The Arctic continental shelf is estimated to hold vast deposits of hydrocarbons and rare earth minerals. Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic region. Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData, a leading data and analytics company.

  • Achieved first oil in Guyana, ahead of schedule; resource estimate increases to over 8 billion barrels
  • Grew fourth quarter liquids production by 4 percent over the prior year, driven by Permian Basin
  • Generated $29.7 billion of cash flow from operating activities in 2019; $6.4 billion in fourth quarter
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