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Markets & Finance

Financial Review: Third-Quarter 2018

Release date: December 18, 2018
Next release date: May 2019

Key findings

  • Brent crude oil prices were 45% higher in third-quarter 2018 than in third-quarter 2017 and averaged $76 per barrel, the highest since fourth-quarter 2014.
  • Liquids production increased 2.7% in third-quarter 2018 from third-quarter 2017, and natural gas production increased 3.9% during the same period.
  • Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $149 billion for the four quarters ending September 30, 2018, the largest four-quarter sum during 2013–18.
  • Companies reduced debt for eight consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014.

The energy companies’ return on equity increased to 10% in thirdquarter
2018, the highest level since second-quarter 2014



















See entire annual review