Footnotes
The U.S. Energy Information Administration's (EIA) Performance Profiles of Major Energy Producers 2009 provides a financial review and analysis of the domestic and worldwide activities and operations of the major U.S.-based energy-producing companies. Performance Profiles examines companies' operations on a consolidated corporate level, by individual lines of business, by major functions within each line of business, and by geographic regions. The report focuses on annual aggregate changes in profits, cash flow, and investment in the United States and international energy industry. It also explores changes in the majors' exploration and development expenditures, production, reserves additions, and refining costs and margins. The analysis in this report is based on detailed financial and operating data and information submitted each year to EIA on Form EIA-28, the Financial Reporting System (FRS).
Financial Developments
1 Unless otherwise indicated, all dollar values and percentage changes in this report are based in constant 2009 dollars, adjusted using the gross domestic product (GDP) deflator.2 U.S. Energy Information Administration, Financial News for Major Energy Companies, Fourth Quarter 2009 (February 2010), p. 6, available at http://www.eia.gov/emeu/perfpro/news_m/q409.pdf (as of October 13, 2010).
Oil and Natural Gas Production
3 This discussion is derived from slides for a presentation by Rawdon J.H. Seager, "The New SEC Oil and Gas Reporting Regulations," Gaffney, Cline & Associates, to the AAPG Geoscience Technology Workshop, September 9-11, 2009. For the complete SEC rule itself, see Securities and Exchange Commission, "Modernization of Oil and Gas Reporting," Federal Register, January 14, 2009.4 Securities and Exchange Commission, "Modernization of Oil and Gas Reporting," Federal Register, January 14, 2009, p. 2163.
5 Securities and Exchange Commission, "Modernization of Oil and Gas Reporting," Federal Register, January 14, 2009, pp. 2166-2167.
6 The reserves compared here are year-end 2008 and year-end 2009. They differences between them include the standard categories or reserve changes, revisions, improved recovery, extensions and discoveries, sales, purchases, and production, and also one category unique to 2009, changes from the new SEC rule, which, in FRS reporting, are added to beginning of year reserves and not any of in the standard categories.
7 For more information on oil and natural gas reserves for the United States, see U.S. Energy Information Administration, U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Proved Reserves, 2009, http://www.eia.gov/pub/oil_gas/natural_gas/data_publications/crude_oil_natural_gas_reserves/current/pdf/arrsummary.pdf.
8 Chesapeake Energy, U.S. Securities and Exchange Commission Form 10-K, 2009, p. 10 and EOG Resources, U.S. Securities and Exchange Commission Form 10-K, 2009, p. F-39.
9 Exxon Mobil, U.S. Securities and Exchange Commission Form 10-K, 2009, p. 98, and Chevron, U.S. Securities and Exchange Commission Form 10-K, 2009, p. FS-75.
10 For more information on oil and natural gas reserves for the United States, see U.S. Energy Information Administration, U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Proved Reserves, 2009, http://www.eia.gov/pub/oil_gas/natural_gas/data_publications/crude_oil_natural_gas_reserves/current/pdf/arrsummary.pdf.
11 Natural gas was converted to equivalent barrels of oil at 0.178 barrels per thousand cubic feet.
12 For more detailed definitions, see the "Brief Description of Financial Terms" or the glossary at http://www.eia. gov/emeu/perfpro/glossary.html.
13 The reserves additions considered here do not include those resulting from the one-time implementation of the new SEC rule in the beginning of 2009, but do include any changes to those reserves than occurred during the year.
14 Unless otherwise indicated, all dollar values and percentage changes in this report are based in constant 2009 dollars, adjusted using the gross domestic product (GDP) deflator from the Bureau of Economic Analysis.
15 Because oil and gas are often produced together, it is not usually feasible to separate their costs, so lifting cost calculations are based on oil and natural gas production combined.
16 Oil sands often have high lifting because of the considerable amount of processing that must be done to them before the leave the production area.
17 One inherent limitation of measuring finding costs this way is that the expenditures and the reserve additions recognized in a particular interval do not usually correspond exactly with each other. Expenditures are usually recognized in the period in which the payment actually occurred. Proved reserves are usually recognized when there is reasonable certainty that they can be produced economically. There is no reason that these must occur in the same time period (oil and gas wells are often operated over a long time period), so that some expenditures may not be recognized in the same time period in which their corresponding reserves are recognized. One way to moderate this limitation is to increase the length of the time period over which finding costs are measured, allowing reserve additions and exploration and development expenditures to match more closely. However, the longer the time period over which finding costs are measured, the more out of date they become, because they include increasingly older expenditures and reserves, and costs and technology are constantly changing. The only way to solve the correspondence problem would be to calculate an average finding cost for all oil and gas produced by a well after it is permanently shut in. But then many costs included would be far out of date.
18 Oil sands often have low finding costs in part because they are relative close to the surface and in known locations.
19 The steep fall in finding costs in 1986-1988 is excluded from this discussion because it is based on a change in reserve accounting practices, not reserves found and dollars spent to find them. Before then, natural gas reserves in the Alaska onshore were included in proved reserves, even though there was no way to get them to market. During the 1986-1988 period, these natural gas reserves were removed from the books of the companies operating in northern Alaska.
20 Lifting costs are averaged over 3 years to make them comparable with 3-year finding costs.
Refining and Marketing
21 Unless stated otherwise, all references to things such as prices and volumes are those reported by the FRS companies.22 The weighted-average profitability over 2003-2008 was 16 percent, and the weighted-average profitability of the 1990-2002 period was 5 percent.
23 Although low earnings often occur over the history of the FRS, losses are unusual, occurring only in 1992, 2002, and 2009.
24 The net margin highly correlates with return on investment. The latest estimation of the relationship between refining margins and profitability is that the correlation coefficient is 0.94. Regressing the change in the U.S. refining/marketing return on investment (ROI) on the change in the net refining margin (2009 dollars) yielded the following estimated equation: diff ROI = -0.124 (0.411) + (diff net margin * 4.803 (0.324)), where the standard error of each estimated coefficient is listed in parentheses. The adjusted R-squared is 0.875. The F-statistic for the regression equation is 218.53, which is significant at a 99-percent level of confidence. The data used to estimate the relationship are for the years 1977 through 2009. Statistical testing indicates that a structural change may have occurred in 1998 when the FRS selection criteria changed and that the 2004 data may be an outlier, but incorporating adjustments to account for these does not materially affect the estimation results.
25 For more detailed definitions, see the Brief Description of Financial Terms section.
26 Unless otherwise indicated, all dollar values and percentage changes in this report are in constant 2009 dollars, adjusted using the Gross Domestic Product implicit price deflator.
27 Calculated for composite refiner acquisition cost of crude oil, see U.S. Energy Information Administration, Petroleum Marketing Monthly (October 2010), Table 1.
28 Crude oil stock levels are only one of many factors affecting the price of crude oil. See the Short-Term Energy Outlook for a broader discussion of crude oil prices (http://www.eia.gov/emeu/steo/pub/contents.html as of November 9, 2010).
29 Total motor gasoline stocks are stocks of both finished motor gasoline and motor gasoline blending components. This measure of motor gasoline, rather than only finished motor gasoline, is used because the substitution of ethanol for MTBE has changed the storage pattern of motor gasoline. Less finished motor gasoline and more unfinished motor gasoline is now stored nationwide. Ethanol is added to unfinished gasoline at the terminal, only then creating finished reformulated motor gasoline.
30 Product sales for Chalmette are not publicly available, however Alon and Western Refining accounted for almost 0.35 million barrels of product sales. Thus, in the absence of only Alon and Western, FRS petroleum product sales would have declined by more than 0.14 million barrels, or 0.7 percent. See Alon USA Energy Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 57; and Western Refining Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 43.
31 U.S. Energy Information Administration, Monthly Energy Review (September 2010), Table 3.1.
32 The per-barrel energy costs are computed by dividing U.S. refining energy costs by total product sales, and, thus, may not fully reflect changes in per-unit energy costs if there are unusual changes in the net sales/refinery output of the respondent companies.
33 The energy cost level of 2009 is the 6th lowest in the 33-year history of the FRS and was lower only in 1994 ($1.31/barrel), 2002 ($1.30/barrel), 1995 ($1.11/barrel), 1999 ($1.04/barrel), and 1998 ($0.94/barrel).
34 U.S. Energy Information Administration, Monthly Energy Review (September 2010), Table 9.11.
35 ConocoPhillips Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 26
36 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-9.
37 For example, BP acquired a cogeneration facility from NiSource for its 405,000-barrels-per-day Whiting, Indiana refinery July 1, 2008 (BP plc, "BP Buys Whiting Clean Energy Power Plant in Indiana," press release (July 1, 2008) and 2008 U.S. Securities and Exchange Commission Form 20-F, p. 115).
38 This ends (or at least pauses) a recurring storyline that has characterized the FRS U.S. refining/marketing operations for 11 of the last 12 years, excepting only the year 2000. Only Exxon Mobil explicitly mentioned ongoing cogeneration projects, and both refineries were outside the United States (see Exxon Mobil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 48).
39 Although EIA has no estimate of the significance of the environmental spending in 2009 for other operating costs, some companies indicated that their operating expenses attributable to environmental cost were higher in 2009 than in 2008. For example, Sunoco reported environmental operating costs of $210 million in 2008 and of $217 million in 2009, and ConocoPhillips reported environmental expenses of $957 million in 2008 and $1,070 million in 2009 (see Sunoco Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 51; ConocoPhillips, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 59; and ConocoPhillips Corporation, 2008 U.S. Securities and Exchange Commission Form 10-K, p. 65). Alternatively, Exxon Mobil indicated that its environmental operating costs decreased from $2,730 million in 2008 to $2,610 million in 2009 (see Exxon Mobil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 54). For additional discussion of this topic, also see an EIA study that examined the effects of environmental compliance on operating costs on EIA's website at http://www.eia.gov/emeu/perfpro/ref_pi2/index.html.
40 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-9.
41 ConocoPhillips Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 26.
42 Marathon Oil Corporation, "4Q 2009 Earnings Conference Call Remarks" (February 2, 2010). Available on the internet at http://www.marathon.com/Investor_Center/Speeches_and_Presentations/Speeches_and_Presentations/4Q2009_Earnings_Conference_Call_Remarks/ (as of October 11, 2010).
43 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-9.
44 For example, Valero Energy Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 78.
45 For example, BP continues to make investments to implement its "am pm" convenience store concept. BP plc, 2009 U.S. Securities and Exchange Commission Form 20-F, p. 37.
46 Hess "acquired 37 previously leased retail gasoline stations ..." and Marathon acquired "89 new stores during ... [the most recent] five-year period." See, Hess Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 52 and Marathon Oil Corporation, 2009 Annual Report, p. 11.
47 Chevron "sold its interest in about 465 individual service-station sites in various other countries, including the United States. The majority of these sites continue to market company-branded gasoline through new supply agreements ... The company plans to discontinue, by mid-2010, sales of Chevron- and Texaco-branded motor fuels in the mid-Atlantic and other eastern states, where the company sold to retail customers through approximately 1,100 stations and to commercial and industrial customers through supply arrangements. Sales in these markets represent approximately 8 percent of the company's total U.S. retail fuels sales volumes (see Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 26)." Marathon sold or closed "155 non-core and underperforming stores (see Marathon Oil Corporation, 2009 Annual Report, p. 11)." Sunoco noted that it divested 261 outlets during the 2007-2009 period in order "to selectively reduce the Company's invested capital in Company-owned or leased sites. Most of the sites were converted to contract dealers or distributors thereby retaining most of the gasoline sales volume (see Sunoco, Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 6)."
48 Although it was BP plc, the parent company of the FRS respondent BP America, that made the announcement, the number of BP-branded U.S. outlets has fallen from 12,200 in 2007 to 11,500 in 2009. See BP plc, 2009 U.S. Securities and Exchange Commission Form 20-F, p. 36.
49 ConocoPhillips Company, 2008 U.S. Securities and Exchange Commission Form 10-K, p. 19; BP plc, "BP to Sell Most Company-Owned, Company-Operated Convenience Stores to Franchisees," press release (November 15, 2007); and "Exxon Plans to Sell Its Gas Stations," The New York Times (June 13, 2008). The article noted that Exxon Mobil already did not own about 75 percent of its branded outlets. ConocoPhillips has nearly completed its exit as of January 2010 with only another 100 outlets to divest (see ConocoPhillips, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 17). More recently, Royal Dutch Shell, the parent of the FRS respondent Shell Oil, announced substantial reductions in its refining/marketing operations ("Shell to slash downstream as Q4 profits collapse," Reuters (February 4, 2010). Available on the internet at http://www.reuters.com/article/idUSTRE6130XR20100204 (as of October 11, 2010)). The implications this has for Shell Oil's future U.S. refining/marketing operations are presently unclear.
50 An FRS "direct-supplied" motor gasoline outlet is one that has a supply contract directly with an FRS company. Many outlets that display an FRS motor gasoline brand are not directly supplied by the FRS company whose brand the outlet displays.
51 However, this figure may be misleading due to the addition of Western Refining (149 outlets, see Western Refining Inc, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 53) and Alon USA (308 outlets, see Alon USA Energy Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 57) for the 2009 reporting year. Exclusive of the outlets of these two companies, the decline in FRS-supplied outlets was a slightly larger 8 percent.
52 Again, in the absence of Western and Alon, the decline would have been 15 percent and 6 percent, respectively.
53 According to the National Petroleum News, there were 161,068 outlets at year-end 2008 and 162,350 at year-end 2009 (M2Media360, NPN Magazine, 2009 Market Facts, p. 70.
54 However, as some FRS companies have noted in the past, these efforts can be frustrated if productive dealers elect to change brands.
55 Part of the reason is that the entrants with company-operated outlets (Alon and Western) had sales volumes below the FRS average, which were 33,000 gallons/month and 114,950 gallons/month, respectively. See Alon USA Energy Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 57and Western Refining Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 53.
56 Calculations such as this can be affected by the timing of the change in the status of the outlets and of differences in the timing between years. That is, divesting a large number of outlets near year-end will tend to generate an inflated average sales volume while divesting a large number of outlets near year-beginning will tend to generate a depressed average sale volume.
57 The individual capacities are: Alon - 231,500 barrels per day (bpd), Chalmette - 192,500 bpd, and Western - 225,900 bpd. See Energy Information Administration, "Refinery Capacity Report 2010" (June 2010), Table 5. Available on the internet at http://www.eia.gov/oil_gas/petroleum/data_publications/refinery_capacity_data/refcapacity.html (as of October 10, 2010).
58 Sunoco, Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, p. 33.
59 Valero Energy Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 78.
60 Several companies noted such investment. For example, BP, Chevron, ConocoPhillips, Exxon Mobil, and Marathon made upgrades in their refining capacity (see BP plc, 2009 U.S. Securities and Exchange Commission Form 20-F, p. 41; Chevron Corporation, U.S. Securities and Exchange Commission Form 10-K, p. 25; ConocoPhillips Corporation, U.S. Securities and Exchange Commission Form 10-K, p. 57; Exxon Mobil Corporation, 2009 Financial & Operating Review, p. 79; Marathon Oil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 59).
61 Several companies indicted that they continued making environmental investments (e.g., expand their ability to make Phase II-compliant petroleum products or meet other environmental requirements), including BP, Chevron, ConocoPhillips, Exxon Mobil, Marathon, Sunoco, Tesoro, and Valero (see BP plc, 2009 U.S. Securities and Exchange Commission Form 20-F, p. 56; Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 29; ConocoPhillips Company, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 57; Exxon Mobil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 48; Marathon Oil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 76; Sunoco Inc., 2009 U.S. Securities and Exchange Commission Form 10-K, pp. 4-5; Tesoro Energy Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 43; and Valero Energy Corporation, 2008 U.S. Securities and Exchange Commission Form 10-K, p. 46).
62 Sunoco "[c]ompleted an acquisition totaling $9 million in June 2009 of a 100 million gallon-per-year ethanol manufacturing facility in New York (see Sunoco, Inc., 2009 U.S. Securities and Exchange Commission Form 20-F, p. 33)."
63 Although 2009 had the highest level of additions to net investment in place for U.S. refining, the story for U.S. marketing was the opposite; it was the lowest in the history of the FRS, but in keeping with the change in retail outlets, for example.
64 Energy Information Administration, "Financial News for Major Energy Companies, Second Quarter 2010" (September 8, 2010). Available on the internet at http://www.eia.doe.gov/emeu/perfpro/news_m/index.html (as of October 12, 2010).
65 For this report, the International Marine and Foreign Refining/Marketing business segments are combined to prevent disclosure of company-level data. Relative to Foreign Refining/Marketing, International Marine is about one-tenth the size of Foreign Refining/Marketing and has little material effect on the overall results.
66 The actual percentage of ownership necessary to convey control of an entity is open to debate and, for some purposes, can be as little as 10 percent.
67 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-8; and ConocoPhillips, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 46.
68 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-8.
69 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-8.
70 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-8; ConocoPhillips Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 46; and Exxon Mobil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 45.
71 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 25.
72 ConocoPhillips Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 46.
73 Chevron Corporation, 2009 Supplement to the Annual Report, p. 46; and ConocoPhillips Corporation, 2009 Fact Book, p. 49.
74 Chevron divested refinery capacity during 2009. Chevron sold its 16-percent interest in the Kenya Petroleum Refinery Ltd (Mombasa , 90,000-barrels-per-day) in July 2009 (Chevron Corporation, 2009 Supplement to the Annual Report, p. 46).
75 Chevron Corporation, 2009 Annual Report, p. 16.
76 Although 2008 was the second-highest result in the history of the FRS, it was slightly less than $91 million (1 percent) lower than the highest ever of 1979.
77 Exxon Mobil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p.49.
78 Exxon Mobil Corporation, 2009 Financial & Operating Review, p. 77.
79 Exxon Mobil Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 48.
80 ConocoPhillips Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 20; and ConocoPhillips Corporation, 2008 U.S. Securities and Exchange Commission Form 10-K, p. 21.
81 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-8.
82 Chevron Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. FS-8.
83 ConocoPhillips Corporation, 2009 U.S. Securities and Exchange Commission Form 10-K, p. 20.
84 Exxon Mobil completed its Fujian, China refinery-expansion project, which tripled the refinery's crude oil distillation capacity (Exxon Mobil Corporation, 2009 Financial & Operating Review, p. 77).
85 ConocoPhillips Corporation, "ConocoPhillips Delays Wilhelmshaven Upgrade Project," press release (November 17, 2009).
86 Chevron sold its marketing operations in several Latin American (Brazil, Chile, Haiti, and Peru) and African (Benin, Cameroon, Cote d' Ivoire, Kenya, Nigeria, Republic of the Congo, Togo, and Uganda) countries during 2009. It additionally sold its marketing operations in India and Italy. See Chevron Corporation, 2009 Supplement to the Annual Report, pp. 45 and 47.
87 Exxon Mobil Corporation, 2009 Financial & Operating Review, p. 77.
88 Chevron sold its marketing operations in several Latin American (Brazil, Chile, Haiti, and Peru) and African (Benin, Cameroon, Cote d' Ivoire, Kenya, Nigeria, Republic of the Congo, Togo, and Uganda) countries during 2009. It additionally sold its marketing operations in India and Italy. See Chevron Corporation, 2009 Supplement to the Annual Report, pp. 45 and 47.
About the Financial Reporting System Companies
89 The financial data are collected for the company's fiscal year, which is identical to the calendar year for all included companies.90 Oil and gas producers' threshold for inclusion is 1 percent, or more, of either crude oil and natural gas liquids, or natural gas production.
91 The venture, which began in January 1998, was initially between Mobil Oil Corporation and PDV America, the U.S. affiliate of the state oil company of Venezuela, Petroleos de Venezuela, S.A. After Exxon and Mobil merged, the venture was continued with Exxon Mobil as the partner.
92 Chevron was known as Chevron Texaco at the time of the transaction.
93 Western Refining Inc., Annual Report 2009, p. 3.
94 Western Refining, Inc., "Western Refining Announces Completion of Refining Operations Shutdown at Yorktown" (September 13, 2010). The press release is available on the internet at http://ir.westernrefining.com/phoenix.zhtml?c=194293&p=irol-newsArticle&ID=1470524&highlight= (as of September 14, 2010).
95 For the purposes of this report, the term "United States" includes the 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
96 Unless otherwise indicated, all dollar values and percentage changes in this report are in constant 2009 dollars, adjusted using the Gross Domestic Product implicit price deflator.
97 The Fortune 500 is a list of the 500 largest U.S. corporations, ranked by revenues, published annually by Fortune magazine on their website at http://money.cnn.com/magazines/fortune/fortune500/2010/full_list/ (as of September 14, 2010).
98 The sum of allocated operating revenue ($1,297 billion) exceeds corporate operating revenue ($1,145 billion) because allocated revenues include revenues from sales within the company and between different lines of business, in addition to the revenue from sales by the company to third parties (i.e., those outside the company). However, revenues from intersegment sales are eliminated in calculating corporate operating revenue, which includes only sales by the company to third parties.
99 Note that U.S. totals include royalty production, while the FRS companies' production levels do not. Thus, these calculations understate the FRS companies' share of crude oil and NGL production and natural gas production.
100 Beginning with the 2003 reporting year, "other energy" operations include coal operations. Before 2003, coal was a separate line of business. Financial information for coal operations now is merged with that of the other energy operations.
101 The FRS share of U.S. electricity generation fell from 3 percent in 2006 to 0.5 percent in 2007.
Overview of 2009 Petroleum and Natural Gas Markets
102 Unless otherwise indicated, all dollar values and percentage changes in this report are based in constant 2009 dollars, adjusted using the gross domestic product implicit price deflator.103 U.S. Energy Information Administration, Monthly Energy Review, DOE/EIA-0035 (2010/10) (Washington, DC, September 2010), Tables 9.1, 9.11.
104 U.S. Energy Information Administration, International Petroleum Monthly, August 2010, Table 4.6, available on the Internet at http://www.eia.gov/ipm/ (as of September 30, 2010).
105 U.S. Energy Information Administration, Monthly Energy Review, DOE/EIA-0035 (2010/10) (Washington, DC, September 2010), Table 3.1.
106 U.S. Energy Information Administration, Monthly Energy Review, DOE/EIA-0035 (2010/10) (Washington, DC, September 2010), Table 4.1.
107 Calculated from reserves and production data in BP plc, BP Statistical Review of World Energy (June 2009), pp. 6, 8.
108 Reserve additions include revisions and adjustments, net sales and acquisitions, and total discoveries. U.S. Energy Information Administration, Summary: U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves, 2009 (November 2010), Table 4.
109 Calculated from U.S. Energy Information Administration, U.S. Refinery and Blender Net Production Data, available at www.eia.gov/dnav/pet/pet_pri_refoth_dcu_nus_a.htm (as of September 29, 2010).
110 Reserve additions include revisions and adjustments, net sales and acquisitions, and total discoveries. U.S. Energy Information Administration, Advance Summary: U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 2008 Annual Report (October 2010), Table 4.
Brief Description of Financial Terms
111 See the dictionary on Investopedia.com for additional information. Investopedia.com can be found at http://www.investopedia.com (as of October 20, 2010).