Big Oil Profits Expected To Fly High

Tuesday, October 10, 2000
The near record oil prices have left U.S. oil majors as the envy of industry during the third quarter reporting period, according to many industry analysts. "This is clearly a sector that investors shouldn't worry about having disappointing earnings surprises," said one. "The question is not whether they will beat consensus estimates, but by how much they'll beat estimates," said another. Such expectations from analysts and investors come as crude oil prices in the third-quarter hit ten-year highs and averaged $31.63 a barrel, up from $21.72 a barrel during the period last year. U.S. natural gas prices were just as scorching, averaging $4.48 per million British thermal units compared to $2.55 a year ago. Exxon Mobil Corp., for instance, said its second-quarter profits were the highest in U.S. corporate history. Other so-called integrated oil companies -- those with both upstream and downstream businesses -- such as Texaco Inc., Chevron Corp., and Phillips Petroleum Co., also posted big second-quarter profits alongside healthier returns on gasoline and other refined oil.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

RS to Exhibit at SMM 2014

Russian Maritime Register of Shipping (RS) announced it will exhibit at Shipbuilding, Machinery and Marine Technology (SMM) International Trade Fair September 9-12, 2014 in Hamburg, Germany.

Green Marine, ACPA Partner to Reduce Environmental Footprint

Green Marine and the Association of Canadian Port Authorities (ACPA) have entered into a Memorandum of Understanding with the goal of jointly expanding efforts

SC Ports’ Earnings, Volumes Surpass Plans

July cargo volumes deliver strong start to new fiscal year SC Ports Authority reported 2014 fiscal year-end operating earnings of $14.3 million, 20.7 percent over the organization's financial plan.

Offshore

Update: LOOP Terminal Shutdown

LOOP's Offshore Marine Terminal suspended its crude oil offloading operations on August 13 while investigating an oil sheen discovered along the pipeline. According to the terminal,

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

Motion Compensation Aids Offshore Lifeboat Lift

In a refurbishment program to upgrade lifeboats on offshore platforms, Ampelmann completed a second successful reinstallation using its full motion compensation technology.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1414 sec (7 req/sec)