Don Stowers, Editor-OGFJ
Houston-based Whittier Energy Corp. takes top honors as the fastest-growing US-based oil and gas producer for the final quarter of 2005 compared to the same period in 2004 (see OGJ200 Quarterly, page 44). Whittier grew 408% during this 12-month period and increased stockholder equity from $11.9 million to nearly $60.7 million.
Last August, Whittier CEO Bryce Rhodes wrote a column for this publication in which he noted the company’s rapid growth from a modest asset base of $6 million three years ago to a public company with assets in excess of $100 million after the completion of its acquisition of RIMCO Production Co. earlier that year.
By acquiring RIMCO, Whittier increased its reserves by 150%, boosted production by 140%, and built its asset base by 400%. The company is currently ranked No. 77 in total assets among the OGJ200 list of public companies, but watch it move up the ladder.
Denver-based Cimarex Energy Co., which led all companies in growth in the third quarter of 2005, was second this time. Cimarex, No. 24 on the OGJ200, grew by more than 270% in the fourth quarter.
Three other companies - Southwestern Energy Co., Petrohawk Energy Corp., and Noble Energy Inc. - all experienced triple-digit growth in 4Q05. Southwestern, the top producer in the Fayetteville shale, continues its remarkable turnaround under the leadership of CEO Harold Korell. Southwestern ranks as No. 31 on the OGJ200.
Tulsa-based Petrohawk, ranked No. 38, grew by more than 113%; and Noble Energy, headquartered in Houston, moved up to the No. 16 position, as it saw 112% growth.
No. 12-ranked Chesapeake Energy Corp. has been steadily expanding its reach in domestic gas production in recent years. With CEO Aubrey McClendon at the reins, Chesapeake experienced 95% growth in 4Q05. Expect this success to continue as the company develops the Appalachian basin properties it purchased from CNR for $2.3 billion late last year.
Other notable fast-growers include 3 of the 10 largest producers in the US - Marathon Oil Corp. (44% growth), Occidental Petroleum Corp. (43% growth), and Chevron Corp. (39% growth). The three are respectively ranked No. 6, No. 7, and No. 2 in total assets.
Now for a brief marketing moment: The OGJ200 Quarterly is easily one of the most eagerly anticipated reports in this publication. It contains information on earnings, revenues, expenditures, and other financial information from publicly-held US oil and gas producers that our subscribers - especially those in the investment community, service and supply firms, and other vendors to the industry - find worth reading. The E&P companies themselves like to see where they stand in comparison to their peers.
Of course this is public information that is available to anyone. But no other industry publication has the dedicated resources or makes the effort to compile, analyze, and publish these statistics, replete with tables and graphs.
