US oil and gas reserves study 2016
The shift to abundant supply that exceeds demand has created a low-price environment for both oil and natural gas. This environment made its mark on US exploration and production companies during 2015 with significant declines in revenues, capital expenditures and reserves. While the industry has seen tremendous success in identifying and developing new reserves in the past decade, this “era of abundance” will once again require companies to transform in order to survive and prosper.
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 2011 through 2015 for the largest 50 companies based on 2015 US end-of-year oil and gas reserve estimates.
- Capital expenditures totaled $117.5 billion, 41% lower compared with 2014.
- Downward reserve revisions of 4.1 billion barrels were reported.
- Production was 2.4 billion barrels, 10% higher than in 2014.
- End-of-year reserves were 24.1 billion barrels, 12% lower compared with 2014.
- The all sources production replacement rate was (45)%.
Revenues and results of operations
- Revenues were $129.8 billion, 41% lower compared with 2014.
- Property impairments (including ceiling test charges) of $141.8 billion were recorded.
- Net losses of $112.0 billion were recognized.
- Downward reserve revisions of 40.0 tcf were reported.
- Production was 13.6 tcf, 2% higher than in 2014.
- End-of-year reserves were 147.0 tcf, 21% lower compared with 2014.
- The all sources production replacement rate was (192)%.