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Preface

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.

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.

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.

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.

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

1. Consolidated Income Statement for FRS Companies, 1992 and 1993 ..

2. Contributions to Net Income by Line of Business for FRS Companies, 1992-1993

3. Rates of Return by Line of Business for FRS Companies, 1986-1993

4. Operating Income in Chemicals and Other Nonenergy Segments for FRS Companies, 1992-1993

5. Line-of-Business Contributions to Pretax Cash Flow for FRS Companies, 1992-1993

6. Sources and Uses of Cash for FRS Companies, 1992-1993

7. Additions to Investment in Place by Line of Business for FRS Companies, 1992-1993

8. Value of Mergers, Acquisitions, and Related Transactions by FRS Companies, 1993

9. Composition of Income Tax Expense for FRS Companies, 1992-1993 ...

10. Income Tax Expense, Pretax Income, and Effective Tax Rates by Line of Business for FRS Companies,

1992-1993 ...

11. Income Components and Financial Ratios in Oil and Gas Production for FRS Companies, 1992-1993

12. Average Prices, Sales, and Production in Oil and Gas for FRS Companies, 1992-1993

13. Exploration and Development Expenditures for FRS Companies by Region, 1992-1993

14. Well Completions by Region for FRS Companies, 1992-1993

15. Finding Costs by Region for FRS Companies, 1992-1993

16. Lifting Costs by Region for FRS Companies, 1992-1993 ..

17. Oil and Gas Reserves and Production for FRS Companies, 1992-1993

18. Sales, Expenses, and Income in U.S. Refining/Marketing for FRS Companies, 1992-1993

19. Marketing Characteristics and Refined Product Margin for FRS Companies Ranked by Total Energy

Assets, 1992-1993

20. Refining and Marketing Financial Items and Operating Data for FRS Companies, 1992-1993

21. Gasoline Distribution by FRS Companies, 1992-1993

22. Financial Items for Transportation for FRS Companies, 1992-1993

23. Coal Financial and Operating Indicators for the FRS Companies, 1992-1993

24. Financial and Operating Items in Coal for a Consistent Group of FRS Companies, 1992-1993

25. Revenues, Income, and Investment in Other Energy for FRS Companies, 1992-1993

26. Additions to Property, Plant, and Equipment for FRS Companies, 1974-1981

27. Additions to PP&E and Net PP&E in Other Nonenergy, Selected Years, 1974-1981

28. U.S. Coal Production for FRS Companies, Selected Years, 1974-1981

29. Additions to Property, Plant, and Equipment in Other Energy for FRS Companies, 1974-1986

30. Oil and Gas Exploration and Development Expenditures by Region for FRS Companies, Selected Years,

1974-1993 ...

31. Distribution of Net Property, Plant, and Equipment Across Lines of Business for FRS Companies,

1974 and 1981 ..

32. Mergers and Acquisitions with a Value in Excess of $500 Million for FRS Companies, 1974-1993

33. Distribution of Main Sources of Funds for FRS Companies, 1974-1993

34. Distribution of Main Uses of Funds for FRS Companies, 1974-1993

35. Distribution of Capital Expenditures by Lines of Business for FRS Companies, 1974-1993

36. Distribution of Net Investment in Place by Lines of Business for FRS Companies, 1981, 1985, and 1993

37. Top 20 Companies in the Fortune 500 Largest U.S. Industrial Corporations, 1974, 1981, and 1993

38. Total Assets of the FRS Companies and Fortune 500, 1974, 1981, and 1993

39. Worldwide Crude Oil Production of 20 Leading Companies, 1972 and 1992

40. Worldwide Natural Gas Production of 20 Leading Companies, 1992 ...

41. Composition of Oil and Gas Reserve Changes for FRS Companies in the United States and Foreign

Regions, 1981-1993 ...

42. Refining Statistics for FRS Companies and U.S. Industry, Selected Years, 1975-1981

43. U.S. Refinery Configurations for FRS Companies, Selected Years, 1974-1993

44. Shares of FRS U.S. Refining/Marketing Dispositions of Refined Motor Gasoline by Channel

of Distribution, 1977-1993

45. FRS U.S. Refined Product Margins and Costs per Barrel Sold, Selected Years, 1977-1993 ..

46. FRS Company Shares of U.S. Interstate Oil Pipeline Barrel Miles, Selected Years, 1975-1991

94

97

98

47. Consumption and Production of U.S. Coal, Selected Years, 1970-1993

102

48. FRS Companies' Share of U.S. Coal Production, Selected Years, 1974-1993

104

A1. Companies Reporting to the Financial Reporting System, 1977-1993

111

A2. Example of Nontraceables and Eliminations

116

A3. A Comparison between Full Cost and Successful Efforts Accounting Methods

119

A4. The Impact of FASB-52, Foreign Currency Translations, on Stockholders' Equity and Pretax Income,

1982-1993 ..

121

B1. Selected U.S. Operating Statistics for FRS Companies and U.S. Industry, 1992 and 1993

123

B2. Selected U.S. Operating Statistics for FRS Companies and U.S. Industry, 1987-1993

124

B3. A Comparison of Selected Financial Items for FRS Companies and the S&P 400, 1993

and Percent Change from 1992

125

B4. Consolidating Statement of Income for FRS Companies, 1993 ..

126

B5. Consolidating Statement of Income for FRS Companies, U.S. and Foreign Petroleum Segments,

1993 ...

127

B6. Profit Rates for Lines of Business and Petroleum Segments for FRS Companies, 1987-1993

128

B7. Profit Rates for Petroleum Segments for FRS Companies Ranked by Total Energy Assets,

1991-1993

129

B8. A Comparison of Balance Sheet Items for FRS Companies and the S&P 400, 1993 and

Percent Change from 1992 ..

130

B9. Consolidated Balance Sheet for FRS Companies, 1987-1993

131

B10. Distribution of Net Investment in Place for FRS Companies, United States and Foreign, 1993 .

132

B11. Net Property, Plant and Equipment (PP&E), Additions to PP&E, Investments and Advances, and

Depreciation, Depletion and Amortization (DD&A), by Lines of Business for FRS Companies, 1993 ..... 133

B12. Income and Investment Patterns in Worldwide Petroleum for FRS Companies Ranked by Total

Energy Assets, 1993 and Percent Change from 1992 ...

134

B13. Income and Investment Patterns by Petroleum Segments for FRS Companies Ranked by Total

Energy Assets, 1993 and Percent Change from 1992

.. 135

B14. Size Distribution of Income and Investment Within Worldwide Petroleum for FRS Companies

Ranked by Total Energy Assets, 1991-1993

136

B15. Consolidated Statement of Cash Flows for FRS Companies, 1987-1993

137

B16. A Comparison of Key Financial Indicators, Selected Performance Measures, and Patterns of

Finance for FRS Companies and for the S&P 400, 1991-1993

138

B17. Worldwide Income Taxes for FRS Companies, 1992 and 1993

139

B18. U.S. Federal Income Taxes for FRS Companies, 1992 and 1993

140

B19. Analysis of Income Taxes for FRS Companies, 1987-1993 ...

141

B20. U.S. Taxes Other Than Income Taxes for FRS Companies, 1993 and Percent Change from 1992

142

B21. Petroleum Exploration and Development Expenditures for FRS Companies, United States and

Foreign, 1993 and Percent Change from 1992 ...

143

B22. U.S. and Foreign Exploration and Development Expenditures and Production (Lifting) Costs

for FRS Companies, 1993 ..

144

B23. Total Exploratory and Development Wells Drilled in the United States for FRS Companies and

U.S. Industry, 1992 and 1993 ..

145

B24. Completed Well Costs, Oil, Gas, and Dry, for FRS Companies and U.S. Industry, 1992 and 1993

146

B25. Completed Well Costs, Oil, Gas, and Dry, Onshore and Offshore, for FRS Companies,

1992 and 1993 ...

147

B26. U.S. Net Wells Completed, and Net In-Progress Wells for FRS Companies, 1987-1993 .

148

B27. Exploration and Development Net Drilling Footage for FRS Companies, 1987-1993 ..

149

B28. U.S. Net Producing Wells, and U.S. Acreage for FRS Companies, 1987-1993 .

150

B29. U.S. Net Petroleum Acreage for FRS Companies, Ranked by Total Energy Assets,

1993 and Percent Change from 1992

151

B30. U.S. Net Ownership Interest Petroleum Reserves and Production for FRS Companies and

U.S. Industry, 1993

152

B31. Proved Petroleum Reserves for FRS Companies, United States and Foreign, 1993

153

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