Key findings for 2023

• Brent crude oil daily prices averaged $82.18 per barrel in 2023—17% lower than in 2022
• Among the upstream companies, combined petroleum liquids production increased 4% in 2023 from 2022, and natural gas production decreased less than 1%.
• Cash from operations decreased to $678 billion in 2023—21% lower in real terms than in 2022.
• Exploration and development spending was 27% higher in real terms in 2023 from 2022.
• The energy companies reduced net debt by $38 billion and allocated $89 billion to net share repurchases in 2023.
• Refiners’ earnings per barrel processed decreased on average in all regions in 2023.
• Capacity utilization among refiners in Asia Pacific increased substantially in 2023.