KeyFacts Energy provide the following review of company production and reserves sourced from news coverage and our Energy Country Review database.

APA

Production
Full-year production was 455,000 BOE per day; adjusted production was 385,000 BOE per day. Full-year net cash provided by operating activities was $3.6 billion, and adjusted EBITDAX was $5.9 billion.  

Reserves
Worldwide estimated proved reserves totaled 969 million BOE at year-end 2024, 69% of which were classified as proved developed. 

Baytex

Production
Full-year 2024 net production was 153,048 boepd    

Reserves
Baytex increased PDP reserves per share by 8% and 1P and 2P reserves per share by 6%. PDP reserves total 187 MMboe, 1P reserves total 408 MMboe and 2P reserves total 660 MMboe. The Company replaced 102% of production on a 1P basis and 101% of production on a 2P basis, excluding acquisition and divestiture activity.

Berry Corporation

Production
Berry produced 25.4 MBoe/d (93% oil) during 2024, with fourth quarter production of 26.1 MBoe/d (93% oil), a 5% increase over third quarter and 1% increase year-over-year.

Reserves
Berry’s year-end 2024 proved reserves totaled 107 MMBoe, of which 58% were proved developed and 96% were oil. The Company’s YE24 reserve report contains 548 PUD locations. 

bp

Production
bp's 2024 upstream production was 2,358mmboe/d in 2024, 2.0% higher than 2023.

BW Energy

Production
Full-year 2024 net production was approximately 10.1 million barrels of oil, up 69% from 2023.

Capricorn Energy

Production
Full year 2024 working interest production was 23,739 boepd (44% liquids).

Cenovus

Production
In 2024, Cenovus’s total Upstream production averaged 797,200 BOE/d, compared with 778,700 BOE/d in 2023, including record annual volumes from the Oil Sands assets and a 5% increase in Offshore volumes. Oil Sands production was 610,700 BOE/d, including approximately 196,000 bbls/d at Foster Creek, a new annual high for the asset, and 234,200 bbls/d at Christina Lake, which successfully completed a turnaround in the third quarter. Full-year production from the Lloydminster thermal assets was also an annual record at 111,500 bbls/d, compared with 104,100 bbls/d in 2023, reflecting a successful redevelopment program and well optimization. Sunrise production was 49,600 bbls/d compared with 48,900 bbls/d in 2023 and Lloydminster conventional heavy oil production increased to 17,600 bbls/d from 16,700 bbls/d in the previous year. Conventional production was 119,900 BOE/d, in line with 2023. Offshore total production was approximately 66,600 BOE/d, compared with 63,400 BOE/d in the prior year, with 2023 impacted by a temporary disconnection of a subsea umbilical in Liwan by a third-party vessel.

Reserves
Cenovus’s proved and probable reserves are evaluated each year by independent qualified reserves evaluators. At the end of 2024, Cenovus’s total proved and total proved plus probable reserves were approximately 5.7 billion BOE and 8.5 billion BOE respectively, and total proved and total proved plus probable bitumen reserves were approximately 5.2 billion barrels and 7.7 billion barrels respectively. At year-end 2024, Cenovus had a proved reserves life index of approximately 19 years and a proved plus probable reserves life index of approximately 29 years.

Chevron

Production
Year-end 2024 proved reserves were approximately 9.8 billion barrels of net oil-equivalent. The largest reductions were from production and the sale of oil sands and shale and tight assets in Canada, and the largest additions were from extensions and discoveries in the Permian and Denver-Julesburg (DJ) Basins.

ConocoPhillips

Production
Production for 2024 was 1,987 MBOED, an increase of 161 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, production increased 69 MBOED or 3% from the same period a year ago.

Devon Energy

Production
Devon reported record performance of 737,000 barrels of oil equivalent production (Boe) per day in 2024. For the full-year 2025, Devon expects production to be in the range of 805,000 to 825,000 Boe per day

Diamondback Energy

Reserves
Proved reserves at year-end 2024 of 3,557 MMBOE represent a 63% increase over year-end 2023 reserves. Proved developed reserves increased by 59% to 2,385 MMBOE (67% of total proved reserves) as of December 31, 2024, reflecting the continued development of the Company's horizontal well inventory. Proved undeveloped reserves ("PUD" or "PUDs") increased to 1,173 MMBOE, a 72% increase over year-end 2023, and are comprised of 1,381 horizontal locations in which we have a working interest, of which 1,310 are in the Midland Basin. Crude oil represents 50% of Diamondback's total proved reserves.

Diversified Energy

Production
Diversified exited the year with December 2024 average production of 864 MMcfepd (144 Mboepd), up 11% versus the December 2023 exit rate of 775 MMcfepd (129 Mboepd), reflecting the cumulative effect of the Company’s 2024 acquisitions and industry-leading PDP declines of ~10% per year.

DNO

Production
Net production climbed 50 percent year-on-year to 77,300 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 59,000 boepd, North Sea 15,200 boepd and West Africa 3,100 boepd.

EnQuest

Production
In 2024 Group production averaged 40,736 Boepd, with strong production uptimes across the portfolio. The Group’s investment in low-cost, quick-payback well work and production optimisation partially offset the impact of natural field declines (2023: 43,812 Boepd). Pro forma 2025 net production is expected to be between 40,000 and 45,000 Boepd.

EOG Resources

Production
Oil production of 494,600 Bopd in 2024 was above the midpoint of the guidance range and up from 3Q. Finding and development cost, excluding price revisions, decreased in 2024 to $6.68 per Boe, due to higher year-over-year well performance and cost reductions.

ExxonMobil

Production
Net production in 2024 was at the highest level in over ten years at 4.3 million oil-equivalent barrels per day, an increase of 16%, or 595,000 oil-equivalent barrels per day.

Genel Energy

Production
Working interest average production was 19,650 bopd in 2024, increased from 12,410 bopd in 2023.

GeoPark

Reserves
GeoPark’s 2024 year-end reserves reflect the ongoing upgrade and recalibration of the Company’s asset base, driven by the incorporation of the Vaca Muerta blocks and adjustments in its Colombian portfolio. 2P reserves increased 41% year-on-year on a pro-forma basis, supported by the addition of 74.6 mmboe from Vaca Muerta. At December 31, 2024, 1P reserves of 102.0 mmboe and 2P reserves of 162.2 mmboe showed that the Company extended its 1P RLI by 54% to 8.2 years, and its 2P RLI by 44% to 13.1 years.  

Gran Tierra Energy

Production
Gran Tierra achieved 2024 average WI production of 34,710 boepd, representing a 6% increase from 2023, as a result of positive exploration results in Ecuador and two months of production from Canadian operations acquired on October 31, 2024, partially offset by lower production in the Acordionero field caused by downtime related to workovers and deferred production from blockades in Suroriente during the Quarter. Gran Tierra expects 2025 production of 47,000-53,000 boepd.

Gulfport Energy

Production
Gulfport’s net daily production for the full year of 2024 averaged 1.05 Bcfe per day, primarily consisting of 841.7 MMcfe per day in the Utica and Marcellus and 212.4 MMcfe per day in the SCOOP. For the full year of 2024, Gulfport’s net daily production mix was comprised of approximately 92% natural gas, 6% natural gas liquids ("NGL") and 2% oil and condensate.

Reserves
Gulfport reported year end 2024 total proved reserves of 4.0 Tcfe, consisting of 3.4 Tcf of natural gas, 22.1 MMBbls of oil and 80.1 MMBbls of natural gas liquids. Gulfport’s year end 2024 total proved reserves decreased approximately 6% when compared to its 2023 total proved reserves, largely a result of downward revisions associated with commodity price changes.

Harbour Energy

Production
Production of 258 kboepd (2023: 186 kboepd), represented a c.40 per cent increase on 2023. Production in 2025 is expected to be 450-475 kboepd.

Reserves
As at year end 2024, Harbour’s proven and probable (2P) reserves on a working interest basis stood at 1.25 bnboe, more than three times higher than that at year end 2023 (2023: 0.36 bnboe). This increase was driven by the addition of 1.0 bnboe from the Wintershall Dea transaction, offsetting the impact of production by more than tenfold.

Hess

Production
In the fourth quarter of 2024, oil and gas net production was 495,000 barrels of oil equivalent per day (boepd), up 18% from 418,000 boepd in the fourth quarter of 2023.

International Petroleum Corp.

Production
Full year 2024 average net production was 47,400 boepd, above the mid-point of the 2024 annual guidance of 46,000 to 48,000 boepd.

Reserves
IPC reported total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.

Jadestone Energy

Production
2024 production averaged 18,696 boe/d, in line with guidance and an annual record for Jadestone, representing 35% production growth year-on-year. The 2024 exit rate (December 2024 average) was c.24,000 boe/d, a monthly record for the Group and an increase of c.40% compared to January 2024.

Reserves
Group 1P reserves as at 31 December 2024 have been independently assessed by ERCE at 48.6 mmboe, representing 202% 1P reserves replacement in 2024. 1P reserves replacement was driven by inclusion of the 1P reserves associated with the CWLH 2 acquisition, which completed in February 2024, as well as improved well performance and uptime at Montara and the PM 323 asset in Malaysia.

Karoon

Production
2024 fourth quarter production (4Q24) on a Net Revenue Interest (NRI) basis was 2.59 MMboe, 3% lower than the third quarter (3Q24). Total 2024 full year NRI production was 10.4 MMboe.

Kosmos Energy

Production
Total net production in the fourth quarter of 2024 averaged approximately 66,800 boepd. Production was below guidance primarily due to lower production at Jubilee (flagged by the operator in January) and the timing impact of new project startups. The Company exited the quarter in a net underlift position of approximately 0.2 million barrels. While these projects are close to completing their ramp-up within the next month, first quarter 2025 production is also impacted by planned shut-downs at Jubilee in Ghana and at the Devils Tower facility, which hosts Kodiak field, in the Gulf of America.

Reserves
At year-end 2024, Kosmos 2P reserves were approximately 530 million boe, representing a reserve replacement ratio of 137% and a 2P reserves-to-production ratio of approximately 22 years, demonstrating the longevity of the portfolio. The positive 2P reserve replacement was largely driven by upward revisions in Mauritania and Senegal. Kosmos 2P reserves do not include any recognition for the Tiberius and Yakaar-Teranga discoveries. Kosmos 1P reserves were approximately 250 million barrels of oil equivalent (boe), representing a 1P reserves to production ratio of around 11 years and a reserve replacement ratio of -11% driven primarily by annual production. Kosmos' year-end reserves on all assets have been independently evaluated by Ryder Scott.

Magnolia Oil & Gas

Production
Production for full year 2024 averaged 89.7 Mboe/d representing year-over-year volume growth of more than 9% with oil growth of 11% exceeding our original expectations.

Reserves
Total 2024 proved reserves increased 13 percent to 191.7 MMboe from 169.8 MMboe at year end 2023 replacing 167 percent of 2024 production. Magnolia’s total proved developed reserves at year end 2024 were 149.3 MMboe. Excluding acquisitions, sales, and price-related revisions, the Company added 44.3 MMboe of proved developed reserves during the year. During the three-year period from 2022 to 2024, Magnolia’s organic proved developed F&D costs averaged $11.66 per boe.

Murphy Oil

Production
Production for full year 2024 averaged 177 MBOEPD, which included 88 MBOPD. 

Northern Oil & Gas

Production
Full year 2024 production was 124,108 Boe per day, a 26% increase from the prior year. Fourth quarter production was 131,777 Boe per day, a 15% increase from the prior year period. NOG anticipates approximately 130,000 - 135,000 Boe per day of production in 2025.

Reserves
Total proved reserves at December 31, 2024, increased 11% from year-end 2023 to 378.5 million barrels of oil equivalent (73% proved developed) with an associated pre-tax PV-10 value of $5.1 billion (80% proved developed) at SEC Pricing.

Occidental

Production
Total company production of 1,463 Mboed in 2024 exceeded the mid-point of guidance by 13 Mboed.

Reserves
As of December 31, 2024, Occidental's worldwide proved reserves totaled 4.6 billion barrels of oil equivalent (BOE), compared to 4.0 billion BOE for the same period in the prior year. Proved reserve additions were mainly driven by purchases of 623 million BOE, primarily from the CrownRock Acquisition, extensions and discoveries of 326 million BOE, mostly in the Permian Basin, and positive revisions associated with infill development projects of 112 million BOE, primarily in the DJ and Permian Basins. The 2024 Reserves Replacement - All-In was 230% and the three-year average Reserves Replacement - All-In was 181%. The 2024 Reserves Replacement - Organic was 112% and the three-year average Reserves Replacement - Organic was 137%.

Permian Resources

Production
Permian Resources reported crude oil and total average production of 159.2 MBbls/d and 343.5 MBoe/d, an increase of 63% and 77% compared to the prior year

Reserves
Permian Resources reported year-end 2024 total proved reserves of 1,027 MMBoe compared to 925 MMBoe at prior year-end. At year-end 2024, proved reserves consisted of 45% oil, 30% natural gas and 25% natural gas liquids. Proved developed reserves were 746 MMBoe (73% of total proved reserves) at December 31, 2024. 

PetroTal

Reserves
PetroTal reported 2024 year-end 1P and 2P reserves of 67.1 million barrels of oil and 113.7 mmbbls, respectively. The Company replaced 293% and 208% of 1P and 2P reserves, respectively;

Pharos Energy

Production
Group working interest production was 5,801 boepd net in 2024.

Riley Permian

Production
Riley production averaged 22.5 MBoe/d of total equivalent production (oil production of 15.1 MBbls/d). Full-year 2025 guidance for total production is 24.6 - 25.6 MBoe/d (oil production of 15.8 - 16.3 MBbls/d).

Reserves
Proved reserves at year-end 2024 of 124 MMBoe increased by 16 MMBoe or 15% over year-end 2023 reserves. Oil represented 54% of total proved reserves. Proved developed producing reserves ("PDP") increased by 27% to 77 MMBoe, which represented 62% of total proved reserves. Proved undeveloped reserves ("PUD") decreased slightly to 47 MMBoe, when compared to year-end 2023.

Ring Energy

Production
Net sales for full year 2024 were a record 19,648 Boe/d, or 7,191,054 Boe, comprised of 4,861,628 Bbls of oil, 6,423,674 Mcf of natural gas, and 1,258,814 Bbls of NGLs.

Reserves
The Company's year-end 2024 SEC proved reserves were 134.2 MMBoe, up 3% compared to 129.8 MMBoe at year-end 2023. During 2024, Ring recorded reserve additions of 16.0 MMBoe for extensions, discoveries and improved recovery. Offsetting these additions were 1.2 MMBoe related to the sale of non-core assets, 7.2 MMBoe of production, and 3.2 MMBoe of revisions related to changes in pricing and performance. Year-end 2024 SEC proved reserves were comprised of approximately 60% crude oil, 19% natural gas, and 21% natural gas liquids. At year end, approximately 69% of 2024 proved reserves were classified as proved developed and 31% as proved undeveloped.

Star Energy

Production
Net production for 2024 averaged 1,989 boe/d, in line with guidance. The Company anticipates production of c.2,000 boe/d in 2025.

Suncor

Production
In 2024, Suncor reported record annual production of 827,000 bbls/d, up 81,000 bbls/d, or 10.9%, from 2023. 

Tullow Oil

Production
Full year working interest production averaged c.61.2 kboepd in 2024, including c.6.6 kboepd of gas.

Vaalco Energy

Production
Vaalco recorded full year 2024 sales volumes of 24,100 to 24,600 working interest barrels of oil equivalent per day.

Vår Energi

Production
Production for the fourth quarter of 2024 was 32.1 MBoe/d, within the Company’s fourth quarter guidance and up 4% compared with 31.0 MBoe/d for the third quarter of 2024 and down compared with 34.1 MBoe/d for the corresponding period in 2023. 

Vermilion Energy

Production
2025 production averaged 84,543 boe/d(7) (54% natural gas and 46% crude oil and liquids), comprised of 53,542 boe/d from the North American assets and 31,001 boe/d(7) from the International assets.

Reserves
Year end proved developed producing (“PDP”) reserves were 168 mmboe and total proved plus probable (“2P”) reserves were 435 mmboe, reflecting a reserve life index of 5.4 years and 14.1 years, respectively.

Vitesse Energy

Production
Oil and natural gas production averaged 13,003 Boe per day in 2024. Oil represented 69% of production and 95% of total oil and natural gas revenue.

Reserves
Total proved reserves at December 31, 2024 decreased 1% from December 31, 2023 to 40.3 million Boe (68% proved developed). Proved developed reserves at December 31, 2024 decreased 4% from December 31, 2023 to 27.2 million Boe, while proved undeveloped reserves increased 8% to 13.0 million Boe.

W&T Offshore

Production
Production for 2024 averaged 33.3 MBoe/d for a total of 12.2 MMBoe, comprised of 5.3 MMBbl of oil, 1.2 MMBbl of NGLs and 34.3 Bcf of natural gas. Full year 2023 production averaged 34.9 MBoe/d or 12.7 MMBoe in total and was comprised of 5.1 MMBbl of oil, 1.4 MMBbl of NGLs and 37.6 Bcf of natural gas.  

Reserves
The Company’s year-end 2024 SEC proved reserves were 127.0 MMBoe, compared with 123.0 MMBoe at year-end 2023. In 2024, W&T recorded positive performance revisions of 5.0 MMBoe, and acquisitions of reserves of 21.7 MMBoe, which were offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year.

Woodside

Production
Woodside reported record production of 193.9 million barrels of oil equivalent (MMboe), or 530 Mboe/day, for the full year 2024.