Traded Surviving Independents
COE = Crude oil equivalent.
Note: Overall finding costs = exploration and development expenditures (excluding acquisitions of unproved and proved acreage)/reserves added (excluding purchases of proved reserves), three-year weighted average. Independent oil and gas producers' primary industry is Standard Industrial Code 13.
Sources: Majors: Energy Information Administration, Form EIA-28; Publicly traded companies: compiled from Arthur Andersen & Co., Oil and Gas Reserves Disclosures Database, 1984-1988 and 1989-1993 (Chicago, 1989 and 1994).