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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