þ
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
For the Quarterly Period Ended March 31, 2009 |
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
For the Transition Period from to . |
Delaware
|
72-1133047
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
Number)
|
Large
accelerated filer þ
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Smaller
reporting company o
|
|||||
(Do
not check if a smaller reporting
company)
|
Page
|
||
PART
I
|
||
Item
1.
|
Unaudited
Financial Statements:
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
24
|
||
36
|
||
37
|
||
37
|
||
37
|
||
37
|
||
38
|
March
31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 38 | $ | 24 | ||||
Accounts
receivable
|
302 | 375 | ||||||
Inventories
|
117 | 96 | ||||||
Derivative
assets
|
775 | 663 | ||||||
Other current
assets
|
87 | 48 | ||||||
Total current
assets
|
1,319 | 1,206 | ||||||
Property
and equipment, at cost, based on the full cost method of
accounting
for
oil
and gas properties ($1,256
at March 31, 2009 and $1,303 at December
31,
2008 were excluded from amortization)
|
9,374 | 10,349 | ||||||
Less—accumulated
depreciation, depletion and amortization
|
(4,752 | ) | (4,591 | ) | ||||
4,622 | 5,758 | |||||||
Derivative
assets
|
203 | 247 | ||||||
Long-term
investments
|
62 | 72 | ||||||
Deferred
taxes
|
16 | ¾ | ||||||
Other
assets
|
21 | 22 | ||||||
Total
assets
|
$ | 6,243 | $ | 7,305 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 76 | $ | 103 | ||||
Accrued
liabilities
|
600 | 672 | ||||||
Advances from joint
owners
|
95 | 73 | ||||||
Asset retirement
obligation
|
8 | 11 | ||||||
Deferred
taxes
|
265 | 226 | ||||||
Total current
liabilities
|
1,044 | 1,085 | ||||||
Other
liabilities
|
38 | 22 | ||||||
Long-term
debt
|
2,287 | 2,213 | ||||||
Asset
retirement obligation
|
70 | 70 | ||||||
Deferred
taxes
|
232 | 658 | ||||||
Total long-term
liabilities
|
2,627 | 2,963 | ||||||
Commitments
and contingencies (Note 5)
|
¾ | ¾ | ||||||
Stockholders'
equity:
|
||||||||
Preferred stock ($0.01 par
value; 5,000,000 shares authorized; no shares issued)
|
¾ | ¾ | ||||||
Common stock ($0.01 par value;
200,000,000 shares authorized at March 31, 2009
and
December 31, 2008; 133,997,376
and 133,985,751 shares issued at
March 31,
2009 and December 31, 2008, respectively)
|
1 | 1 | ||||||
Additional
paid-in
capital
|
1,339 | 1,335 | ||||||
Treasury
stock (at cost; 1,473,829 and 1,908,243 shares at March 31, 2009
and
December 31, 2008,
respectively)
|
(25 | ) | (32 | ) | ||||
Accumulated
other comprehensive income (loss):
|
||||||||
Unrealized loss on
investments
|
(15 | ) | (13 | ) | ||||
Unrealized gain on pension
assets
|
2 | 2 | ||||||
Retained
earnings
|
1,270 | 1,964 | ||||||
Total stockholders'
equity
|
2,572 | 3,257 | ||||||
Total liabilities and
stockholders' equity
|
$ | 6,243 | $ | 7,305 |
Three
Months Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
Oil
and gas revenues
|
$ | 262 | $ | 515 | ||||
Operating
expenses:
|
||||||||
Lease
operating
|
71 | 59 | ||||||
Production and other
taxes
|
9 | 51 | ||||||
Depreciation, depletion and
amortization
|
159 | 157 | ||||||
General and
administrative
|
32 | 32 | ||||||
Ceiling test
writedown
|
1,344 | ¾ | ||||||
Other
|
2 | ¾ | ||||||
Total operating
expenses
|
1,617 | 299 | ||||||
Income
(loss) from operations
|
(1,355 | ) | 216 | |||||
Other
income (expenses):
|
||||||||
Interest
expense
|
(32 | ) | (19 | ) | ||||
Capitalized
interest
|
14 | 13 | ||||||
Commodity derivative income
(expense)
|
278 | (321 | ) | |||||
Other
|
3 | 3 | ||||||
263 | (324 | ) | ||||||
Loss
before income taxes
|
(1,092 | ) | (108 | ) | ||||
Income
tax provision (benefit):
|
||||||||
Current
|
5 | 19 | ||||||
Deferred
|
(403 | ) | (63 | ) | ||||
(398 | ) | (44 | ) | |||||
Net loss
|
$ | (694 | ) | $ | (64 | ) | ||
Loss
per share:
|
||||||||
Basic
|
$ | (5.35 | ) | $ | (0.50 | ) | ||
Diluted
|
$ | (5.35 | ) | $ | (0.50 | ) | ||
Weighted
average number of shares outstanding for basic loss
per share
|
130 | 129 | ||||||
Weighted
average number of shares outstanding for diluted loss
per share
|
130 | 129 |
Three
Months Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
loss
|
$ | (694 | ) | $ | (64 | ) | ||
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
||||||||
Depreciation,
depletion and amortization
|
159 | 157 | ||||||
Deferred
tax benefit
|
(403 | ) | (63 | ) | ||||
Stock-based
compensation
|
8 | 5 | ||||||
Ceiling
test writedown
|
1,344 | ― | ||||||
Commodity
derivative (income) expense
|
(278 | ) | 321 | |||||
Cash
(payments) receipts on derivative settlements
|
211 | (40 | ) | |||||
Changes
in operating assets and liabilities:
|
||||||||
(Increase) decrease in accounts
receivable
|
73 | (91 | ) | |||||
(Increase) decrease in
inventories
|
(17 | ) | 5 | |||||
Increase in commodity derivative
assets
|
― | (8 | ) | |||||
Increase in other current
assets
|
(46 | ) | (3 | ) | ||||
Decrease in other
assets
|
7 | ― | ||||||
Increase (decrease) in accounts
payable and accrued liabilities
|
(54 | ) | 13 | |||||
Increase in advances from joint
owners
|
22 | 26 | ||||||
Increase in other
liabilities
|
17 | 14 | ||||||
Net
cash provided by operating activities
|
349 | 272 | ||||||
Cash
flows from investing activities:
|
||||||||
Additions to oil and gas
properties
|
(403 | ) | (501 | ) | ||||
Acquisition of oil and gas
properties
|
(9 | ) | ― | |||||
Proceeds from sales of oil and
gas properties
|
― | 2 | ||||||
Additions to furniture,
fixtures and equipment
|
(2 | ) | (2 | ) | ||||
Purchases
of investments
|
― | (22 | ) | |||||
Redemptions of
investments
|
7 | 68 | ||||||
Net
cash used in investing activities
|
(407 | ) | (455 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds from borrowings under
credit arrangements
|
455 | 64 | ||||||
Repayments of borrowings under
credit arrangements
|
(382 | ) | (64 | ) | ||||
Proceeds from issuances of
common stock
|
― | 9 | ||||||
Stock-based compensation excess
tax benefit
|
― | 4 | ||||||
Purchase of treasury
stock
|
(1 | ) | ― | |||||
Net
cash provided by financing activities
|
72 | 13 | ||||||
Increase
(decrease) in cash and cash equivalents
|
14 | (170 | ) | |||||
Cash
and cash equivalents, beginning of period
|
24 | 250 | ||||||
Cash
and cash equivalents, end of period
|
$ | 38 | $ | 80 |
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
Other
|
Total
|
||||||||||||||||||||||||||||||
Common
Stock
|
Treasury
Stock
|
Paid-in
|
Retained
|
Comprehensive
|
Stockholders'
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Earnings
|
Income
(Loss)
|
Equity
|
|||||||||||||||||||||||||
Balance,
December 31, 2008
|
134.0 | $ | 1 | (1.9 | ) | $ | (32 | ) | $ | 1,335 | $ | 1,964 | $ | (11 | ) | $ | 3,257 | |||||||||||||||
Treasury
stock, at cost
|
― | (1 | ) | (1 | ) | |||||||||||||||||||||||||||
Stock-based
compensation
|
0.4 | 8 | 4 | 12 | ||||||||||||||||||||||||||||
Comprehensive
income (loss):
|
||||||||||||||||||||||||||||||||
Net loss
|
(694 | ) | (694 | ) | ||||||||||||||||||||||||||||
Unrealized loss on investments, net of tax of $1
|
(2 | ) | (2 | ) | ||||||||||||||||||||||||||||
Total comprehensive loss
|
(696 | ) | ||||||||||||||||||||||||||||||
Balance,
March 31, 2009
|
134.0 | $ | 1 | (1.5 | ) | $ | (25 | ) | $ | 1,339 | $ | 1,270 | $ | (13 | ) | $ | 2,572 |
·
|
the
present value (10% per annum discount rate) of estimated future net
revenues from proved reserves using end of period oil and gas prices
applicable to our reserves (including the effects of hedging contracts
that are designated for hedge accounting, if any); plus
|
|
·
|
the
lower of cost or estimated fair value of properties not included in the
costs being amortized, if any; less
|
|
·
|
related
income tax effects.
|
Balance
as of January 1, 2009
|
$ | 81 | ||
Accretion expense
|
1 | |||
Additions
|
1 | |||
Settlements
|
(5 | ) | ||
Balance
at March 31, 2009
|
$ | 78 | ||
Less:
Current portion of ARO at March 31, 2009
|
(8 | ) | ||
Total
long-term ARO at March 31, 2009
|
$ | 70 |
Three
Months Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions, except per share data)
|
||||||||
Income
(numerator):
|
||||||||
Net
loss – basic and diluted
|
$ | (694 | ) | $ | (64 | ) | ||
Weighted
average shares (denominator):
|
||||||||
Weighted
average shares — basic
|
130 | 129 | ||||||
Dilution
effect of stock options and unvested restricted
stock and restricted stock
units outstanding at end of period (1)
|
― | ― | ||||||
Weighted
average shares — diluted
|
130 | 129 | ||||||
Loss
per share:
|
||||||||
Basic
|
$ | (5.35 | ) | $ | (0.50 | ) | ||
Diluted
|
$ | (5.35 | ) | $ | (0.50 | ) |
(1)
|
The
effect of stock options and unvested restricted stock and restricted stock
units outstanding has not been included in the calculation of shares
outstanding for diluted EPS for the three months ended March 31, 2009 and
2008 as their effect would have been anti-dilutive. Had we recognized net
income for these periods, incremental shares attributable to the assumed
exercise of outstanding options and the assumed vesting of restricted
stock and restricted stock units would have increased diluted weighted
average shares outstanding by 1 million shares for the three months
ended March 31, 2009 and 2008.
|
March
31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
Oil
and Gas Properties:
|
||||||||
Subject
to amortization
|
$ | 8,033 | $ | 8,961 | ||||
Not
subject to amortization:
|
||||||||
Exploration in
progress
|
282 | 207 | ||||||
Development in
progress
|
68 | 71 | ||||||
Capitalized
interest
|
126 | 129 | ||||||
Fee mineral
interests
|
23 | 23 | ||||||
Other capital
costs:
|
||||||||
Incurred in
2009
|
2 | ― | ||||||
Incurred in
2008
|
243 | 328 | ||||||
Incurred in
2007
|
217 | 242 | ||||||
Incurred in 2006 and
prior
|
295 | 303 | ||||||
Total not subject to
amortization
|
1,256 | 1,303 | ||||||
Gross
oil and gas properties
|
9,289 | 10,264 | ||||||
Accumulated
depreciation, depletion and amortization
|
(4,709 | ) | (4,550 | ) | ||||
Net
oil and gas properties
|
4,580 | 5,714 | ||||||
Other
property and equipment
|
85 | 85 | ||||||
Accumulated
depreciation and amortization
|
(43 | ) | (41 | ) | ||||
Net
other property and equipment
|
42 | 44 | ||||||
Net
property and equipment
|
$ | 4,622 | $ | 5,758 |
March
31,
2009
|
December
31,
2008
|
|||||||
(In
millions)
|
||||||||
Senior
unsecured debt:
|
||||||||
Revolving credit
facility:
|
||||||||
Prime rate based
loans
|
$ | ― | $ | ― | ||||
LIBOR based
loans
|
634 | 514 | ||||||
Total revolving credit
facility
|
634 | 514 | ||||||
Money market lines of credit
(1)
|
― | 47 | ||||||
Total credit
arrangements
|
634 | 561 | ||||||
7 5/8% Senior Notes due
2011
|
175 | 175 | ||||||
Fair value of interest rate
swap (2)
|
3 | 2 | ||||||
Total senior unsecured
notes
|
178 | 177 | ||||||
Total senior unsecured
debt
|
812 | 738 | ||||||
6 5/8% Senior
Subordinated Notes due 2014
|
325 | 325 | ||||||
6 5/8% Senior
Subordinated Notes due 2016
|
550 | 550 | ||||||
7 1/8% Senior
Subordinated Notes due 2018
|
600 | 600 | ||||||
Total
debt
|
$ | 2,287 | $ | 2,213 |
(1)
|
Because
capacity under our credit facility was available to repay borrowings under
our money market lines of credit as of the indicated dates, amounts
outstanding under these obligations, if any, are classified as
long-term.
|
||
(2)
|
We
have hedged $50 million principal amount of our $175 million 7
5/8% Senior Notes due 2011. The hedge provides for us to pay variable and
receive fixed interest payments. Please see Note 7, “Derivative
Financial Instruments – Interest Rate
Swap.”
|
United
States
|
Malaysia
|
China
|
Other
International
|
Total
|
||||||||||||||||
(In
millions)
|
||||||||||||||||||||
Three Months Ended March 31,
2009:
|
||||||||||||||||||||
Oil
and gas revenues
|
$ | 213 | $ | 44 | $ | 5 | $ | ¾ | $ | 262 | ||||||||||
Operating
expenses:
|
||||||||||||||||||||
Lease
operating
|
59 | 11 | 1 | ¾ | 71 | |||||||||||||||
Production and other
taxes
|
7 | 2 | ¾ | ¾ | 9 | |||||||||||||||
Depreciation, depletion and
amortization
|
134 | 23 | 2 | ¾ | 159 | |||||||||||||||
General and
administrative
|
32 | ¾ | ¾ | ¾ | 32 | |||||||||||||||
Ceiling test
writedown
|
1,344 | ¾ | ¾ | ¾ | 1,344 | |||||||||||||||
Other
|
2 | ¾ | ¾ | ¾ | 2 | |||||||||||||||
Allocated income
taxes
|
(491 | ) | 3 | ¾ | ¾ | |||||||||||||||
Net income (loss) from oil
and
gas
properties
|
$ | (874 | ) | $ | 5 | $ | 2 | $ | ¾ | |||||||||||
Total operating
expenses
|
1,617 | |||||||||||||||||||
Loss
from operations
|
(1,355 | ) | ||||||||||||||||||
Interest expense, net of
interest income,
capitalized interest and
other
|
(15 | ) | ||||||||||||||||||
Commodity derivative
income
|
278 | |||||||||||||||||||
Loss
before income taxes
|
$ | (1,092 | ) | |||||||||||||||||
Total
long-lived assets
|
$ | 4,077 | $ | 388 | $ | 112 | $ | 3 | $ | 4,580 | ||||||||||
Additions
to long-lived assets
|
$ | 339 | $ | 24 | $ | 6 | $ | ¾ | $ | 369 |
United
States
|
Malaysia
|
China
|
Other
International
|
Total
|
||||||||||||||||
(In
millions)
|
||||||||||||||||||||
Three Months Ended March 31,
2008:
|
||||||||||||||||||||
Oil
and gas revenues
|
$ | 426 | $ | 75 | $ | 14 | $ | ¾ | $ | 515 | ||||||||||
Operating
expenses:
|
||||||||||||||||||||
Lease
operating
|
46 | 12 | 1 | ¾ | 59 | |||||||||||||||
Production and other
taxes
|
22 | 27 | 2 | ¾ | 51 | |||||||||||||||
Depreciation, depletion and
amortization
|
135 | 19 | 3 | ¾ | 157 | |||||||||||||||
General and
administrative
|
31 | ¾ | 1 | ¾ | 32 | |||||||||||||||
Allocated income
taxes
|
73 | 7 | 2 | ¾ | ||||||||||||||||
Net income from oil
and
gas properties
|
$ | 119 | $ | 10 | $ | 5 | $ | ¾ | ||||||||||||
Total operating
expenses
|
299 | |||||||||||||||||||
Income
from operations
|
216 | |||||||||||||||||||
Interest expense, net of
interest income,
capitalized interest and
other
|
(3 | ) | ||||||||||||||||||
Commodity derivative
expense
|
(321 | ) | ||||||||||||||||||
Loss
before income taxes
|
$ | (108 | ) | |||||||||||||||||
Total
long-lived assets
|
$ | 5,789 | $ | 398 | $ | 101 | $ | 2 | $ | 6,290 | ||||||||||
Additions
to long-lived assets
|
$ | 440 | $ | 47 | $ | 27 | $ | ¾ | $ | 514 |
NYMEX
Contract Price Per MMBtu
|
Estimated
|
|||||||||||||||||||||||||||
Collars
|
Fair
Value
|
|||||||||||||||||||||||||||
Swaps
|
Floors
|
Ceilings
|
Asset
|
|||||||||||||||||||||||||
Volume
in
|
(Weighted
|
Weighted
|
Weighted
|
(Liability)
|
||||||||||||||||||||||||
Period
and Type of Contract
|
MMMBtus
|
Average)
|
Range
|
Average
|
Range
|
Average
|
(In
millions)
|
|||||||||||||||||||||
April
2009 – June 2009
|
||||||||||||||||||||||||||||
Price swap
contracts
|
21,950 |
$
|
7.81 | ¾ | ¾ | ¾ | ¾ | $ | 85 | |||||||||||||||||||
Collar
contracts
|
13,485 | — |
$
|
8.00 |
$
|
8.00 |
$
|
8.97 – $14.37 |
$
|
11.83 | 55 | |||||||||||||||||
July
2009 – September 2009
|
||||||||||||||||||||||||||||
Price swap
contracts
|
22,150 | 7.81 | ¾ | ¾ | ¾ | ¾ | 80 | |||||||||||||||||||||
Collar
contracts
|
13,620 | — | 8.00 | 8.00 | 8.97 – 14.37 | 11.83 | 52 | |||||||||||||||||||||
October
2009–December 2009
|
||||||||||||||||||||||||||||
Price swap
contracts
|
26,120 | 7.34 | ¾ | ¾ | ¾ | ¾ | 60 | |||||||||||||||||||||
Collar
contracts
|
8,435 | — | 8.00 – 8.50 | 8.23 | 8.97 – 14.37 | 11.20 | 29 | |||||||||||||||||||||
January
2010 – March 2010
|
||||||||||||||||||||||||||||
Price swap
contracts
|
31,800 | 6.79 | ¾ | ¾ | ¾ | ¾ | 30 | |||||||||||||||||||||
Collar
contracts
|
5,700 | — | 8.50 | 8.50 | 10.00 – 11.00 | 10.44 | 16 | |||||||||||||||||||||
April
2010 – December 2010
|
||||||||||||||||||||||||||||
Price swap
contracts
|
78,200 | 6.45 | ¾ | ¾ | ¾ | ¾ | 39 | |||||||||||||||||||||
$ | 446 |
NYMEX
Contract Price Per Bbl
|
Estimated
|
|||||||||||||||||||||||||||||||||||
Collars
|
Fair
Value
|
|||||||||||||||||||||||||||||||||||
Swaps
|
Floors
|
Ceilings
|
Floors
|
Asset
|
||||||||||||||||||||||||||||||||
Volume
in
|
(Weighted
|
Weighted
|
Weighted
|
Weighted
|
(Liability)
|
|||||||||||||||||||||||||||||||
Period
and Type of Contract
|
MBbls
|
Average)
|
Range
|
Average
|
Range
|
Average
|
Range
|
Average
|
(In
millions)
|
|||||||||||||||||||||||||||
April
2009 – June 2009
|
||||||||||||||||||||||||||||||||||||
Price swap
contracts
|
819 |
$
|
128.93 | ¾ | ¾ | ¾ | ¾ | ¾ | ¾ | $ | 62 | |||||||||||||||||||||||||
Floor contracts
|
819 | — | — | — | — | — |
$
|
104.50-$109.75 | $ | 107.11 | 45 | |||||||||||||||||||||||||
July
2009 – September 2009
|
||||||||||||||||||||||||||||||||||||
Price swap
contracts
|
828 | 128.93 | ¾ | ¾ | ¾ | ¾ | ¾ | ¾ | 60 | |||||||||||||||||||||||||||
Floor contracts
|
828 | — | — | — | — | — | 104.50-109.75 | 107.11 | 42 | |||||||||||||||||||||||||||
October
2009–December 2009
|
||||||||||||||||||||||||||||||||||||
Price swap
contracts
|
828 | 128.93 | ¾ | ¾ | ¾ | ¾ | ¾ | ¾ | 57 | |||||||||||||||||||||||||||
Floor contracts
|
828 | — | — | — | — | — | 104.50-109.75 | 107.11 | 41 | |||||||||||||||||||||||||||
January
2010 – December 2010
|
||||||||||||||||||||||||||||||||||||
Price
swap contracts
|
360 | 93.40 | ¾ | ¾ | ¾ | ¾ | ¾ | ¾ | 10 | |||||||||||||||||||||||||||
Collar
contracts
|
3,285 | — | $ |
125.50–$130.50
|
$ | 127.97 | $ | 170.00 | $ | 170.00 | ¾ | ¾ | 207 | |||||||||||||||||||||||
$ | 524 |
Estimated
|
||||||||||||
Fair
Value
|
||||||||||||
Weighted
|
Asset
|
|||||||||||
Volume
in
|
Average
|
(Liability)
|
||||||||||
MMMBtus
|
Differential
|
(In
millions)
|
||||||||||
April
2009 – June 2009
|
1,380 | $ | (1.05 | ) | $ | 1 | ||||||
July
2009 – September 2009
|
1,380 | (1.05 | ) | ― | ||||||||
October
2009 – December 2009
|
1,380 | (1.05 | ) | 1 | ||||||||
January
2010 – December 2010
|
5,520 | (0.99 | ) | 1 | ||||||||
January
2011 – December 2011
|
5,280 | (0.95 | ) | 1 | ||||||||
January
2012 – December 2012
|
4,920 | (0.91 | ) | 1 | ||||||||
$ | 5 |
Estimated
|
||||||
Type
of Contract
|
Balance
Sheet Location
|
Fair
Value
|
||||
(In
millions)
|
||||||
Derivative
Assets
|
||||||
Derivatives
not designated as hedging instruments:
|
||||||
Natural
gas contracts
|
Derivative
assets – current
|
$ | 407 | |||
Oil
contracts
|
Derivative
assets – current
|
364 | ||||
Basis
contracts
|
Derivative
assets – current
|
2 | ||||
Natural
gas contracts
|
Derivative
assets – noncurrent
|
39 | ||||
Oil
contracts
|
Derivative
assets – noncurrent
|
160 | ||||
Basis
contracts
|
Derivative
assets – noncurrent
|
3 | ||||
Total
derivatives not designated as hedging instruments
|
975 | |||||
Derivative
designated as a fair value hedge:
|
||||||
Interest
rate swap
|
Derivative
assets – current
|
2 | ||||
Interest
rate swap
|
Derivative
assets – noncurrent
|
1 | ||||
Total
derivatives designated as hedging instruments
|
3 | |||||
Total
Derivative Assets
|
$ | 978 |
Type
of Contract
|
Location
of Gain/(Loss)
Recognized
in Income
|
Amount
of Gain/(Loss)
Recognized
in Income
|
||||
(In
millions)
|
||||||
Derivatives
not designated as hedging instruments:
|
||||||
Natural
gas contracts
|
Commodity
derivative income (expense)
|
$ | 274 | |||
Oil
contracts
|
Commodity
derivative income (expense)
|
17 | ||||
Basis
contracts
|
Commodity
derivative income (expense)
|
(13 | ) | |||
Derivative
designated as a fair value hedge:
|
||||||
Interest
rate swap
|
Interest
expense
|
― | ||||
Total
|
$ | 278 |
March
31,
2009
|
December
31,
2008
|
|||||||
(In
millions)
|
||||||||
Revenue
|
$ | 116 | $ | 157 | ||||
Joint
interest
|
164 | 197 | ||||||
Other
|
27 | 26 | ||||||
Reserve
for doubtful accounts
|
(5 | ) | (5 | ) | ||||
Total accounts
receivable
|
$ | 302 | $ | 375 |
March
31,
2009
|
December
31,
2008
|
|||||||
(In
millions)
|
||||||||
Revenue
payable
|
$ | 75 | $ | 75 | ||||
Accrued
capital costs
|
278 | 319 | ||||||
Accrued
lease operating expenses
|
58 | 50 | ||||||
Employee
incentive expense
|
39 | 73 | ||||||
Accrued
interest on long-term debt
|
36 | 25 | ||||||
Taxes
payable
|
68 | 69 | ||||||
Other
|
46 | 61 | ||||||
Total accrued
liabilities
|
$ | 600 | $ | 672 |
Three
Months Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
Net
loss
|
$ | (694 | ) | $ | (64 | ) | ||
Unrealized
loss on investments, net of tax of $1
|
(2 | ) | ― | |||||
Total comprehensive loss
|
$ | (696 | ) | $ | (64 | ) |
Number
of
Shares
Underlying
Options
|
Weighted
Average
Exercise
Price
per
Share
|
Weighted
Average
Grant
Date
Fair
Value
per
Share
|
Weighted
Average
Remaining
Contractual
Life
|
Aggregate
Intrinsic
Value(1)
|
|||||||||||||||||
(In
millions)
|
(In
years)
|
(In
millions)
|
|||||||||||||||||||
Outstanding
at December 31, 2008
|
3.5
|
|
$
|
28.74
|
5.5
|
$
3.0
|
|||||||||||||||
Granted
|
―
|
―
|
$
|
―
|
|||||||||||||||||
Exercised
|
―
|
|
―
|
||||||||||||||||||
Forfeited
|
(0.1
|
)
|
37.90
|
||||||||||||||||||
Outstanding
at March 31, 2009
|
3.4
|
$
|
28.73
|
5.2
|
$
7.1
|
||||||||||||||||
Exercisable
at March 31, 2009
|
2.6
|
$
|
24.66
|
4.5
|
$
7.1
|
(1)
|
The
intrinsic value of a stock option is the amount by which the market value
of our common stock at the indicated date, or at the time of exercise,
exceeds the exercise price of the
option.
|
Options
Outstanding
|
Options
Exercisable
|
|||||||||||||||||||||||||
Number
of
|
Weighted
|
Weighted
|
Number
of
|
Weighted
|
||||||||||||||||||||||
Shares
|
Average
|
Average
|
Shares
|
Average
|
||||||||||||||||||||||
Range
of
|
Underlying
|
Remaining
|
Exercise
Price
|
Underlying
|
Exercise
Price
|
|||||||||||||||||||||
Exercise
Prices
|
Options
|
Contractual
Life
|
per
Share
|
Options
|
per
Share
|
|||||||||||||||||||||
(In
millions)
|
(In
years)
|
(In
millions)
|
||||||||||||||||||||||||
$12.51 to $15.00 |
0.2
|
|
0.8
|
$
|
14.79 |
0.2
|
$
|
14.79
|
||||||||||||||||||
15.01 to 17.50
|
0.6
|
|
3.3
|
16.63 |
0.6
|
16.63
|
||||||||||||||||||||
17.51 to 22.50
|
0.4
|
|
3.1
|
18.96 |
0.4
|
18.96
|
||||||||||||||||||||
22.51 to 27.50
|
0.5
|
|
4.9
|
24.78 |
0.5
|
24.69
|
||||||||||||||||||||
27.51 to 35.00
|
0.9
|
|
5.8
|
31.15 |
0.7
|
31.21
|
||||||||||||||||||||
35.01 to 41.72
|
0.2
|
|
6.1
|
37.81 |
0.1
|
37.74
|
||||||||||||||||||||
41.73 to 48.45
|
0.6
|
|
8.9
|
48.45 |
0.1
|
48.45
|
||||||||||||||||||||
3.4
|
5.2
|
$
|
28.73 |
2.6
|
$
|
24.66
|
Service-Based
Shares
|
Performance/
Market-Based
Shares
|
Total
Shares
|
Weighted
Average
Grant
Date
Fair
Value
per
Share
|
||||||||||||||||
(In
thousands, except per share data)
|
|||||||||||||||||||
Non-vested
shares outstanding at December 31, 2008
|
1,933
|
954
|
2,887
|
$
|
34.58
|
||||||||||||||
Granted
|
782
|
―
|
782
|
19.46
|
|||||||||||||||
Forfeited
|
(26
|
)
|
(284
|
)
|
(310
|
)
|
41.65
|
||||||||||||
Vested
|
(124
|
)
|
―
|
(124
|
)
|
25.56
|
|||||||||||||
|
|||||||||||||||||||
Non-vested
shares outstanding at March 31, 2009
|
2,565
|
670
|
3,235
|
$
|
31.52
|
Three
Months Ended March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
Amount
computed using the statutory rate
|
$ | (382 | ) | $ | (38 | ) | ||
Increase (decrease) in taxes
resulting from:
|
||||||||
State and local income taxes, net
of federal effect
|
(19 | ) | (7 | ) | ||||
Valuation
allowance
|
3 | ― | ||||||
Other
|
― | 1 | ||||||
Total income tax
benefit
|
$ | (398 | ) | $ | (44 | ) |
Level
1:
|
Unadjusted
quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or liabilities. We consider active
markets as those in which transactions for the assets or liabilities occur
with sufficient frequency and volume to provide pricing information on an
ongoing basis.
|
|
Level
2:
|
Quoted
prices in markets that are not active, or inputs that are observable,
either directly or indirectly, for substantially the full term of the
asset or liability. This category includes those derivative instruments
that we value using observable market data. Substantially all of these
inputs are observable in the marketplace throughout the full term of the
derivative instrument, can be derived from observable data or supported by
observable levels at which transactions are executed in the marketplace.
Instruments in this category include non-exchange traded derivatives such
as over-the-counter commodity price swaps, investments and interest rate
swaps.
|
|
Level
3:
|
Measured
based on prices or valuation models that require inputs that are both
significant to the fair value measurement and less observable from
objective sources (i.e., supported by little or no market activity). Our
valuation models for derivative contracts are primarily industry-standard
models that consider various inputs including: (a) quoted forward
prices for commodities, (b) time value, (c) volatility factors, (d)
counterparty credit risk and (e) current market and contractual
prices for the underlying instruments, as well as other relevant economic
measures. Our valuation methodology for investments is a discounted cash
flow model that considers various inputs including: (a) the coupon
rate specified under the debt instruments, (b) the current credit
ratings of the underlying issuers, (c) collateral characteristics and
(d) risk adjusted discount rates. Level 3 instruments primarily
include derivative instruments, such as basis swaps, commodity price
collars and floors and some financial investments. Although we utilize
third party broker quotes to assess the reasonableness of our prices and
valuation techniques, we do not have sufficient corroborating market
evidence to support classifying these assets and liabilities as Level
2.
|
Fair
Value Measurement Classification
|
||||||||||||||||
Quoted
Prices
|
||||||||||||||||
in
Active
|
Significant
|
|||||||||||||||
Markets
for
|
Other
|
Significant
|
||||||||||||||
Identical
Assets
|
Observable
|
Unobservable
|
||||||||||||||
or
Liabilities
|
Inputs
|
Inputs
|
||||||||||||||
(Level
1)
|
(Level
2)
|
(Level
3)
|
Total
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Assets
(Liabilities):
|
||||||||||||||||
Investments
available-for-sale:
|
||||||||||||||||
Equity
securities
|
$ | 6 | $ | ― | $ | ― | $ | 6 | ||||||||
Auction
rate securities
|
― | ― | 50 | 50 | ||||||||||||
Oil
and gas derivative swap contracts
|
― | 483 | 5 | 488 | ||||||||||||
Oil
and gas derivative option contracts
|
― | ― | 487 | 487 | ||||||||||||
Interest
rate swap
|
― | 3 | ― | 3 | ||||||||||||
Total
|
$ | 6 | $ | 486 | $ | 542 | $ | 1,034 |
Investments
|
Derivatives
|
Total
|
||||||||||
(In
millions)
|
||||||||||||
Balance
at January 1, 2009
|
$ | 59 | $ | 542 | $ | 601 | ||||||
Total
realized or unrealized gains (losses):
|
||||||||||||
Included
in earnings
|
― | 27 | 27 | |||||||||
Included
in other comprehensive income (loss)
|
(2 | ) | ― | (2 | ) | |||||||
Purchases,
issuances and settlements
|
(7 | ) | (77 | ) | (84 | ) | ||||||
Transfers
in and out of Level 3
|
― | ― | ― | |||||||||
Balance
at March 31, 2009
|
$ | 50 | $ | 492 | $ | 542 | ||||||
Change
in unrealized gains (losses) relating to
|
||||||||||||
investments
and derivatives still held at March 31, 2009
|
$ | (2 | ) | $ | 9 | $ | 7 |
7 5/8% Senior Notes due
2011
|
$ | 171 | ||
6 5/8% Senior Subordinated Notes
due 2014
|
299 | |||
6 5/8% Senior Subordinated Notes
due 2016
|
501 | |||
7 1/8% Senior Subordinated Notes
due 2018
|
537 |
•
|
the
amount of cash flow available for capital expenditures;
|
|
•
|
our
ability to borrow and raise additional capital;
|
|
•
|
the
quantity of oil and gas that we can economically produce;
and
|
|
•
|
the
accounting for our oil and gas activities including, among other items,
the determination of ceiling test
writedowns.
|
•
|
the
quantity of our proved oil and gas reserves;
|
|
•
|
the
timing of future drilling, development and abandonment
activities;
|
|
•
|
the
cost of these activities in the future;
|
|
•
|
the
fair value of the assets and liabilities of acquired
companies;
|
|
•
|
the
fair value of our financial instruments including derivative positions;
and
|
|
•
|
the
fair value of stock-based
compensation.
|
Three
Months Ended
March
31,
|
Percentage
Increase
|
|||||||||||
2009
|
2008
|
(Decrease)
|
||||||||||
Production
(1):
|
||||||||||||
Domestic:
|
||||||||||||
Natural gas
(Bcf)
|
44.8 | 40.4 | 11 | % | ||||||||
Oil and condensate
(MBbls)
|
1,768 | 1,422 | 24 | % | ||||||||
Total
(Bcfe)
|
55.4 | 48.9 | 13 | % | ||||||||
International:
|
||||||||||||
Natural gas
(Bcf)
|
— | — | — | |||||||||
Oil and condensate
(MBbls)
|
1,201 | 1,037 | 16 | % | ||||||||
Total
(Bcfe)
|
7.2 | 6.2 | 16 | % | ||||||||
Total:
|
||||||||||||
Natural gas
(Bcf)
|
44.8 | 40.4 | 11 | % | ||||||||
Oil and condensate
(MBbls)
|
2,969 | 2,459 | 21 | % | ||||||||
Total (Bcfe)
|
62.6 | 55.1 | 14 | % | ||||||||
Average
Realized Prices (2):
|
||||||||||||
Domestic:
|
||||||||||||
Natural gas (per
Mcf)
|
$ | 3.48 | $ | 7.54 | (54 | )% | ||||||
Oil and condensate (per
Bbl)
|
32.26 | 85.04 | (62 | )% | ||||||||
Natural gas equivalent (per
Mcfe)
|
3.84 | 8.70 | (56 | )% | ||||||||
International:
|
||||||||||||
Natural gas (per
Mcf)
|
$ | — | $ | — | — | |||||||
Oil and condensate (per
Bbl)
|
40.67 | 85.38 | (52 | )% | ||||||||
Natural gas equivalent (per
Mcfe)
|
6.78 | 14.23 | (52 | )% | ||||||||
Total:
|
||||||||||||
Natural gas (per
Mcf)
|
$ | 3.48 | $ | 7.54 | (54 | )% | ||||||
Oil and condensate (per
Bbl)
|
35.66 | 85.18 | (58 | )% | ||||||||
Natural gas equivalent (per
Mcfe)
|
4.18 | 9.32 | (55 | )% |
(1)
|
Represents
volumes lifted and sold regardless of when produced.
|
|
(2)
|
Had
we included the effects of hedging contracts not designated for hedge
accounting, our average realized price for total gas would have been $5.48
and $7.89 per Mcf for the three months ended March 31, 2009 and 2008,
respectively. Our total oil and condensate average realized price would
have been $74.42 and $69.20 (excludes the negative impact of $5.92 per Bbl
due to a $15 million payment made in February 2008 to reset a portion of
our 2010 oil three-way contracts) per Bbl for the three months ended
March 31, 2009 and 2008,
respectively.
|
Unit-of-Production
|
Total
Amount
|
|||||||||||||||||||||||
Three
Months Ended
|
Percentage
|
Three
Months Ended
|
Percentage
|
|||||||||||||||||||||
March
31,
|
Increase
|
March
31,
|
Increase
|
|||||||||||||||||||||
2009
|
2008
|
(Decrease)
|
2009
|
2008
|
(Decrease)
|
|||||||||||||||||||
(Per
Mcfe)
|
(In
millions)
|
|||||||||||||||||||||||
Domestic:
|
||||||||||||||||||||||||
Lease
operating
|
$ | 1.05 | $ | 0.95 | 11 | % | $ | 59 | $ | 47 | 26 | % | ||||||||||||
Production and other
taxes
|
0.12 | 0.44 | (73 | )% | 7 | 22 | (69 | )% | ||||||||||||||||
Depreciation, depletion
and
amortization
|
2.42 | 2.78 | (13 | )% | 134 | 136 | (2 | )% | ||||||||||||||||
General and
administrative
|
0.58 | 0.63 | (8 | )% | 32 | 31 | 5 | % | ||||||||||||||||
Ceiling test
writedown
|
24.25 | — | 100 | % | 1,344 | — | 100 | % | ||||||||||||||||
Other
|
0.03 | — | 100 | % | 2 | — | 100 | % | ||||||||||||||||
Total operating
expenses
|
28.45 | 4.80 | 493 | % | 1,578 | 236 | 571 | % | ||||||||||||||||
International:
|
||||||||||||||||||||||||
Lease
operating
|
$ | 1.73 | $ | 2.01 | (14 | )% | $ | 12 | $ | 12 | — | |||||||||||||
Production and other
taxes
|
0.34 | 4.71 | (93 | )% | 2 | 29 | (92 | )% | ||||||||||||||||
Depreciation, depletion
and
amortization
|
3.46 | 3.43 | 1 | % | 25 | 21 | 17 | % | ||||||||||||||||
General and
administrative
|
0.03 | 0.13 | (77 | )% | — | 1 | (70 | )% | ||||||||||||||||
Total operating
expenses
|
5.56 | 10.28 | (46 | )% | 39 | 63 | (37 | )% | ||||||||||||||||
Total:
|
||||||||||||||||||||||||
Lease
operating
|
$ | 1.13 | $ | 1.07 | 6 | % | $ | 71 | $ | 59 | 20 | % | ||||||||||||
Production and other
taxes
|
0.15 | 0.93 | (84 | )% | 9 | 51 | (82 | )% | ||||||||||||||||
Depreciation, depletion
and
amortization
|
2.54 | 2.85 | (11 | )% | 159 | 157 | 1 | % | ||||||||||||||||
General and
administrative
|
0.52 | 0.57 | (10 | )% | 32 | 32 | 3 | % | ||||||||||||||||
Ceiling test
writedown
|
21.46 | — | 100 | % | 1,344 | — | 100 | % | ||||||||||||||||
Other
|
0.02 | — | 100 | % | 2 | — | 100 | % | ||||||||||||||||
Total operating
expenses
|
25.82 | 5.42 | 376 | % | 1,617 | 299 | 441 | % |
•
|
Lease
operating expense (LOE) increased 11% per Mcfe primarily due to
increased well workover activity associated with our deepwater operations
compared to the same period of 2008.
|
|
•
|
Production
and other taxes decreased $0.32 per Mcfe primarily due to refunds of $8
million ($0.14 per Mcfe) related to production tax exemptions on some of
our onshore wells compared to similar refunds of $3 million ($0.06 per
Mcfe) during the first quarter of 2008 and significantly lower realized
commodity prices during the first quarter of 2009 compared to the same
period of 2008.
|
|
•
|
Our
depreciation, depletion and amortization (DD&A) rate decreased 13% per
Mcfe period over period while our total DD&A expense remained
relatively flat. The decrease in the DD&A rate per Mcfe was
primarily a result of the ceiling test writedown recorded at year end
2008.
|
|
•
|
General
and administrative (G&A) expense decreased 8% per Mcfe while total
G&A expense remained relatively flat period over
period. The decrease per Mcfe is due to the 13% increase in
production volumes period over period. During the first quarter
of 2009, we capitalized $13 million of direct internal costs as compared
to $11 million in the first quarter of 2008.
|
|
•
|
We
recorded a ceiling test writedown of $1.3 billion ($24.25 per Mcfe)
due to significantly lower gas commodity prices at March 31,
2009.
|
•
|
LOE
decreased 14% per Mcfe while total LOE remained flat period over
period. The decrease in LOE per Mcfe is primarily due to
increased production volumes associated with the new field
development on PM 323 in Malaysia.
|
|
•
|
Production
and other taxes decreased significantly due to a decrease in the tax on
our oil lifted and sold in Malaysia as a result of substantially lower oil
prices during the first quarter of 2009.
|
|
•
|
The
DD&A rate on an Mcfe basis remained relatively flat period over period
while total DD&A expense increased 17% primarily due to the additional
production volumes associated with the new field development on PM 323 in
Malaysia.
|
|
•
|
G&A
expense decreased $0.10 per Mcfe primarily due to the 16% increase in
production volumes period over
period.
|
Three
Months Ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
Gross
interest expense:
|
||||||||
Credit
arrangements
|
$ | 2 | $ | 1 | ||||
Senior
notes
|
3 | 3 | ||||||
Senior
subordinated notes
|
26 | 15 | ||||||
Other
|
1 | — | ||||||
Total
gross interest expense
|
32 | 19 | ||||||
Capitalized
interest
|
(14 | ) | (13 | ) | ||||
Net
interest expense
|
$ | 18 | $ | 6 |
•
|
spent
$412 million (including $9 million for acquisitions of oil and gas
properties); and
|
|
•
|
redeemed
investments of $7 million.
|
•
|
spent
$501 million; and
|
|
•
|
purchased
investments of $22 million and redeemed investments of
$68 million.
|
•
|
borrowed
and repaid $64 million under our credit
arrangements;
|
|
•
|
received
proceeds of $9 million from the issuance of shares of our common
stock upon the exercise of stock options; and
|
|
•
|
received
a $4 million tax benefit from the exercise of stock
options.
|
Total
|
Less
than
1
Year
|
2-3
Years
|
4-5
Years
|
More
than
5
Years
|
||||||||||||||||
(In
millions)
|
||||||||||||||||||||
Debt:
|
||||||||||||||||||||
Revolving
credit facility
|
$ | 634 | $ | — | $ | — | $ | 634 | $ | — | ||||||||||
7 5/8% Senior Notes due
2011
|
175 | — | 175 | — | — | |||||||||||||||
6 5/8% Senior Subordinated Notes
due 2014
|
325 | — | — | — | 325 | |||||||||||||||
6 5/8% Senior Subordinated Notes
due 2016
|
550 | — | — | — | 550 | |||||||||||||||
7 1/8% Senior Subordinated Notes
due 2018
|
600 | — | — | — | 600 | |||||||||||||||
Total debt
|
2,284 | — | 175 | 634 | 1,475 | |||||||||||||||
Other
obligations:
|
||||||||||||||||||||
Interest payments(1)
|
852 | 123 | 232 | 203 | 294 | |||||||||||||||
Net derivative liabilities
(assets)
|
(978 | ) | (775 | ) | (202 | ) | (1 | ) | — | |||||||||||
Asset retirement
obligations
|
78 | 8 | 4 | 9 | 57 | |||||||||||||||
Operating leases
|
163 | 83 | 31 | 18 | 31 | |||||||||||||||
Deferred acquisition
payments
|
2 | 2 | — | — | — | |||||||||||||||
Oil and gas activities(2)
|
748 | — | — | — | — | |||||||||||||||
Total other obligations
|
865 | (559 | ) | 65 | 229 | 382 | ||||||||||||||
Total contractual obligations
|
$ | 3,149 | $ | (559 | ) | $ | 240 | $ | 863 | $ | 1,857 |
(1)
|
Interest
associated with our revolving credit facility was calculated using a
weighted average interest rate of 1.375% at March 31, 2009 and is
included through the maturity of the facility.
|
|
(2)
|
As
is common in the oil and gas industry, we have various contractual
commitments pertaining to exploration, development and production
activities. We have work-related commitments for, among other things,
drilling wells, obtaining and processing seismic data, natural gas
transportation, and fulfilling other cash commitments. At March 31,
2009, these work-related commitments totaled $748 million and were
comprised of $613 million domestically and $135 million
internationally. A significant portion of the domestic amount is related
to 10-year firm transportation agreements for our Mid-Continent
production. These obligations are subject to the completion of
construction and required regulatory approvals. Annual amounts are not
included by maturity because their timing cannot be accurately
predicted.
|
•
|
oil
and gas prices;
|
•
|
general
economic, financial, industry or business
conditions;
|
•
|
the
availability and cost of capital to fund our operations and business
strategies;
|
•
|
the
ability and willingness of current or potential lenders, hedging contract
counterparties, customers, and working interest owners to fulfill their
obligations to us or to enter into transactions with us in the
future;
|
•
|
the
availability of refining capacity for the crude oil we produce from our
Monument Butte field;
|
•
|
drilling
results;
|
•
|
the
prices of goods and services;
|
•
|
the
availability of drilling rigs and other support
services;
|
•
|
labor
conditions;
|
•
|
severe
weather conditions (such as hurricanes);
and
|
•
|
the
other factors affecting our business described under the caption “Risk
Factors” in Item 1A of our annual report on Form 10-K for the year ended
December 31, 2008.
|
Fixed
Rate
Debt
|
Variable
Rate
Debt
|
|||||||
(In
millions)
|
||||||||
Bank
revolving credit facility
|
$ | ― | $ | 634 | ||||
7
5/8% Senior Notes due 2011(1)
|
125 | 50 | ||||||
6
5/8% Senior Subordinated Notes due 2014
|
325 | ― | ||||||
6
5/8% Senior Subordinated Notes due 2016
|
550 | ― | ||||||
7
1/8% Senior Subordinated Notes due 2018
|
600 | ― | ||||||
Total debt
|
$ | 1,600 | $ | 684 |
(1)
|
$50 million
principal amount of our 7 5/8% Senior Notes due 2011 is subject to an
interest rate swap. The swap provides for us to pay variable and receive
fixed interest payments, and is designated as a fair value hedge of a
portion of our outstanding senior
notes.
|
Period
|
Total
Number
of
Shares
Purchased(1)
|
Average
Price
Paid
per Share
|
Total
Number of
Shares
Purchased
as
Part of Publicly
Announced
Plans
or
Programs
|
Maximum
Number
(or
Approximate)
Dollar
Value) of
Shares
that May
Yet
be Purchased
Under
the Plans or Programs
|
||||||||||||
January
1 – January 31, 2009
|
— | $ | — | — | — | |||||||||||
February
1 – February 28, 2009
|
37,993 | 21.91 | — | — | ||||||||||||
March
1 – March 31, 2009
|
425 | 19.07 | — | — | ||||||||||||
Total
|
38,418 | $ | 21.88 | — | — |
(1)
|
All
of the shares repurchased were surrendered by employees to pay tax
withholding upon the vesting of restricted stock and restricted stock
units. These repurchases were not part of a publicly announced program to
repurchase shares of our common
stock.
|
Exhibit
Number
|
Description
|
||
3.2
|
Amended
and Restated Bylaws (incorporated by reference to Exhibit 3.2 to
Newfield’s Current Report on Form 8-K filed with the SEC on February 6,
2009)
|
||
10.15
|
Form
of Restricted Stock Agreement (incorporated by reference to Exhibit 10.15
to Newfield’s Current Report on Form 8-K filed with the SEC on February 6,
2009)
|
||
10.20
|
Form
of Indemnification Agreement between Newfield and each of its directors
and executive officers (incorporated by reference to Exhibit 10.20 to
Newfield’s Current Report on Form 8-K filed with the SEC on February 6,
2009)
|
||
10.21.2
|
Amendment
to Resolution of Members Establishing the Preferences, Limitations and
Relative Rights of Series “A” Preferred Shares of Newfield China, LDC
(incorporated by reference to Exhibit 10.21.2 to Newfield’s Annual Report
on Form 10-K for the year ended December 31, 2008)
|
||
31.1*
|
Certification
of Chief Executive Officer of Newfield pursuant to 15 U.S.C.
Section 7241, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
||
31.2*
|
Certification
of Chief Financial Officer of Newfield pursuant to 15 U.S.C.
Section 7241, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
||
32.1*
|
Certification
of Chief Executive Officer of Newfield pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
||
32.2*
|
Certification
of Chief Financial Officer of Newfield pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
||
NEWFIELD
EXPLORATION COMPANY
|
|||||
Date:
April 24, 2009
|
By:
|
/s/
TERRY W. RATHERT
|
|||
Terry
W. Rathert
|
|||||
Senior
Vice President and Chief Financial
Officer
|
Exhibit
Number
|
Description
|
||
3.2
|
Amended
and Restated Bylaws (incorporated by reference to Exhibit 3.2 to
Newfield’s Current Report on Form 8-K filed with the SEC on February 6,
2009)
|
||
10.15
|
Form
of Restricted Stock Agreement (incorporated by reference to Exhibit 10.15
to Newfield’s Current Report on Form 8-K filed with the SEC on February 6,
2009)
|
||
10.20
|
Form
of Indemnification Agreement between Newfield and each of its directors
and executive officers (incorporated by reference to Exhibit 10.20 to
Newfield’s Current Report on Form 8-K filed with the SEC on February 6,
2009)
|
||
10.21.2
|
Amendment
to Resolution of Members Establishing the Preferences, Limitations and
Relative Rights of Series “A” Preferred Shares of Newfield China, LDC
(incorporated by reference to Exhibit 10.21.2 to Newfield’s Annual Report
on Form 10-K for the year ended December 31, 2008)
|
||
31.1*
|
Certification
of Chief Executive Officer of Newfield pursuant to 15 U.S.C.
Section 7241, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
||
31.2*
|
Certification
of Chief Financial Officer of Newfield pursuant to 15 U.S.C.
Section 7241, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
||
32.1*
|
Certification
of Chief Executive Officer of Newfield pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
||
32.2*
|
Certification
of Chief Financial Officer of Newfield pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
||