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Markets & Finance

Financial Review: 2020

Release date: May 27, 2021
Next release date: July 2021

Key findings

  • Brent crude oil daily average prices were $43.21 per barrel in 2020—33% lower than 2019 levels and the lowest annual average since 2004.
  • In this study of 92 companies, the combined petroleum liquids production decreased 5% in 2020 from 2019, and natural gas production decreased 6%.
  • As a result of both relatively few discoveries and downward proved reserves revisions, total proved reserves declined 9% in 2020.
  • Finding plus lifting costs decreased 5% from 2019 to 2020.
  • Several acquisitions and company dissolutions in 2020 reduced the total number of companies in this study from 102 in 2019 to 92 in 2020.
  • Most refiners’ earnings per barrel processed were negative in 2020.

Total upstream costs incurred decreased to $252 billion in 2020, the lowest in the 2011–20 period



















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