Oil company finding costs reached a 10-year low in 2018 (5/30/2019)

In 2018, a group of the world's largest crude oil and natural gas producers added more hydrocarbons to their resource base than in any year since at least 2009, according to the annual reports of 116 exploration and production (E&P) companies. During 2018, these companies collectively added a net 10.3 billion barrels of oil equivalent (BOE) to their proved reserves, which totaled 286 billion BOE at the end of the year. Total exploration and development (E&D) costs incurred in 2018 for these companies increased 4% from 2017 levels, but declined 9% from 2017 when calculated as dollars per BOE of proved reserves added. This analysis is based on published financial reports of these 116 companies and does not necessarily represent the financial situation of private companies that do not publish financial reports. ... More »