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EIA ReportsU.S. DEPARTMENT OF ENERGYWASHINGTON DC 20585 FOR IMMEDIATE RELEASE FEBRUARY 3, 1997 Profits High for Major Energy Companies in 1995 Despite Near-Zero Return from Refining The income and profitability of two dozen major U.S. energy companies rose for the third year in a row in 1995, with net income soaring 29 percent over 1994 to $25 billion, according to data collected by the Energy Information Administration (EIA) and published in the newest edition of Performance Profiles of Major Energy Producers.
Among the most significant developments for FRS companies in 1995 was the sharp growth in demand for natural gas at home and abroad. FRS companies drilled record numbers of onshore gas wells and added record volumes to U.S. onshore natural gas reserves. The companies' natural gas production was the highest since 1982. Deregulation has also drawn the FRS companies more deeply into additional natural gas activities, such as resale, trade, and storage. Another notable development was the low profitability of the FRS companies' domestic refining and marketing operations during 1995. (See figure). A warm winter and continued heavy investment in refinery upgrades and pollution abatement resulted in the third-poorest financial performance in nearly 20 years. The trends in declining margins and rising pollution-control spending have driven the companies to cut costs and seek joint ventures in downstream operations. Performance Profiles of Major Energy Producers 1995 discusses these and other key financial developments in detail and reviews the FRS companies' activities in coal and alternative energy. The report includes a chapter on foreign direct investment in U.S. energy assets which was previously published annually as Profiles of Foreign Direct Investment in U.S. Energy. The Energy Information Administration is an independent statistical agency within the Department of Energy that is responsible for collecting, analyzing, and disseminating energy information. Copies of the report, Performance Profiles of Major Energy Producers 1995, based on EIA's Financial Reporting System database, are available from the U.S. Government Printing Office and from the National Energy Information Center, Room 1F-048, Forrestal Building, Washington, D.C. 20585, 202-586-8800. The report's Executive Summary is available electronically via the Internet on EIA's World Wide Web site <http://www.eia.doe.gov> under "What's New at EIA." The full report will be available electronically within a week by connecting to EIA's Web site and selecting "Financial" and then selecting the report by name from the publications list. The figure referenced above may be viewed along with this press release on EIA's Web Site. Copies are also available from EIA's Press Contact. Historical data from the Financial Reporting System for the years 1977-1995 are available on diskette by contacting Greg Filas by telephone 202-586-1347, by fax 202-586-9753, or on the Internet gfilas@eia.doe.gov.
Press Contact: Thomas Welch, 202-586-1178 EIA-97-07 Contact:
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The 24 companies are those that are required to report financial and operating data annually via EIA's Financial Reporting System (FRS). FRS companies in 1995 had sales of $482 billion, produced over half of U.S. total crude oil and natural gas liquids and 45 percent of U.S. natural gas, and owned two-thirds of U.S. refining capacity. Eighty percent of the FRS companies' operating revenues derive from energy sales, with the rest coming mainly from chemicals.