The Financial Reporting System (FRS) was established in 1977 under Section 205 (h) of the Department of Energy Organization Act (P.L. 91-95). This statute requires the EIA to "identify and designate major energy-producing companies," and develop and implement a data reporting program for energy financial and operating information from these companies. The EIA is also required to submit an annual data and analysis report on the FRS information (Performance Profiles of Major Energy Producers) to the Congress.

Individual company financial reporting is required "on a uniform and standardized basis" for "each line of commerce in the energy industry" in which the company or its affiliates is involved. The data are to permit the EIA to:

develop a "statistically accurate profile of each line of commerce in the energy industry in the Unites States;"
evaluate "company revenues, profits, cash flow, and investments in total;"
analyze "the competitive structure of sectors and functional groupings within the energy industry;"
segregate and describe company financial and operating data "by energy source and geographic area;" and
determine the costs associated with segmental energy functions such as "exploration, development, production, processing, transportation, and marketing... ."

The reporting companies submit annual data to EIA on Form EIA-28. The survey form's filing instructions are available for viewing as a PDF file (1,168 KB). FRS survey data are available in Excel spreadsheets for viewing online or downloading to your computer.

The EIA's FRS program also uses this data to conduct special one-time studies (or shorter ad hoc reports) on emerging energy financial analysis issues. The worldwide operation of the FRS reporting companies also often relate to broader international issues under review by other EIA staff.