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West Energy Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009.
Market Briefing
Published: November 2009
Pages: 95
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 156.25 Buy Now!
Research from: GlobalData
Sector: Oil & Gas
West Energy Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis – Q3, 2009.
Summary
West Energy Ltd. (West Energy) is an independent public intermediate energy company. The company is engaged in the exploration, development and production of oil and natural gas in the Western Canadian Sedimentary basin. The company has three conventional oil and natural gas plays in Western Canada, which include Pembina Nisku light oil, Puskwaskau Beaverhill Lake light oil and in the Montney gas fairway in Northeast British Columbia. It is headquartered in Calgary, Canada. The company operates through its wholly owned subsidiaries 1431509 Alberta Ltd., West Asset Corporation, West Energy Corporation and 665157 B.C. Ltd.
GlobalData’s "West Energy Ltd. 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 5
List of Figures 5
West Energy Ltd., Valuation and Financial Data 7
West Energy Ltd., Share Price Performance 7
Share Price Performance, Q3, 2008-Q3, 2009 7
West Energy Ltd., Key Valuation Metrics 8
Key Valuation Metrics, Q3, 2008-Q3, 2009 8
West Energy Ltd., Key Financials Per Share 9
Key Financials Per Share, Q3, 2008-Q3, 2009 9
West Energy Ltd., Key Financial Data 10
Key Financial Data, Q3, 2008-Q3, 2009 10
Key Financial Growth Rates, Q3, 2008-Q3, 2009 11
Key Profitability Ratios, Q3, 2008-Q3, 2009 12
West Energy Ltd., Quarterly Results of Oil & Gas Operations Per BOE Produced 13
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 13
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 13
West Energy Ltd., Quarterly E&P Costs Trends 14
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 14
West Energy Ltd., Quarterly Production Trends 15
West Energy Ltd.Total Oil and Gas Production 15
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 15
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 16
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 17
West Energy Ltd.Crude Oil Production 18
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 18
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 19
West Energy Ltd.Natural Gas Production 20
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 20
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 21
West Energy Ltd., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 23
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 24
Crude Oil/Liquids Production and Reserve 25
Crude Oil/Liquids Production and Reserve Trend, 2003-08 25
Crude Oil Production and Reserves By Country/Region, 2003-08 26
Crude Oil/Liquids Reserve Changes, 2003-08 27
Natural Gas Production and Reserve 28
Natural Gas Production and Reserve Trend, 2003-08 28
Natural Gas Production and Reserves, By Country/Region, 2003-08 29
Natural Gas Reserve Changes, 2003-08 30
Total Crude Oil and Natural Gas Reserves Life Index 31
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 31
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 32
West Energy Ltd., E&P Costs Trends 34
Allocation of the Upstream Capital Expenditure 34
Upstream Capital Expenditure, 2003-08 34
Acquisition Costs By Country/Region, 2003-08 35
Exploration and Development Costs, By Country/Region, 2003-08 36
Oil and Gas Cost Per Boe, $/boe 37
Oil and Gas Cost Per Boe, $/boe, 2003-08 37
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 38
West Energy Ltd., Reserve Replacement Ratio 40
Oil and Gas Production Replacement Ratio 40
Oil and Gas Production Replacement Ratio, 2003-08 40
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 42
West Energy Ltd., Results of Oil & Gas Operations Trend 46
Oil and Gas Revenue and Expenses 46
Oil and Gas Revenue and Expenses, 2003-08 46
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 47
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 53
West Energy Ltd., Land Holdings and Well Data 54
Developed and Undeveloped Acreage 54
Gross and Net Developed and Undeveloped Acreage, 2003-08 54
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 55
Well Statistics 57
Producible Oil and Gas Well, 2003-08 57
Producible Oil and Gas Well, By Country/Region, 2003-08 58
Exploration and Development Wells Drilled, 2003-08 62
Exploration and Development Wells Drilled, By Country/Region, 2003-08 63
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 63
Developed Reserves per Well, By Country/Region, 2003-08 64
Recent Developments 66
Recent Discoveries 66
Sep 11, 2009: West Energy Provides Update On Shallow Light Oil Drilling Program 66
Jul 07, 2008: West Strikes Oil In Crossfire Area 66
Drilling and Production Updates 66
Sep 22, 2008: West Energy Commences Production On Nisku Well At West Pembina 09-01-050- 6W5, Alberta 66
Mar 12, 2008: West Energy Reports Year-End 2007 Reserves 67
Apr 19, 2007: West Energy Updates On Two Light Oil Exploration Programs 67
Mar 15, 2007: West Energy Reports Year-End 2006 Reserves 67
Financial Announcements 68
Nov 10, 2009: West Energy Reports Oil And Gas Revenues Of CAD20.2 Million In Q3 2009 68
Aug 12, 2009: West Energy Reports Oil And Gas Revenues Of CAD20.1 Million In Q2 2009 68
May 11, 2009: West Energy Posts Net Loss Of CAD2.5 Million In Q1 2009 70
Mar 20, 2009: West Energy Reports 2008 Results 71
Nov 10, 2008: West Energy Reports 3Q 2008 Results 71
Aug 08, 2008: West Energy Reports 2Q 2008 Results 72
May 09, 2008: West Energy Reports 1Q 2008 Results 73
Mar 24, 2008: West Energy Reports 4Q 2007 Results 74
Nov 12, 2007: West Energy Reports 3Q 2007 Results 75
Aug 13, 2007: West Energy Reports 2Q 2007 Results 76
May 10, 2007: West Energy Reports 1Q 2007 Results 77
Mar 20, 2007: West Energy Reports 4Q 2006 Results 78
Other Significant Developments 80
Apr 17, 2009: Canada Energy Starts Legal Proceedings Against West Energy Regarding Monias Joint Venture 80
Apr 10, 2009: West Energy SVP And COO Pat Welsh Resigns 80
Mar 20, 2009: West Energy Announces Capital Budget For 2009 80
Mar 12, 2008: West Energy Provides Operations Updates 80
Feb 12, 2008: West Energy Appoints VP, Exploration 81
Feb 12, 2008: West Energy Provides Oparations Updates 81
Oct 30, 2007: West Energy Provides Operations Updates 82
Oct 30, 2007: West Energy Announces Management Changes 82
Feb 12, 2007: West Energy Announces 2007 Capital Expenditure Program 83
Appendix 84
Methodology 84
Coverage 84
Secondary Research 84
Primary Research 85
Key Economic Assumptions 85
Expert Panel Validation 85
Oil and Gas Reserves 85
Acreage and Well Information 86
Cost Incurred in Oil and Gas Operations 86
Reserves Replacement Ratio 88
Results of Oil & Gas Operations 90
Results of Oil & Gas Operations Per BOE Produced 92
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 93
Net Debt / Cash Flow 93
Market Capitalization 93
EV / EBITDA 94
EV/DACF (Debt Adjusted Cash Flow Multiple) 94
EV/Production 94
EV/Proved Reserve 94
Enterprise Value 94
EBITDA / Share (Diluted) 94
Price / Annualized CFPS 94
Price / Annualized EPS (P/E Ratio) 94
Shares Outstanding (Basic) 94
Shares Outstanding (Diluted) 94
Shares Outstanding 94
Stock Price-to-Cash Flow (at year-end) 94
Stock Price-to-Cash Flow (Quarter-end) 94
Stock Price-to-Net Income (at year-end) 94
Stock Price-to-Net Income (Quarter-end) 95
Stock Price-to-Revenue (at year-end) 95
Stock Price-to-Revenue (Quarter-end) 95
Debt / EV 95
Avg. Net Debt / Boed 95
Capex / Cash Flow 95
Unit Of Measure 95
Disclosure information 95
Summary
West Energy Ltd. (West Energy) is an independent public intermediate energy company. The company is engaged in the exploration, development and production of oil and natural gas in the Western Canadian Sedimentary basin. The company has three conventional oil and natural gas plays in Western Canada, which include Pembina Nisku light oil, Puskwaskau Beaverhill Lake light oil and in the Montney gas fairway in Northeast British Columbia. It is headquartered in Calgary, Canada. The company operates through its wholly owned subsidiaries 1431509 Alberta Ltd., West Asset Corporation, West Energy Corporation and 665157 B.C. Ltd.
GlobalData’s "West Energy Ltd. 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 5
List of Figures 5
West Energy Ltd., Valuation and Financial Data 7
West Energy Ltd., Share Price Performance 7
Share Price Performance, Q3, 2008-Q3, 2009 7
West Energy Ltd., Key Valuation Metrics 8
Key Valuation Metrics, Q3, 2008-Q3, 2009 8
West Energy Ltd., Key Financials Per Share 9
Key Financials Per Share, Q3, 2008-Q3, 2009 9
West Energy Ltd., Key Financial Data 10
Key Financial Data, Q3, 2008-Q3, 2009 10
Key Financial Growth Rates, Q3, 2008-Q3, 2009 11
Key Profitability Ratios, Q3, 2008-Q3, 2009 12
West Energy Ltd., Quarterly Results of Oil & Gas Operations Per BOE Produced 13
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 13
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 13
West Energy Ltd., Quarterly E&P Costs Trends 14
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 14
West Energy Ltd., Quarterly Production Trends 15
West Energy Ltd.Total Oil and Gas Production 15
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 15
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 16
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 17
West Energy Ltd.Crude Oil Production 18
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 18
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 19
West Energy Ltd.Natural Gas Production 20
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 20
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 21
West Energy Ltd., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 23
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 24
Crude Oil/Liquids Production and Reserve 25
Crude Oil/Liquids Production and Reserve Trend, 2003-08 25
Crude Oil Production and Reserves By Country/Region, 2003-08 26
Crude Oil/Liquids Reserve Changes, 2003-08 27
Natural Gas Production and Reserve 28
Natural Gas Production and Reserve Trend, 2003-08 28
Natural Gas Production and Reserves, By Country/Region, 2003-08 29
Natural Gas Reserve Changes, 2003-08 30
Total Crude Oil and Natural Gas Reserves Life Index 31
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 31
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 32
West Energy Ltd., E&P Costs Trends 34
Allocation of the Upstream Capital Expenditure 34
Upstream Capital Expenditure, 2003-08 34
Acquisition Costs By Country/Region, 2003-08 35
Exploration and Development Costs, By Country/Region, 2003-08 36
Oil and Gas Cost Per Boe, $/boe 37
Oil and Gas Cost Per Boe, $/boe, 2003-08 37
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 38
West Energy Ltd., Reserve Replacement Ratio 40
Oil and Gas Production Replacement Ratio 40
Oil and Gas Production Replacement Ratio, 2003-08 40
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 42
West Energy Ltd., Results of Oil & Gas Operations Trend 46
Oil and Gas Revenue and Expenses 46
Oil and Gas Revenue and Expenses, 2003-08 46
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 47
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 53
West Energy Ltd., Land Holdings and Well Data 54
Developed and Undeveloped Acreage 54
Gross and Net Developed and Undeveloped Acreage, 2003-08 54
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 55
Well Statistics 57
Producible Oil and Gas Well, 2003-08 57
Producible Oil and Gas Well, By Country/Region, 2003-08 58
Exploration and Development Wells Drilled, 2003-08 62
Exploration and Development Wells Drilled, By Country/Region, 2003-08 63
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 63
Developed Reserves per Well, By Country/Region, 2003-08 64
Recent Developments 66
Recent Discoveries 66
Sep 11, 2009: West Energy Provides Update On Shallow Light Oil Drilling Program 66
Jul 07, 2008: West Strikes Oil In Crossfire Area 66
Drilling and Production Updates 66
Sep 22, 2008: West Energy Commences Production On Nisku Well At West Pembina 09-01-050- 6W5, Alberta 66
Mar 12, 2008: West Energy Reports Year-End 2007 Reserves 67
Apr 19, 2007: West Energy Updates On Two Light Oil Exploration Programs 67
Mar 15, 2007: West Energy Reports Year-End 2006 Reserves 67
Financial Announcements 68
Nov 10, 2009: West Energy Reports Oil And Gas Revenues Of CAD20.2 Million In Q3 2009 68
Aug 12, 2009: West Energy Reports Oil And Gas Revenues Of CAD20.1 Million In Q2 2009 68
May 11, 2009: West Energy Posts Net Loss Of CAD2.5 Million In Q1 2009 70
Mar 20, 2009: West Energy Reports 2008 Results 71
Nov 10, 2008: West Energy Reports 3Q 2008 Results 71
Aug 08, 2008: West Energy Reports 2Q 2008 Results 72
May 09, 2008: West Energy Reports 1Q 2008 Results 73
Mar 24, 2008: West Energy Reports 4Q 2007 Results 74
Nov 12, 2007: West Energy Reports 3Q 2007 Results 75
Aug 13, 2007: West Energy Reports 2Q 2007 Results 76
May 10, 2007: West Energy Reports 1Q 2007 Results 77
Mar 20, 2007: West Energy Reports 4Q 2006 Results 78
Other Significant Developments 80
Apr 17, 2009: Canada Energy Starts Legal Proceedings Against West Energy Regarding Monias Joint Venture 80
Apr 10, 2009: West Energy SVP And COO Pat Welsh Resigns 80
Mar 20, 2009: West Energy Announces Capital Budget For 2009 80
Mar 12, 2008: West Energy Provides Operations Updates 80
Feb 12, 2008: West Energy Appoints VP, Exploration 81
Feb 12, 2008: West Energy Provides Oparations Updates 81
Oct 30, 2007: West Energy Provides Operations Updates 82
Oct 30, 2007: West Energy Announces Management Changes 82
Feb 12, 2007: West Energy Announces 2007 Capital Expenditure Program 83
Appendix 84
Methodology 84
Coverage 84
Secondary Research 84
Primary Research 85
Key Economic Assumptions 85
Expert Panel Validation 85
Oil and Gas Reserves 85
Acreage and Well Information 86
Cost Incurred in Oil and Gas Operations 86
Reserves Replacement Ratio 88
Results of Oil & Gas Operations 90
Results of Oil & Gas Operations Per BOE Produced 92
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 93
Net Debt / Cash Flow 93
Market Capitalization 93
EV / EBITDA 94
EV/DACF (Debt Adjusted Cash Flow Multiple) 94
EV/Production 94
EV/Proved Reserve 94
Enterprise Value 94
EBITDA / Share (Diluted) 94
Price / Annualized CFPS 94
Price / Annualized EPS (P/E Ratio) 94
Shares Outstanding (Basic) 94
Shares Outstanding (Diluted) 94
Shares Outstanding 94
Stock Price-to-Cash Flow (at year-end) 94
Stock Price-to-Cash Flow (Quarter-end) 94
Stock Price-to-Net Income (at year-end) 94
Stock Price-to-Net Income (Quarter-end) 95
Stock Price-to-Revenue (at year-end) 95
Stock Price-to-Revenue (Quarter-end) 95
Debt / EV 95
Avg. Net Debt / Boed 95
Capex / Cash Flow 95
Unit Of Measure 95
Disclosure information 95