6 May 2022 , 12:17 PM
In response to higher crude oil prices, financial results for 42 US exploration and production (E&P) companies showed large increases in both cash from operations and capital expenditures in the fourth quarter of 2021 (4Q21). Cash from operations for the E&P companies reached $27.5 billion in 4Q21, the largest amount in any quarter since 3Q14. Compared with 3Q21, capital expenditures increased 60% to $15 billion. However, despite higher capital spending and increasing crude oil prices, crude oil production by the E&P companies was still 10% below pre-pandemic levels. EIA has based this analysis of the E&P sector on the published financial reports of 42 publicly traded U.S. oil companies. These companies do not necessarily represent the sector as a whole. In 4Q21, these 42 publicly traded companies collectively produced 3.8 million barrels per day of crude oil in the United States, or about 33% of total U.S. crude oil production. The West Texas Intermediate crude oil price averaged $77 per barrel (b) in 4Q21, an increase of $35/b (82%) compared with 4Q20. An increase in crude oil prices generally results in higher production, but production has not grown in response to higher crude oil prices.Powered by Commodity Insights
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