Markets & Finance

Financial Review: Annual 2015

Release date: May 13, 2016
Next release date: July 2016

Key findings

  • Brent crude oil prices averaged $53.60 in 2015—46% below 2014 levels—which significantly reduced cash flow for upstream companies.
  • Asset write-downs reduced profits and the amount of proved reserves; proved liquids reserves declined for the first time since 2008.
  • Production increased largely because of investment from past projects.
  • Companies were able to access cash from capital markets and asset sales in the face of declining cash from operations.
  • Capital expenditure fell below 2009 levels, and 2016 spending is likely to decline again.

Geographic distribution of global oil and natural gas companies, 2015

See entire annual review