In its latest quarterly edition of Financial News For Major Energy Companies, the Energy Information Administration said 18 major energy companies reported net income of $13.8 billion for the third quarter, a 71 percent drop from the year prior due to lower oil and natural gas prices, poor margins and declines in refinery throughput. Revenues for the period reviewed were $246.2 billion.

Domestic and foreign oil and natural gas production continued to rise, despite much lower prices and earnings. Data for 16 companies showed worldwide oil and gas production income tumbled $26.9 billion or 63 percent from third quarter 2008 to $15.8 billion quarter under review.

The leading operations, in terms of net income, for the U.S. majors during the third quarter 2008 were foreign oil and natural gas production, domestic oil and natural gas production and worldwide chemicals, which generated contributions to net income of $7.4 billion, $5.6 billion and $1.2 billion, respectively.

Income from worldwide refining and marketing operations for the third quarter, according to data from 10 companies, plunged 96 percent or $9.3 billion relative to third quarter 2008 “as a large decline in domestic returns was magnified by a much smaller decline in income from foreign operations.”

According to the report, upstream capital expenditures by these companies declined but by much less than the fall in net income, while capital expenditures for refining and marketing decreased slightly despite a significant decrease in net income.