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Markets & Finance

Financial Review: First-Quarter 2019

Release date: July 22, 2019
Next release date: September 2019

Key findings

  • Brent crude oil daily average prices were 5% lower in first-quarter 2019 than in first-quarter 2018 and averaged $64 per barrel
  • The 119 companies in this study increased their combined liquids production 4.3% in first-quarter 2019 from first-quarter 2018, and their natural gas production increased 2.3% during the same period
  • Nearly two-fifths of the companies were free cash flow positive—that is, they generated more cash from operations than their capital expenditures
  • Dividends plus share repurchases were more than 33% of cash from operations, the highest for any quarter in the 2014–19 period

Average upstream capital expenditures on a per-barrel basis have stayed within a 75 cents per barrel of oil equivalent range for two years



















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