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.