Release Date: February 2008
Next Release Date: February 2009 

• Findings
• Oil and Gas Production
• Petroleum Refining
• Branded Retail Outlets
  & Gasoline Sales
• Costs Incurred &
  Capital Expenditures
• Electric Power
  Generation Capacity
• Uranium Production
• Coal Production
• Shares of U.S. Totals
• Net FDI Capital Flows

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Costs Incurred and Capital Expenditures

Upstream (oil and gas production) costs incurred[1] (a good proxy for upstream capital expenditures) by FDI affiliates in the United States decreased in 2005 while downstream (refining and marketing) capital expenditures by FDI affiliates increased slightly. EnCana contributed the most to the fall in costs incurred largely because it did not make a multi-billion dollar acquisition in 2005, as it had in 2004.  The only increase in downstream capital expenditures was by an FDI affiliate of Petróleos de Venezuela, which added capacity to its Louisiana refinery.

Costs Incurred and Capital Expenditures by FDI-Affiliate Petroleum and Natural Gas Companies   in the United States, 2003 - 2005
(Million Dollars)
Foreign Parent - FDI-Affiliate	Upstream Costs Incurreda				Refining and Marketing Capital Expendituresb
	2003	2004	2005	2004 - 2005 Percent Change	2003	2004	2005	2004 - 2005 Percent Change
BP - BP America	3,764	3,728	3,600	-3.4	R1,401	1,314	1,226	-6.7
Royal Dutch/Shell - Meridian Resource & Shell Oilc	2,031	R1,352	1,396	3.3	722	R498	449	-9.8
EnCana - EnCana Oil & Gas USA	974	4,272	2,400	-43.8	0	0	0	0.0
BHP Billiton - BHP Billiton Petroleum (Americas)e	488	695	963	38.6	0	0	0	0.0
Total - variousd	325	378	492	30.4	-	-	-	- -
Nexen - various	444	333	356	6.9	0	0	0	0.0
RWE - CONSOL Energy	37	- -	- -	- -	0	- -	- -	- -
Petróleos de Venezuela (PDV) - CITGO Petroleum	0	0	0	0.0	414	341	515	51.0
Total	8,063	R10,757	9,207	-14.4	R2,537	R2,153	2,190	1.7
aCosts incurred in oil and gas property acquisition, exploration, and development.
bCapital expenditures in petroleum refining and marketing; may include some capital expenditures for other midstream activities.
cDoes not include Royal Dutch/Shell's capital expenditures at facilities owned by Motiva Enterprises or operated by its Chemicals Division.  Royal Dutch/Shell sold its interest in Meridian Resource in 2004.
dU.S. affiliates include Total Exploration Production USA and Atofina Petrochemicals.  May include small amounts in Canada.
eFor years ending June 30, 2003 - 2005.  Includes some costs in Trinidad and Tobago, Bolivia, and Brazil.
Notes:  - = No data reported.  - - = Not applicable.  E = Estimated.  NM = Not meaningful.  R = Revised data.  Components may not add to totals because of independent rounding.  Calculations performed with unrounded data.
Sources:  Company documents.

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[1] Includes costs incurred in oil and gas property acquisition, exploration, and development.