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39
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Financial Data
The following table sets forth certain information regarding our production volumes, oil, natural gas and NGL
sales, average sales prices received, and other operating income and expenses for the periods indicated:
Years Ended December 31,
2014 2013 2012
Net Production:
Oil (mmbbl) 42.3 41.1 31.3
Natural gas (bcf) 1,095.0 1,094.6 1,128.8
NGL (mmbbl) 33.1 20.9 17.6
Oil equivalent (mmboe)(a) 257.8 244.4 237.0
Oil, Natural Gas and NGL Sales ($ in millions):
Oil sales $ 3,682 $ 3,911 $ 2,829
Oil derivatives - realized gains (losses)(b) (185) (108) 39
Oil derivatives - unrealized gains (losses)(b) 859 280 857
Total oil sales 4,356 4,083 3,725
Natural gas sales 2,777 2,430 2,004
Natural gas derivatives - realized gains (losses)(b) (191) 9 328
Natural gas derivatives - unrealized gains (losses)(b) 535 (52) (331)
Total natural gas sales 3,121 2,387 2,001
NGL sales 703 582 526
NGL derivatives - realized gains (losses)(b) — — (9)
NGL derivatives - unrealized gains (losses)(b) — — 35
Total NGL sales 703 582 552
Total oil, natural gas and NGL sales $ 8,180 $ 7,052 $ 6,278
Average Sales Price (excluding gains (losses) on derivatives):
Oil ($ per bbl) $ 87.13 $ 95.17 $ 90.49
Natural gas ($ per mcf) $ 2.54 $ 2.22 $ 1.77
NGL ($ per bbl) $ 21.27 $ 27.87 $ 29.89
Oil equivalent ($ per boe) $ 27.78 $ 28.33 $ 22.61
Average Sales Price (including realized gains (losses) on derivatives):
Oil ($ per bbl) $ 82.76 $ 92.53 $ 91.74
Natural gas ($ per mcf) $ 2.36 $ 2.23 $ 2.07
NGL ($ per bbl) $ 21.27 $ 27.87 $ 29.37
Oil equivalent ($ per boe) $ 26.32 $ 27.92 $ 24.12