Which U.S. oil major produced the most in the first quarter of this year - ExxonMobil, Chevron, or ConocoPhillips?
Well, according to their first quarter results statements, Exxon took top spot, with 3.831 million barrels of oil equivalent per day, followed by Chevron, with 2.979 million barrels of oil equivalent per day, and Conoco, with 1.792 million barrels of oil equivalent per day.
Exxon’s production was up from its fourth quarter output figure of 3.822 million barrels per day and its first quarter 2022 production figure of 3.675 million barrels per day, its latest results statement showed. Chevron’s output figure was down on its 4Q production of 3.011 million barrels per day and its first quarter 2022 production figure of 3.060 million barrels per day, while Conoco’s output was up from its first quarter 2022 production figure of 1.747 million barrels per day, Chevron and Conoco’s 1Q results statements outlined.
ExxonMobil increased its oil and gas net production by nearly 300,000 oil-equivalent barrels per day compared to the first quarter of last year - excluding divestments, entitlements, and Sakhalin-1 expropriation - the company highlighted in its latest results statement. This rise was driven by advantaged projects in Guyana and the Permian, the company pointed out.
The company’s net production of crude oil, natural gas liquids, bitumen, and synthetic oil in the first quarter came in at 2.495 million barrels per day, according to its 1Q statement. The U.S. accounted for 820,000 barrels per day, Asia accounted for 749,000 barrels per day, and Canada/other Americas accounted for 670,000 barrels per day, the statement outlined.
Exxon’s 1Q net natural gas production available for sale came in at 8.016 billion cubic feet per day, with Asia accounting for 3.597 billion cubic feet per day, the U.S. accounting for 2.637 billion cubic feet per day, and Australia/Oceania accounting for 1.276 billion cubic feet per day, the statement revealed.
“We are growing value by increasing production from our advantaged assets to meet global demand,” Darren Woods, the Chairman and Chief Executive Officer of Exxon, said in the company’s results statement.
“At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation, and storage agreement that underscores the company’s growing momentum in providing industrial customers with large-scale emission reduction solutions,” he added.
In 1Q, Chevron’s U.S. upstream net oil equivalent output came in at 1.167 million barrels per day, while its international upstream net oil equivalent production was 1.812 million barrels per day, according to the company’s results statement.
U.S. upstream earnings were lower than a year ago, primarily on lower realizations, the company noted in the statement, adding that net oil-equivalent production was down slightly from the first quarter of 2022, “primarily due to the Eagle Ford asset sale”.
Chevron revealed in the statement that its international upstream earnings in 1Q were lower than a year ago “primarily due to lower realizations, lower sales volumes, and higher tax charges related to changes in the energy profits levy in the United Kingdom, partially offset by lower operating expenses”.
Net oil-equivalent production was down 64,000 barrels per day from a year earlier primarily due to the end of the Erawan concession in Thailand, the company said in the statement.
“We’re delivering strong financial results and increasing cash returned to shareholders,” Mike Wirth, Chevron’s Chairman and Chief Executive Officer, said in the company’s 1Q statement.
“At the same time, we’re investing more to help grow future energy supplies,” he added.
“We intend to leverage our capital discipline, advantaged assets, and financial strength to deliver lower carbon energy to our customers and superior cash distributions to our shareholders,” Wirth continued.
Conoco highlighted in its statement that its 1Q production for the first quarter of 2023 marked an increase of 65,000 barrels of oil equivalent per day compared to a year ago - after adjusting for impacts from closed acquisitions and dispositions.
“This was primarily driven by new wells online in the Lower 48 and improved well performance across the portfolio, partially offset by normal field decline and downtime,” Conoco said in its 1Q results.
In the Lower 48, 1Q production averaged 1.036 million barrels of oil equivalent per day, including 694,000 barrels of oil equivalent per day from the Permian, 227,000 barrels of oil equivalent from the Eagle Ford, and 98,000 barrels of oil equivalent from the Bakken, the company outlined in the statement.
“Our first quarter results are a clear demonstration of the durable, returns-focused value proposition that we laid out at our recent analyst and investor meeting,” Ryan Lance, Conoco’s Chairman and Chief Executive Officer, said in in Conoco’s results statement.
“We achieved record production, advanced our joint venture at Port Arthur LNG, received a favorable record of decision for the Willow project in Alaska and announced plans to assume upstream operatorship of and further expand our ownership position at APLNG,” he added.
“We also accelerated our 2030 GHG emissions-intensity reduction target, progressing our net-zero operational emissions ambition,” he continued.
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