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

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

Gastar Exploration 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.

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 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
Gastar Exploration Ltd., Valuation and Financial Data 9
Gastar Exploration Ltd., Share Price Performance 9
Share Price Performance, Q1, 2013-Q1, 2014 9
Gastar Exploration Ltd., Key Valuation Metrics 10
Key Valuation Metrics, Q1, 2013-Q1, 2014 10
Gastar Exploration Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q1, 2013-Q1, 2014 11
Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2013-Q1, 2014 12
Gastar Exploration Ltd., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q1, 2013-Q1, 2014 13
Gastar Exploration Ltd., Quarterly Production Trends 14
Gastar Exploration Ltd., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q1, 2013-Q1, 2014 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2013-Q1, 2014 15
Gastar Exploration Ltd., Crude Oil Production 16
Total Crude Oil Production Trend, Q1, 2013-Q1, 2014 16
Crude Oil Production, By Country/Region, Q1, 2013-Q1, 2014 17
Gastar Exploration Ltd., Natural Gas Production 18
Total Natural Gas Production Trend, Q1, 2013-Q1, 2014 18
Natural Gas Production, By Country/Region, Q1, 2013-Q1, 2014 19
Gastar Exploration Ltd., Valuation and Financial Data, 2009-2013 20
Gastar Exploration Ltd., Share Price Performance, 2009-2013 20
Share Price Performance, 2009-2013 20
Key Valuation Metrics, 2009-2013 21
Gastar Exploration Ltd., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 24
Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2009-2013 27
Crude Oil Production and Reserves By Country/Region, 2009-2013 28
Crude Oil/Liquids Reserve Changes, 2009-2013 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2009-2013 31
Natural Gas Production and Reserves, By Country/Region, 2009-2013 32
Natural Gas Reserve Changes, 2009-2013 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 36
Gastar Exploration Ltd., E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2009-2013 38
Acquisition Costs By Country/Region, 2009-2013 39
Exploration and Development Costs, By Country/Region, 2009-2013 41
Oil and Gas Cost Per boe, US$/boe 43
Oil and Gas Cost Per boe, US$/boe, 2009-2013 43
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 45
Gastar Exploration Ltd., Reserve Replacement Ratio 47
Oil and Gas Production Replacement Ratio 47
Oil and Gas Production Replacement Ratio, 2009-2013 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 49
Gastar Exploration Ltd., Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2009-2013 53
Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 54
Oil and Gas Revenue and Expenses, Per boe 59
Oil and Gas Revenue and Expenses, By boe, 2009-2013 59
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 60
Oil and Gas Performance Metrics 64
Gastar Exploration Ltd., Land Holdings and Well Data 65
Developed and Undeveloped Acreage 65
Gross and Net Developed and Undeveloped Acreage, 2009-2013 65
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013 66
Well Statistics 69
Producible Oil and Gas Well, 2009-2013 69
Producible Oil and Gas Well, By Country/Region, 2009-2013 70
Exploration and Development Wells Drilled, 2009-2013 74
Exploration and Development Wells Drilled, By Country/Region, 2009-2013 75
Recent Developments 76
Gastar Exploration Ltd. - Recent Developments 76
Jun 17, 2014: Gastar Exploration Updates Initial Utica/Point Pleasant Well 76
Jun 03, 2014: Gastar Exploration Declares Monthly Cash Dividend on 8.625% Series A Preferred Stock and 10.75% Series B Preferred Stock June 3, 2014 76
May 14, 2014: Gastar Exploration Reports First Quarter 2014 Results 76
Apr 10, 2014: Gastar Exploration Resumes Marcellus Shale Production at Reduced Rate Following Third-Party Pipeline Rupture 79
Apr 07, 2014: Gastar Exploration Announces Marcellus Shale Production Temporarily Interrupted due to Rupture of Third Party-Operated Pipeline 80
Mar 27, 2014: Gastar Exploration Obtains Continued Exemption From Canadian Oil & Gas Reporting Obligations 80
Mar 13, 2014: Gastar Exploration Reports Fourth Quarter 2013 Results 81
Mar 04, 2014: Gastar Exploration Declares Monthly Cash Dividend on 8.625% Series A Preferred Stock and 10.75% Series B Preferred Stock 82
Jan 06, 2014: Gastar Exploration Declares Monthly Cash Dividend on 8.625% Series A Preferred Stock and 10.75% Series B Preferred Stock of Gastar Exploration USA, Inc. 82
Dec 17, 2013: Gastar Exploration Provides Update on Mid-Con 7H Well and Activity in Hunton Limestone Oil Play 83
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: Gastar Exploration Ltd., Key Facts 8
Table 2: Gastar Exploration Ltd., Share Price Performance, Q1, 2013-Q1, 2014 9
Table 3: Gastar Exploration Ltd., Key Valuation Metrics, Q1, 2013-Q1, 2014 10
Table 4: Gastar Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2013-Q1, 2014 11
Table 5: Gastar Exploration Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2013-Q1, 2014 12
Table 6: Gastar Exploration Ltd., Upstream Capital Expenditure, Q1, 2013-Q1, 2014 13
Table 7: Gastar Exploration Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2013-Q1, 2014 14
Table 8: Gastar Exploration Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2013-Q1, 2014 15
Table 9: Gastar Exploration Ltd., Total Crude Oil Production, mmbbl, Q1, 2013-Q1, 2014 16
Table 10: Gastar Exploration Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2013-Q1, 2014 17
Table 11: Gastar Exploration Ltd., Total Natural Gas Production, bcf, Q1, 2013-Q1, 2014 18
Table 12: Gastar Exploration Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2013-Q1, 2014 19
Table 13: Gastar Exploration Ltd., Share Price Performance, 2009-2013 20
Table 14: Gastar Exploration Ltd., Key Valuation Metrics, 2009-2013 21
Table 15: Gastar Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 23
Table 16: Gastar Exploration Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 25
Table 17: Gastar Exploration Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 26
Table 18: Gastar Exploration Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 27
Table 19: Gastar Exploration Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 29
Table 20: Gastar Exploration Ltd., Crude Oil Reserve Changes, mmbbl, 2009-2013 30
Table 21: Gastar Exploration Ltd., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 31
Table 22: Gastar Exploration Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 33
Table 23: Gastar Exploration Ltd., Natural Gas Reserve Changes, bcf, 2009-2013 34
Table 24: Gastar Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2009-2013 35
Table 25: Gastar Exploration Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 37
Table 26: Gastar Exploration Ltd., Upstream Capital Expenditure, US$ mil, 2009-2013 38
Table 27: Gastar Exploration Ltd., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 40
Table 28: Gastar Exploration Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 42
Table 29: Gastar Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 44
Table 30: Gastar Exploration Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 46
Table 31: Gastar Exploration Ltd., Oil and Gas Production Replacement Ratio, %, 2009-2013 47
Table 32: Gastar Exploration Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 52
Table 33: Gastar Exploration Ltd., Revenue and Expenses, US$ mil, 2009-2013 53
Table 34: Gastar Exploration Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 58
Table 35: Gastar Exploration Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 59
Table 36: Gastar Exploration Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 63
Table 37: Gastar Exploration Ltd., Oil and Gas Performance Metrics, 2009-2013 64
Table 38: Gastar Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 65
Table 39: Gastar Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013 68
Table 40: Gastar Exploration Ltd., Producible Oil and Gas Wells, 2009-2013 69
Table 41: Gastar Exploration Ltd., Producible Oil and Gas Wells, By Country/Region, 2009-2013 73
Table 42: Gastar Exploration Ltd., Exploratory and Developed Wells, 2009-2013 74
Table 43: Gastar Exploration Ltd., Exploratory and Developed Wells, By Country/Region, 2009-2013 75

List of Figures
Figure 1: Gastar Exploration Ltd., Share Price Performance, USD/Share, Q1, 2013-Q1, 2014 9
Figure 2: Gastar Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2013-Q1, 2014 10
Figure 3: Gastar Exploration Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2013-Q1, 2014 11
Figure 4: Gastar Exploration Ltd., Upstream Capital Expenditure, US$ mil, Q1, 2013-Q1, 2014 13
Figure 5: Gastar Exploration Ltd., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2013-Q1, 2014 14
Figure 6: Gastar Exploration Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2013-Q1, 2014 15
Figure 7: Gastar Exploration Ltd., Total Crude Oil Production, mmbbl, Q1, 2013-Q1, 2014 16
Figure 8: Gastar Exploration Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2013-Q1, 2014 17
Figure 9: Gastar Exploration Ltd., Total Natural Gas Production, bcf, Q1, 2013-Q1, 2014 18
Figure 10: Gastar Exploration Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2013-Q1, 2014 19
Figure 11: Gastar Exploration Ltd., Share Price Performance, USD/Share, 2009-2013 20
Figure 12: Gastar Exploration Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2009-2013 21
Figure 13: Gastar Exploration Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 22
Figure 14: Gastar Exploration Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 24
Figure 15: Gastar Exploration Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 24
Figure 16: Gastar Exploration Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 26
Figure 17: Gastar Exploration Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 27
Figure 18: Gastar Exploration Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 28
Figure 19: Gastar Exploration Ltd., Oil Production, By Country/Region, mmbbl, 2009-2013 28
Figure 20: Gastar Exploration Ltd., Crude Oil Reserve Changes, mmbbl, 2013 30
Figure 21: Gastar Exploration Ltd., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 31
Figure 22: Gastar Exploration Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 32
Figure 23: Gastar Exploration Ltd., Gas Production, By Country/Region, bcf, 2009-2013 32
Figure 24: Gastar Exploration Ltd., Natural Gas Reserve Changes, bcf, 2013 34
Figure 25: Gastar Exploration Ltd., Oil and Gas Reserves Life Index, Years, 2009-2013 35
Figure 26: Gastar Exploration Ltd., Gas Reserve Life Index, By Country/Region, Years, 2009-2013 36
Figure 27: Gastar Exploration Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013 36
Figure 28: Gastar Exploration Ltd., Oil Reserve Life Index, By Country/Region, Years, 2009-2013 37
Figure 29: Gastar Exploration Ltd., Upstream Capital Expenditure, US$ mil, 2009-2013 38
Figure 30: Gastar Exploration Ltd., Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 39
Figure 31: Gastar Exploration Ltd., Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 39
Figure 32: Gastar Exploration Ltd., Development Costs, By Country/Region, US$ mil, 2009-2013 41
Figure 33: Gastar Exploration Ltd., Exploration Costs, By Country/Region, US$ mil, 2009-2013 41
Figure 34: Gastar Exploration Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 43
Figure 35: Gastar Exploration Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 45
Figure 36: Gastar Exploration Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 45
Figure 37: Gastar Exploration Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 46
Figure 38: Gastar Exploration Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 47
Figure 39: Gastar Exploration Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013 49
Figure 40: Gastar Exploration Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013 49
Figure 41: Gastar Exploration Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 50
Figure 42: Gastar Exploration Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 50
Figure 43: Gastar Exploration Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 51
Figure 44: Gastar Exploration Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 51
Figure 45: Gastar Exploration Ltd., Revenue and Expenses, US$ mil, 2009-2013 53
Figure 46: Gastar Exploration Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 54
Figure 47: Gastar Exploration Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 54
Figure 48: Gastar Exploration Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 55
Figure 49: Gastar Exploration Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 55
Figure 50: Gastar Exploration Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 56
Figure 51: Gastar Exploration Ltd., Production Costs, By Country/Region, US$ mil, 2009-2013 56
Figure 52: Gastar Exploration Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 57
Figure 53: Gastar Exploration Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 59
Figure 54: Gastar Exploration Ltd., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013 60
Figure 55: Gastar Exploration Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013 60
Figure 56: Gastar Exploration Ltd., Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013 61
Figure 57: Gastar Exploration Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013 61
Figure 58: Gastar Exploration Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2009-2013 62
Figure 59: Gastar Exploration Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2009-2013 62
Figure 60: Gastar Exploration Ltd., Oil and Gas Performance Metrics, 2009-2013 64
Figure 61: Gastar Exploration Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013 65
Figure 62: Gastar Exploration Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013 66
Figure 63: Gastar Exploration Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013 66
Figure 64: Gastar Exploration Ltd., Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013 67
Figure 65: Gastar Exploration Ltd., Total Net Developed Acreage, By Country/Region, Acres, 2009-2013 67
Figure 66: Gastar Exploration Ltd., Producible Oil and Gas Wells, 2009-2013 69
Figure 67: Gastar Exploration Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2009-2013 70
Figure 68: Gastar Exploration Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 70
Figure 69: Gastar Exploration Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2009-2013 71
Figure 70: Gastar Exploration Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013 71
Figure 71: Gastar Exploration Ltd., Net Productive Gas Wells, By Country/Region, Number, 2009-2013 72
Figure 72: Gastar Exploration Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013 72
Figure 73: Gastar Exploration Ltd., Net Productive Oil Wells, By Country/Region, Number, 2009-2013 73
Figure 74: Gastar Exploration Ltd., Exploratory and Developed Wells, 2009-2013 74


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