EIA Releases Financial Performance of Major US O&G Cos

The Energy Information Administration has released "Financial News for Major Energy Companies, First Quarter 2009."

"Financial News for Major Energy Companies (the News)" is a report on the recent financial performance of major U.S. oil and natural gas companies. The U.S. majors reported a net loss of $7.0 billion in the first quarter of 2009, which was 126-percent less than these companies reported for the first quarter of 2008 (and 131 percent lower than the first-quarter average over the 2004-2008 period, after adjusting for inflation) and the lowest level since at least the fourth quarter of 1999, which is the earliest period for which EIA has data.

The leading operations, in terms of net income, for the U.S. majors during the first quarter of 2009 were foreign oil and natural gas production, domestic refining/marketing, and foreign refining/marketing, which generated contributions to net income of $5.3 billion, $2.1 billion, and $1.3 billion, respectively. Most of the lines of business of the U.S. majors tracked by the News (i.e., domestic and foreign oil and natural gas production, natural gas and power, and chemicals) recorded lower earnings in the first quarter of 2009 than during the first quarter of 2008. Domestic and foreign refining/marketing were the only lines of business that reported increases relative to a year earlier.