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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Simulators Sonar
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: 0.1067 sec (9 req/sec)