Exxon Announces Estimated 2Q 1999 Results

Tuesday, August 17, 1999
Exxon Corporation reported second quarter 1999 net income of $1.2 billion, down from $1.6 billion in the second quarter of 1998. Revenue for the second quarter of 1999 totaled $29.4 billion compared to $29.4 billion in the second quarter of 1998. Capital and exploration expenditures were $2.5 billion in the second quarter 1999 compared to $2.5 billion in last year's second quarter. According to the company, depressed refining margins and weaker natural gas prices drove the decline in earnings. Weaker chemical margins, lower copper and coal prices, and unfavorable foreign exchange effects also lowered earnings. With the improvement in oil prices, second quarter net income increased 18 percent from the first quarter of 1999, in contrast to the seasonal earnings decline that are usually seen from the first to the second quarter of each year. Exploration and production earnings benefited from rising crude oil prices, averaging about $2 per barrel more than the second quarter of 1998. Natural gas prices were lower in the U.S. and were much lower in Europe. Exploration and producing expenses were reduced versus the prior year. Earnings from U.S. exploration and production were $269 million compared with $187 million last year. Outside the U.S., earnings from exploration and production were $500 million, versus $497 million in the second quarter of 1998.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Denmark Issues New Pilotage Regulations

In an effort to make the pilotage market more efficient, the Danish Maritime Authority (DMA) issued several new regulations following on amendments to the pilotage act.

US Shippers, West Coast Dockworkers Union Resume Contract Talks

Negotiators for shipping lines and terminal operators at 29 U.S. West Coast ports resumed contract talks with the union for dockworkers on Thursday, as cargo backups continued at the ports,

Offshore

DNV GL Targets Safer Approach to Subsea Lifting

The completion of a joint industry project (JIP) to improve existing standards and regulations around subsea lifting operations has resulted in a new recommended practice (RP).

Polarcus Awarded 3D Project Off West Africa

Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa.   The project,

Boskalis, VolkerWessels Win Offshore Wind Farm Work

Royal Boskalis Westminster N.V., in partnership with Volker Stevin International (VolkerWessels), has been awarded a contract by Iberdrola Renewables Offshore Deutschland

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators 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: 0.1051 sec (10 req/sec)