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

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Salvage Shipbuilding / Vessel Construction 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: 0.1048 sec (10 req/sec)