative instruments. See Item 3. Quantitative and Qualitative Disclosures About Market Risk. This excerpt taken from the MRO 10-Q filed Nov 4, 2005. IG segment revenues
increased by $70 million in the third quarter of 2005 from the comparable
prior-year period. For the first nine
months of 2005, revenues increased by $150 million from the comparable
prior-year period. These increases
primarily reflected higher natural gas marketing prices. Derivative losses totaled $13 million and $9
million in the third quarter and the first nine months of 2005, compared to
gains of $4 million and $14 million in the third quarter and first nine months
of 2004.
For additional information on segment results, see “Results of Operations by Segment” on page 23.
This excerpt taken from the MRO 10-Q filed Aug 8, 2005. IG segment revenues
increased by $82 million in the second quarter of 2005 from the comparable
prior-year period. For the first six
months of 2005, revenues increased by $80 million from the comparable prior-year
period. These increases primarily
reflected higher natural gas marketing prices.
Derivative gains totaled $7 million and $4 million in the second quarter
and the first six months of 2005, compared to gains of $2 million and $10
million in the second quarter and first six months of 2004.
For additional information on segment results, see “Results of Operations by Segment” on page 21.
This excerpt taken from the MRO 10-Q filed May 9, 2005. IG segment revenues
decreased by $2 million in the first quarter of 2005 from the comparable
prior-year period. This decrease in the
first quarter primarily reflected lower natural gas marketing volumes,
partially offset by higher natural gas prices.
Derivative losses totaled $3 million in the first quarter of 2005,
compared to gains of $8 million in the first quarter of 2004.
For additional information on segment results, see “Results of Operations by Segments” on page 16.
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