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US Oil and Gas Reserves, Production and ESG Benchmarking Study

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US Oil and Gas Reserves, Production and ESG Benchmarking Study US oil and gas reserves, production and ESG benchmarking study 2021 Table of contents Overview ............................................................................................................ 1 Capital expenditures ............................................................................................ 7 Revenues and results of operations ...................................................................... 9 Oil reserves ...................................................................................................... 11 Gas reserves ..................................................................................................... 14 Performance measures Proved reserve acquisition costs ..................................................................... 16 Production replacement rates ......................................................................... 17 Production costs ............................................................................................ 19 ESG .................................................................................................................. 21 Company statistics ............................................................................................ 22 Peer groups ...................................................................................................... 36 Appendix .......................................................................................................... 37 Contacts ........................................................................................................... 40 Overview This study is a compilation and analysis of US oil and gas reserve and production information reported by publicly traded companies to the United States Securities and Exchange Commission and an analysis of certain publicly reported environmental, social and governance (ESG) disclosures, as applicable. It presents results for the five-year period from 2016 to 2020 for the 50 largest companies based on 2020 end-of-year US oil and gas reserve estimates. These companies represent approximately 39% of the US combined oil and gas production for 2020 (39% for 2019), and we believe that these companies are a good bellwether of industry trends. The oil and gas industry in the US is unique though, and the conclusions that we draw do not necessarily apply to the rest of the world. Companies have been classified into three peer groups: integrated companies (integrateds), large independents, and independents. Integrateds are companies that have oil-refining and marketing activities in addition to exploration and production (E&P) activities. Independents do not have oil-refining and marketing activities but may have midstream operations. Independents are classified as “large” if their reserves exceeded 1 billion barrels of oil equivalent (BOE) at the end of 2020. We’ve expanded our study this year to highlight the industry’s growing focus on sustainability and nonfinancial goals related to ESG matters. Our benchmarks include whether an ESG or sustainability report was issued, whether published ESG information aligns to a specific reporting framework (e.g., Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and/or the Task Force on Climate-related Financial Disclosures (TCFD)), whether third-party assurance is provided, and whether specific goals are set. Peer group analysis End-of-year US oil and gas US combined oil and gas Number of companies reserves, 2020 production, 2020 8% 22% 23% 27% 25% 28% 64% 55% 48% Integrateds Large independents Independents US oil and gas reserves, production and ESG benchmarking study 1 2020 in review It’s certainly not news that the COVID-19 pandemic decline from studied companies) from levels that have dominated the global landscape, the economy and oil remained depressed since the 2014 downturn as companies markets in 2020. The closing of businesses, the curtailment focused on conserving cash and production exceeded of travel and guidance from public health authorities to stay extensions and discoveries. Asset sales in our study group at home impacted oil demand in ways that no one had ever were larger than reserve purchases. contemplated, let alone tried to forecast or model. Global Remarkably, US oil production fell “only” 2.7 million barrels oil demand fell to 80 million barrels per day in April 2020 per day from its pre-pandemic peak of 12.7 million barrels compared to 100 million barrels per day in April 2019.¹ Oil per day.³ From the beginning of the pandemic to the bottom prices fell dramatically and, on the day that May futures in August, US rig counts fell from 800 to 244.4 High grading contracts expired, they went negative as traders scrambled of upstream portfolios and the imperative to improve to exit long positions that would force them to take delivery efficiency were in full gear. of oil that had no place to go when storage capacity at the facility in Cushing, Oklahoma is filled. Financial results In a typical year, mergers and acquisitions can drive big reflected all of this and results of operations for the changes in the reserve landscape, and 2020 was no companies included in our study fell from a gain of US$2.7 exception. Consolidation, debt reduction and divestment billion to a loss of US$84.1 billion. were the key themes in 2020. In the upstream sector, five transactions accounted for US$47.3 billion out of US$60 Asia LNG prices billion5 total, and in each of those deals, the buyer expanded 25 an existing footprint by acquiring a smaller competitor with the objective of achieving cost synergies. Uncertainty about 20 near-term commodity market balance and the dramatic 15 adjustments on the supply side of the market meant that crude and refined product prices were somewhat distorted. 10 Valuation in that sort of environment would always be $/MMBtu 5 difficult, and pandemic travel restrictions severely disrupted the normal logistics of deal-making. 0 2017 2018 2019 2020 Sustainability has been on the corporate radar for quite some time and recently has become an imperative, essential Source: Refinitiv to attracting capital, employees and customers. The oil and Gas markets proved to be somewhat more resilient. Henry gas industry is no exception to that trend, and a variety of Hub prices had been on the downswing well before the factors are in play. ESG investing strategies have moved pandemic started falling from north of US$3/MMBtu in early from a niche to a transformative factor in the allocation of 2019 to just a little more than US$2/MMBtu in January of capital. Integrating ESG into the overall business strategy 2020. Liquefied natural gas (LNG) was a different story. offers an opportunity to enhance performance, differentiate The spread between the price of landed LNG and the price from competitors, build trust through greater transparency of gas feedstock fell steadily from the beginning of the year and create long-term value. ESG communications provide and was essentially zero by mid-year as cargos struggled shareholders and other stakeholders a holistic view into how to find a destination where the gas might be needed. a company is delivering and protecting value. We’ve noted Disruption in oil markets was a central feature of what we that a large majority of studied companies are publishing a saw in this year’s reserve data. Oil and gas reserves fell sustainability or ESG report (76% overall, with integrateds, dramatically, mainly as a result of price-driven changes in large independents and independents comprising 100%, recovery economics and downward revision in estimates 93% and 65% of the total, respectively). However, very few of economically recoverable reserves. Upstream capital companies are including third-party assurance (16% overall, investment in North America plunged by 43%² (a 60% with integrateds, large independents and independents comprising 75%, 21% and 6% of the total, respectively). ¹ Source: U.S. Energy Information Administration (EIA) ² Source: Barclays Research ³ Source: U.S. EIA 4 Source: Baker Hughes 5 Source: Enverus 2 US oil and gas reserves, production and ESG benchmarking study Looking forward GlobalGlobal oil ildemand emand (million million barrels barrels per day) per day) By the time of this writing, oil, gas and LNG markets had stabilized and companies’ financial position had been restored 99.1 100.0 99.8 to the point where they could begin planning for the future. In 97.7 98.2 95.3 93.5 94.3 mid-June 2021, the price of WTI crude oil hovered at about 92.9 91.4 US$70/bbl and Henry Hub gas was trading at about US$3.25/ MMBtu. Both of those numbers are at the high end of the five-year range. Consensus price forecasts for both oil and gas 83.3 are somewhat below current levels, but there are important 2017 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 tailwinds that could move the market toward increased scarcity 2020 2020 2020 2020 2021 2021 2021 2021 and more favorable economics. The market that we find Source OPEC ourselves in reflects the confluence of three forces. Second, the supply side of the market has been carefully Oil and gas prices managed by oil-exporting countries. While pressure on 80 6 national oil companies to bring more revenue into government 70 coffers has been relentless, ministers of the Organization of 5 60 the Petroleum Exporting Countries (OPEC) have taken a longer 4 50 view, carefully calibrating production increases to expected 40 3 recovery in demand and maintaining collective discipline in an $/bbl 30 2 $/MMBtu
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