Oil Majors Report High Profits

Tuesday, July 25, 2000
Driven by the sustained high price per barrel of oil, oil majors Chevron and Amerada Hess today announced outstanding financial results for the second quarter. Chevron, the No. 2 U.S. oil company, posted second-quarter profits which more than doubled, matching analysts' expectations, thanks to stronger oil and natural gas prices. Second-quarter earnings excluding special items rose to $1.14 billion, or $1.75 a diluted share, from $484 million, or 73 cents a diluted share, in the year ago period, the company said. Meanwhile, Amerada Hess Corp. said lofty oil and natural gas prices resulted in sharply higher second-quarter earnings that surpassed analysts' expectations. The oil and gas company said earnings before special items rose to $202 million, or $2.24 per diluted share, from $77 million, or 86 cents per diluted share, in the same period last year. Analysts on average had forecast that Amerada Hess would earn $2.17 a share, according to First Call/Thomson Financial, which tracks estimates. Amerada Hess shares traded up 7/16 at 58-1/4 early Monday on the New York Stock Exchange. Amerada Hess said revenues hit $2.71 billion, up $1.18 billion, or 77 percent, over a year ago thanks in part to high crude oil and natural gas prices, which helped companies perform better industry-wide. The company also benefited from some of the highest gasoline prices in recent years, which gave a lift to its refining and marketing business.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Statoil Awarded Licence Offshore Colombia

Statoil has been awarded interest in the COL4 licence offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round. Statoil will hold 33,33% in the licence.

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

Oil Companies Bidding for Blocks in Colombia

Oil companies were bidding on Wednesday for 95 oil areas Colombia is offering for exploration and production in an effort to raise output from around 1 million

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0980 sec (10 req/sec)