3Q Oil Production from 24 Major US-Based Energy Companies: Down 2% Year-to-Year
23 December 2004
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.
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) | ||||
---|---|---|---|---|
Source | 3Q-03 | 3Q-04 | Δ Vol. | % Δ |
Domestic | 3,711 | 3,373 | -338 | -9.1% |
Foreign | 4,675 | 4,845 | +170 | +3.6% |
Total | 8,386 | 8,218 | -168 | -2.0% |
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