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Thu 28 Jul, 2005 07:54 pm
....really, according to these guys.
It was a good day for oil," said Fadel Gheit, an analyst at Oppenheimer & Co. in New York.
Exxon Mobil, the world's largest publicly traded oil company, said Thursday that net income in the April-June quarter rose 32 percent to $7.64 billion, with gains coming from exploration and production, refining and sales of gasoline and other fuels. Revenue climbed 25 percent to $88.6 billion.
Exxon's net profit was equivalent to $1.20 per share. Excluding one-time items, earnings totaled $1.23 per share, a penny shy of the consensus estimate of analysts surveyed by Thomson Financial.
In Houston, oil and gas producer Marathon reported earnings of $673 million, compared with $352 million in the year-ago period. Its revenue rose rose 28 percent to $16.1 billion.
Stripping out special items, Marathon reported adjusted earnings of $755 million, or $2.16 per share. The results soundly beat analysts' expectations for a profit of $1.57 per share.
The newly merged Royal Dutch Shell announced a 34 percent increase in second-quarter profit to $5.24 billion. That was below analysts' expectations of $5.509 billion.
Revenue jumped 33 percent to $82.64 billion, according to the Anglo-Dutch company, which reported earnings as a single entity for the first time on Thursday following last week's unification of its parents, Shell Transport & Trading and Royal Dutch Petroleum.
The BP Group said its second-quarter profit rose 29 percent on the strength of world oil prices, but the company took a $700 million charge to settle claims from a refinery explosion in Texas last March.
Net profit was $5.59 billion, compared with $4.34 billion in the second quarter of 2004. The company had one-time items of $826 million, including the $700 million figure to settle claims arising from the Texas City, Tex., refinery explosion on March 23 that killed 15 workers.
Revenue in the quarter jumped to $87.8 billion, from $71.06 billion.
Burlington Resources Inc. (NYSE:BR) today reported a fourth consecutive quarterly earnings record, with estimated income of $537 million during the second quarter of 2005, compared to $379 million during the same quarter of 2004. Burlington earned $1.40 per diluted share, up 46 percent from the $0.96 per diluted share earned during the prior year's quarter. The increase was attributable to higher commodity prices, growth in production and accelerated share repurchases.
..Increases of 13 percent were achieved in both natural gas liquids (NGLs) production, which averaged 66.6 thousand barrels per day (Mbd), up from 59.0 Mbd, and crude oil production, which averaged 95.1 Mbd, up from 84.2 Mbd during the prior year's quarter.
Price realizations for natural gas increased to $6.28 per Mcf, from $5.40 per Mcf during the same quarter in 2004. Price realizations for NGLs increased to $29.62 per barrel, from $23.81 per barrel during the prior year's quarter. Crude oil price realizations increased to $46.71 per barrel, from $34.62 per barrel during the prior year's quarter.
Cabot Oil & Gas Corporation (NYSE: COG - News) today announced record second quarter earnings and discretionary cash flow. Net income for the quarter rose 83 percent to $35.4 million, or $0.72 per share, versus $19.3 million, or $0.40 per share for the same period last year. In terms of cash flow, the Company reported cash flow from operations of $80.1 million compared to $45.7 million in last year's second quarter. Discretionary cash flow rose 32 percent to $79.6 million for the quarter
Talisman Energy Inc. reported a 76 per cent jump in quarterly profits Thursday on higher production and rising oil and natural gas prices, booking a new cash flow record during the period.
The Calgary oil and gas producer said it earned $340 million or 93 cents a share for the three months ended June 30, compared with $193 million or 50 cents a share a year ago. That fell short of an average analyst forecast for earnings of $1 per share in the quarter, according to Thomson Financial.
Houston's largest company in terms of revenue announced a record profit, thanks to high oil and natural gas prices, big refining margins and lucrative deals in Russia and Asia that are beginning to pay off.
ConocoPhillips earned $3.1 billion on revenue of $46.6 billion in the second quarter. U.S. energy giants Exxon Mobil and Chevron will announce earnings today and Friday.
To give some perspective, in 2002 after the merger of Conoco and Phillips Petroleum, the combined company's profit for the entire year totaled $1.5 billion. Today, the company earned twice that much in just one quarter.
Petro-Canada posted strong operating results but a 12 per cent drop in profits due to its hedging program.
The energy giant also announced a two-for one stock split, a 33 per cent increase in its quarterly dividend and a large boost to capital spending amid a further increase in cash flow.
"Overall, it was an excellent quarter with near-record earnings from operations," chief executive Ron Brenneman told analysts Wednesday
Imperial Oil says its second-quarter earnings rose to $539 million, from $504 million a year earlier, thanks to production increases and higher prices for oil and natural gas.
Revenue for the quarter ended June 30 surged 24 per cent to $6.80 billion from $5.47 billion.
Net income amounted to $1.56 a share, compared with $1.40 per share a year ago, the company reported yesterday.
Biggest industry donators to Bush campaign
Enron $1.8m
Exxon $1.2m
Koch Industries $970,000
Southern $900,000
BP Amoco $800,000
El Paso Energy $787,000
Chevron Oil Corp $780,000
Reliant Energy $642,000
Texas Utilities $635,000
source
Unbe-f*cking-lievable!!!!!
Quote:After finishing most work on the bill late last week, the Senate approved the sweeping legislation 85-12. It includes a proposed $18 billion in energy tax breaks, an expansion of ethanol use and measures aimed at increasing natural gas imports to meet growing demand.
CBS News Correspondent Bob Fuss reports that the bipartisan Senate bill stands in stark contrast to the version passed in the House. The Senate requires more ethanol be used in gasoline and proposes $18 billion in tax credits to encourage clean and renewable sources of energy. The bill also requires 10 percent of the U.S.'s electricity to come from such sources by 2020.
The House bill has $8 billion in tax credits mostly to oil and gas companies and gives controversial protections from lawsuits to makers of a gasoline additive that has caused environmental damage, Fuss reports.
Lawmakers acknowledged that the measure would do little, if anything, in the short run to stem the soaring cost of energy including oil that this week has eclipsed $60 a barrel and gasoline that last week averaged $2.22 a gallon at the pump, according to the Energy Department.
ARE YOU PEOPLE INSANE!! Your children are dying in Iraq and Afghanistan to ensure the flow of oil to the USA and YOU DON'T GET ANYTHING! Hundreds of millions of your tax dollars in maintaining the troops in Iraq, the price of fuel has gone through the roof and the oil industry is getting both RECORD PROFITS and MORE of your tax dollars in 'relief'!!!
HELLO!!! Great BIG F*CKING RIP-OFF!!!!
Highest prices for crude oil EVER!!
Quote:U.S. crude oil futures scaled an all-time peak above $66 on Friday, with London Brent crude, U.S. gasoline and heating oil also hitting new highs, on strong U.S. economic data and fears of tighter gasoline supplies.
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