![]() In December 2019, just weeks before COVID-19 would become a global concern, the US boasted close to 790 active rigs.ĭespite more activity, other data from the US Energy Information Administration (EIA) show that US oil output in 2021 was still down about 100,000 B/D from 2020 and down more than 1.1 million B/D from 2019.Īs of November, the EIA estimated that total US crude production stood at around 11.7 million B/D and now forecasts that figure to rise to 12.1 million B/D by the end of 2022. The big uptick reflects the deep cuts made in early 2020 when much of the US onshore sector was forced to send rigs back to the yard as US oil prices fell into negative pricing territory for the first time in history. This is according to the Baker Hughes rig count which reported 586 onshore drilling rigs were turning to the right in the US by the end of 2021. Raw Materials Price Indexĭata for the Raw Materials Price Index were taken from CANSIM table 330-0008.In what appears be a sign of the resiliency of the US oil and gas industry, the number of active rigs as of December was up by 67% year-over-year. Other liabilities include all liabilities not reported as either a current liability or long-term debt. Other assets include all assets not reported as either current or capital assets. Natural gas by-products include ethane, propane, butane and pentanes plus. Non-conventional oil and gas extraction includes establishments primarily engaged in producing crude oil from surface shales, oil sands or from reservoirs in which the hydrocarbons are semisolids and conventional production methods are not possible. This includes the production and extraction of oil from oil shale and oil sands.Ĭrude oil and equivalent products include crude oil, crude bitumen, synthetic crude oil and condensate.Ĭonventional oil and gas extraction includes establishments primarily engaged in the production of petroleum or natural gas from wells in which the hydrocarbons will initially flow or can be produced using normal pumping techniques. The oil and gas extraction industry includes establishments primarily engaged in operating oil and gas field properties. As a result, the Oil and Gas Extraction survey program will begin disseminating its data in CANSIM tables 136-0001 (oil and gas extraction capital expenditures and operating costs) and 136-0002 (oil and gas extraction revenues, expenses and balance sheet) starting with the 2015 reference year. The Oil and Gas Extraction survey was migrated to the Integrated Business Statistics Program for the 2014 reference year. Other liabilities rose 4.6% to $101.8 billion. Total liabilities and equity decreased 3.2% to $568.5 billion in 2015. Conversely, current assets rose 75.7% to $78.5 billion, partly offsetting the overall decrease. This decline was mainly attributable to other assets, which were down 52.2% to $41.6 billion. Oil and gas extraction companies in Canada reported $568.5 billion in total assets in 2015, down 3.2% compared with 2014. Total expenses and deductions increased 2.4% to $149.3 billion, resulting in a net loss of $49.4 billion in 2015, compared with a net income of $11.8 billion in 2014. Revenue downĭecreases in the price and production value of crude oil and equivalent products, and natural gas led to a decline in revenue for the oil and gas extraction industry, down 36.6% compared with 2014 to $99.9 billion in 2015. Production of natural gas by-products fell 5.8% to 41.1 million cubic metres in 2015, and the value declined 46.9% to $6.6 billion. Marketable production of natural gas rose 1.3% to 149.1 billion cubic metres, while its value decreased 38.6% to $14.0 billion. Compared with 2014, the value of these products fell 41.4% to $68.4 billion. Production of crude oil and equivalent products rose 1.9% to 213.5 million cubic metres in 2015, marking the sixth consecutive annual increase. ![]() However, falling prices resulted in widespread declines in the production value. In 2015, production volumes for both crude oil and equivalent products, and natural gas continued to increase. ![]() Volume of marketable production up, value down ![]()
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