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XOM, CVX, RDS.A, and BP: Upstream Volume Growth

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Integrated energy firms’ production

In this part, we’ll compare integrated energy companies’ total hydrocarbon output and production mix. We’ll analyze ExxonMobil (XOM), Chevron (CVX), Royal Dutch Shell (RDS.A), and BP (BP) in the fourth quarter.

ExxonMobil produced the most significant quantity of hydrocarbon at 4.01 MMboepd (million barrels of oil equivalent per day) in the fourth quarter. Shell produced 3.79 MMboepd of hydrocarbon, while Chevron and BP produced 3.08 MMboepd and 2.63 MMboepd in the fourth quarter.

In the fourth quarter, ExxonMobil, Chevron, Shell, and BP’s hydrocarbon production rose YoY (year-over-year).

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Chevron’s production touched record highs due to higher volumes at Wheatstone and the Permian Basin. The output rose 12.5% YoY in the fourth quarter. The production growth is expected to continue in 2019. ExxonMobil’s hydrocarbon production rose 0.5% YoY due to the increased liquids volume in the Permian Basin. In the fourth quarter, ExxonMobil’s Permian Basin production rose 12% sequentially.

In the fourth quarter, Shell’s production rose 0.9% YoY due to higher volumes in the Upstream segment and steady production in the Integrated Gas segment. The Upstream segment’s hydrocarbon production rose 1.2% YoY to 2.8 MMbpd due to new field startups and ramp-ups. BP’s hydrocarbon production rose 1.8% to 2.6 MMboepd in the fourth quarter.

Production mix

ExxonMobil, Chevron, Shell, and BP have substantial natural gas production along with crude oil and liquids production. In the fourth quarter, Shell and ExxonMobil’s natural gas production was 11.0 billion standard cubic feet per day and 9.9 billion standard cubic feet per day, respectively. Chevron and BP had gas production of  7.3 billion standard cubic feet per day and 7.6 billion standard cubic feet per day, respectively, in the fourth quarter.

Shell’s natural gas production accounted for 50.2% of its total hydrocarbon production in the fourth quarter—the highest compared to ExxonMobil, Chevron, and BP. BP’s gas production accounted for 49.7% of its total production in the fourth quarter. ExxonMobil and Chevron have comparatively lower exposure to natural gas. ExxonMobil and Chevron’s natural gas production accounted for 41.4% and 39.6% of their total production, respectively, in the fourth quarter.

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