Home > Market Research > Oil & Gas > Warren Resources, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

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Market Briefing
Published: November 2009
Pages: 86
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 156.25   Buy Now!
Research from: GlobalData
Sector: Oil & Gas

Warren Resources, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009

Summary

Warren Resources, Inc. (Warren Resources) is an independent energy company. The company is engaged in the exploration and development of domestic onshore natural gas and oil reserves. Warren Resources is one of the leading developers of coalbed methane natural gas, or CBM, in the Rocky Mountain region. The company’s principal operations include the Washakie basin, Southwestern Wyoming; the Powder River basin, Northeastern Wyoming and Wilmington field, Los Angeles. It is headquartered in New York

GlobalData’s " Warren Resources, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009" is an essential source for key operational data, analysis and strategic insight into the company. The report provides detailed and unique information on the key operational parameters for the last six years. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations. The report is based on publicly available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide. GlobalData is a premium business intelligence company.

Scope

- Key operational parameters which include production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Analysis of the performance of the company on key valuation multiples such as market capitalization, enterprise value, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), EV / EBITDA, and EV / EBITDA.
- Annual and quarterly information on key operational, valuation and financial parameters. Annual information is for the current and the last five years while the quarterly information is for the current and the last four quarters.
- Detailed crude oil and natural gas reserves and production of the company by country
- In-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position, key costs and revenue information, and performance metrics of the company.

Reasons to buy

- Formulate business strategies through competitor comparison and business performance assessment.
- Rank your performance against oil and gas companies using operational and financial benchmarking metrics.
- Understand and capitalize on the strengths and weaknesses of your competitors
- Scout for potential acquisition targets, with detailed insight into the companies’ operational performance.

Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 4
List of Figures 5
Warren Resources, Inc., Valuation and Financial Data 6
Warren Resources, Inc., Share Price Performance 6
Share Price Performance, Q3, 2008-Q3, 2009 6
Warren Resources, Inc., Key Valuation Metrics 7
Key Valuation Metrics, Q3, 2008-Q3, 2009 7
Warren Resources, Inc., Key Financials Per Share 8
Key Financials Per Share, Q3, 2008-Q3, 2009 8
Warren Resources, Inc., Key Financial Data 9
Key Financial Data, Q3, 2008-Q3, 2009 9
Key Financial Growth Rates, Q3, 2008-Q3, 2009 10
Key Profitability Ratios, Q3, 2008-Q3, 2009 11
Warren Resources, Inc., Quarterly Results of Oil & Gas Operations Per BOE Produced 12
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 12
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 12
Warren Resources, Inc., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 13
Warren Resources, Inc., Quarterly Production Trends 14
Warren Resources, Inc.Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 15
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 16
Warren Resources, Inc.Crude Oil Production 17
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 17
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 18
Warren Resources, Inc.Natural Gas Production 19
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 19
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 20
Warren Resources, Inc., Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 22
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 23
Crude Oil/Liquids Production and Reserve 24
Crude Oil/Liquids Production and Reserve Trend, 2003-08 24
Crude Oil Production and Reserves By Country/Region, 2003-08 25
Crude Oil/Liquids Reserve Changes, 2003-08 26
Natural Gas Production and Reserve 27
Natural Gas Production and Reserve Trend, 2003-08 27
Natural Gas Production and Reserves, By Country/Region, 2003-08 28
Natural Gas Reserve Changes, 2003-08 29
Total Crude Oil and Natural Gas Reserves Life Index 30
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 30
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 31
Warren Resources, Inc., E&P Costs Trends 33
Allocation of the Upstream Capital Expenditure 33
Upstream Capital Expenditure, 2003-08 33
Acquisition Costs By Country/Region, 2003-08 34
Exploration and Development Costs, By Country/Region, 2003-08 35
Oil and Gas Cost Per Boe, $/boe 36
Oil and Gas Cost Per Boe, $/boe, 2003-08 36
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 37
Warren Resources, Inc., Reserve Replacement Ratio 39
Oil and Gas Production Replacement Ratio 39
Oil and Gas Production Replacement Ratio, 2003-08 39
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 41
Warren Resources, Inc., Results of Oil & Gas Operations Trend 45
Oil and Gas Revenue and Expenses 45
Oil and Gas Revenue and Expenses, 2003-08 45
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 46
Oil and Gas Revenue and Expenses, Per Boe 50
Oil and Gas Revenue and Expenses, By Boe, 2003-08 50
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 51
Oil and Gas Performance Metrics 54
Warren Resources, Inc., Land Holdings and Well Data 55
Developed and Undeveloped Acreage 55
Gross and Net Developed and Undeveloped Acreage, 2003-08 55
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 56
Well Statistics 58
Producible Oil and Gas Well, 2003-08 58
Producible Oil and Gas Well, By Country/Region, 2003-08 59
Exploration and Development Wells Drilled, 2003-08 63
Exploration and Development Wells Drilled, By Country/Region, 2003-08 64
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 64
Developed Reserves per Well, By Country/Region, 2003-08 65
Recent Developments 67
Drilling and Production Updates 67
Feb 23, 2009: Warren Resources Reports Year-End 2008 Reserves 67
Financial Announcements 67
Nov 04, 2009: Warren Resources Reports Net Income Of $2.2 Million In Q3 2009 67
Aug 05, 2009: Warren Resources Reports Oil And Gas Sales Of $15.2 Million In Q2 2009 68
May 06, 2009: Warren Resources Q1 2009 Revenue Down 48% 70
Aug 06, 2008: Warren Reports 2Q 2008 Results 71
Other Significant Developments 72
Oct 13, 2009: Warren Resources Provides Q3 2009 Operations Update 72
Feb 23, 2009: Warren Resources Announces 2009 Capital Expenditure Guidance 73
Oct 13, 2008: Warren Updates On Its 2008 Capital Expenditure Program 73
Oct 13, 2008: Warren Compiles With Conditions In 2006 Zoning Order 74
Appendix 75
Methodology 75
Coverage 75
Secondary Research 75
Primary Research 76
Key Economic Assumptions 76
Expert Panel Validation 76
Oil and Gas Reserves 76
Acreage and Well Information 77
Cost Incurred in Oil and Gas Operations 77
Reserves Replacement Ratio 79
Results of Oil & Gas Operations 81
Results of Oil & Gas Operations Per BOE Produced 83
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 84
Net Debt / Cash Flow 84
Market Capitalization 84
EV / EBITDA 85
EV/DACF (Debt Adjusted Cash Flow Multiple) 85
EV/Production 85
EV/Proved Reserve 85
Enterprise Value 85
EBITDA / Share (Diluted) 85
Price / Annualized CFPS 85
Price / Annualized EPS (P/E Ratio) 85
Shares Outstanding (Basic) 85
Shares Outstanding (Diluted) 85
Shares Outstanding 85
Stock Price-to-Cash Flow (at year-end) 85
Stock Price-to-Cash Flow (Quarter-end) 85
Stock Price-to-Net Income (at year-end) 85
Stock Price-to-Net Income (Quarter-end) 86
Stock Price-to-Revenue (at year-end) 86
Stock Price-to-Revenue (Quarter-end) 86
Debt / EV 86
Avg. Net Debt / Boed 86
Capex / Cash Flow 86
Unit Of Measure 86
Disclosure information 86

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Table of Contents

List of Tables
Warren Resources, Inc., Key Facts 1
Warren Resources, Inc., Key Ratios 1
Warren Resources, Inc., Key Costs Per Boe, $/boe, 2008 1
Warren Resources, Inc., Share Price Performance, Q3, 2008-Q3, 2009 6
Warren Resources, Inc., Key Valuation Metrics, Q3, 2008-Q3, 2009 7
Warren Resources, Inc., Key Financials Per Share, Q3, 2008-Q3, 2009 8
Warren Resources, Inc., Key Financials Per Share Growth Rates, Q3, 2008-Q3, 2009 8
Warren Resources, Inc., Key Financial Data, $ Million, Q3, 2008-Q3, 2009 9
Warren Resources, Inc., Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 10
Warren Resources, Inc., Key Profitability Ratios, %, Q3, 2008-Q3, 2009 11
Warren Resources, Inc., Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 12
Warren Resources, Inc., Results of Oil & Gas Operations Per BOE Growth Rates, %, Q3, 2008-Q3, 2009 12
Warren Resources, Inc., Upstream Capital Expenditure, Q3, 2008-Q3, 2009 13
Warren Resources, Inc., Total Crude Oil and Natural Gas, Production, Q3, 2008-Q3, 2009 14
Warren Resources, Inc., Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 15
Warren Resources, Inc., Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 16
Warren Resources, Inc., Total Crude Oil Production, MMbbl, Q3, 2008-Q3, 2009 17
Warren Resources, Inc., Crude Oil Production, By Country/Region, MMbbl, Q3, 2008-Q3, 2009 18
Warren Resources, Inc., Total Natural Gas Production, Bcf, Q3, 2008-Q3, 2009 19
Warren Resources, Inc., Natural Gas Production, By Country/Region, Bcf, Q3, 2008-Q3, 2009 20
Warren Resources, Inc., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 21
Warren Resources, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 22
Warren Resources, Inc., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 23
Warren Resources, Inc., Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 24
Warren Resources, Inc., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2003-08 25
Warren Resources, Inc., Crude Oil Reserve Changes, MMbbl, 2003-08 26
Warren Resources, Inc., Natural Gas Production and Reserves Metrics, Bcf, 2003-08 27
Warren Resources, Inc., Natural Gas Production and Reserves, By Country/Region, Bcf, 2003-08 28
Warren Resources, Inc., Natural Gas Reserve Changes, Bcf, 2003-08 29
Warren Resources, Inc., Oil and Gas Reserves Life Index, Years, 2003-08 30
Warren Resources, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 32
Warren Resources, Inc., Upstream Capital Expenditure, $ Million, 2003-08 33
Warren Resources, Inc., Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 34
Warren Resources, Inc., Exploration and Development Costs, By Country/Region, $ Million, 2003-08 35
Warren Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 36
Warren Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2003-08 38
Warren Resources, Inc., Oil and Gas Production Replacement Ratio, %, 2003-08 39
Warren Resources, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2003-08 44
Warren Resources, Inc., Revenue and Expenses, $ Million, 2003-08 45
Warren Resources, Inc., Revenue and Expenses, By Country/Region, $ Million, 2003-08 49
Warren Resources, Inc., Oil and Gas Revenue and Expenses, $/Boe, 2003-08 50
Warren Resources, Inc., Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2003-08 53
Warren Resources, Inc., Oil and Gas Performance Metrics, 2003-08 54
Warren Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 55
Warren Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2003-08 57
Warren Resources, Inc., Producible Oil and Gas Wells, 2003-08 58
Warren Resources, Inc., Producible Oil and Gas Wells, By Country/Region, 2003-08 62
Warren Resources, Inc., Exploratory and Developed Wells, 2003-08 63
Warren Resources, Inc., Exploratory and Developed Wells, By Country/Region, 2003-08 64
Warren Resources, Inc., Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 64
Warren Resources, Inc., Developed Reserves per Well, By Country/Region, Mboe per Well, 2003-08 66

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