Energy Market & Energy Statistics

Aenert news. Energy Companies
Hydrocarbon production in the United States continues to grow strongly. In September 2023, new historical records for daily natural gas and crude oil production were achieved. For natural gas, the maximum daily production is now 125.078 Million Cubic Feet per Day, and for crude oil - 13.236 thousand barrels per Day. To understand the uniqueness of this fact, let us inform you that exactly ten years ago these figures were lower by 54.3% and 70.6%, respectively.
The main share in this production is occupied by unconventional hydrocarbons in the form of shale gas and tight oil, extracted from formations with low permeability. The USA is the absolute world leader in the extraction of these resources thanks to the development and application of directional drilling and hydraulic fracturing technologies. In the last two quarters, the level of daily production of shale gas and tight oil in the United States has stabilized or even decreased slightly after a long increase. Unconventional hydrocarbon production represents one of the most expensive and technologically complex options for oil and gas production. Therefore, statistical data about this process can largely indicate the state of the oil and gas industry as a whole, albeit indirectly.

US average daily production of shale gas and tight oil



Source: EIA.gov

Traditionally, the greatest shale gas production has been provided in the Marcellus (PA, WV, OH, and NY), and tight oil in Wolfcamp (TX and NM Permian). Below are the results of a number of leading American companies specializing in the production of shale gas and tight oil.

EOG Resources

EOG Resources, Inc. is one of the largest crude oil and natural gas exploration and production companies in the United States, most of which comes from shale gas and tight oil. EOG Resources operates primarily in the United States in regions such as the Eagle Ford, Permian Basin, South Texas and many others, as well as Trinidad.

In the third quarter of 2023, the company received total Operating Revenue of $6,212 million, compared to $7,593 million in the same quarter last year. Net Income decreased accordingly from $2,854 million to $2,030 million.

EOG Resources. Revenue, net income and share price



Source: based on EOG Resources

On the other hand, physical oil and gas production by EOG Resources, Inc. in 2023 Q3 was the maximum. For Crude oil and Condensate (MBod) it was 483.3, and for Natural Gas (MMcfd) – 1.704. Along the way, let’s add that the Price of worldwide oil ($/BBl) in 2023 Q3 was 80.7 versus 94.89 a year earlier. The company's share price rose again in the third quarter, although only slightly.

Devon Energy

Devon Energy Corporation is one of the largest independent energy companies in the United States. Devon operates in five major regions—the Delaware Basin, the Eagle Ford Basin, the Anadarko Basin, the Powder River Basin, and the Williston Basin. The Delaware Basin is the most productive of these regions. Devon is headquartered in Oklahoma City.

Devon's total hydrocarbon sales in 2023 Q3 amounted to $2,882 million ($3,668 million a year earlier). Net earnings were at $910 million.

Devon Energy. Revenue, net income and share price



Source: Based on Devon Energy Corporation

As in the case of EOG Resources, Devon's physical hydrocarbon production volumes in 2023 Q3 were at their highest level in recent years - 665 Mboe/d.

Occidental Petroleum Corporation

Occidental Petroleum Corporation (Oxy) is an American oil and gas production company headquartered in Houston, Texas. The company operates in the USA (Permian, Gulf of Mexico, Rockies), the Middle East (Oman, Qatar, United Arab Emirates) and Colombia. At the end of the last year proved reserves were - 1913 MMbbl Oil, 846 MMbbl NGL and 6350 Bcf natural gas. Most of the reserves are concentrated in the United States.

The company actively uses the method of injecting CO₂ into underground reservoirs to intensify production. Oxy currently stores up to 20 million tons of CO₂ per year and has over 2,500 miles of CO₂ pipeline.

In the third quarter of this year, the company's Net sales Oil&Gas amounted to $5,594 million ($7,098 million a year earlier). At the same time, Net Income for the first time this year exceeded the one billion mark and amounted to $1,156 million.

Occidental Petroleum Corporation. Revenue, net income and share price



Source: Based on Occidental Petroleum Corporation

Occidental Petroleum's share price rose slightly, but reached its highest level in our three-year tracking of this data.

The presented results indicate that the US oil and gas industry is at the historical peak of its development. It is difficult to say how long this period will last; much will depend on external factors, which do not yet inspire optimism. Nevertheless, this result was obtained, and it will become a guideline for future achievements.

By the Editorial Board