U.S. Energy Information Administration (EIA) has released the latest report on the performance of 160 energy companies for the third-quarter 2022.
Brent crude oil daily average prices were 33 percent higher in 3Q22 than in 3Q21 and averaged $98 per barrel. Henry Hub daily average prices were 84 percent higher over the same period and averaged $7.95 per million British thermal units.
Petroleum liquids production decreased 0.5 percent, and natural gas production increased 5.2 percent year over year.
Cash from operations in 3Q22 totaled $215 billion, the highest in the 2017–22 period.
Distributions to shareholders via dividends and share repurchases reached $60 billion as a four-quarter average ending in 3Q22, the highest in the 2017–22 period.
The long-term debt-to-equity ratio decreased to 38 percent, the lowest in the 2017–22 period.
Capital expenditure in third-quarter 2022 totaled $71 billion, 32 percent higher than in third-quarter 2021.
Upstream capital expenditures on a per-barrel basis averaged $11.85/BOE in third-quarter 2022.
Upstream capital expenditures per barrel of oil equivalent were 13 percent of crude oil prices in third-quarter 2022.
Crude oil prices increased year over year through fourth-quarter 2022, indicating increases in cash from operations and capital expenditure.
About 87 percent of companies had positive free cash flow, and 96 percent of companies reported positive upstream earnings in third-quarter 2022.
Net losses from hedging derivatives were $3.4 billion in third-quarter 2022.
The energy companies’ return on equity was 25 percent in third-quarter 2022, the highest in the 2017–22 period.
The return on equity for the energy companies remained higher than U.S. manufacturing companies’ returns in third-quarter 2022.
Petroleum liquid production in the third quarter was below the 2019 quarterly average, and natural gas production remained above average.
Third-quarter 2022 crude oil prices were 33 percent higher than in third-quarter 2021, and natural gas prices were 84 percent higher compared with 3Q21.