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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Brazil AHTS Contract Breakthrough for Havyard

Havyard says it is to deliver the ship design and equipment for four anchor handling tug supply (AHTS) vessels that are to be built and operated by the Brazilian

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1305 sec (8 req/sec)