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Did the Upstream Volumes of XOM, CVX, Shell, and BP Grow in Q1?

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May. 6 2019, Published 1:34 p.m. ET

Integrated energy companies’ production

In this article, we’ll compare the total hydrocarbon outputs and production mixes of integrated energy companies ExxonMobil (XOM), Chevron (CVX), Royal Dutch Shell (RDS.A), and BP (BP) in the first quarter of 2019.

Of these companies, ExxonMobil produced the highest quantity of hydrocarbon at 3.98 MMboepd (million barrels of oil equivalent per day) in the first quarter of 2019. Shell produced 3.75 MMboepd. Chevron and BP produced 3.04 MMboepd and 2.66 MMboepd, respectively, in the first quarter.

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In the first quarter, while XOM’s, CVX’s, and BP’s hydrocarbon productions rose YoY (year-over-year), Shell’s production declined. Chevron saw the highest rise in output in the quarter.

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Chevron’s production rose due to higher volumes at Wheatstone and the Permian Basin. Its output rose 6.5% YoY in the first quarter of 2019. The growth in its output is expected to continue in the coming quarters as well. ExxonMobil’s hydrocarbon production rose 2.4% YoY due to the increase in liquid volumes at the Permian Basin. In the first quarter, ExxonMobil’s Permian Basin production rose 19% sequentially. BP’s hydrocarbon production rose 2.0% to 2.6 MMboepd in the first quarter of 2019.

However, in the first quarter of 2019, Shell’s production fell 2.3% YoY due to lower volumes in its Integrated Gas segment partly offset by higher production in its Upstream segment. The Integrated Gas segment’s hydrocarbon production fell 12.4% YoY due to divestments.

Production mix of integrated energy companies

ExxonMobil, Chevron, Shell, and BP have substantial natural gas production along with crude oil and liquids production. In the first quarter of 2019, Shell’s and ExxonMobil’s natural gas production stood at 11.0 Bscfpd (billion standard cubic feet per day) and 9.9 Bscfpd, respectively. Chevron and BP stood at 7.0 Bscfpd and 7.9 Bscfpd of gas production, respectively, in the first quarter.

BP’s natural gas production constituted 51.1% of its total hydrocarbon production in the first quarter of 2019, the highest among itself, ExxonMobil, Chevron, and Shell. Relatively speaking, Shell’s gas production represented 50.6% of its total output in the first quarter of 2019. ExxonMobil and Chevron have comparatively low exposures to natural gas. Natural gas made up 41.5% and 38.3% of XOM’s and CVX’s total production, respectively, in the first quarter.

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