Williams Pegs Year-End 2003 Reserves at 2.7 Tcfe
Despite divesting a number of producing properties during the year, Williams said Tuesday that as of Dec. 31, 2003 it had 2.7 Tcfe in proved U.S. natural gas reserves, slightly less than the 2.8 Tcfe the company logged at the end of 2002. Williams noted that its 2003 divestitures totaled 390 Bcfe of proved reserves.
After adjusting for divested properties, Williams said it replaced its 2003 production of 175 Bcfe at a ratio of 254%.
"Our 2003 reserves-replacement performance re-affirms that we have retained a portfolio of world-class natural gas properties that leverage our expertise in tight-sands gas and coalbed methane," said Ralph Hill, who leads Williams' exploration and production business. The business primarily develops gas reserves in the Piceance, San Juan, Powder River and Arkoma basins in the United States.
Approximately 98% of Williams' year-end 2003 U.S. proved reserves estimates were either audited by Netherland, Sewell & Associates, Inc. or Miller and Lents Ltd.
The company added that it also owns an approximate 69% interest in APCO Argentina, a separately traded oil and gas company with properties in Argentina, and a 10% interest in the La Concepcion oil field in Venezuela.
More 2003 operating statistics will be released when Williams announces year-end 2003 financial results on Feb. 19.
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