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Markets & Finance

Financial Review: First-Quarter 2020

Release date: July 20, 2020
Next release date: September 2020

Key findings

  • Brent crude oil daily average prices were 20% lower in first-quarter 2020 than in first-quarter 2019 and averaged $51 per barrel.
  • The 102 companies in this study increased their combined liquids production 3.7% in first-quarter 2020 from first-quarter 2019, and their natural gas production decreased 0.1% during the same period.
  • Companies increased short-term and long-term borrowing in the first quarter, increasing debt by $55 billion in the quarter.
  • The companies wrote down $92 billion worth of assets during the quarter, the most since the fourth quarter of 2015.

The $92 billion in asset impairments were nearly 10% of the companies’ net present value of their proved reserves

See entire first-quarter review