Release Date: December 2007
Next Release Date: December 2008  

• Data, Charts and Graphs
  
  
• Major Findings
• Financial Information
• Production
• Refining & Marketing
• About the Financial Reporting System Companies
• Market Overview
  
  
• Acronyms
• Financial Terms
• Glossary
  
  
  

Major Findings

1. Net income reached $131 billion, the highest ever in the FRS survey.

2. Return on stockholders’ equity was 27.0 percent, the second-highest ever behind 2005's 28.2 percent.

3. Cash flow from operations increased 10 percent (in constant 2006 dollars) from 2005 to $194 billion in 2006.

4. Capital expenditures increased 42 percent from 2005 to $195 billion in 2006.

5. FRS companies increased the amount of cash used for capital expenditures, to repurchase stock, and lower debt levels. Their cash and cash equivalents positions decreased relative to 2005, but were higher than any previous year in the survey except 2005.

6. Expenditures for exploration, development, and production increased $68 billion to $203 billion in 2006.

7. FRS companies' worldwide reserve replacement rate for natural gas was only 88 percent in 2006, the first time since 1992 that it did not equal or exceed 100 percent. The oil reserve replacement ratio declined to 59 percent in 2006 and was the fourth time in the past 5 that it was less than 100 percent.

8. For domestic production and reserves, the FRS companies' reserve replacement rate was 39 percent for oil and 101 percent for natural gas. The corresponding rates for all producers were 81 percent for oil and 136 percent for natural gas.

9. Finding costs for FRS companies increased 51 percent in the 2004-2006 period to $17.23 per barrel of oil equivalent.

10. The U.S. refined product net margin increased to $5.29 per barrel, $1.66 per barrel higher than the previous peak in 2005.

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