Top five upstream companies based on revenue
With the earnings season behind us, let’s look at the top performers in the upstream energy sector across key variables, beginning with revenue. We’ll focus on upstream companies included in three key energy sector ETFs—the Energy Select Sector SPDR ETF (XLE), the SPDR S&P Oil & Gas Explore & Production ETF (XOP), and the iShares U.S. Oil & Gas Exploration & Production ETF (IEO).
ConocoPhillips’s (COP) revenue rose to $32.5 billion in fiscal 2017 from $24.4 billion in fiscal 2016. Its revenue was supported by higher oil and gas revenue ($29.1 billion versus $23.7 billion), which was supported by higher realized energy prices. Gains on asset dispositions rose to $2.2 billion from $360 million.
Devon Energy’s revenue
Between fiscal 2016 and 2017, Devon Energy’s (DVN) revenue rose to ~$14 billion from $10.3 billion. Its upstream revenue in fiscal 2017 was $5.3 billion (versus $3.9 billion in fiscal 2016), while its marketing and midstream revenue totaled $8.6 billion (versus $6.3 billion in fiscal 2016). DVN’s 4Q17 and fiscal 2017 earnings release noted that its higher revenue was driven by higher energy price realizations and “an increase in higher-margin liquids production.”
Occidental Petroleum’s revenue
Occidental Petroleum (OXY) reported revenue of $13.3 billion in fiscal 2017, versus $10.4 billion in fiscal 2016. Higher revenue was seen across all segments. Between fiscal 2016 and 2017, oil and gas revenue rose to $7.9 billion from $6.4 billion, revenue under the chemical segment rose to $4.4 billion from $3.8 billion, and midstream and marketing revenue rose to $1.2 billion from $684 million.
Anadarko Petroleum ’s revenue
In fiscal 2017, Anadarko Petroleum’s (APC) revenue rose to $11.9 billion from $7.9 billion in fiscal 2016, due to higher oil, natural gas, and natural gas liquid revenue (which made up 75% of APC’s total revenue). This revenue was supported by higher realized prices.
EOG Resources’ revenue
EOG Resources (EOG) reported revenue of $11.2 billion in fiscal 2017, versus $7.7 billion in fiscal 2016. Its revenue was supported by higher crude oil and condensate revenue ($6.3 billion versus $4.3 billion), natural gas liquid revenue ($729.6 million versus $437.3 million), and natural gas revenue ($921.9 million versus $742.2 million). Its gathering, processing, and marketing revenue rose to $3.3 billion from $2.0 billion between fiscal 2016 and 2017.