EY - US oil and gas reserves study 2014

US oil and gas reserves study 2014

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The oil and gas industry saw significant volatility over the 2009 through 2013 study period. Oil prices stabilized in 2010 and were relatively strong throughout 2011, 2012 and 2013. Gas prices, however, moved in the opposite direction, declining in the latter part of 2011 and the beginning of 2012.

EY - US oil and gas reserves study 2014

Our US oil and gas reserves study is a compilation and analysis of certain oil and gas reserve disclosure information as reported by publicly traded companies in their annual reports filed with the United States Securities and Exchange Commission (SEC).

This report presents the US exploration and production (E&P) results for the five-year period from 2009 through 2013 for the largest 50 companies based on 2013 end-of-year oil and gas reserve estimates.

Highlights for the companies in this report include:

  • Total capital expenditures declined 7% in 2013 to $173.5 billion, driven by lower unproved property acquisition costs and lower exploration costs.
  • An 11% increase in revenues and significant decrease in property impairments fueled a 53% increase in after-tax profits for the study companies.
  • End-of-year oil reserves increased in each year of the study and reached 25.4 billion barrels in 2013. Extensions and discoveries were 4.1 billion barrels in 2013 and contributed to an oil production replacement rate of 222%, excluding purchases and sales.
  • After decreasing in 2012 due to downward reserve revisions caused by depressed natural gas prices, end-of-year gas reserves increased 9% in 2013. Extensions and discoveries of 29.9 Tcf were reported in 2013, and the gas production replacement rate was 229%, excluding purchases and sales.
  • Proved reserve acquisition costs were $16.88 per boe in 2013 compared to $10.76 per boe in 2012. Finding and development costs declined 61% in 2013 to $16.61 per boe as associated costs decreased and reserve additions increased substantially.

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Beginning-of-month spot prices

EY - US oil and gas reserves study 2014

Source: U.S. Energy Information Administration