Advantage Oil & Gas Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2014

 Published On: Aug, 2014 |    No of Pages: 86 |  Published By: GlobalData | Format: PDF
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Summary

Advantage Oil & Gas Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational data, analysis and strategic insight into company. The report provides latest annual and quarterly overview of production, reserves, share price performance, reserve changes, capital expenditures, acreage, performance metrics and results of oil & gas operations.

Advantage Oil & Gas Ltd. (Advantage Oil) is a Canada-based oil and gas exploration and production company. The company engages in exploration, acquisition and development activities of oil and natural gas in Western Canada. It produces and markets natural gas, crude oil and natural gas liquids The company’s acreages are spread geographically throughout the Western Canadian Sedimentary Basin and majority of its properties are concentrated in Alberta. The primary focus of the company is development of Montney natural gas and liquids resource play which consists of 78 net sections of land at Glacier, Alberta. Advantage Oil is headquartered in Calgary, Alberta, Canada

Scope

The report provides in-depth analysis and insights into companies’ capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes -
- The report provides detailed and unique insights information on the key operational parameters. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Provides analysis of the share price performance of the company and the key valuation multiples. The report provides a comprehensive overview of share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides annual and quarterly information on key operational and financial parameters. Annual information is for the current and the last four years while the quarterly information is for the current and the last four quarters
- The report provides detailed crude oil and natural gas reserves and production information of the company by country as disclosed in their annual report and regulatory filings.
- Contains 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 as disclosed in their annual report and regulatory filings.

Note: Scope of the report mentioned above is generic and may not be applicable to all the companies. The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.

Quarterly information is covered only for those companies which are December ending and files quarter report. There might be cases where countries/regions data column/Charts will be blank for last five years. This is due to companies might have discontinued reporting of that countries/regions during the last five year time period.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Provides up-to-date information and in-depth analysis on operational parameters of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
- Rank your performance against other E&P companies using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors’ financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.
- Establish relative performance among the industry’s players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Advantage Oil & Gas Ltd., Valuation and Financial Data 8
Advantage Oil & Gas Ltd., Share Price Performance 8
Share Price Performance, Q1, 2013-Q1, 2014 8
Advantage Oil & Gas Ltd., Key Valuation Metrics 9
Key Valuation Metrics, Q1, 2013-Q1, 2014 9
Advantage Oil & Gas Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q1, 2013-Q1, 2014 10
Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2013-Q1, 2014 11
Advantage Oil & Gas Ltd., Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q1, 2013-Q1, 2014 12
Advantage Oil & Gas Ltd., Quarterly Production Trends 13
Advantage Oil & Gas Ltd., Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q1, 2013-Q1, 2014 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2013-Q1, 2014 14
Advantage Oil & Gas Ltd., Crude Oil Production 15
Total Crude Oil Production Trend, Q1, 2013-Q1, 2014 15
Crude Oil Production, By Country/Region, Q1, 2013-Q1, 2014 16
Advantage Oil & Gas Ltd., Natural Gas Production 17
Total Natural Gas Production Trend, Q1, 2013-Q1, 2014 17
Natural Gas Production, By Country/Region, Q1, 2013-Q1, 2014 18
Advantage Oil & Gas Ltd., Valuation and Financial Data, 2009-2013 19
Advantage Oil & Gas Ltd., Share Price Performance, 2009-2013 19
Share Price Performance, 2009-2013 19
Key Valuation Metrics, 2009-2013 20
Advantage Oil & Gas Ltd., Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 23
Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 25
Crude Oil/Liquids Production and Reserve 26
Crude Oil/Liquids Production and Reserve Trend, 2009-2013 26
Crude Oil Production and Reserves By Country/Region, 2009-2013 27
Crude Oil/Liquids Reserve Changes, 2009-2013 29
Natural Gas Production and Reserve 30
Natural Gas Production and Reserve Trend, 2009-2013 30
Natural Gas Production and Reserves, By Country/Region, 2009-2013 31
Natural Gas Reserve Changes, 2009-2013 33
Total Crude Oil and Natural Gas Reserves Life Index 34
Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 34
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 35
Advantage Oil & Gas Ltd., E&P Costs Trends 37
Allocation of the Upstream Capital Expenditure 37
Upstream Capital Expenditure, 2009-2013 37
Acquisition Costs By Country/Region, 2009-2013 38
Oil and Gas Cost Per boe, US$/boe 39
Oil and Gas Cost Per boe, US$/boe, 2009-2013 39
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 41
Advantage Oil & Gas Ltd., Reserve Replacement Ratio 44
Oil and Gas Production Replacement Ratio 44
Oil and Gas Production Replacement Ratio, 2009-2013 44
Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 46
Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Trend 50
Oil and Gas Revenue and Expenses 50
Oil and Gas Revenue and Expenses, 2009-2013 50
Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 51
Oil and Gas Revenue and Expenses, Per boe 56
Oil and Gas Revenue and Expenses, By boe, 2009-2013 56
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 57
Oil and Gas Performance Metrics 61
Advantage Oil & Gas Ltd., Land Holdings and Well Data 62
Developed and Undeveloped Acreage 62
Gross and Net Developed and Undeveloped Acreage, 2009-2013 62
Well Statistics 63
Producible Oil and Gas Well, 2009-2013 63
Producible Oil and Gas Well, By Country/Region, 2009-2013 64
Exploration and Development Wells Drilled, 2009-2013 68
Exploration and Development Wells Drilled, By Country/Region, 2009-2013 69
Recent Developments 70
Advantage Oil & Gas Ltd. - Recent Developments 70
May 29, 2014: Advantage Announces Increase in Credit Facility to $400 Million 70
May 26, 2014: Advantage Announces Appointment of New Board Director 70
May 13, 2014: Advantage Announces First Quarter 2014 Financial and Operating Results 70
Mar 27, 2014: Advantage Announces 2013 Year End Financial & Operating Results and Glacier Operational Update 72
Mar 11, 2014: Advantage Announces Glacier 2013 Reserves Additions Replace 840% of Production, Achieves 135 mmcfe/d Phase VI Production Ahead of Schedule with Capital Spending Below Budget 74
Dec 04, 2013: Glacier Upper Montney Well Tested at Record 21 Mmcf/d, Lower Montney Wells Continue to Outperform, Strategic Alternatives Update 75
Nov 07, 2013: Advantage Announces Third Quarter 2013 Results 77
Oct 24, 2013: Advantage Announces Increase in Credit Facilities Borrowing Base to $300 Million 79
Sep 30, 2013: Advantage Announces High Liquid Yield Wells, Increases Montney Acreage & Provides Update on Operations & Strategic Alternatives Process 79
Aug 08, 2013: Advantage Oil & Gas Announces Second Quarter 2013 Results 81
Appendix 84
Methodology 84
Coverage 84
Secondary Research 84
Primary Research 84
Data Information Sources 85
Company Source 85
SEC/Other Regulatory Filings 85
Other Sources 85
Expert Panel Validation 85
Data Definition 85
Oil and Gas Reserves 85
Units of Measure 86
About GlobalData 86
Disclosure 86
Disclaimer 86

List of Tables
Table 1: Advantage Oil & Gas Ltd., Key Facts 7
Table 2: Advantage Oil & Gas Ltd., Share Price Performance, Q1, 2013-Q1, 2014 8
Table 3: Advantage Oil & Gas Ltd., Key Valuation Metrics, Q1, 2013-Q1, 2014 9
Table 4: Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2013-Q1, 2014 10
Table 5: Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2013-Q1, 2014 11
Table 6: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, Q1, 2013-Q1, 2014 12
Table 7: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2013-Q1, 2014 13
Table 8: Advantage Oil & Gas Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2013-Q1, 2014 14
Table 9: Advantage Oil & Gas Ltd., Total Crude Oil Production, mmbbl, Q1, 2013-Q1, 2014 15
Table 10: Advantage Oil & Gas Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2013-Q1, 2014 16
Table 11: Advantage Oil & Gas Ltd., Total Natural Gas Production, bcf, Q1, 2013-Q1, 2014 17
Table 12: Advantage Oil & Gas Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2013-Q1, 2014 18
Table 13: Advantage Oil & Gas Ltd., Share Price Performance, 2009-2013 19
Table 14: Advantage Oil & Gas Ltd., Key Valuation Metrics, 2009-2013 20
Table 15: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 22
Table 16: Advantage Oil & Gas Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 24
Table 17: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 25
Table 18: Advantage Oil & Gas Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 26
Table 19: Advantage Oil & Gas Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 28
Table 20: Advantage Oil & Gas Ltd., Crude Oil Reserve Changes, mmbbl, 2009-2013 29
Table 21: Advantage Oil & Gas Ltd., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 30
Table 22: Advantage Oil & Gas Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 32
Table 23: Advantage Oil & Gas Ltd., Natural Gas Reserve Changes, bcf, 2009-2013 33
Table 24: Advantage Oil & Gas Ltd., Oil and Gas Reserves Life Index, Years, 2009-2013 34
Table 25: Advantage Oil & Gas Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 36
Table 26: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, US$ mil, 2009-2013 37
Table 27: Advantage Oil & Gas Ltd., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 38
Table 28: Advantage Oil & Gas Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 39
Table 29: Advantage Oil & Gas Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 43
Table 30: Advantage Oil & Gas Ltd., Oil and Gas Production Replacement Ratio, %, 2009-2013 44
Table 31: Advantage Oil & Gas Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 49
Table 32: Advantage Oil & Gas Ltd., Revenue and Expenses, US$ mil, 2009-2013 50
Table 33: Advantage Oil & Gas Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 55
Table 34: Advantage Oil & Gas Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 56
Table 35: Advantage Oil & Gas Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 60
Table 36: Advantage Oil & Gas Ltd., Oil and Gas Performance Metrics, 2009-2013 61
Table 37: Advantage Oil & Gas Ltd., Producible Oil and Gas Wells, 2009-2013 63
Table 38: Advantage Oil & Gas Ltd., Producible Oil and Gas Wells, By Country/Region, 2009-2013 67
Table 39: Advantage Oil & Gas Ltd., Exploratory and Developed Wells, By Country/Region, 2009-2013 69

List of Figures
Figure 1: Advantage Oil & Gas Ltd., Share Price Performance, CAD/Share, Q1, 2013-Q1, 2014 8
Figure 2: Advantage Oil & Gas Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2013-Q1, 2014 9
Figure 3: Advantage Oil & Gas Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2013-Q1, 2014 10
Figure 4: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, US$ mil, Q1, 2013-Q1, 2014 12
Figure 5: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2013-Q1, 2014 13
Figure 6: Advantage Oil & Gas Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2013-Q1, 2014 14
Figure 7: Advantage Oil & Gas Ltd., Total Crude Oil Production, mmbbl, Q1, 2013-Q1, 2014 15
Figure 8: Advantage Oil & Gas Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2013-Q1, 2014 16
Figure 9: Advantage Oil & Gas Ltd., Total Natural Gas Production, bcf, Q1, 2013-Q1, 2014 17
Figure 10: Advantage Oil & Gas Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2013-Q1, 2014 18
Figure 11: Advantage Oil & Gas Ltd., Share Price Performance, CAD/Share, 2009-2013 19
Figure 12: Advantage Oil & Gas Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2009-2013 20
Figure 13: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 21
Figure 14: Advantage Oil & Gas Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 23
Figure 15: Advantage Oil & Gas Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 23
Figure 16: Advantage Oil & Gas Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 25
Figure 17: Advantage Oil & Gas Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 26
Figure 18: Advantage Oil & Gas Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 27
Figure 19: Advantage Oil & Gas Ltd., Oil Production, By Country/Region, mmbbl, 2009-2013 27
Figure 20: Advantage Oil & Gas Ltd., Crude Oil Reserve Changes, mmbbl, 2013 29
Figure 21: Advantage Oil & Gas Ltd., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 30
Figure 22: Advantage Oil & Gas Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 31
Figure 23: Advantage Oil & Gas Ltd., Gas Production, By Country/Region, bcf, 2009-2013 31
Figure 24: Advantage Oil & Gas Ltd., Natural Gas Reserve Changes, bcf, 2013 33
Figure 25: Advantage Oil & Gas Ltd., Oil and Gas Reserves Life Index, Years, 2009-2013 34
Figure 26: Advantage Oil & Gas Ltd., Gas Reserve Life Index, By Country/Region, Years, 2009-2013 35
Figure 27: Advantage Oil & Gas Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013 35
Figure 28: Advantage Oil & Gas Ltd., Oil Reserve Life Index, By Country/Region, Years, 2009-2013 36
Figure 29: Advantage Oil & Gas Ltd., Upstream Capital Expenditure, US$ mil, 2009-2013 37
Figure 30: Advantage Oil & Gas Ltd., Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 38
Figure 31: Advantage Oil & Gas Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 39
Figure 32: Advantage Oil & Gas Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 41
Figure 33: Advantage Oil & Gas Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 41
Figure 34: Advantage Oil & Gas Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 42
Figure 35: Advantage Oil & Gas Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 44
Figure 36: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 46
Figure 37: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 46
Figure 38: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 47
Figure 39: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 47
Figure 40: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 48
Figure 41: Advantage Oil & Gas Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 48
Figure 42: Advantage Oil & Gas Ltd., Revenue and Expenses, US$ mil, 2009-2013 50
Figure 43: Advantage Oil & Gas Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 51
Figure 44: Advantage Oil & Gas Ltd., Exploration Expenses, By Country/Region, US$ mil, 2009-2013 51
Figure 45: Advantage Oil & Gas Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 52
Figure 46: Advantage Oil & Gas Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 52
Figure 47: Advantage Oil & Gas Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 53
Figure 48: Advantage Oil & Gas Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 53
Figure 49: Advantage Oil & Gas Ltd., Production Costs, By Country/Region, US$ mil, 2009-2013 54
Figure 50: Advantage Oil & Gas Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 54
Figure 51: Advantage Oil & Gas Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 56
Figure 52: Advantage Oil & Gas Ltd., Exploration Expenses per boe, By Country/Region, US$/boe, 2009-2013 57
Figure 53: Advantage Oil & Gas Ltd., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013 57
Figure 54: Advantage Oil & Gas Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013 58
Figure 55: Advantage Oil & Gas Ltd., Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013 58
Figure 56: Advantage Oil & Gas Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013 59
Figure 57: Advantage Oil & Gas Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2009-2013 59
Figure 58: Advantage Oil & Gas Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2009-2013 60
Figure 59: Advantage Oil & Gas Ltd., Oil and Gas Performance Metrics, 2009-2013 61
Figure 60: Advantage Oil & Gas Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 62
Figure 61: Advantage Oil & Gas Ltd., Producible Oil and Gas Wells, 2009-2013 63
Figure 62: Advantage Oil & Gas Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2009-2013 64
Figure 63: Advantage Oil & Gas Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 64
Figure 64: Advantage Oil & Gas Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2009-2013 65
Figure 65: Advantage Oil & Gas Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013 65
Figure 66: Advantage Oil & Gas Ltd., Net Productive Gas Wells, By Country/Region, Number, 2009-2013 66
Figure 67: Advantage Oil & Gas Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 66
Figure 68: Advantage Oil & Gas Ltd., Net Productive Oil Wells, By Country/Region, Number, 2009-2013 67
Figure 69: Advantage Oil & Gas Ltd., Exploratory and Developed Wells, 2009-2013 68


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