Total worldwide production in 2012 was 188,385 barrels of oil equivalent per day, up from 175,776 barrel equivalents in 2011. Total crude oil, condensate and gas liquids production averaged 105,766 barrels per day in 2012, compared to 101,269 barrels per day in 2011. The increase in oil volumes was mostly attributable to higher production at the Eagle Ford Shale and Kikeh. Oil volumes were lower in 2012 at the Terra Nova and Azurite fields. Natural gas sales volumes increased from 447 million cubic feet per day in 2011 to almost 496 million cubic feet per day in 2012, with the growth primarily attributable to higher gas volumes produced in the Tupper area. Future production in the Tupper area is expected to decline as drilling and production activities have been curtailed in this area due to weak North American natural gas sales prices.
The average sales price for crude oil and other liquids was $97.13 per barrel in 2012, up from $94.36 per barrel in 2011. North American natural gas was sold at an average price of $2.43 per MCF in 2012, down from the 2011 average of $4.26 per MCF. However, natural gas volumes produced offshore Sarawak were sold for $7.79 per MCF in 2012, compared to $6.76 per MCF in the prior year.
Refining and Marketing (Downstream)
The Company’s refining and marketing continuing operations generated a profit of $119.1 million in the first nine months of 2012 compared to a profit of $129.3 million in 2011. U.S. profits were $83.4 million in the first nine months of 2012, down from $172.9 million in the 2011 period. Income for the U.S. business declined in 2012 versus the prior year due to weaker margins for retail marketing and ethanol production operations. Per gallon margins for U.S. retail operations were 12.5 cents in 2012 compared to 16.5 cents in 2011. The U.K. Downstream business had a net profit of $35.7 million in the 2012 nine months compared to a net loss of $43.6 million in 2011, with the current year improvement fueled by significantly better refining margins.
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