ConocoPhillips, Hess Profits Rise

Thursday, October 27, 2005
ConocoPhillips, Amerada Hess Corp. and Kerr-McGee Corp. posted gains in third-quarter earnings as surging energy prices more than made up for output disruptions caused by Hurricanes Katrina and Rita, Bloomberg reported. Net income at ConocoPhillips, the third-largest U.S. oil producer, jumped 89 percent to a record $3.8 billion, or $2.68 a share, the company said in a statement. Amerada Hess Corp., the No. 5 U.S. oil company, said its profit rose 53 percent to $272 million, or $2.60 a share. At Kerr-McGee, net income soared 48-fold to $359 million, or $3.09 a share. Houston-based ConocoPhillips and New York-based Hess are the first of the seven largest U.S. oil companies to report earnings for a quarter that saw crude, natural-gas and gasoline prices soar to new highs. Gas prices doubled in the quarter, and crude- oil futures traded 44 percent higher than a year earlier as demand grew, yielding windfall profits for producers.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Narendra Modi Eyes Breakthrough Nuclear Pact with Japan

India is hoping to win Japanese backing for a nuclear energy pact during a visit by Prime Minister Narendra Modi, and lure investment into its $85 billion market

Venezuela Considers Importing Crude for the First Time

PDVSA would use its own fleet to transport imported crude; Purchases of crude imports would reduce costs; Venezuela has been exporting oil for a century Venezuela

ARENA Supporting Bright Ideas in Solar R&D

The Australian Government today announced $21.5 million funding for 12 cutting edge R&D projects that will keep Australia at the forefront of solar research.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.4968 sec (2 req/sec)