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The second-largest US oil company, Chevron expects $10 billion-$11 billion charge in the fourth quarter. Following this, the company is also planning to sell some of its natural gas projects to prepare for long term low prices. "With capital discipline and a conservative outlook comes the responsibility to make the tough choices necessary to deliver higher cash returns to our shareholders over the long term", said the Chief Executive.
Indian state-run oil major, ONGC registered a 4% drop in net profit at Rs 5,904 crore for 1Q2019, stressed by lower crude oil production and realization. The oil major’s total crude oil production for the quarter grossed at 5.86 Million Tonne (MT), declining 5.6% from 6.21 MT posted in the same quarter last year. ONGC made four discoveries in the April-June 2019 period.
India’s state-run refiner, BPCL registered a 41.48% plunge in profits for the first quarter. BPCL collected Rs 1,799.59 crore in profits, slipping from Rs 3,075.06 crore in the corresponding quarter last year. The oil guzzler’s income dipped 4.01% from Rs 83,605.07 crore to Rs 86,956.29 crore. Ebitda was Rs 2,981.9 crore against Rs 4,598 crore last year.
Oil India Limited recorded an 11% dip in first quarter profits, slipping over lower international crude prices and slump in production. The oil major’s net profit totaled to ₹625 crore, declining from ₹703 crore in the corresponding quarter last fiscal. In a statement, OIL informed that crude oil production for the quarter is 0.813 MMT which is 3.67% lower than Q1 FY 2018-19.
Supermajor Chevron, yesterday, registered a 26.3% hike in profits for the second quarter that ended June 30th. Chevron’s net income from the quarter jumped to $4.31 billion, from $3.41 billion a year earlier. Chevron benefitted from a $1 billion breakup fee received from Anadarko Petroleum. The termination fee brought in additional $720 million to the Chevron’s profit.
Supermajor Exxon Mobil yesterday recorded a 21% dip in profits for the second quarter of 2019, as weaker refining and chemicals business outweighed higher oil production. Exxon’s net income in the quarter fell to $3.13 billion, from $3.95 billion in the corresponding quarter last year. Exxon’s silver lining came from oil and gas production which rose 7% to 3.9 million barrels per day.
Brazilian state-run, Petrobras recorded its highest-ever quarterly profits yesterday. The state-run behemoth registered 18.87 billion reais ($4.92 billion) in profits, easily beating analysts’ estimates. Petrobras’ largest share of profit came from asset sales. The firm cashed in about $12.764 billion from asset sales, which also includes $8.722 billion from gas pipelines sale to France’s Engie SA in the quarter.
Occidental Petroleum Corp saw a 14% dip in core profit for the second quarter. Occidental, which recently acquired Anadarko in a $38 billion deal, reported $729 million in core income for the second quarter, dropping from $848 million in the corresponding quarter last year. Lower income for Occidental has been attributed to the offset of higher oil prices by adjustments to derivatives contracts and poorer natural gas prices.
Apache Corp released second-quarter earnings yesterday, registering a 78.6% dip in the adjusted profits. Apache’s revenue was hit by low prices of oil, gas and natural gas liquids (NGL) and high operating costs. The firm recorded $41 million in adjusted earnings, falling down from $192 million a year earlier. Quarterly earnings report also showed a 23.5% rise in Apache’s total operating expenses to $1.76 billion.
India's downstream giant, IOCL has reported a 50% decline in profit for the first quarter which ended in June. The consolidated net profit of the company went down to Rs 3,624 crore due to lower refinery margins and product sales. Revenue from operations went up a little to 0.44% and were at Rs 1,52,496 crore. Also, the expenses of the company increased in this quarter to Rs 1,47,953 crore.
Canadian oil and gas producer Encana Corp has reported profit in its quarterly report. The net income of the company rose to $336 million in the second quarter compared to the loss of $151 million in the corresponding quarter last year. Encana's profit increased with the boost in production this year. Total rise in production was about 11% to 591,800 barrels of oil equivalent per day (boe/d) in the quarter.
US oil major, ConocoPhillips registered lower-than-expected profits in the second quarter, stressed by lower crude prices. Adjusted earnings for Conoco dipped to $1.14 billion in the quarter that ended June 30, from $1.29 billion in 2018. IBES data from Refinitiv showed that Conoco’s capital expenditure reached $1.73 billion during the quarter, topping estimates of $1.53 billion.
Anadarko Petroleum reported a higher-than-expected quarterly profit yesterday, supported by higher production. However, the firm suffered a net loss on a $1 billion breakup fee compensated to Chevron Corp. Average daily production for Anadarko rose about 17% to 744,000 barrels of oil and gas in the second quarter. Occidental acquired Anadarko in a $38 billion deal, making it the largest producer in the Permian Basin.
French supermajor, Total has reported a drop in the profits for the second quarter. Total’s adjusted net income in Q2 2019 was $2.9bn, down 26% from the same quarter in 2018. Total CEO Patrick Pouyanné said, “Markets remained volatile with Brent averaging $69 per barrel in the second quarter, an increase of 9% compared to the previous quarter, but natural gas prices were down 36% in Europe and 26% in Asia.”