Given that Anadarko Petroleum
Onshore, Anadarko pushed forward in several of the major shale plays. The company has amassed 350,000 net acres in the Marcellus shale, some of which is operated by the ubiquitous Chesapeake Energy
Beyond the shale, Anadarko learned to do more with less across its entire onshore portfolio, and wrung out impressive efficiencies, including a 20% drop in per-barrel lifting costs. The company's 140% adjusted reserve replacement rate came in right around last year's level.
These were fine achievements, but Anadarko's offshore discoveries really stole the show. The company racked up a 50% hit rate in its global deepwater program, turning in a total of nine discoveries. These included Tweneboa in Ghana, Lucius in the Gulf of Mexico, and Itaipu in Brazil. Devon Energy
Neither shale nor deepwater drilling plays are for the meek. Both are capital-intensive, and can easily get an overleveraged operator into trouble. Devon's transformation is one powerful example, and XTO Energy's