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3Q Oil Production from 24 Major US-Based Energy Companies: Down 2% Year-to-Year

The Department of Energy’s Energy Information Administration has released the third quarter financial results from 24 major US-based energy companies. (Earlier post on 2Q results is here.) This basket of companies includes the US-based subsidiaries of BP and Shell, but not the international operations of those companies, as both are based overseas.

Eia_3q_24_co_oil_prod

Not surprisingly, the combined level of net income for Q3-04 was 56% higher than in Q3-03.  The EIA also collects production data, which I have charted at the right. (Click to enlarge.)

Across all 24 companies, total crude oil production dropped 2% from the third quarter of 2003 to the third quarter of 2004 on a volume of 8,218 thousand barrels a day. That combined 3Q-04 volume is also 5% less than the 2Q-04 production figure of 8,627 thousand barrels per day.

Even the 3.6% increase in foreign production was not enough to offset the 9.1% drop in domestic production. US consumption of oil is running at about 20.5 million barrels per day.

3Q Oil Production from 24 Major Energy Companies (kbpd)
Source3Q-033Q-04Δ Vol.% Δ
Domestic 3,711 3,373 -338 -9.1%
Foreign 4,675 4,845 +170 +3.6%
Total8,3868,218-168-2.0%

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