U.S. EIA Published Financial Review of the Global Oil and Natural Gas Industry-Q2 2024

SEATTLE (Oil Monster): The U.S. Energy Information Administration (EIA) announced publication of its Financial Review of the Global Oil and Natural Gas Industry-Q2 2024 report.

According to the research, the output of natural gas and petroleum liquids worldwide increased by 4% in Q2 2024 compared to the same quarter the previous year. Natural gas and petroleum liquids output increased by 3% and 4%, respectively, year over year.

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Energy businesses spent 7% less overall in Q2 2023 on financing and investing activities. Despite a 12% decrease in capital expenditures to $69 billion over the previous year, cash from operations saw a minor increase of 2% to $128 billion. There was less investment as a result of the decline in capital spending.

Companies have distributed $55 billion in dividends and share buybacks over the last four quarters, according to an analysis. The energy companies also managed to cut their debt by $8.4 billion. In Q2 2024, almost 87% of the enterprises under analysis recorded positive upstream earnings. Moreover, nearly 68% of them stated that their cash flow was positive for the quarter.

Commenting on the future outlook, the U.S. EIA noted that cash from operations could face pressure in the forthcoming quarters.