Production, reserves up for most OGJ100 firms in 2004

Sept. 19, 2005
Like their US counterparts, many oil and gas producers based outside the US recorded gains in earnings, production, and reserves last year.

Like their US counterparts, many oil and gas producers based outside the US recorded gains in earnings, production, and reserves last year.

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Oil & Gas Journal’s survey of the 100 leading oil and gas producing firms based outside the US shows year-on-year earnings increases for most firms disclosing financial results. National oil companies again dominate the lists of oil production and reserves leaders.

The OGJ100 list allows comparison of size and performance of prominent oil and gas companies around the world. OGJ does not attempt to rank the firms by assets or revenues because many do not report financial results. Instead of being ranked, as in the OGJ200, the companies are grouped by region according to locations of corporate headquarters.

All financial results in this report are in US dollars.

Financial results

Revenue and net income moved up sharply last year for many of those companies whose financial results were available for both 2003 and 2004. The most complete data are for firms based in Canada, Europe, and the Asia-Pacific region.

While individual company results were mixed, the OGJ100 sample of Canadian oil and gas producers collectively posted a 23% gain in earnings last year on 28% stronger revenues. The companies’ capital and exploration expenditures grew 46% from a year earlier.

Although revenues were stronger, the Latin American firms in the OGJ100 recorded mixed earnings results last year. Most notably, Petroleos Mexicanos posted another loss. Petroleos Brasileiros reported a 6% decline in earnings, but Petroleos de Venezuela SA recorded a 44% increase in earnings.

Overall, the European and Asia-Pacific firms represented in the survey showed earnings increases, although a handful of the firms reported declines for the year. The OGJ100 companies based in the Asia-Pacific region posted a collective 58% increase in net income last year.

Production, reserves leaders

There are few changes from a year ago among the oil production and reserves leaders. Saudi Arabian Oil Co. and National Iranian Oil Co. top each list again, based on 2004 figures.

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For the year, the top 20 oil producing entities based outside the US reported output of 17.3 billion bbl of oil. In the previous edition of the OGJ100 (OGJ, Sept. 13, 2004, p. 42), the top 20 non-US producers reported 15.9 billion bbl of oil production during 2003.

Iraq National Oil Co. was the big mover among the production leaders, rising to No. 10 from No. 16 a year ago. Iraq’s total 2004 oil production was 731 million bbl, up from 2003 war-disrupted output of 465 million bbl. Qatar Petroleum Corp. joins the list of production leaders at No. 20, replacing Petronas, which was No. 19 a year ago.

The current 20 leaders report total end-2004 oil reserves of 970 billion bbl, up from 960 billion bbl in the previous OGJ100.