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Financial Review – Upstream: 2024

Release Date: June 11, 2025

Key Findings for Global Upstream Oil and Natural Gas 2024

  • The energy companies increased petroleum liquids production and decreased natural gas production from 2023.
  • Crude oil and natural gas proved reserves were effectively flat for the group from 2023. Several companies substantially increased spending on proved and unproved reserves acquisition.
  • Cash from operations decreased in real terms by 10% and spending on investing and financing activities decreased 19% from 2023.
  • Distributions to shareholders via dividends and share repurchases as a share of cash from operations continue to be elevated.
After net purchases and production, the energy companies’ global proved reserves were essentially unchanged in 2024
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Annual 2024 — Upstream PDF

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3rd Quarter 2024 (12/17/2024) PDF
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