Release Date: December 2007
Next Release Date: December 2008  

• Data, Charts and Graphs
  
  
• Major Findings
• Financial Information
• Production
• Refining & Marketing
• About the Financial Reporting System Companies
• Market Overview
  
  
• Acronyms
• Financial Terms
• Glossary
  
  
  

Production

1. Oil and Gas Production net income in 2006 increased to $92 billion, up 0.5 percent from 2005 (in constant dollars). Foreign production increased while domestic production decreased.

2. Worldwide production of oil by FRS companies increased by 0.4 percent in 2006 while production of natural gas increased 1.5 percent.

3. FRS companies' reserve additions (excluding purchases and the sale of reserves) fell significantly to 4 billion barrels in 2006.

4. The FRS companies' worldwide reserve replacement rate for natural gas in 2006 was less than 100 percent (88 percent) for the first time since 1992. Their oil reserve replacement ratio was 59 percent in 2006, the fourth time in the last 5 years that it has failed to reach 100 percent.

5. For domestic production and reserves, the FRS companies' reserve replacement rate was 39 percent for oil and 101 percent for natural gas. The corresponding rates for all producers were 81 percent for oil and 136 percent for natural gas.

6. Finding costs for FRS companies increased to $17.23 per barrel of oil equivalent in the 2004-2006 period, 51 percent higher than the previous period (2003-2005).

7. Lifting costs increased 17 percent to $8.32 per barrel of oil equivalent in 2006.

8. Finding and lifting costs combined increased to 39 percent to $24.29 per barrel of oil equivalent in 2004-2006, the highest since the 1983-1985 period.

More Information on Oil and Gas Production (PDF)

Tables and Figures

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