Comparing production growth
In this article, we’ll look into 1Q15 production growth for four prominent global names in the integrated energy space: ExxonMobil (XOM), BP (BP), Royal Dutch Shell (RDS.A), and YPF (YPF). All except one recorded production growth in 1Q15 over the corresponding quarter last year.
The production growth leader
YPF (YPF) recorded a 10% 1Q15 production growth compared to the corresponding quarter last year. Its 1Q15 production was 584 thousand barrels of oil equivalent per day (or Mboe/d) versus 530 Mboe/d a year earlier.
BP (BP) recorded a 6.6% 1Q15 production growth compared to the year-ago quarter. Its 1Q15 production was 3.33 million barrels of oil equivalent per day (or MMboe/d) against 3.12 MMboe/d in 1Q14. Production increases were primarily due to the project ramp-up in key regions.
ExxonMobil (XOM) recorded a 2.3% 1Q15 production growth compared to the year-ago quarter. Its 1Q15 production was 4.24 MMboe/d against 4.15 MMboe/d in 1Q14. ExxonMobil’s 1Q15 upstream production increased more than the downstream and chemical segment production over 1Q14.
In 1Q15, ExxonMobil’s projects in the Arkutun-Dagi field in Russia, the Hadrian South in the Gulf of Mexico, and the Kizomba Satellites Phase 2 project in offshore Angola contributed to higher upstream production. ExxonMobil makes up 15.2% of the Energy Select Sector SPDR ETF (XLE).
Royal Dutch Shell (RDS.A) recorded a 2.4% 1Q15 production decline compared to the corresponding quarter last year. Its 1Q15 production was 3.16 MMboe/d against 3.24 MMboe/d in 1Q14. Its upstream production increased, while downstream production declined in 1Q15 over 1Q14. In 1Q15, the US accounted for 12.5% of its total production, while Europe accounted for ~25%. In comparison, Total’s (TOT) production increased 9.9% in 1Q15 over 1Q14.
In the next section in this series, we’ll look at 1Q15 capex for these companies.
Among ExxonMobil, BP, Royal Dutch Shell, and YPF, all except one recorded a free cash flow decline in 1Q15 over the corresponding quarter last year.
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