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This excerpt taken from the PXD 10-Q filed May 11, 2009. Inventories. Inventories consisted of $194.7 million and $158.7 million of materials and supplies and $5.5 million and $8.7 million of commodities as of March 31, 2009 and December 31, 2008, respectively. The Company's materials and supplies inventory is primarily comprised of oil and gas drilling or repair items such as tubing, casing,
chemicals, operating supplies and ordinary maintenance materials and parts. The materials and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or market, on a first-in, first-out cost basis. "Market", in the context of inventory valuation, represents net realizable value, which is the amount that the Company is allowed to charge to the joint accounts when the inventory is used in
PIONEER NATURAL RESOURCES COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2009 (Unaudited)
joint operations under joint operating agreements to which the Company is a party. Any valuation reserve allowances of materials and supplies inventory are recorded as reductions to the carrying values of the materials and supply inventories in the Company's consolidated balance sheets and as charges to other expense in the accompanying consolidated statements of operations. As of March 31, 2009 and December 31, 2008, the Company's materials and supplies inventory was net of $5.7 million and $4.7 million, respectively, of valuation reserve allowances. The Company estimates that approximately $131.7 million and $90.2 million of its March 31, 2009 and December 31, 2008 materials and supplies inventories, respectively, would not be utilized within one year due to declines in budgeted drilling activities. Accordingly, those inventory values have been classified as other noncurrent assets in the accompanying consolidated balance sheets.
Commodities inventories are carried at the lower of average cost or market, on a first-in, first-out basis. The Company's commodities inventories consist of oil and natural gas liquids ("NGLs") held in storage. Any valuation allowances of commodities inventories are recorded as reductions to the carrying values of the commodities inventories included in the Company's consolidated balance sheets and as charges to other expense in the consolidated statements of operations. As of March 31, 2009 and December 31, 2008, the Company's commodities inventories were net of $5 thousand and $159 thousand of valuation allowances, respectively.
This excerpt taken from the PXD 10-K filed Feb 25, 2009. Inventories. Inventories were comprised of $158.7 million and $94.3 million of materials and supplies and $8.4 million and $3.3 million of commodities as of December 31, 2008 and 2007, respectively. The Company’s materials and supplies inventory is primarily comprised of oil and gas drilling or repair items such as tubing, casing,
chemicals, operating supplies and ordinary maintenance materials and parts. The materials and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or market, on a first-in, first-out cost basis. "Market", in the context of inventory valuation, represents net realizable value, which is the amount that the Company is allowed to bill to the joint accounts under joint operating agreements to which the
Company is a party. Any valuation reserve allowances of materials and supplies inventory are recorded as reductions to the carrying values of the materials and supply inventories in the Company’s consolidated balance sheets and as losses on disposition of assets in the accompanying consolidated statements of operations. As of December 31, 2008 and 2007, the Company’s materials and supplies inventory was net of $4.7 million and $1.1 million, respectively, of valuation
reserve allowances. The Company estimates that approximately $90.2 million of its December 31, 2008 materials and supplies inventory will not be utilized during 2009 due to declines in budgeted drilling activities. Accordingly, those inventory values have been classified as other noncurrent assets in the accompanying consolidated balance sheet as of December 31, 2008.
Commodities inventories are carried at the lower of average cost or market, on a first-in, first-out basis. The Company’s commodities inventories consist of oil and natural gas liquids (“NGLs”) held in storage. Any valuation allowances of commodities inventories are recorded as reductions to the carrying values of the commodities inventories included in the Company’s consolidated balance sheets and as charges to other expense in the consolidated statements of operations. As of December 31, 2008, the Company’s commodities inventories were net of $159 thousand of valuation allowances.
This excerpt taken from the PXD 10-Q filed Nov 7, 2008. Inventories. Inventories consisted of $142.5 million and $94.3 million of materials and supplies and $3.6 million and $3.3 million of commodities as of September 30, 2008 and December 31, 2007, respectively. The Company's materials and supplies inventory is primarily comprised of oil and gas drilling or repair items, such as tubing, casing,
chemicals, operating supplies and ordinary maintenance materials and parts. The materials and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or market, on a first-in, first-out basis. Commodities inventory is carried at the lower of average cost or market, on a first-in, first-out basis. Any impairments of inventory are reflected in gain (loss) on disposition of assets, net in the
consolidated statements of operations. As of September 30, 2008 and December 31, 2007, the Company's materials and supplies inventory was net of $0.3 million and $1.1 million, respectively, of valuation reserve allowances.
This excerpt taken from the PXD 10-Q filed Aug 11, 2008. Inventories. Inventories consisted of $129.1 million and $94.3 million of materials and supplies and $2.9 million and $3.3 million of commodities as of June 30, 2008 and December 31, 2007, respectively. The Company's materials and supplies inventory is primarily comprised of oil and gas drilling or repair items, such as tubing, casing,
chemicals, operating supplies and ordinary maintenance materials and parts. The materials and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or market, on a first-in, first-out basis. Commodities inventory is carried at the lower of average cost or market, on a first-in, first-out basis. Any impairments of inventory are reflected in gain (loss) on disposition of assets in the Consolidated
Statements of Operations. As of June 30, 2008 and December 31, 2007, the Company's materials and supplies inventory was net of $.3 million and $1.1 million, respectively, of valuation reserve allowances.
This excerpt taken from the PXD 10-Q filed May 12, 2008. Inventories. Inventories consisted
of $120.8 million and $94.3 million of materials and supplies and $3.6 million and $3.3
million of commodities as of March 31, 2008 and December 31, 2007, respectively. The
Company's materials and supplies inventory is primarily comprised of oil and gas
drilling or repair items, such as tubing, casing, chemicals, operating supplies and
ordinary maintenance materials and parts. The materials and supplies inventory is
primarily acquired for use in future drilling operations or repair operations and is
carried at the lower of cost or market, on a first-in, first-out basis. Commodities
inventory is carried at the lower of average cost or market, on a first-in, first-out
basis. Any impairments of inventory are reflected in gain (loss) on disposition of
assets in the Consolidated Statements of Operations. As of March 31, 2008 and December
31, 2007, the Company's materials and supplies inventory was net of $300 thousand and
$1.1 million, respectively, of valuation reserve allowances.
This excerpt taken from the PXD 10-K filed Feb 21, 2008. Inventories. Inventories were
comprised of $94.3 million and $93.7 million of materials and supplies and $3.3 million
and $1.4 million of commodities as of December 31, 2007 and 2006, respectively. The
Company's materials and supplies inventory is primarily comprised of oil and gas
drilling or repair items such as tubing, casing, chemicals, operating supplies and
ordinary maintenance materials and parts. The materials and supplies inventory is
primarily acquired for use in future drilling operations or repair operations and is
carried at the lower of cost or market, on a first-in, first-out cost basis.
Commodities inventory is carried at the lower of average cost or market, on a first-in,
first-out basis. Any impairments of inventory are reflected in gain (loss) on
disposition of assets in the Consolidated Statements of Operations. As of December 31,
2007 and 2006, the Company's materials and supplies inventory was net of $1.1 million
and $4.2 million, respectively, of valuation reserve allowances.
This excerpt taken from the PXD 10-Q filed Nov 9, 2007. Inventories. Inventories consisted
of $97.8 million and $93.7 million of materials and supplies and $1.1 million and $1.4
million of commodities as of September 30, 2007 and December 31, 2006, respectively.
The Company's materials and supplies inventory primarily comprises oil and gas drilling
or repair items such as tubing, casing, chemicals, operating supplies and ordinary
maintenance materials and parts. The materials and supplies inventory is primarily
acquired for use in future drilling operations or repair operations and is carried at
the lower of cost or market, on a weighted average cost basis. Commodities inventory is
carried at the lower of weighted average cost or market, on a first-in, first-out
basis. Any valuation reductions to inventory are reflected as a loss on disposition of
assets in the Consolidated Statements of Operations. As of September 30, 2007 and
December 31, 2006, the Company's materials and supplies inventory was net of $1.8
million and $4.2 million, respectively, of valuation reserve allowances.
10
PIONEER NATURAL RESOURCES COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2007 (Unaudited)
This excerpt taken from the PXD 10-Q filed Aug 9, 2007. Inventories. Inventories consisted
of $107.1 million and $93.7 million of materials and supplies and $1.4 million of
commodities as of June 30, 2007 and December 31, 2006, respectively. The Company's
materials and supplies inventory primarily comprises oil and gas drilling or repair
items such as tubing, casing, chemicals, operating supplies and ordinary maintenance
materials and parts. The materials and supplies inventory is primarily acquired for use
in future drilling operations or repair operations and is carried at the lower of cost
or market, on a weighted average cost basis. Commodities inventory is carried at the
lower of weighted average cost or market, on a first-in, first-out basis. Any valuation
reductions to inventory are reflected as a loss on disposition of assets in the
Consolidated Statements of Operations. As of June 30, 2007 and December 31, 2006, the
Company's materials and supplies inventory was net of $2.6 million and $4.2 million,
respectively, of valuation reserve allowances.
This excerpt taken from the PXD 10-Q filed May 9, 2007. Inventories. Inventories were comprised of $93.3 million and $93.7 million of materials and supplies and $2.4 million and $1.4 million of commodities as of March 31, 2007 and December 31, 2006, respectively. The Company's materials and supplies inventory is primarily comprised of oil and gas drilling or repair items such as tubing, casing, chemicals, operating supplies and ordinary maintenance materials and parts. The materials and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or market, on a weighted average cost basis. Commodities inventory is carried at the lower of average cost or market, on a first-in, first-out basis. Any valuation reductions to inventory are reflected as a loss on disposition of assets in the Consolidated Statements of Operations. As of
March 31, 2007 and December 31, 2006, the Company's materials and supplies inventory was net of $3.2 million and $4.2 million, respectively, of valuation reserve allowances.
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