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Business Description
Pogo Producing Company is engaged in oil and gas exploration, development, acquisition and production activities on its properties located offshore in the Gulf of Mexico; onshore in selected areas, including Texas, New Mexico, Wyoming and Louisiana, and internationally, primarily in the Gulf of Thailand and in Hungary. As of December 31, 2003, the Company had interests in 78 lease blocks offshore Louisiana and Texas, approximately 484,000 gross acres onshore in the United States, approximately 734,000 gross acres offshore in the Kingdom of Thailand, approximately 81,000 gross acres in the Danish sector of the North Sea and approximately 764,000 gross acres in Hungary. On February 4, 2004, the Company acquired interests in approximately 1,014,000 gross acres in New Zealand. As of December 31, 2003, reserves topped 1,701 billion cubic feet of natural gas equivalent and production for 2003 averaged more than 115,000 barrel of oil equivalent per day.

Financial Information
For the nine months ended 9/30/04, revenues increased 12% to $999 million. Net income before accnt. chg. fell 7% to $223.4 million. Results reflect higher oil and gas revenues, offset by higher debt extinguishment costs.