In 2024, the crude oil and natural gas market navigated a complex landscape of controlled OPEC+ supply and variable demand, heightened geopolitical tensions, macroeconomic weakness, and a continued focus on energy transition. This resilience is reflected in the stability of oil prices: Brent crude oil prices exhibited a minimal average monthly change and a monthly range-bound movement between US$74 and US$90 per barrel in 2024, making 2024 one of the most stable years in the past 25 years.1 Globally, the oil and gas industry distributed nearly US$213 billion in dividends and US$136 billion in buybacks between January 2024 and mid-November 2024 (figure 1).2
By prioritizing high-return investments and maintaining a focus on production efficiency, oil and gas companies have worked to ensure robust financial performance and retained investor trust. Over the last four years, the industry’s capital expenditures have increased by 53%, while its net profit has risen by nearly 16%.3 In fact, oilfield services reported its best performance for the 2023 to 2024 period in the past 34 years.4 Additionally, some companies are engaging in increased investments in low-carbon technology projects to help balance the risks associated with the traditional oil and gas market. These investments will likely help companies position themselves as key players in the future energy landscape.
