Profits – Oil & Gas 360

Exxon-led Guyana oil group’s net jumps in 2023, margins top Nvidia’s

June 25, 2024

Yahoo Finance GEORGETOWN/HOUSTON – Guyana’s lucrative agreement with an ExxonMobil-led consortium in the South American country last year generated $6.33 billion for the partners, government data showed, yielding a net margin larger than that of chip-maker Nvidia Corp. The trio’s combined net margin was 56%, greater than the 49% Nvidia earned in its most recent fiscal year. The Stabroek offshore

Argentina’s state oil company YPF sees major jump in profits

November 18, 2022

Oil Price Argentine state oil company YPF last week reported that its net profit for the third quarter leapt 186 percent year-on-year to $678 million, Reuters reported. The company said rising levels of production and higher oil prices drove profits. YPF’s revenue rose to $5.18 billion in the quarter, a 43 percent increase as compared to the same period last

Global oil giants rake in massive profits in third quarter

October 28, 2022

Yahoo News Global oil-and-gas giants including Exxon Mobil, Chevron and Equinor posted huge profits in the third quarter, benefiting from surging energy costs that have boosted inflation around the world and hit consumers hard. Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. Global

Shale turning record profits after decade of steep losses

August 1, 2022

World Oil (Bloomberg) — U.S. shale drillers are expected to post record second-quarter profits in coming days, reversing nearly a decade of debt-fueled losses. The top 28 publicly traded U.S. independent oil producers generated $25.5 billion in free cash flow in the three months to June 30, according to estimates compiled by Bloomberg. In that space of time they’ll

Exxon posts record-breaking second-quarter profit

July 29, 2022

Yahoo Finance HOUSTON – Exxon Mobil Corp on Friday posted its biggest quarterly profit ever on the back of soaring energy prices and as it kept a tight rein on spending. The top U.S. oil producer reported second-quarter net income of $17.9 billion, or $4.21 per share, an almost four-fold increase over the $4.69 billion, or $1.10 per share,

Biden criticizes U.S. oil refiners as profits soar

June 16, 2022

World Oil (Bloomberg) — Exxon Mobil Corp., Marathon Petroleum Corp. and the other top U.S. oil refiners are on course to reap a combined $10 billion in profits this quarter even as U.S. President Joe Biden lambasts the industry for closing plants. With little prospect for any near-term boost in gasoline output, the bonanza will go on for years, barring

Exxon sees up to $4 billion writedown on Russian departure

April 4, 2022

World Oil (Bloomberg) — Exxon Mobil Corp. expects to take a writedown of as much as $4 billion on the Sakhalin-1 oil development in Russia as the company attempts to exit the operation following the invasion of Ukraine. “As operator of Sakhalin, the Company remains focused on the safety of people, protection of the environment and integrity of operations,” Exxon

Banks will struggle to generate profits even as the global economy recovers, IMF says

May 22, 2020

CNBC WASHINGTON — The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday. In its latest “Global Financial Stability Report,” the IMF found banks across nine advanced economies will struggle to generate profits over the next five years as the coronavirus pandemic causes a sustained period of low interest rates. The Fund said

Exxon Mobil’s profits fall in third quarter

November 1, 2019

Source: Houston Chronicle Exxon Mobil Corp. profits fell in the third quarter, the company reported Friday. The Irving, Texas-based oil major reported a third-quarter net profit of $3.17 billion, little more than half the profit the company reported in the same quarter last year. Exxon reported $65.05 billion of revenue in the third quarter, down from $76.61 billion in the same quarter

Phillips 66 profit beats on higher fuel margins, shares jump

October 25, 2019

Reuters Phillips 66 beat analysts’ estimates for quarterly profit on Friday, as the refiner benefited from higher retail fuel margins, sending its shares up 4.4% to their highest in more than a year. The Houston, Texas-based company, which retails fuel under brand names such as Conoco, 76 and JET, buys refined products from the market and resells them across its

Marathon Oil Profit Jumps 50% on Higher U.S. Shale Production

August 7, 2019

From Reuters Marathon Oil Corp (MRO.N) reported a 50% jump in quarterly adjusted profit on Wednesday, as higher U.S. shale output countered lower realized crude prices and production costs fell. The company, like many other U.S. oil producers, is extracting more crude from its wells in the prolific shale basins against the backdrop of pressure to cut back on spending

Ithaca Energy Acquires Chevron North Sea Limited for $2 Billion - Oil & Gas 360

Exxon Mobil Profit Sinks, Chevron Rises as Both Boost Output

August 2, 2019

From Reuters Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday. Exxon’s topped analysts’ reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling

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