|
|
 |
SELECTED FINANCIAL RESULTS* |
|
|
|
|
|
|
|
For the years ended December
31, |
2004 |
|
2003 |
|
|
| |
(restated,
Note 2) |
|
|
|
|
|
|
Financial (000's) |
|
|
|
|
Net Income |
$258,316 |
|
$248,046 |
|
Funds Flow from Operations
(1) |
539,969 |
|
413,200 |
|
Cash Distributed (2) |
426,721 |
|
379,055 |
|
Cash Withheld for Acquisitions
and Capital Expenditures |
113,248 |
|
34,145 |
|
Debt Outstanding (net
of cash) |
584,991 |
|
257,701 |
|
Development Capital Spending |
206,874 |
|
157,706 |
|
Acquisitions |
636,326 |
|
225,293 |
|
Divestments |
31,742 |
|
73,214 |
|
|
|
|
|
|
Financial per Unit |
|
|
|
|
Net Income |
$2.60 |
|
$2.88 |
|
Funds Flow from Operations
(1) |
5.44 |
|
4.79 |
|
Cash Distributed (2) |
4.20 |
|
4.32 |
|
Cash Withheld for Acquisitions
and Capital Expenditures |
1.11 |
|
0.39 |
|
Payout Ratio |
79% |
|
92% |
|
Selected Financial Results
per BOE (3) |
|
|
|
|
Oil & Gas Sales (4) |
$40.90 |
|
$36.94 |
|
Royalties |
(8.40) |
|
(7.51) |
|
Financial Contracts |
(3.50) |
|
(1.81) |
|
Operating Costs |
(7.14) |
|
(6.73) |
|
General and Administrative |
(1.06) |
|
(0.95) |
|
Management Fees |
- |
|
(2.29) |
|
Interest and Foreign Exchange |
(0.67) |
|
(0.82) |
|
Taxes |
(0.24) |
|
(0.26) |
|
Restoration and Abandonment |
(0.25) |
|
(0.26) |
|
Funds Flow from Operations
(1) |
$19.64 |
|
$16.31 |
|
|
|
|
|
|
Weighted Average Number
of Trust Units Outstanding (thousands) |
99,273 |
|
86,202 |
|
Debt/Trailing 12 Month
Funds Flow Ratio (1) |
1.1x |
|
0.6x |
|
SELECTED OPERATING RESULTS* |
|
|
|
|
|
|
|
2004 |
|
2003 |
|
Average Daily Production |
|
|
|
|
|
Natural gas (Mcf/day) |
|
271,091 |
|
240,907 |
|
Crude oil (bbls/day) |
|
25,550 |
|
24,597 |
|
NGLs (bbls/day) |
|
4,398 |
|
4,666 |
|
Total (BOE/day) (6:1) |
|
75,130 |
|
69,414 |
|
|
|
|
|
|
|
% Natural gas |
|
60% |
|
58% |
|
Average Selling Price (4) |
|
|
|
|
Natural gas (per Mcf) |
$6.56 |
|
$6.30 |
|
Crude oil (per bbl) |
43.80 |
|
36.15 |
|
NGLs (per bbl) |
38.14 |
|
33.43 |
|
US$ exchange rate |
0.77 |
|
0.72 |
|
Net Wells drilled |
|
367 |
|
294 |
|
Success Rate |
|
99% |
|
98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved Reserves (MMBOE) |
|
279.1 |
|
249.2 |
|
Probable Reserves (MMBOE) |
|
127.1 |
|
78.9 |
|
Total Proved plus Probable Reserves (MMBOE) |
|
406.2 |
|
328.1 |
|
|
|
|
|
|
|
FD&A Cost per BOE, excluding Future Development
Capital (5) |
|
$7.68 |
|
$9.36 |
|
FD&A Cost per BOE, including Future Development
Capital (5) |
|
11.34 |
|
11.60 |
|
Recycle Ratio (5) |
|
1.9x |
|
1.8x |
|
|
|
|
|
|
|
Proved Reserve Life Index (years) |
|
10.1 |
|
10.6 |
|
Proved plus Probable Reserve Life Index (years) |
|
14.0 |
|
13.3 |
|
* Readers are urged to review the Definitions and Abbreviations section included
at the end of this report for information on the methodology used in determining
various metrics.
(1) See the definition of funds flow in Management's Discussion and
Analysis
(2) Calculated based on distributions paid or payable each month relating
to the period
(3) Non-cash amounts have been excluded
(4) Including oil and gas transportation costs and before financial
contracts
(5) Based upon proved plus probable reserves
2004 was a milestone year as we drilled a record number of wells, achieved
record production levels and completed the largest acquisition in our 19-year
history.
|
