Financial Review: 2016

Release date: May 17, 2017
Next release date: July 2017

Key findings

• Brent crude oil daily average prices were $45.13 per barrel in 2016—16% below 2015 levels
• Global liquids and natural gas production declined by 1.5% and 1.1%, respectively, in 2016
• Companies reduced upstream investment to the lowest annual level during the 2007–16 period
• Continued reductions in exploration spending likely contributed to the lowest annual additions to liquids reserves during the 2007–16 period
• Production cost reductions lowered lifting costs per barrel to the lowest during the 2007–16 period
• European refiners had the highest earnings per barrel of oil processed

See entire annual review