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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

 
 
Maritime Security Maritime Standards Navigation Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0758 sec (13 req/sec)