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Abstract
This year at the Independent Petroleum Association of America's midyear meeting, the CEOs of three California-based independent E&P companies described some of the ways in which independents are adapting creativity and resourcefulness that saw them through the lean times to expand and diversify their operations the current boom. One of California's largest producers, Aera Energy has 1,100 employees and accounts for about 30% of the state's oil and gas output. CEO E. J. (Gene) Voiland said the company operates in only 10 fields, but is a big operator in each, with annual capital budgets of up to $400 million. BreitBurn Energy (USA) is an acquisition-exploitation company with a corporate strategy that focuses upon using its world class technical team to increase and enhance production of underdeveloped properties. Cofounder and CEO Randall H. Breitenbach said BreitBurn is an excellent trust-type of asset, because of its very long-lived reserves and predictable, shallow production declines.