Revenues up in US E&P despite downturn

Exploration and production revenues of US oil & gas companies grew by 35% to $183.3 billion in 2008, according to a study by advisory firm Ernst and Young.

The rise came despite increases in production costs and depreciation, depletion and amortization which led to an 8% decline in after-tax profits. Production costs were $14.72 per Barrel of Oil Equivalent (BOE) in 2008, a 25% increase from 2007. These costs have more than doubled from $6.55 per BOE in 2004.

The US E&P benchmark study presents the results for 40 companies for the five-year period from 2004 to 2008.

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