U.S. E&Ps Said Maintaining Stout Profits, Capex – Despite Lower Commodity Prices

By Andrew Baker

on
Published in: Daily Gas Price Index Filed under:

The U.S. oil and gas sector maintained robust profits and upstream capital expenditures (capex) in 2023, despite a substantial drop in commodity prices, according to a new analysis by Ernst & Young LLP, aka EY.

NGI's Henry Hub Daily Prices

The company’s latest U.S. Oil and Gas Reserves, Production and ESG Benchmarking Study analyzed the 50 largest publicly traded exploration and production (E&P) firms.

In 2023, researchers said, “The combined revenue of the studied companies remained the second highest in the five-year study period, falling 26% from a 2022 high to $244.4 billion, while recording a 6% decrease in production costs on a per-boe basis. The industry also reported pretax profits of $83.9 billion, aligning with the profits observed in 2021 and showcasing the sector's sustained financial health.”

Related Tags

Andrew Baker

Andrew joined NGI in 2018 to support coverage of Mexico’s newly liberalized oil and gas sector, and his role has since expanded to include the rest of North America. Before joining NGI, Andrew covered Latin America’s hydrocarbon and electric power industries from 2014 to 2018 for Business News Americas in Santiago, Chile. He speaks fluent Spanish, and holds a B.A. in journalism and mass communications from the University of Minnesota.