Release Date: December 2008
Next Release Date: December 2009  

• Tables and Figures
  
  
• Major Findings
• Financial Information
• Production
• Refining & Marketing
• About the Financial Reporting System Companies
• About Performance Profiles
• About the Financial Reporting System (FRS) Survey
• Market Overview
  
  
• Acronyms
• Financial Terms
• Glossary
• Historical Company List
  
  
  

Production

1. Oil and Gas Production net income in 2007 fell to $87 billion, down 9 percent from 2006 (in constant dollars). Foreign production decreased 11 percent while domestic production decreased 7 percent.

2. Worldwide production of oil by FRS companies decreased by 4 percent in 2007 while production of natural gas increased 2 percent.

3. The FRS companies' worldwide reserve replacement rate for natural gas in 2007 was 126 percent. It has exceeded 100 percent every year since 1992, with the exception of 2006. Their oil reserve replacement ratio was 78 percent in 2007, the fifth time in the last 6 years that it has failed to reach 100 percent.

4. For domestic production and reserves, the FRS companies' reserve replacement rate was 105 percent for oil and 185 percent for natural gas. The corresponding rates for all producers were 140 percent for oil and 237 percent for natural gas.

5. Finding costs for FRS companies increased to $18.49 per barrel of oil equivalent in the 2005-2007 period, 5 percent higher than the previous period (2004-2006).

6. Lifting costs increased 17 percent to $9.98 per barrel of oil equivalent in 2007.

7. Finding and lifting costs combined increased to 9 percent to $27.10 per barrel of oil equivalent in 2005-2007, the highest since the 1982-1984 period.

More Information on Oil and Gas Production (PDF)

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