The vertically integrated majors’ role in U.S. oil & gas production continued to decline in the 1990’s while nonintegrated majors and independents increased their production shares

Note: BOE=barrels of oil equivalent. Natural gas converted at 0.178 barrels per thousand cubic feet.

Sources: Majors: Energy Information Administration, Form EIA-28 (“Financial Reporting System”).

Independents: EIA-28 totals subtracted from U.S. totals in Energy Information Administration, U.S. Crude

Oil,Natural Gas, and Natural Gas Liquids Reserves (less 15 percent for royalty interests).

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