(Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz), the fourth-largest U.S. oil company, reported a rise in quarterly profit on record output and rising oil prices, and its shares rose more than 1 percent.
First-quarter production of 755,000 barrels of oil equivalent per day (bpd) included domestic production of 455,000 bpd. Oxy predicted steady growth from its U.S. operations this quarter, which should rise by 6,000 to 8,000 bpd.
April 26 (Reuters) – Occidental Petroleum Corp, the
fourth-largest U.S. oil company, reported a rise in quarterly
profit on record output and rising oil prices, and its shares
rose more than 1 percent.
First-quarter production of 755,000 barrels of oil
equivalent per day (bpd) included domestic production of 455,000
bpd. Oxy predicted steady growth from its U.S. operations this
quarter, which should rise by 6,000 to 8,000 bpd.
April 26 (Reuters) – First-quarter earnings from the top two
publicly traded oil companies showed clearly both the challenges
and potential gains of growing output even a little, with Exxon
Mobil Corp’s production declining and Royal Dutch Shell
Plc easily beating estimates.
Exxon’s oil and natural gas production slumped 5 percent,
leading to a lower net profit and pushing its shares down 1.4
percent on Thursday — an especially big move for a $400 billion
company that just increased its dividend the previous day by a
better-than-expected 21 percent.
April 25 (Reuters) – Exxon Mobil Corp, the world’s
largest publicly traded oil company, raised its quarterly
dividend by 21 percent on We dnesday, bowing to sustained
pressure from investors and Wall Street analysts.
Chevron Corp, its nearest U.S. rival, announced late
o n Wednesday that its quarterly dividend would rise another 9
cents per share, matching its ultimate increase last year that
it pushed through in two stages.
April 25 (Reuters) – National Oilwell Varco Inc, the
largest U.S. oilfield equipment maker, posted a
higher-than-expected profit and modest growth in its backlog of
business and was confident demand from its energy-producing
customers would remain strong through 2012.
Shares of NOV, which have outperformed the sector this year,
slipped 2.2 percent in early trading as first-quarter revenue
from its rig technology business fell short of analysts’
April 24 (Reuters) – North America’s shift to oil drilling
from natural gas will squeeze profit margins for the oilfield
service industry through 2012, Baker Hughes Inc and
Weatherford International said Tuesday.
That echoed the sentiment from Halliburton, the
market leader in North America, which warned last week that
prices for services it provided to oil and gas companies
drilling in shale fields were under pressure.
(Reuters) – Schlumberger (SLB.N: Quote, Profile, Research, Stock Buzz), the world’s largest oilfield services company, posted a quarterly profit that was slightly ahead of forecasts as business outside North America and in deepwater regions improved, sending its shares up 5 percent.
The company expects 10 percent growth this year in the number of rigs working outside North America, which has been the big profit driver in recent years, and said pricing in international markets was improving.
April 19 (Reuters) – Noble Corp and Diamond Offshore
Drilling Inc, two top-five global rig contractors, beat
quarterly profit expectations and saw strong demand ahead for
their rigs, but the potential for higher costs remains a
Analysts said they both delivered their strong profit
numbers largely through good financial management, and the
companies’ outlooks for full-year costs remained steady.
April 18 (Reuters) – Halliburton Co, the world’s
second-largest oilfield services company, reported a higher
quarterly profit as North American sales hit a record high
despite major challenges, and its shares rose more than 4
Chief Executive Officer David Lesar attributed the company’s
strength in North America to new oil drilling activity in the
United States. That helped offset a drop in natural gas drilling
due to weak U.S. prices, which have fallen to their lowest point
in a decade.
(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) forecast a rise in first-quarter profits from the previous quarter as higher oil prices and refining margins offset lower U.S. production and the impact of a shutdown in Brazil.
Analysts, on average, estimate net income of $6.3 billion, or $3.14 per share, according to Thomson Reuters I/B/E/S. This compared with $6.2 billion a year before and $5.1 billion in the fourth quarter.