Which U.S. oil major produced the most in the first quarter of this year - ExxonMobil, Chevron, or ConocoPhillips?
Well, according to their first quarter results statements, Exxon took top spot, with 3.831 million barrels of oil equivalent per day, followed by Chevron, with 2.979 million barrels of oil equivalent per day, and Conoco, with 1.792 million barrels of oil equivalent per day.
Exxon’s production was up from its fourth quarter output figure of 3.822 million barrels per day and its first quarter 2022 production figure of 3.675 million barrels per day, its latest results statement showed. Chevron’s output figure was down on its 4Q production of 3.011 million barrels per day and its first quarter 2022 production figure of 3.060 million barrels per day, while Conoco’s output was up from its first quarter 2022 production figure of 1.747 million barrels per day, Chevron and Conoco’s 1Q results statements outlined.
ExxonMobil increased its oil and gas net production by nearly 300,000 oil-equivalent barrels per day compared to the first quarter of last year - excluding divestments, entitlements, and Sakhalin-1 expropriation - the company highlighted in its latest results statement. This rise was driven by advantaged projects in Guyana and the Permian, the company pointed out.
The company’s net production of crude oil, natural gas liquids, bitumen, and synthetic oil in the first quarter came in at 2.495 million barrels per day, according to its 1Q statement. The U.S. accounted for 820,000 barrels per day, Asia accounted for 749,000 barrels per day, and Canada/other Americas accounted for 670,000 barrels per day, the statement outlined.
Exxon’s 1Q net natural gas production available for sale came in at 8.016 billion cubic feet per day, with Asia accounting for 3.597 billion cubic feet per day, the U.S. accounting for 2.637 billion cubic feet per day, and Australia/Oceania accounting for 1.276 billion cubic feet per day, the statement revealed.
“We are growing value by increasing production from our advantaged assets to meet global demand,” Darren Woods, the Chairman and Chief Executive Officer of Exxon, said in the company’s results statement.
“At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation, and storage agreement that underscores the company’s growing momentum in providing industrial customers with large-scale emission reduction solutions,” he added.