EIA: Oil company finding costs reached a 10-year low in 2018

The U.S. Energy Information Administration (EIA) has used Evaluate Energy data to show that the finding costs for 116 global exploration and production companies hit a 10-year low in 2018, while finding and lifting costs combined were similar to costs recorded in 2017.

This was just one conclusion in the EIA’s oil and gas annual financial review, which is all built using data available through an Evaluate Energy subscription.

Among it’s other key findings:

• Brent crude oil daily average prices were $71.69 per barrel in 2018, which was 35% higher than 2017 levels
• The 116 companies analyzed in this study increased their combined liquids and natural gas production 2% from 2017 to 2018
• Proved reserves additions in 2018 approached their highest levels in the 2009–18 period
• The companies reduced debt in 2018 by more than $60 billion, the most for any year in the 2009–18 period
• Refiners’ earnings per barrel declined slightly from 2017 to 2018

The EIA’s annual review is available to download at this link.

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