Majors in study replaced 134% of production in 1999-2003

Eight major oil and gas companies in a comparative analysis by Prudential Equity Group LLC together replaced 134% of their production during 1999-2003 at an average cost of $5.18/boe.The average price of West Texas Intermediate crude oil during that period was $26.50/bbl, the New York firm said. The US natural gas price averaged $3.80/Mcf.During the 5-year study period, the companies spent $242 billion to find, develop, and acquire oil and gas reserves. They earned an average of $5.82/boe produced and generated upstream cash flow of $10.02/boe.The study, reported by Prudential analyst Michael Mayer, ranks the eight companies in each of six criteria: production income, quality of earnings,...

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