Oil Company Revenue Down
First-quarter 2015 financial results show that total earnings were $22 billion (54%) lower than in first-quarter 2014.
First-quarter 2015 financial results for globally integrated oil companies—ones that focus on both the exploration and production of crude oil (upstream) and the refining of crude oil into petroleum products (downstream)—show that total earnings were $22 billion (54%) lower than in first-quarter 2014.
Lower crude oil prices contributed to a decline in profits in the upstream sector of $28 billion (80%) compared to first-quarter 2014. Profits in the downstream sector, however, were the largest for any quarter since third-quarter 2012, almost $6 billion (95%) higher than in first-quarter 2014, which offset some of the decline from the upstream segment.”---EIA
[graph of downstream and upstream earnings for select global integrated oil companies, as explained in the article text]
Source: U.S. Energy Information Administration, based on Evaluate Energy
Note: Upstream refers to crude oil exploration, production, and other operations prior to refining. Downstream refers to refinery operations, product sales, and marketing.
The “Today in Energy” brief was posted Wednesday on EIA’s website at: http://www.eia.gov/todayinenergy/detail.cfm?id=21692