Crude Oil Crude oil revenues for the third quarter of 2024 totaled $1.8 billion, a $92 million increase from the comparative 2023 quarter. A 23 percent higher average daily production increased third-quarter 2024 oil revenues by $251 million compared to the third quarter of 2023, while a 9 percent decrease in average realized prices decreased revenues by $159 million. Crude oil revenues accounted for 87 percent of total oil and gas production revenues and 55 percent of worldwide production in the third quarter of 2024. Crude oil prices realized in the third quarter of 2024 averaged $78.06 per barrel, compared with $86.15 per barrel in the comparative prior-year quarter.
The Company’s worldwide oil production increased 48.5 Mb/d to 256.3 Mb/d during the third quarter of 2024 from the comparative prior-year period, primarily a result of increased drilling activity in the Permian Basin coupled with the Callon acquisition. These increases were offset by natural production decline, the sale of non-core assets in the U.S., and operational downtime due to maintenance activities in the North Sea.
Natural Gas Natural gas revenues for the third quarter of 2024 totaled $103 million, a $133 million decrease from the comparative 2023 quarter. A 54 percent decrease in average realized prices decreased third-quarter 2024 natural gas revenues by $128 million compared to the third quarter of 2023, while 4 percent lower average daily production decreased revenues by $5 million. Natural gas revenues accounted for 5 percent of total oil and gas production revenues and 28 percent of worldwide production during the third quarter of 2024.
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