Conoco Expects Higher Earnings in Third Quarter

Friday, November 12, 1999
Conoco said higher crude oil and natural gas prices, as well as continued growth in oil and natural gas production volumes, will result in earnings appreciably higher than current analysts' estimates for the third quarter. Conoco Chairman, President and CEO Archie W. Dunham said earnings would be in a range of about four to seven cents higher than First Call's current consensus estimate of 33 cents of underlying earnings per share for the third quarter. "We're on target to produce production growth of about 10 percent in 1999, in line with earlier estimates," he said. Conoco Executive Vice-President for worldwide upstream Rob McKee said the added production was primarily due to increased volumes from the giant U.K. Britannia gas field and the Southern North Sea gas basin; the giant Petrozuata oil field in Venezuela; and the Ursa oil field in the Gulf of Mexico. "Our ongoing goal is to deliver industry-leading production growth, which we estimate to be between four to five percent per year on average," said McKee. "Between 1998 and 2001, our growth plans will exceed this goal, reaching a total of about 22 percent. For the first nine months of 1999, our early production estimates indicate that our worldwide natural gas production will be up about 23 percent."
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

Cruise Ship Trends

Cruise Industry Wins Key Norovirus Judgment

In what is being seen as a landmark decision, Hill Dickinson is the first law firm to have successfully defended a UK class action case involving a Norovirus outbreak onboard a cruise liner.

Royal Caribbean's Profit Rises 34 Percent

Royal Caribbean Cruises Ltd, the world's second-largest cruise operator by revenue, reported a 34 percent rise in quarterly profit as passengers spent more onboard

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0892 sec (11 req/sec)