Since exploration and production companies began filing their annual reports, I've been poring over disclosures regarding the new SEC reserve rules. Most companies have done a pretty fine job explaining the various impacts of these important changes to investors.
Take Anadarko Petroleum
Cabot Oil & Gas
This is all very helpful reporting. At the other end of the spectrum is Goodrich Petroleum
Use of 12-month average pricing at December 31, 2009 as required by the new rules generally has resulted in reporting less proved reserves as of December 31, 2009 than under the previous rules. Other changes in the rules ... had differing effects, and sometimes opposite impacts on the final tabulation of reserves. Because of the potential increased expense and time required to prepare an analysis of a multitude of such input changes, we have chosen not to attempt such a reconciliation at this time.
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