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Petrohawk Energy Corp. Reports Operating Results (10-K/A)
Posted by: gurufocus (IP Logged)
Date: December 5, 2011 04:48PM

Petrohawk Energy Corp. (HK) filed Amended Annual Report for the period ended 2010-12-31. .

Highlight of Business Operations:

At December 31, 2010, our estimated total proved oil and natural gas reserves, as prepared by our independent reserve engineering firm, Netherland, Sewell & Associates, Inc. (Netherland, Sewell), were approximately 3,392 billion cubic feet of natural gas equivalent (Bcfe), consisting of 3,110 billion cubic feet (Bcf) of natural gas, 20 million barrels (MMBbls) of oil, and 27 MMBbls of natural gas liquids. Approximately 35% of our proved reserves were classified as proved developed. We maintain operational control of approximately 82% of our proved reserves. Production for the fourth quarter of 2010 averaged 761 million cubic feet of natural gas equivalent (Mmcfe) per day (Mmcfe/d). Full year 2010 production averaged 675 Mmcfe/d compared to 502 Mmcfe/d in 2009. Our total operating revenues for 2010 were approximately $1.6 billion.

We have designed a risk management policy for the use of derivative instruments to provide partial protection against certain risks relating to our ongoing business operations, such as commodity price risk and interest rate risk. Derivative contracts are utilized to economically hedge our exposure to price fluctuations and reduce the variability in our cash flows associated with anticipated sales on future oil, natural gas and natural gas liquids production. We hedge a substantial, but varying, portion of anticipated oil, natural gas, and natural gas liquids production for the next 12 to 36 months. Periodically, we enter into interest rate swaps to mitigate exposure to market rate fluctuations by

Read the The complete Report

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