ExxonMobil 1Q Profits Plunge 63%
* Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015. * Earnings per share were $0.43 assuming dilution. * Cash flow from operations and asset sales was $5 billion, including proceeds associated with asset sales of $177 million. * Capital and exploration expenditures were $5.1 billion, down 33 percent from the first quarter of 2015. * Oil equivalent production increased 1.8 percent from the first quarter of 2015, with liquids up 11.5 percent and gas down 9.3 percent. * The corporation distributed $3.1 billion to shareholders in the first quarter of 2016. * Dividends per share of $0.73 increased 5.8 percent compared with the first quarter of 2015.
Sinopec's Profit up at 32.5 billion yuan in 1H, 2014
Asia's largest refiner - China Petroleum & Chemical Corporation announced Friday night, according to international accounting standards, the first half net profit of 32.543 billion yuan, an increase of 7.5%. Semi-annual report and display, from January to June the company achieved operating income of 52.268 billion yuan, an increase of 11.8%; basic earnings per share of 0.279 yuan, up by 6.5%, mainly due to the refining and marketing segment operating income grew. The same period, Sinopec achieved 237.01 million barrels of oil equivalent production, an increase of 8%, of which crude oil production was 177.88 million barrels, an increase of 7.52%, the production of 3,548 one hundred million cubic feet of natural gas, an increase of 9.46%.
Oil Price Rebound Means Big Gains for Oil Producers
The third quarter proved to be a prosperous one for oil companies, as most of our sampling realized substantial gains in net income and net operating income for the period, as compared to 1998's third quarter. A higher average worldwide crude oil price was chiefly responsible for the increases, although in some cases, cost-cutting measures also contributed heavily to the financial results. Exploration and production net operating income was up, nearly across the board. However, for the first nine months of 1999, earnings and net income are still down from the same period in 1998. Phillips Petroleum Company reported third-quarter net income of $221 million up from $46 million for the same period last year. Total revenues were $3.8 billion, versus $2.9 billion a year ago.
Chevron Clarifies Deepwater GOM Production
Chevron Corp. clarified the production rate for Genesis, a deepwater project in the Gulf of Mexico, which was reported in the corporation's quarterly earnings release. The 1999 year-end gross oil-equivalent production from Genesis, operated and 57-percent owned by Chevron, was 47,000 bpd. The 63,000 bpd reported for Genesis was the peak production rate for a period during the fourth quarter, not the year-end level. The gross oil-equivalent production from the 40 percent-owned Gemini project at year-end was 35,000 bpd, as reported in the earnings release. A third Gulf of Mexico deepwater project, Typhoon, in which Chevron has a 50-percent stake, is expected to begin producing by mid-2001.
