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Markets & Finance

Financial Review: 2017

Release date: May 29, 2018
Next release date: July 2018

Key findings

  • Brent crude oil daily average prices were $54.75 per barrel in 2017—21% higher than 2016 levels
  • Excluding proved reserve acquisitions, upstream costs incurred increased from 2016 levels but remained lower than 2008–15 levels
  • Proved reserves additions in 2017 approached the highest levels in the 2008–17 period
  • Finding plus lifting costs fell to $29 dollars per barrel of oil equivalent in 2017, the lowest level in the 2008–17 period
  • The energy companies reduced debt in 2017, the first year in the 2008–17 period
  • Refiners with global refining assets reduced distillation capacity for the eighth consecutive year

Geographic distribution of global oil and natural gas companies, 2016

See entire annual review