Average Price per Barrel

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Average Price per Barrel refers to the price that a company pays for the oil that it uses in its operations. Companies that use oil as a major input for their business often use investment tools to hedge against the price of oil. By investing in oil (often through futures contracts), companies can lock in the price they pay for oil regardless of how prices change in the spot markets. Average price per barrel is, as it implies, the total amount of money a company spent on oil divided by the total number of barrels the oil came in. As a metric, average price per barrel is used to determine how well a company has hedged against the price of oil for a specific period.

Average Price per Barrel

Company	2004	2005	2006	2007	2008
Abraxas Petroleum (ABP)	$66.4	$53.3	$62.1	Add	Add
American Oil & Gas (AEZ)	$41.6	$53.9	$54.8	Add	Add
Anadarko Petroleum (APC)	$32.3	$47.8	$65.4	Add	Add
Apache (APA)	$35.2	$51.7	$59.9	Add	Add
APCO Argentina (APAGF)	$31.3	$37.9	$43.3	Add	Add
ATP Oil & Gas (ATPG)	$33.9	$41.9	$54.3	Add	Add
Aurora Oil & Gas (AOG)	$36.1	$52.3	$62	Add	Add
Barnwell Industries (BRN)	Add	$48.1	$56.9	$57	Add
Benton Oil and Gas Company (HNR)	$36.1	$24	$29	Add	Add
Berry Petroleum Company (BRY)	$33.4	$47	$52.9	Add	Add
Blue Dolphin Energy Company (BDCO)	$34.7	$51.8	$62.6	Add	Add
BMB Munai (KAZ)	$0	$15.2	$26.1	Add	Add
BP (BP)	$36.5	$50.3	$61.9	Add	Add
Brigham Exploration Company (BEXP)	$40.1	$54.7	$64	Add	Add
Cabot Oil & Gas (COG)	$31.6	$44.2	$65	Add	Add
Callon Petroleum Company (CPE)	$28.7	$41.6	$57.3	Add	Add
Canadian Natural Resources (CNQ)	$38	$46.9	$53.7	Add	Add
CanArgo Energy (CNR)	$26.2	$45.2	$53.7	Add	Add
Carrizo Oil & Gas (CRZO)	$41	$56.4	$63.6	Add	Add
Chesapeake Energy (CHK)	$28.3	$47.8	$59.1	Add	Add
Chevron Corporation (CVX)	$33.6	$47.6	$57.5	Add	Add
China Petroleum & Chemical (SNP)	$33.3	$46.5	$57.6	Add	Add
Cimarex Energy Co (XEC)	$40.2	$55.3	$62	Add	Add
Clayton Williams Energy (CWEI)	$40.7	$53.4	$62.9	Add	Add
CNOOC (CEO)	$35.4	$47.3	$58.9	Add	Add
Comstock Resources (CRK)	$39.9	$51.5	$60.9	Add	Add
ConocoPhillips (COP)	$37.7	$51.7	$62.4	$69.5	Add
Contango Oil & Gas Company (MCF)	$32	$58.9	$61.6	$59.7	Add
Credo Petroleum (CRED)	Add	$50.9	$61.1	$61	Add
Delta Petroleum (DPTR)	$33	$47.1	$63.7	Add	Add
Denbury Resources, Inc. (Holding Company) (DNR)	$27.4	$50.3	$59.2	Add	Add
Devon Energy (DVN)	$49.7	$63.1	$61.4	Add	Add
Double Eagle Petroleum Company (DBLE)	$37.6	$49.3	$57.9	Add	Add
Edge Petroleum (EPEX)	Add	$43.9	$72	$88.6	Add
Encana (ECA)	Add	$34.1	$35.1	$49.6	Add
Encore Acquisition Company (EAC)	Add	$33	$44.8	$47.3	Add
Endeavor International (END)	Add	$69.1	$68.9	$69.1	Add
Energy Partners (EPL)	Add	$35	$46.5	$59.8	Add
ENI S.p.A. (E)	$34.8	$49.3	$59.9	Add	Add
EOG Resources (EOG)	$40.2	$54.6	$62.4	Add	Add

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