The purpose of this publication is to examine developments in the operations of the major U.S. energy-producing companies on a corporate level, by major line of business, by major function within each line of business, and by geographic area.

Pursuant to Section 205(h) of the Department of Energy Organization Act, which established the Financial Reporting System (FRS), the Energy Information Administration (EIA), through its Form EIA-28, collects financial information and other measures of energyrelated business efforts and results for major energy companies. Since the FRS data are collected on a uniform, segmented basis, the comparability of information across energy lines of business is unique to this reporting system. For example, petroleum activities can be compared to activities in other energy lines of business or nonenergy areas, and domestic activities can be compared to foreign activities.

This report presents data collected on Form EIA-28 for the calendar year 1993. The report also features a review of energy company strategies following the Arab

Oil Embargo of 1973-1974. The FRS data, which span the 1974-1993 period, are utilized for this review. In 1993, 25 companies filed Form EIA-28. The analysis and data presented in this report represent the operations of the FRS companies in the context of their worldwide operations and in the context of the major energy markets which they serve. Both energy and nonenergy developments of these companies are analyzed. Although the focus is on developments in 1993, important trends prior to that time are also featured.

Economic performance, in financial and physical dimensions, continues to serve as a significant factor in evaluating past decisions and guiding future options in the development and supply of energy resources. The information contained in this report is intended to promote an understanding and provide a critical review of the possible motivations and apparent consequences of investment decisions by some of the largest corporations in the energy industry. The information is intended for use by the U.S. Congress, Government agencies, industry analysts, and the general public.