Energy companies report enough figures in their quarterly earnings statements to keep an entire firm of accountants busy for weeks.
Investors and analysts typically compare each company’s numbers to past results to gauge their progress and growth projects.
Those numbers also can be used to weigh their performance against their peers. The Oklahoman compiled such figures from recent filings by Oklahoma City’s five largest publicly traded oil and natural gas producers.
Revenue figures varied since Oklahoma City companies received a range of prices for their commodities.
Gulfport Energy Corp. secured the best average price for its oil ($104.50 a barrel) while getting close to Devon Energy Corp.’s Canadian price of $46.17 a barrel for natural gas liquids. The average price for West Texas Intermediate oil priced at Cushing was $98.02 a barrel in 2013.
Continental Resources Inc. got the most out of its natural gas, since its output was sold without liquids being separated out since it does not own any processing facilities. It earned $5.25 per thousand cubic feet of gas in 2013, well above last year’s Henry Hub average of $3.65.
Devon edged out Chesapeake Energy Corp. as the city’s top producer, unearthing 252.9 million barrels of oil equivalent in 2013.
Devon officials highlighted the company’s oil production growth, which results in expanded profit margins and cash flow, during last month’s earning call.
Devon intends to focus the bulk of this year’s capital budget on oil-rich areas, including its new position in south Texas’ Eagle Ford Shale, to continue boosting its oil production, which was 61.4 million barrels in 2013.
Officials said the Eagle Ford deal is expected to help Devon increase its oil output by 35 percent this year.
Chesapeake has turned its attention to liquids plays as well, while trying to rein in its spending.
Chesapeake produced 244.4 million barrels of oil equivalent in 2013, but it continues to be heavy in natural gas. Gas accounted for 75 percent of the company’s production last year.
Chesapeake produced about 41.1 million barrels of oil last year, beating out Continental as Oklahoma City’s second-largest oil producer.
Continental produced 35 million barrels of oil, which accounted for more than 70 percent of its output in 2013. Its total production was 49.6 million barrels of oil equivalent.
Continental is the king of North Dakota’s Bakken Shale, one of the nation’s leading oil plays. The company’s efforts there recently pushed its production past 150,000 barrels of oil equivalent a day.
Continental officials have stated their goal of reaching 300,000 barrels of oil a day by the end of 2017, part of the company’s dramatic transformation since it moved to Oklahoma City from Enid two years ago.
Another transformation is underway at SandRidge Energy Inc., which is narrowing its focus after moving away from natural gas when prices cratered in 2008.
SandRidge produced 33.76 million barrels of oil equivalent in 2013, down slightly from the previous year but still higher than its guidance. Crude accounted for nearly half of that total.
SandRidge, which has focused its operations on several formations in northern Oklahoma and southern Kansas, is working to slash its costs.
The company’s emphasis on efficiency allowed it to drill 10 percent more wells last year, despite spending about 9 percent less.
Gulfport produced 4.1 million barrels of oil equivalent last year, including 2.32 million barrels of crude.
That total is up from 2.57 million barrels of oil equivalent in 2012, as Gulfport boosted its rig count from two to seven in Ohio’s Utica Shale.
Gulfport ended 2013 producing a record of nearly 28,000 barrels of oil equivalent a day.