Independent oil and gas exploration and production company PetroQuest Energy once focused its quest for petroleum on the hydrocarbon-rich and high margin Gulf Coast Basin, but in the last decade, in order to diversify its reserve base and allow it more financial flexibility, it has looked to grow its assets in long lived, lower risk basins onshore. In 2013 PetroQuest had offshore operations in the Gulf of Mexico, and onshore operations in Arkansas, Louisiana, Oklahoma, and Texas. That year, the company reported proved reserves of  3.1 million barrels of oil, 29.1 billion cu. ft. equivalent of natural gas liquids (NGLs) and 254.2 billion cu. ft. of natural gas.