Saratoga Resources, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q2, 2015

 Published On: Nov, 2015 |    No of Pages: 93 |  Published By: GlobalData | Format: PDF
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Summary

Saratoga Resources, Inc. 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
Saratoga Resources, Inc., Valuation and Financial Data 9
Saratoga Resources, Inc., Share Price Performance 9
Share Price Performance, Q2, 2014-Q2, 2015 9
Saratoga Resources, Inc., Key Valuation Metrics 10
Key Valuation Metrics, Q2, 2014-Q2, 2015 10
Saratoga Resources, Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q2, 2014-Q2, 2015 11
Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2014-Q2, 2015 12
Saratoga Resources, Inc., Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q2, 2014-Q2, 2015 13
Saratoga Resources, Inc., Quarterly Production Trends 14
Saratoga Resources, Inc., Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q2, 2014-Q2, 2015 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2014-Q2, 2015 15
Saratoga Resources, Inc., Crude Oil Production 16
Total Crude Oil Production Trend, Q2, 2014-Q2, 2015 16
Crude Oil Production, By Country/Region, Q2, 2014-Q2, 2015 17
Saratoga Resources, Inc., Natural Gas Production 18
Total Natural Gas Production Trend, Q2, 2014-Q2, 2015 18
Natural Gas Production, By Country/Region, Q2, 2014-Q2, 2015 19
Saratoga Resources, Inc., Valuation and Financial Data, 2010-2014 20
Saratoga Resources, Inc., Share Price Performance, 2010-2014 20
Share Price Performance, 2010-2014 20
Key Valuation Metrics, 2010-2014 21
Saratoga Resources, Inc., Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010-2014 24
Total Crude Oil and Natural Gas Reserve Changes, 2010-2014 26
Crude Oil/Liquids Production and Reserve 27
Crude Oil/Liquids Production and Reserve Trend, 2010-2014 27
Crude Oil Production and Reserves By Country/Region, 2010-2014 28
Crude Oil/Liquids Reserve Changes, 2010-2014 30
Natural Gas Production and Reserve 31
Natural Gas Production and Reserve Trend, 2010-2014 31
Natural Gas Production and Reserves, By Country/Region, 2010-2014 32
Natural Gas Reserve Changes, 2010-2014 34
Total Crude Oil and Natural Gas Reserves Life Index 35
Total Crude Oil and Natural Gas Reserves Life Index, 2010-2014 35
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014 36
Saratoga Resources, Inc., E&P Costs Trends 38
Allocation of the Upstream Capital Expenditure 38
Upstream Capital Expenditure, 2010-2014 38
Acquisition Costs By Country/Region, 2010-2014 39
Exploration and Development Costs, By Country/Region, 2010-2014 41
Oil and Gas Cost Per boe, US$/boe 43
Oil and Gas Cost Per boe, US$/boe, 2010-2014 43
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2010-2014 45
Saratoga Resources, Inc., Reserve Replacement Ratio 47
Oil and Gas Production Replacement Ratio 47
Oil and Gas Production Replacement Ratio, 2010-2014 47
Oil and Gas Production Replacement Ratio, By Country/Region, 2010-2014 49
Saratoga Resources, Inc., Results of Oil & Gas Operations Trend 53
Oil and Gas Revenue and Expenses 53
Oil and Gas Revenue and Expenses, 2010-2014 53
Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014 55
Oil and Gas Revenue and Expenses, Per boe 60
Oil and Gas Revenue and Expenses, By boe, 2010-2014 60
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014 61
Oil and Gas Performance Metrics 65
Saratoga Resources, Inc., Land Holdings and Well Data 66
Developed and Undeveloped Acreage 66
Gross and Net Developed and Undeveloped Acreage, 2010-2014 66
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014 67
Well Statistics 70
Producible Oil and Gas Well, 2010-2014 70
Producible Oil and Gas Well, By Country/Region, 2010-2014 71
Exploration and Development Wells Drilled, 2010-2014 75
Exploration and Development Wells Drilled, By Country/Region, 2010-2014 76
Recent Developments 77
Saratoga Resources, Inc. - Recent Developments 77
Aug 10, 2015: Saratoga Resources Reports Updated Reserve Estimates 77
Jun 23, 2015: Saratoga Resources Receives Notice Of Delisting From NYSE MKT; OTC Trading Symbol Now “SARAQ” 78
Jun 18, 2015: Saratoga Resources Files Voluntary Petitions For Protection Under Chapter 11; Operations To Continue During Reorganization 79
May 18, 2015: Saratoga Resources Announces Appointment of Richard Nevins As Director; Extension Of Forbearance Agreements With Senior Lenders 79
Apr 16, 2015: Saratoga Resources Reports 2014 Financial Results 80
Mar 19, 2015: Saratoga Resources Announces Extension Of Forbearance Agreements With Senior Lenders; Engagement Of Conway MacKenzie 83
Jan 14, 2015: Saratoga Resources Addresses Status of Interest Payments On Outstanding Debt 84
Dec 18, 2014: Saratoga Resources Provides Update On Operations And Cost Cutting Measures 84
Nov 17, 2014: Saratoga Resources Reports Third Quarter 2014 Financial Results 84
Aug 15, 2014: Saratoga Resources Reports Second Quarter 2014 Financial Results 87
Appendix 91
Methodology 91
Coverage 91
Secondary Research 91
Primary Research 91
Data Information Sources 92
Company Source 92
SEC/Other Regulatory Filings 92
Other Sources 92
Expert Panel Validation 92
Data Definition 92
Oil and Gas Reserves 92
Units of Measure 93
About GlobalData 93
Disclosure 93
Disclaimer 93

List of Tables
Table 1: Saratoga Resources, Inc., Key Facts 8
Table 2: Saratoga Resources, Inc., Share Price Performance, Q2, 2014-Q2, 2015 9
Table 3: Saratoga Resources, Inc., Key Valuation Metrics, Q2, 2014-Q2, 2015 10
Table 4: Saratoga Resources, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2014-Q2, 2015 11
Table 5: Saratoga Resources, Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2014-Q2, 2015 12
Table 6: Saratoga Resources, Inc., Upstream Capital Expenditure, Q2, 2014-Q2, 2015 13
Table 7: Saratoga Resources, Inc., Total Crude Oil and Natural Gas, Production, Q2, 2014-Q2, 2015 14
Table 8: Saratoga Resources, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2014-Q2, 2015 15
Table 9: Saratoga Resources, Inc., Total Crude Oil Production, mmbbl, Q2, 2014-Q2, 2015 16
Table 10: Saratoga Resources, Inc., Crude Oil Production, By Country/Region, mmbbl, Q2, 2014-Q2, 2015 17
Table 11: Saratoga Resources, Inc., Total Natural Gas Production, bcf, Q2, 2014-Q2, 2015 18
Table 12: Saratoga Resources, Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2014-Q2, 2015 19
Table 13: Saratoga Resources, Inc., Share Price Performance, 2010-2014 20
Table 14: Saratoga Resources, Inc., Key Valuation Metrics, 2010-2014 21
Table 15: Saratoga Resources, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 23
Table 16: Saratoga Resources, Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014 25
Table 17: Saratoga Resources, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014 26
Table 18: Saratoga Resources, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 27
Table 19: Saratoga Resources, Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014 29
Table 20: Saratoga Resources, Inc., Crude Oil Reserve Changes, mmbbl, 2010-2014 30
Table 21: Saratoga Resources, Inc., Natural Gas Production and Reserves Metrics, bcf, 2010-2014 31
Table 22: Saratoga Resources, Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014 33
Table 23: Saratoga Resources, Inc., Natural Gas Reserve Changes, bcf, 2010-2014 34
Table 24: Saratoga Resources, Inc., Oil and Gas Reserves Life Index, Years, 2010-2014 35
Table 25: Saratoga Resources, Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014 37
Table 26: Saratoga Resources, Inc., Upstream Capital Expenditure, US$ mil, 2010-2014 38
Table 27: Saratoga Resources, Inc., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 40
Table 28: Saratoga Resources, Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014 42
Table 29: Saratoga Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 44
Table 30: Saratoga Resources, Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2010-2014 46
Table 31: Saratoga Resources, Inc., Oil and Gas Production Replacement Ratio, %, 2010-2014 48
Table 32: Saratoga Resources, Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014 52
Table 33: Saratoga Resources, Inc., Revenue and Expenses, US$ mil, 2010-2014 54
Table 34: Saratoga Resources, Inc., Revenue and Expenses, By Country/Region, US$ mil, 2010-2014 59
Table 35: Saratoga Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 60
Table 36: Saratoga Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014 64
Table 37: Saratoga Resources, Inc., Oil and Gas Performance Metrics, 2010-2014 65
Table 38: Saratoga Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 66
Table 39: Saratoga Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014 69
Table 40: Saratoga Resources, Inc., Producible Oil and Gas Wells, 2010-2014 70
Table 41: Saratoga Resources, Inc., Producible Oil and Gas Wells, By Country/Region, 2010-2014 74
Table 42: Saratoga Resources, Inc., Exploratory and Developed Wells, 2010-2014 75
Table 43: Saratoga Resources, Inc., Exploratory and Developed Wells, By Country/Region, 2010-2014 76

List of Figures
Figure 1: Saratoga Resources, Inc., Share Price Performance, USD/Share, Q2, 2014-Q2, 2015 9
Figure 2: Saratoga Resources, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2014-Q2, 2015 10
Figure 3: Saratoga Resources, Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q2, 2014-Q2, 2015 11
Figure 4: Saratoga Resources, Inc., Upstream Capital Expenditure, US$ mil, Q2, 2014-Q2, 2015 13
Figure 5: Saratoga Resources, Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q2, 2014-Q2, 2015 14
Figure 6: Saratoga Resources, Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q2, 2014-Q2, 2015 15
Figure 7: Saratoga Resources, Inc., Total Crude Oil Production, mmbbl, Q2, 2014-Q2, 2015 16
Figure 8: Saratoga Resources, Inc., Crude Oil Production, By Country/Region, mmbbl, Q2, 2014-Q2, 2015 17
Figure 9: Saratoga Resources, Inc., Total Natural Gas Production, bcf, Q2, 2014-Q2, 2015 18
Figure 10: Saratoga Resources, Inc., Natural Gas Production, By Country/Region, bcf, Q2, 2014-Q2, 2015 19
Figure 11: Saratoga Resources, Inc., Share Price Performance, USD/Share, 2010-2014 20
Figure 12: Saratoga Resources, Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2010-2014 21
Figure 13: Saratoga Resources, Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 22
Figure 14: Saratoga Resources, Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014 24
Figure 15: Saratoga Resources, Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014 24
Figure 16: Saratoga Resources, Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014 26
Figure 17: Saratoga Resources, Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 27
Figure 18: Saratoga Resources, Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014 28
Figure 19: Saratoga Resources, Inc., Oil Production, By Country/Region, mmbbl, 2010-2014 28
Figure 20: Saratoga Resources, Inc., Crude Oil Reserve Changes, mmbbl, 2014 30
Figure 21: Saratoga Resources, Inc., Natural Gas Production and Reserves Metrics, bcf, 2010-2014 31
Figure 22: Saratoga Resources, Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014 32
Figure 23: Saratoga Resources, Inc., Gas Production, By Country/Region, bcf, 2010-2014 32
Figure 24: Saratoga Resources, Inc., Natural Gas Reserve Changes, bcf, 2014 34
Figure 25: Saratoga Resources, Inc., Oil and Gas Reserves Life Index, Years, 2010-2014 35
Figure 26: Saratoga Resources, Inc., Gas Reserve Life Index, By Country/Region, Years, 2010-2014 36
Figure 27: Saratoga Resources, Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014 36
Figure 28: Saratoga Resources, Inc., Oil Reserve Life Index, By Country/Region, Years, 2010-2014 37
Figure 29: Saratoga Resources, Inc., Upstream Capital Expenditure, US$ mil, 2010-2014 38
Figure 30: Saratoga Resources, Inc., Proved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 39
Figure 31: Saratoga Resources, Inc., Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 39
Figure 32: Saratoga Resources, Inc., Development Costs, By Country/Region, US$ mil, 2010-2014 41
Figure 33: Saratoga Resources, Inc., Exploration Costs, By Country/Region, US$ mil, 2010-2014 41
Figure 34: Saratoga Resources, Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 43
Figure 35: Saratoga Resources, Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 45
Figure 36: Saratoga Resources, Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 45
Figure 37: Saratoga Resources, Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2010-2014 46
Figure 38: Saratoga Resources, Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2010-2014 47
Figure 39: Saratoga Resources, Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2010-2014 49
Figure 40: Saratoga Resources, Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2010-2014 49
Figure 41: Saratoga Resources, Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2010-2014 50
Figure 42: Saratoga Resources, Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2010-2014 50
Figure 43: Saratoga Resources, Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2010-2014 51
Figure 44: Saratoga Resources, Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2010-2014 51
Figure 45: Saratoga Resources, Inc., Revenue and Expenses, US$ mil, 2010-2014 53
Figure 46: Saratoga Resources, Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 55
Figure 47: Saratoga Resources, Inc., Exploration Expenses, By Country/Region, US$ mil, 2010-2014 55
Figure 48: Saratoga Resources, Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 56
Figure 49: Saratoga Resources, Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 56
Figure 50: Saratoga Resources, Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014 57
Figure 51: Saratoga Resources, Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 57
Figure 52: Saratoga Resources, Inc., Production Costs, By Country/Region, US$ mil, 2010-2014 58
Figure 53: Saratoga Resources, Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 58
Figure 54: Saratoga Resources, Inc., Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 60
Figure 55: Saratoga Resources, Inc., Exploration Expenses per boe, By Country/Region, US$/boe, 2010-2014 61
Figure 56: Saratoga Resources, Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2010-2014 61
Figure 57: Saratoga Resources, Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2010-2014 62
Figure 58: Saratoga Resources, Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2010-2014 62
Figure 59: Saratoga Resources, Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2010-2014 63
Figure 60: Saratoga Resources, Inc., Total DD&A per boe, By Country/Region, US$/boe, 2010-2014 63
Figure 61: Saratoga Resources, Inc., Total Revenue per boe, By Country/Region, US$/boe, 2010-2014 64
Figure 62: Saratoga Resources, Inc., Oil and Gas Performance Metrics, 2010-2014 65
Figure 63: Saratoga Resources, Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 66
Figure 64: Saratoga Resources, Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2010-2014 67
Figure 65: Saratoga Resources, Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2010-2014 67
Figure 66: Saratoga Resources, Inc., Total Gross Developed Acreage, By Country/Region, Acres, 2010-2014 68
Figure 67: Saratoga Resources, Inc., Total Net Developed Acreage, By Country/Region, Acres, 2010-2014 68
Figure 68: Saratoga Resources, Inc., Producible Oil and Gas Wells, 2010-2014 70
Figure 69: Saratoga Resources, Inc., Gross Productive Gas Wells, By Country/Region, Number, 2010-2014 71
Figure 70: Saratoga Resources, Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 71
Figure 71: Saratoga Resources, Inc., Gross Productive Oil Wells, By Country/Region, Number, 2010-2014 72
Figure 72: Saratoga Resources, Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2010-2014 72
Figure 73: Saratoga Resources, Inc., Net Productive Gas Wells, By Country/Region, Number, 2010-2014 73
Figure 74: Saratoga Resources, Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 73
Figure 75: Saratoga Resources, Inc., Net Productive Oil Wells, By Country/Region, Number, 2010-2014 74
Figure 76: Saratoga Resources, Inc., Exploratory and Developed Wells, 2010-2014 75


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