U.S. Department of Energy ** **** ** ****** * Energy Information Administration * ** *
The Energy Information Administration has released “Financial News for Major Energy Companies, First Quarter 2008.” “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 $25.9 billion of net income in the first quarter of 2008, which was 18-percent more than these companies reported for the first quarter of 2007 (and 42 percent higher than the first-quarter average over the 2003-2006 period, after adjusting for inflation).
The leading operations, in terms of net income, for the U.S. majors during the first quarter of 2008 were foreign oil and natural gas production, domestic oil and natural gas production, and natural gas and power, which generated contributions to net income of $13.4 billion, $11.5 billion, and $1.5 billion, respectively. One-half of the lines of business of the U.S. majors tracked by the News (i.e., domestic oil and natural gas production, foreign oil and natural gas production, and natural gas and power) recorded higher earnings in the first quarter of 2008 than during the first quarter of 2007. Alternatively, domestic and foreign refining/marketing, and chemicals reported decreases relative to a year earlier.
The data presented are for the January through March time period of 2007 and 2008 and are collected from company press releases. The report can be found at http://www.eia.doe.gov/emeu/perfpro/news_m/ . The next issue of the News, covering the April through June time period of 2007 and 2008, will be released in August 2008.
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