Oil Majors Report High Profits
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.
Daewoo Secures $1.66b in New Order
Daewoo Shipbuilding Marine and Engineering Co. said it has received a combined $1.66b in new orders this month to build 16 vessels. The vessels won together with its Romanian subsidiary, Daewoo Mangalia Heavy Industries S.A., include four container vessels and one liquefied natural gas tanker, the shipbuilder said in a statement. South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year on strong demand for crude carriers and offshore exploration equipment amid lofty oil prices. South Korean shipbuilders such as Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. are expected to see their exports rise 18 per cent to $26 billion this year on the back of continuous demand for high-end ships and other products. (Source: Yonhap)
