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Shell announces 71% rise in profits & Exxon Mobil: Biggest profit in U.S. history & Occidental Petroleum, BP see oil earnings soar 72% and 83%
Shell announces 71% rise in profits
Oil giant Royal Dutch Shell today joined the profits bonanza from record prices with a 71 per cent jump in third-quarter earnings.
The firm made a mammoth 10.9 billion US dollars (£6.6 billion) between July and September - a period when oil prices hit a peak above 147 dollars a barrel.
The news, which is likely to spark fresh calls for a windfall tax, comes two days after rival BP posted it More..s biggest-ever quarterly profits of £6.4 billion.
Royal Dutch Shell posted the huge profits - a quarterly record and equivalent to nearly £72 million a day - despite a 1 per cent fall in production compared to last year.
This was due to factors such as the impact of hurricane damage in the Gulf of Mexico, which hit refining availability, as well as maintenance work in the North Sea.
Oil prices have since fallen back to less than half their mid-July peak to trade at around 70 dollars a barrel, as global demand fears mount.
Chief executive Jeroen van der Veer - who called the results "satisfactory" - said the company was "robust across a wide range of oil prices".
"We are watching the world economic situation closely," he added.
Even stripping out more than 2.8 billion US dollars (£1.7 billion) of exceptional gains from disposals and revalued oil and gas contracts, Shell's "clean" profits of 8 billion US dollars (£4.8 billion) were well ahead of City forecasts of 7.2 billion US dollars (£4.3 billion).
Appearing on GMTV this morning, Chancellor Alistair Darling said he wanted to see reductions in oil prices passed on to the consumer.
He said: "I want the oil companies to pass on these reductions to the pumps as soon as possible, because people are entitled to see the benefits."
Between them Shell and BP have now posted profits of £13 billion this week.
Shell's profits from exploration and production jumped 65 per cent to 5.5 billion US dollars (£3.3 billion) despite higher exploration costs and production disruption.
The stormy hurricane season and shutdown of its St Fergus gas processing base in the North Sea cost it an estimated 120,000 barrels of oil equivalent a day in production, the company added.
"Earnings compared to the third quarter 2007 reflected the benefit of higher oil and gas prices on revenues," the firm said.
The firm's average selling price for its oil was 113.90 US dollars a barrel between July and September - compared to 69.31 US dollars during the same period last year.
Investors meanwhile cashed in with an 11 per cent rise in the third-quarter dividend over last year.
Mr van der Veer added: "Our strategy remains to pay competitive and progressive dividends, and to make significant investments in the company for future profitability."
Yesterday Shell named chief financial officer Peter Voser as its next chief executive. He will take over when Mr van der Veer retires at the end of June.
Exxon Mobil: Biggest profit in U.S. history
Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
The company's prior record was $11.68 billion More..in the second quarter of 2008.
The latest quarter's net income equaled $1,865.69 per second, nearly $400 a second more than the prior mark.
The company said its revenue totaled $137.7 billion in the third quarter.
Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenue to $131.13 billion, according to a consensus of estimates compiled by Thomson FirstCall.
Exxon's stock price rose more than 1% in pre-market trading.
The company's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end.
Compare that to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.
Exxon's special charges include the gain of $1.62 billion from the sale of a German natural gas company. It also includes the $170 million charge in interest related to punitive damages from the Valdez oil spill off the Alaskan coast in 1989.
The Irving, Texas-based company said it lost $50 million, before taxes, in oil revenue because of Hurricanes Gustav and Ike. The company expects damages related to these hurricanes to reduce fourth-quarter earnings by $500 million.
Despite the surge in profit, Exxon said oil production was down 8% in the third quarter, compared to the same period last year.
The company also said it is spending more money to locate new sources of oil. Exxon said it spent $6.9 billion on oil exploration in the third quarter, a jump of 26% from the same period last year.
Phil Weiss, analyst for Argus Research, said he doesn't expect Exxon to break any more profit records in future quarters.
"I don't expect the fourth quarter to be nearly as good as the third because of lower oil prices," said Weiss.
He also said that demand for gasoline is falling, which could impact Exxon and other oil companies.
Earlier Thursday, Europe's leading oil company, Royal Dutch Shell PLC (RDSA), reported a 22% gain in net profit for the third quarter, to $8.45 billion. The company said sales rose 45% to $132 billion.
Exxon is the second-largest company in the Fortune 500 in terms of annual sales, behind Wal-Mart Stores (WMT, Fortune 500).
http://www.msplinks.com/MDFodHRwOi8vbW9uZXkuY25uLmNvbS8yMDA4LzEwLzM...
Occidental Petroleum, BP see oil earnings soar 72% and 83% respectively
The oil-profit gusher continued Tuesday with Westwood-based Occidental Petroleum posting a 72% boost in earnings for the third quarter on higher production and oil prices that nearly touched $150 a barrel. Oil giant BP reported an 83% jump in net income.
In spite of the earnings that one oil critic referred to as "outlandish," the challenge for Occidental and BP is maintaining momentum in a m More..arket that has changed so much that the quarter "feels like distant history," as Byron Grote, BP's chief financial officer, put it. Still, both companies said they expected to do well despite sharply lower energy prices.
Crude oil for December delivery fell 49 cents to $62.73 a barrel Tuesday on the New York Mercantile Exchange, unable to rally even though the Dow Jones industrial average soared almost 900 points. Oil futures have fallen more than 50% from July's peak.
"It was a great quarter for Occidental and BP thanks to high energy prices, but that is over in terms of earnings going forward. It's a new game now," said Fadel Gheit, senior energy analyst at Oppenheimer & Co.
Gheit said Occidental and BP should benefit from their conservative outlooks at the expense of more aggressive rivals that based their long-term plans on oil staying at least in the $80- to $100-a-barrel range. "Both have relatively low cost structures and low production costs," Gheit said.
Analyst Phil Weiss of Argus Research said that better-managed oil companies such as Occidental and BP tend to crunch their numbers based on exceedingly conservative estimates of how the oil market was going to perform. He said that didn't change even if oil surged to record levels. Occidental uses a price below $60 a barrel and BP does projections on oil as low as $40 a barrel.
Occidental Chief Executive Ray Irani said as much during the earnings conference call with analysts: "We feel quite comfortable that at $57 a barrel we'll still have free cash flow."
Another round of record oil company profits has inflamed critics.
Speaking specifically about BP, Santa Monica-based Consumer Watchdog said the British company "rode the wave of the crude oil price spike to a staggering profit jump in the third quarter of 2008. It is a stark reminder of the damage inflicted by energy costs on a world economy that was heading into recession."
Last week, ConocoPhillips said third-quarter earnings rose 41% to $5.2 billion. Hefty profits are expected Thursday from Exxon Mobil Corp. and Friday from Chevron Corp.
Occidental's net income for the three months ended Sept. 30 climbed to $2.3 billion, or $2.78 a share, from $1.3 billion, or $1.58, a year earlier, easily beating the average $2.71 a share estimated by analysts polled by Thomson Reuters. Sales rose 46% to $7.1 billion.
Its oil and natural gas output rose 3.2% to the equivalent of 588,000 barrels of crude a day, lead by improvements in Qatar, Oman and the U.S.
BP's net profit advanced to just under $8.1 billion, or 43 cents a share, from $4.41 billion, or 23 cents, a year earlier. Revenue rose 45% to $103.2 billion.
Occidental shares gained $7.62, or 18%, to $49.70, while BP rose $6.37, or 16%, to $46.52.
White is a Times staff writer.
ron.white@latimes.com
Oil giant Royal Dutch Shell today joined the profits bonanza from record prices with a 71 per cent jump in third-quarter earnings.
The firm made a mammoth 10.9 billion US dollars (£6.6 billion) between July and September - a period when oil prices hit a peak above 147 dollars a barrel.
The news, which is likely to spark fresh calls for a windfall tax, comes two days after rival BP posted it More..s biggest-ever quarterly profits of £6.4 billion.
Royal Dutch Shell posted the huge profits - a quarterly record and equivalent to nearly £72 million a day - despite a 1 per cent fall in production compared to last year.
This was due to factors such as the impact of hurricane damage in the Gulf of Mexico, which hit refining availability, as well as maintenance work in the North Sea.
Oil prices have since fallen back to less than half their mid-July peak to trade at around 70 dollars a barrel, as global demand fears mount.
Chief executive Jeroen van der Veer - who called the results "satisfactory" - said the company was "robust across a wide range of oil prices".
"We are watching the world economic situation closely," he added.
Even stripping out more than 2.8 billion US dollars (£1.7 billion) of exceptional gains from disposals and revalued oil and gas contracts, Shell's "clean" profits of 8 billion US dollars (£4.8 billion) were well ahead of City forecasts of 7.2 billion US dollars (£4.3 billion).
Appearing on GMTV this morning, Chancellor Alistair Darling said he wanted to see reductions in oil prices passed on to the consumer.
He said: "I want the oil companies to pass on these reductions to the pumps as soon as possible, because people are entitled to see the benefits."
Between them Shell and BP have now posted profits of £13 billion this week.
Shell's profits from exploration and production jumped 65 per cent to 5.5 billion US dollars (£3.3 billion) despite higher exploration costs and production disruption.
The stormy hurricane season and shutdown of its St Fergus gas processing base in the North Sea cost it an estimated 120,000 barrels of oil equivalent a day in production, the company added.
"Earnings compared to the third quarter 2007 reflected the benefit of higher oil and gas prices on revenues," the firm said.
The firm's average selling price for its oil was 113.90 US dollars a barrel between July and September - compared to 69.31 US dollars during the same period last year.
Investors meanwhile cashed in with an 11 per cent rise in the third-quarter dividend over last year.
Mr van der Veer added: "Our strategy remains to pay competitive and progressive dividends, and to make significant investments in the company for future profitability."
Yesterday Shell named chief financial officer Peter Voser as its next chief executive. He will take over when Mr van der Veer retires at the end of June.
Exxon Mobil: Biggest profit in U.S. history
Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
The company's prior record was $11.68 billion More..in the second quarter of 2008.
The latest quarter's net income equaled $1,865.69 per second, nearly $400 a second more than the prior mark.
The company said its revenue totaled $137.7 billion in the third quarter.
Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenue to $131.13 billion, according to a consensus of estimates compiled by Thomson FirstCall.
Exxon's stock price rose more than 1% in pre-market trading.
The company's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end.
Compare that to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.
Exxon's special charges include the gain of $1.62 billion from the sale of a German natural gas company. It also includes the $170 million charge in interest related to punitive damages from the Valdez oil spill off the Alaskan coast in 1989.
The Irving, Texas-based company said it lost $50 million, before taxes, in oil revenue because of Hurricanes Gustav and Ike. The company expects damages related to these hurricanes to reduce fourth-quarter earnings by $500 million.
Despite the surge in profit, Exxon said oil production was down 8% in the third quarter, compared to the same period last year.
The company also said it is spending more money to locate new sources of oil. Exxon said it spent $6.9 billion on oil exploration in the third quarter, a jump of 26% from the same period last year.
Phil Weiss, analyst for Argus Research, said he doesn't expect Exxon to break any more profit records in future quarters.
"I don't expect the fourth quarter to be nearly as good as the third because of lower oil prices," said Weiss.
He also said that demand for gasoline is falling, which could impact Exxon and other oil companies.
Earlier Thursday, Europe's leading oil company, Royal Dutch Shell PLC (RDSA), reported a 22% gain in net profit for the third quarter, to $8.45 billion. The company said sales rose 45% to $132 billion.
Exxon is the second-largest company in the Fortune 500 in terms of annual sales, behind Wal-Mart Stores (WMT, Fortune 500).
http://www.msplinks.com/MDFodHRwOi8vbW9uZXkuY25uLmNvbS8yMDA4LzEwLzM...
Occidental Petroleum, BP see oil earnings soar 72% and 83% respectively
The oil-profit gusher continued Tuesday with Westwood-based Occidental Petroleum posting a 72% boost in earnings for the third quarter on higher production and oil prices that nearly touched $150 a barrel. Oil giant BP reported an 83% jump in net income.
In spite of the earnings that one oil critic referred to as "outlandish," the challenge for Occidental and BP is maintaining momentum in a m More..arket that has changed so much that the quarter "feels like distant history," as Byron Grote, BP's chief financial officer, put it. Still, both companies said they expected to do well despite sharply lower energy prices.
Crude oil for December delivery fell 49 cents to $62.73 a barrel Tuesday on the New York Mercantile Exchange, unable to rally even though the Dow Jones industrial average soared almost 900 points. Oil futures have fallen more than 50% from July's peak.
"It was a great quarter for Occidental and BP thanks to high energy prices, but that is over in terms of earnings going forward. It's a new game now," said Fadel Gheit, senior energy analyst at Oppenheimer & Co.
Gheit said Occidental and BP should benefit from their conservative outlooks at the expense of more aggressive rivals that based their long-term plans on oil staying at least in the $80- to $100-a-barrel range. "Both have relatively low cost structures and low production costs," Gheit said.
Analyst Phil Weiss of Argus Research said that better-managed oil companies such as Occidental and BP tend to crunch their numbers based on exceedingly conservative estimates of how the oil market was going to perform. He said that didn't change even if oil surged to record levels. Occidental uses a price below $60 a barrel and BP does projections on oil as low as $40 a barrel.
Occidental Chief Executive Ray Irani said as much during the earnings conference call with analysts: "We feel quite comfortable that at $57 a barrel we'll still have free cash flow."
Another round of record oil company profits has inflamed critics.
Speaking specifically about BP, Santa Monica-based Consumer Watchdog said the British company "rode the wave of the crude oil price spike to a staggering profit jump in the third quarter of 2008. It is a stark reminder of the damage inflicted by energy costs on a world economy that was heading into recession."
Last week, ConocoPhillips said third-quarter earnings rose 41% to $5.2 billion. Hefty profits are expected Thursday from Exxon Mobil Corp. and Friday from Chevron Corp.
Occidental's net income for the three months ended Sept. 30 climbed to $2.3 billion, or $2.78 a share, from $1.3 billion, or $1.58, a year earlier, easily beating the average $2.71 a share estimated by analysts polled by Thomson Reuters. Sales rose 46% to $7.1 billion.
Its oil and natural gas output rose 3.2% to the equivalent of 588,000 barrels of crude a day, lead by improvements in Qatar, Oman and the U.S.
BP's net profit advanced to just under $8.1 billion, or 43 cents a share, from $4.41 billion, or 23 cents, a year earlier. Revenue rose 45% to $103.2 billion.
Occidental shares gained $7.62, or 18%, to $49.70, while BP rose $6.37, or 16%, to $46.52.
White is a Times staff writer.
ron.white@latimes.com
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