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We have put together a table of 26 exploration and production companies and the amount of free cash flow they are expected to throw off in 2005.   We culled company presentations and conference calls  to garner the expected amount of capital the companies budgeted for 2005.   We derived a cash flow estimate for the respective companies from various sources on the Internet. 

While a negative free cash flow should not be taken as a terrible sign some form of dilution will probably occur for the capital program to be executed.   However, investors convinced that the capital program will garner rewards in the future might be more than inclined to invest in the offering. 

Fcf2005

Source: Free cash flow for 2005