The energy industry generally and petroleum and natural gas operations in particular are frequently reacting to a variety of unsettling forces. Falling oil prices, economic upswings, currency devaluations, increasingly rigorous environmental quality standards, deregulation of electricity markets, and continued advances in exploration and production technology were among the challenges and opportunities to the industry in 1997. To analyze the extent to which these and other developments have affected energy industry financial and operating performance, strategies, and industry structure, the Energy Information Administration (EIA) maintains the Financial Reporting Systems (FRS). Through Form EIA-28, major US energy companies annually report to the FRS. Financial and operating information is reported by major lines of business, including oil and gas production (upstream), petroleum refining and marketing (downstream), other energy operations, and nonenergy business. Performance Profiles of Major Producers 1997 examines the interplays of energy markets, companies̀ strategies, and government policies (in 1997 and in historical context) that gave rise to the results given here. The report also analyzes other key aspects of energy company financial performance as seen through the multifaceted lens provided by the FRS data and complementary data for industry overall. 41 figs., 77 tabs.