Average Crude Oil Prices News

Chevron issues interim update for second quarter 2012 with earnings expected to be higher than in the first quarter Upstream results are projected to be lower between sequential quarters, due to lower average crude oil prices, partially offset by foreign exchange gains. Downstream earnings in the second quarter are expected to be significantly higher, reflecting improved refining margins and gains on asset sales. This interim update contains certain industry and company operating data for the second quarter 2012. The production volumes, realizations, margins and certain other items in the report are based on a portion of the quarter and are not necessarily indicative of Chevron's full quarterly results to be reported on July 27, 2012.

Pride International, Inc. (NYSE: PDE) reported income from continuing operations for the three months ended June 30, 2009 of $121.8 million, or $0.69 per diluted share. The second quarter results compared to income from continuing operations of $153.1 million, or $0.87 per diluted share, for the corresponding three months in 2008. Results for the second quarter of 2008 included a net after-tax gain of $11.8 million, or $0.07 per diluted share, relating primarily to the sale of the company's platform rig fleet. Revenues during the second quarter of 2009 totaled $500.7 million compared to $541.5 million during the second quarter of 2008. Louis A.

Average crude oil prices for July were little changed from June. The West Texas Intermediate (WTI) spot average for July was $30.75 per barrel compared to $30.66 in June. EIA’s Outlook is for prices to remain firm through the rest of 2003, or at least until autumn, when OECD oil inventories may rebuild above observed 5-year lows. Once inventories have been rebuilt, WTI oil prices may slide gradually to $26 per barrel during 2004, as Iraqi oil exports return to near pre-war levels. U.S.

ARCO reported a 1998 fourth quarter net loss of $794 million after a net charge of $864 million. The net charge reflects asset writedowns, restructuring costs and a tax refund. In the 1997 fourth quarter, ARCO earned $382 million. Before the special items, ARCO earned $70 million for the quarter as operating results continued to reflect the effects of weak commodity pricing. Compared to the same quarter in 1997, average crude oil prices declined $7 per barrel. ARCO achieved significant progress in efforts to geographically focus its operations during 1998. To enhance ARCO's position in the Gulf of Mexico, the company swapped its heavy oil properties in California for assets in the Gulf of Mexico. Those assets were subsequently sold to Vastar Resources, Inc.

Low crude oil and natural gas prices from weak demand and oversupply, along with foreign currency losses in Asian downstream operations caused earnings to drop sharply, Texaco Chairman and CEO Peter I. Bijur reported. Commenting on 1998 results, Bijur pointed to the following: Income before special items declined 50 percent in 1998 to $894 million, and declined 80 percent to $92 million in the fourth quarter. Average crude oil prices hit their lowest levels in more than 20 years. Currency volatility in Asia caused fourth quarter foreign currency losses of $71 million in the international downstream operations. "We are not standing still waiting for prices to improve. We are implementing significant cost and expense reductions across all of our businesses.

ARCO reported a 1998 fourth quarter net loss of $794 million after a net charge of $864 million. The net charge reflects asset writedowns, restructuring costs and a tax refund. In the 1997 fourth quarter, ARCO earned $382 million. Before the special items, ARCO earned $70 million for the quarter as operating results continued to reflect the effects of weak commodity pricing. Compared to the same quarter in 1997, average crude oil prices declined $7 per barrel. ARCO achieved significant progress in efforts to geographically focus its operations during 1998. To enhance ARCO's position in the Gulf of Mexico, the company swapped its heavy oil properties in California for assets in the Gulf of Mexico. Those assets were subsequently sold to Vastar Resources, Inc.