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Oil prices climbed up in the international market on Tuesday, buoyed up fears of overnight jumps in industrial commodities. Brent crude were priced 0.7% higher, at $58.73 a barrel. US West Texas Intermediate (WTI) crude rose 0.6%, to $53.08 a barrel. Michael McCarthy, chief market strategist at brokerage CMC Markets informed that Copper and Aluminium traded very strongly in London, suggesting some correction currently underway in industrial commodities.
Repsol recorded a 9% slump in the second-quarter profits, weighed down by lower oil prices and a sharp contraction in refining margins. Recurring net profit corrected for one-off gains and inventory results dropped to 497 million euros, from 549 million euros in the corresponding quarter last year. However, Repsol’s 2Q earning results still exceeded analysts’ expectations, credits to the new production and growth in its chemicals business.
Canadian oil & gas firm, Suncor Energy’s profits jumped nearly three times in the second quarter of 2019. Climbing on the back of a deferred income tax gain of C$1.12 billion, net profit for Suncor rose to C$2.7 billion from C$972 million from a year earlier. Suncor’s total production buoyed up to 803,900 boepd, from 661,770 boepd in 2Q2018.
Oilfield services giant, Halliburton registered a second-quarter profit, beating analysts’ estimates. The firm’s quarterly report sent Halliburton’s shares to their biggest one-day gain in almost three years. While revenue for the firm dropped by 13.2% in North America, Halliburton registered a jump of over 12% in revenue from international markets to $2.60 billion.
Reliance Industries Ltd registered a 7% jump in net profits for the first quarter ending June 30th. The Mukesh Ambani-led conglomerate recorded ₹10,141 crores in net profits, despite frail global macroeconomic situation and perilous hydrocarbon market conditions. While growth in RIL’s revenue came mostly from Digital Services and Retail business, the Refining and Marketing division saw a performance drop due to a considerably lesser product cracks on Y-o-Y basis.
Australian energy firm, Santos Ltd has registered record gas production in the second quarter, supported by stronger output across its gas assets. Santos recorded a jump from 14.2 mmboe last year to 18.6 mmboe. The production figure beat analysts’ expectation of 17.78 mmboe. Santos also saw a jump in sales for the three-month period to 22.4 mmboe from 19.1 mmboe in the previous year, producing $959 million in revenue.
Two oil tankers sailing in the Gulf of Oman were caught in explosions on Thursday. While the reason for explosions on the Norwegian-owned Front Altair or the Japanese-owned Kokuka Courageous is still unknown, the US has blamed Iran for the incident. The unidentified attacks on the tankers have stoked fear and triggered alarms about immediate security and potential military conflict between the US and Iran.
One of the largest conglomerates in the logistics and energy sectors, AP Moller-Maersk has reported a small pre-tax profit of £1.5 million for 1Q2019. The firm also saw a significant jump in revenue from £7,354m in 1Q2018 to £7,534m in 1Q2019. CEO, AP Moller – Maersk said, “In Q1, revenue grew by 2.5%, operating earnings improved by 33% and cash flow from operations doubled to USD 1.5bn.”
The Indian energy firm, Petronet LNG has reported a 15.87% fall in profits for 4Q2019, from the corresponding quarter in the previous year. Petronet LNG registered a ₹440-crore in profits in the last quarter of the financial year 2018-2019. The company has attributed lower profits to the inventory loss of ₹119 crore. The company will distribute a 45% dividend to shareholders.
Elevating trade tensions between the US and China weighed heavy on the oil prices in the international market on Thursday, counteracting the fall in US crude stocks. Benchmark Brent crude dropped 0.9%, to $69.72 per barrel. US WTI crude fell 1%, to $61.52 per barrel. The US will enforce higher tariffs on Chinese goods from Friday, during the two-day visit of Chinese Vice Premier Liu He to Washington from Thursday.
Energy major, Equinor yesterday released Q1 earnings, reporting $1.54 billion in profits. The Norwegian firm saw a 4% rise in profits from Q12018, as total equity production in the quarter rose to 2,178 million barrels of oil per day (Mboe/day). Conferring to the results, Equinor said that the results were impacted by lower prices, even though the level of production remained consistently high.
TransCanada reported Q12019 earnings yesterday, registering a 2% rise in revenue, but remained short of the estimates. Earnings for the firm through its natural gas pipelines in the US climbed 22% to C$792M Y/Y and increased 6% from its Canadian gas pipelines. CEO, TransCanada said that the quarter's profits "reflect the strong performance of our legacy assets along with contributions from ~C$5.3B of growth projects that were placed into service."
ExxonMobil released first quarter earnings yesterday, reporting a 50% drop in the profits. Exxon suffered a quarterly loss in the downstream division, attributing bristling stocks of gasoline, leading to weaker fuel margins in the quarter. Exxon pocketed $2.35 billion in the first quarter, in comparison with $4.65 billion it made last year. The firm’s revenues fell short of analysts’ estimates, dropping to $63.63 billion, a dip of 6.7% from 2018.
Oil supermajor, Chevron yesterday released quarterly earnings, reporting a 27% drop in the profits for the first quarter. The US-based firm saw a fall of nearly 7% in the revenue, from $37.64 billion in 2018 to $35.2 billion this year. The plunge in the profits has been attributed to sink in crude oil prices and thinner margins in Chevron’s refining and chemicals businesses.
Superior Energy Services yesterday released first quarter earnings results yesterday. The Houston-based energy firm has suffered a net loss of $47.7 million on a revenue of $467.2 million in the quarter that ended March 31st. Superior Energy has improved from a net loss of $750.2 million in the fourth quarter of 2018.
Monday was a day of revelation as Saudi Aramco opened its books for the first time. To everyone’s surprise, the Saudi Arabian oil supermajor generated $111.1 billion in net income last year. Saudi Aramco was possibly the world’s most profitable company in 2018. The release of the financial data has come as Saudi Aramco is looking to borrow $15 billion through a bond sale
Malaysian state-run Petronas yesterday released earnings report for the 2018 financial year. The oil major registered 22% hike in profits, to RM55.3 billion in the financial year ended Dec 31, 2018 (FY18) from RM45.5 billion in 2017. President and group chief executive officer of Petronas said that the strong financial performance of the company in 2018 came from its current initiative to enhance operational efficiency and commercial excellence.
UK-based Premier Oil, which suffered a loss of $253.8m in 2017, yesterday reported a post-tax profit hike to $133.4m for 2018. Revenue for the British oil and gas firm climbed on the back of record production last year. Premier Oil’s earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) boosted by 50% to $882.3m. Cash flow from operations saw an increase of 64% to $777.2m.