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.
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.”
