Earnings/Financial

Chevron shares slide as oil company misses earnings estimates

Shares of Chevron fell in premarket trading on Friday after the oil giant reported fourth-quarter earnings that badly missed Wall Street’s expectations. Chevron posted profits of $3.4 billion, or $1.64 per share, for the final quarter of 2017. However, the company included a $2 billion tax benefit. Stripping out that benefit, Chevron earned 72 cents a share, according to Thomson Reuters. Analysts had expected earnings of $1.22 a share. Chevron’s stock price was down almost $5 a share, or nearly 4 percent, at $120.80. The San Ramon, California-based company slightly beat expectations for revenues, generating $37.62 billion in sales versus estimates for $37.59 billion. Profits in Chevron’s upstream business, which focuses on producing oil and natural gas, rose to $5.3 billion in the fourth q...

Exxon Mobil shares slide nearly 6% as oil giant’s fourth-quarter earnings fall short

Exxon Mobil on Friday reported adjusted quarterly profits that fell far short of Wall Street estimates, though the oil giant posted its strongest annual earnings since 2014. Shares of Exxon plunged about $5 a share, or nearly 6 percent, to below $84. The Irving, Texas-based company reported fourth-quarter earnings of 88 cents a share, excluding the impacts of U.S. tax reform and impairments. Analysts had expected earnings of $1.04 a share. “The impact of tax reform on our earnings reflects the magnitude of our historic investment in the U.S. and strengthens our commitment to further grow our business here,” Chairman and CEO Darren Woods said in a statement. “We’re planning to invest over $50 billion in the U.S. over the next five years to increase production of profitable volumes and ...

Shell profits soar after oil price bounce back

Oil giant Royal Dutch Shell has hailed a “strong” annual performance after profits more than doubled thanks to the surging cost of crude. The group posted underlying earnings of $15.8bn (€12.7bn) last year, up from $7.2bn (€5.79bn) in 2017. It said fourth quarter underlying earnings rose 140% to $4.3bn (€3.4bn). Shell shares fell 2% after its full-year figures. The group’s results have benefited as oil prices have risen past $70 a barrel for the first time in more than three years, boosted by supply curbs from oil cartel OPEC, a record run of declines in US crude inventories and a weaker US dollar. Ben van Beurden, chief executive of Shell, said: “2017 was a year of strong financial performance for Shell. A year of transformation, in which we showed we have what it takes to deliver a world...

How bullish will be the oil and gas outlook in 2018?

The Oil & gas industry in 2018 received stimulus through upward oil and gas price corrections resulting in renewed interest in upstream investment. Downstream companies generated desirable returns to remain in the hunt for growing business. Oil price showed less volatility in 2017, presented rising signs primarily owing to production cuts of around 1.8 million barrels per day (bpd) by both OPEC and some Non-OPEC producers.Moody’s and S&P predict average oil price to be around $55 per barrel (b), whereas Goldman Sachs and Credit Suisse are predicting Brent price to be $62 and $60 per barrel in 2018. EIA forecasts Brent spot prices to average $57/b in 2018, up from an average of $54/b in 2017 and West Texas Intermediate (WTI) crude oil prices…  62 Read Full Article Here: ...

US Oilfield Service Firms Dust Off IPO Plans As Oil Prices Surge

U.S. oilfield service companies are gearing up for IPOs, according to regulatory filings and analysts, after several shelved equity sales last year during a weak period for oil prices. Oil is trading near its highest level since early 2015, fueling demand for service firms to bring new shale wells to production. Energy executives surveyed last month said they would increase drilling sharply at prices above $60 a barrel (bbl). Crude recently traded at about $61.50/bbl. Investors’ appetite for the shares will be tested soon. Liberty Oilfield Services Inc., which provides hydraulic fracturing services to shale producers, last week filed… Read Full Article Here: https://www.oilandgasinvestor.com/us-oilfield-service-firms-dust-ipo-plans-oil-prices-surge-1677266

Oklahoma oil and gas production tax receipts indicate recovery

Tax collections taken from oil and gas production in shale-rich Oklahoma last year were about 50 percent higher than 2016, state data show. According to the federal government, Oklahoma holds about 4 percent of total U.S. petroleum reserves and accounts for about 5 percent of total oil production. Of the 100 largest natural gas fields in the United States, 14 of them are in Oklahoma. Read Full Article Here: https://www.upi.com/Oklahoma-oil-and-gas-production-tax-receipts-indicate-recovery/2141515412802/

Anadarko Petroleum Sees 11% Rise In 2018 Sales Volumes

Anadarko Petroleum Corp. (NYSE: APC) on Nov. 16 forecast an 11% rise in sales volumes for 2018, as shale producers boost oil output aggressively, taking advantage of recovering oil prices. The Woodlands, Texas-based oil and gas producer said it expects to sell 245 million to 255 million barrels of oil equivalent (boe) in 2018, higher than the 224 million to 228 million boe it forecast for 2017. Read Full Article Here: https://www.oilandgasinvestor.com/anadarko-petroleum-sees-11-rise-2018-sales-volumes-1669761

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