Contents
Overview 2
Brief description of terms 3
Key findings 4
Geographic distribution of global oil and natural gas companies, first-quarter 2015 5
Production of oil and other liquids, first-quarter 2015 6
Oil and natural gas production for the combined companies 7
First-quarter 2015 production levels of liquids and natural gas were 8% and 1%, respectively, above first-quarter 2014 8
Operating cash flow in first-quarter 2015 was the lowest for any quarter in the past five years 9
The energy companies' capital expenditure was $21 billion lower than the same period of 2014 10
Cash flow and capital expenditure declined in response to falling crude oil prices 11
For the four quarters ending first-quarter 2015, investment spending was $54 billion higher than operating cash flow 12
Declining cash flow led to the largest amount of capital raised from debt and equity markets since 2010 13
After years of increasing cash balances, they declined $20 billion for the four quarters ending first-quarter 2015 14
Low revenue, asset devaluations, and fixed payments contributed to an increase in these metrics 15
The value of energy companies' net hedging assets increased, which offset lower cash from operations 16
The energy companies' profitability was the lowest in several years 17
Both sectors increased debt in recent years 18
The energy companies increased their cash balances compared to their current liabilities (amount owed within one year) 19
In second-quarter 2015, Brent crude oil prices rebounded slightly but remained 43% below second-quarter 2014 levels 20
Appendix: List of companies 21