Earnings/Financial

How Oil And Gas Companies Can Thrive In A Shallower Profit Pool

My computer graphics on people and natural resources. Buoyancy has returned to the oil and gas industry as prices stabilize in the $50 to $70 range. Capital spending is rebounding and new upstream projects launch weekly. In previous cycles, this is about the point where executives forgot the hard-won lessons of the downturn and began to spend again, pursing growth at the cost of efficiency. This time, however, a return to old habits could prove an existential mistake. Our analysis finds that fierce competition, technological disruption and regulatory complexity have combined to reduce the profit pool by more than 60%—difficult math that should force oil and gas executives to keep the pressure on their efforts to reduce costs and improve efficiency (see figure)[…] Read Full Article Here: ht...

Louisiana to receive $82 million in Gulf offshore oil and gas revenue sharing

The state of Louisiana will receive $82 million in Gulf of Mexico offshore revenue in the next few months under the Gulf of Mexico Energy Security Act, representing the first large payment under the revenue sharing program created by Congress in 2006. […] Read Full Article Here: http://www.nola.com/environment/index.ssf/2018/04/louisiana_receives_82_million.html

Exxon Mobil shares fall 3.5% on earnings miss fueled by weak refining and chemicals profits

Exxon Mobil on Friday reported earnings of .09 per share, compared with .12 forecast by Thomson Reuters. Exxon Mobil on Friday reported its quarterly profit increased from a year ago, but fell short of expectations, marking the second straight quarter that earnings disappointed Wall Street. Weakness in the company’s fuel refining and chemicals businesses dragged on an upbeat quarter for Exxon’s unit that focuses on producing oil and natural gas. […] Read Full Article Here: https://www.cnbc.com/2018/04/27/exxon-mobil-earnings-q1-2018.html

Chevron shares rise after big earnings beat on strong oil and gas production profits

Chevron saw its stock price jump as it reported first-quarter earnings that easily topped expectations, fueled by rising oil and natural gas production and higher commodity prices. Shares of Chevron were up more than half a percent shortly after the U.S. stock market opening, backing off stronger gains before the bell. […] Read Full Article Here: https://www.cnbc.com/2018/04/27/chevron-shares-jump-on-big-earnings-beat.html

Norway’s $1 trillion sovereign wealth fund suffers first-quarter losses

Norway’s sovereign wealth fund has reported first-quarter losses on its investments, citing falling stock markets. The fund’s return was minus 1.5 percent, lagging the positive return of 3.5 percent at the end of last year. The country’s $1 trillion rainy day savings pot is the biggest state fund in the world. It was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector and it now owns an average 1.4 percent of the world’s listed stocks. […] Read Full Article Here: https://www.cnbc.com/2018/04/27/norways-1-trillion-sovereign-wealth-fund-suffers-first-quarter-losses.html

Shell earnings surge as oil prices rebound

Oil giant Royal Dutch Shell posted a 42 percent rise in profits in the first quarter of 2018, underpinned by a recent uptick in oil and gas prices. Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $5.322 billion from a year ago. This compared to a company-provided analyst consensus of $5.277 billion. Over the same quarter last year, net income was $3.754 billion. […] Read Full Article Here: https://www.cnbc.com/2018/04/26/shell-earnings-q1-2018.html

Saudi Aramco’s international IPO delay makes sense as oil rallies, investor says

The much-anticipated international listing of Saudi Aramco — the world’s largest oil company — is likely to be delayed until 2019, but that decision makes sense given that oil prices are expected to head to $80 per barrel, a private equity investor said. The state-owned oil firm is expected to list on the Saudi stock exchange in the second half of this year, but an international listing — which was at one point tipped to happen at the same time — is said to have been temporarily shelved. “Timing is of the essence,” Fadi Arbid, founding partner and chief investment officer at Amwal Capital Partners, told CNBC’s “Capital Connection” on Tuesday. […] Read Full Article Here: https://www.cnbc.com/2018/04/24/amwal-capital-partners-on-saudi-aramco-ipo-saudi-arabia-economy.html

Saudi oil giant Aramco may be more profitable than Apple, according to disputed financial leak

Leaked financial information for the world’s largest oil company, Saudi Aramco, reveals one of the most closely held secrets in the energy industry, if the figures are accurate. Saudi Arabia’s national oil company earned $33.8 billion in the first half of 2017, according to financial information obtained by Bloomberg News and disputed by the company. For comparison, Apple, the world’s most valuable publicly traded company, earned $28.9 billion in the same period. Aramco’s first-half earnings for 2017 are more than four times the $7.4 billion earned by Exxon Mobil, the largest energy company by market capitalization. […] Read Full Article Here: https://www.cnbc.com/2018/04/13/saudi-aramco-financials-potentially-revealed-in-disputed-leak.html

We won’t seriously consider an IPO over the next few years: Petronas Lubricants chief

“In the short term, for the next couple of years, [an IPO] is not something we are looking at very seriously,” said the managing director and group CEO of Petronas Lubricants International said. Read Full Article Here: https://www.cnbc.com/2018/03/23/petronas-lubricants-ceo-on-ipo-considerations.html

Exxon sees earnings doubling by 2025 at current oil prices

NEW YORK (Reuters) – Exxon Mobil Corp, the world’s largest publicly traded oil producer, said on Wednesday it expects its earnings to more than double by 2025 to $31 billion with crude prices at or above current levels. The company said exploration projects in Guyana and the Permian Basin as well as refining and chemical plant expansions, should help boost earnings. The company reported an adjusted profit of $15 billion in 2017 […] Read Full Article Here: http://www.foxbusiness.com/markets/exxon-sees-earnings-doubling-by-2025-at-current-oil-prices

Chesapeake Energy Corporation Reports Strong Production For 2017 Fourth Quarter And Provides Update On Recent Divestitures

OKLAHOMA CITY, Feb. 6, 2018 /PRNewswire/ — Chesapeake Energy Corporation (NYSE: CHK) today provided an update to certain operational results for the 2017 fourth quarter as well as recent asset divestiture activity. Highlights include: Average 2017 fourth quarter production projected at 593,000 boe per day, including oil production of 100,000 barrels per day, as previously targeted Three Mid-Continent sales agreements for approximately $500 million Sold approximately 4.3 million shares of FTSI for proceeds of $78 million, retain approximately 22.0 million shares Average daily production for the 2017 fourth quarter is currently projected to be approximately 593,000 barrels of oil equivalent (boe) per day, representing an increase of 15% year over year and 10% sequentially when adjustin...

BP profits surge as oil major leaves downturn behind

LONDON – BP’s profits more than doubled in 2017 to $6.2 billion powered by higher prices and output of oil and gas, allowing the company to resume share buybacks as it recovers from a three-year downturn. The London-listed company saw one of the strongest output increases in its history last year, lifting production to levels not seen since the 2010 Deepwater Horizon spill. Production is set to continue growing into the end of the decade thanks to more field start-ups this year. BP would generate profits in 2018 at an oil price of $50 a barrel, Chief Financial Officer Brian Gilvary told Reuters, as years of spending cuts kicked in and as it slowly shakes off a $65 billion bill for penalties and clean-up costs of the 2010 spill. BP was the first among its European peers to resume shar...

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