Financial Review: 2017
Release date: May 29, 2018
Next release date: July 2018
Key findings
- Brent crude oil daily average prices were $54.75 per barrel in 2017—21% higher than 2016 levels
- Excluding proved reserve acquisitions, upstream costs incurred increased from 2016 levels but remained lower than 2008–15 levels
- Proved reserves additions in 2017 approached the highest levels in the 2008–17 period
- Finding plus lifting costs fell to $29 dollars per barrel of oil equivalent in 2017, the lowest level in the 2008–17 period
- The energy companies reduced debt in 2017, the first year in the 2008–17 period
- Refiners with global refining assets reduced distillation capacity for the eighth consecutive year
