Although net income in the third quarter dropped about 67 percent, BP (NYSE:BP) was still able to generate earnings of $1.79 billion for the quarter. That was down from last year when they generated $5.34 billion, which was before the oil spill.
After excluding items, the oil giant had an operating profit of $5.53 billion, over an 18 percent increase from the $4.67 billion generated last year. Analysts had been looking for $4.6 billion.
BP took another pre-tax charge of $7.66 billion, bringing their total bill for the spill to $40 billion.
CEO Bob Dudley said in a statement, “This strong operating performance shows the determination of everyone at BP to move the company forward and rebuild confidence after the terrible events of the past six months.”
The additional charges were in connection to taking longer to seal the Macondo oil well in September, along with legal, cleanup and administration costs.
BP said they'll review the timing for reinstating the dividend sometime in the early part of 2011.
Showing posts with label Earnings Report. Show all posts
Showing posts with label Earnings Report. Show all posts
Tuesday, November 2, 2010
Wednesday, August 4, 2010
Anadarko (NYSE:APC) Board Declares Quarterly Cash Dividend
On the heels of their quarterly earnings report, the Board of Directors of Anadarko Petroleum Corporation (NYSE:APC) declared a quarterly cash dividend.
Dividends on the outstanding common stock, will be for shareholders of record at the close of business on September 8, 2010, and payable on September 22, 2010.
The dividend paid will be 9 cents a share.
Taking into account the number of outstanding shares in the company, Anadarko will pay out about $44.9 million in dividends.
Dividends on the outstanding common stock, will be for shareholders of record at the close of business on September 8, 2010, and payable on September 22, 2010.
The dividend paid will be 9 cents a share.
Taking into account the number of outstanding shares in the company, Anadarko will pay out about $44.9 million in dividends.
Tuesday, August 3, 2010
Marathon Oil (NYSE:MRO) Profits Up on Higher Prices, Margins
Margins continue to be the story of the earnings season for commodity companies, and that didn't change with Marathon Oil (NYSE:MRO), as they exceeded expectations for earnings and revenue, with higher crude oil prices also being a factor.
A secondary factor for energy companies has been the seasonal increase in demand for fuel, although gas prices have remained somewhat level, and even down from usual levels.
Even so, the demand for fuel has pushed margins up for Marathon, along with the margins in their refinery business, which has helped almost all the energy companies this quarter, who have refining as part of their operations.
Especially helpful for Marathon in the quarter was the lower cost of processing sour crude oil, which is less expensive than light sweet crude.
Earnings for the quarter rose to $709 million, or $1.00 a share. Last year in the same quarter they generated $413 million, or 58 cents a share.
Revenue soared from last year as well, rising to $18.6 billion, up from $13.3 billion. Analysts estimated revenue of $19.7 billion with earnings of 81 cents a share.
Looking ahead, Marathon maintained its full-year production of 390,000 to 410,000 boe a day, with a daily average of 385,000 to 405,000 in the third quarter available for sale.
A secondary factor for energy companies has been the seasonal increase in demand for fuel, although gas prices have remained somewhat level, and even down from usual levels.
Even so, the demand for fuel has pushed margins up for Marathon, along with the margins in their refinery business, which has helped almost all the energy companies this quarter, who have refining as part of their operations.
Especially helpful for Marathon in the quarter was the lower cost of processing sour crude oil, which is less expensive than light sweet crude.
Earnings for the quarter rose to $709 million, or $1.00 a share. Last year in the same quarter they generated $413 million, or 58 cents a share.
Revenue soared from last year as well, rising to $18.6 billion, up from $13.3 billion. Analysts estimated revenue of $19.7 billion with earnings of 81 cents a share.
Looking ahead, Marathon maintained its full-year production of 390,000 to 410,000 boe a day, with a daily average of 385,000 to 405,000 in the third quarter available for sale.
Monday, August 2, 2010
Barclays (NYSE:BCS) Maintains "Overweight" on Sunoco (NYSE:SUN)
Barclays (NYSE:BCS) kept its "Overweight" rating on Sunoco (NYSE:SUN), with a price target of $45.
"We think the market will view SUN's 2Q10 result favorably. Excluding special items, SUN reported a 2Q10 EPS of $1.31/share, compared to our forecast of $0.86/share and consensus estimate of $0.77/share. Echoing the rest of its peers, the beat came in refining, where margins were much stronger than expected," said Barclays.
"We raise our 2010 and 2011 EPS estimates for SUN to $1.95 and $2.30 per share from $1.15 and $1.70 per share, respectively."
The oil and gas industry continues to show great results for the quarter, many handily beating analysts' estimates.
This wasn't a surprise based on higher prices, and the refining margins weren't completely unexpected either, but led most oil companies to larger-than-expected profits.
The same happened with Sunoco.
Sunoco closed Friday at $35.67, a gain of $1.38, or 4.02 percent.
"We think the market will view SUN's 2Q10 result favorably. Excluding special items, SUN reported a 2Q10 EPS of $1.31/share, compared to our forecast of $0.86/share and consensus estimate of $0.77/share. Echoing the rest of its peers, the beat came in refining, where margins were much stronger than expected," said Barclays.
"We raise our 2010 and 2011 EPS estimates for SUN to $1.95 and $2.30 per share from $1.15 and $1.70 per share, respectively."
The oil and gas industry continues to show great results for the quarter, many handily beating analysts' estimates.
This wasn't a surprise based on higher prices, and the refining margins weren't completely unexpected either, but led most oil companies to larger-than-expected profits.
The same happened with Sunoco.
Sunoco closed Friday at $35.67, a gain of $1.38, or 4.02 percent.
Friday, July 30, 2010
Chevron (NYSE:CVX) Earnings: Up, Up, and Away!
Earnings for Chevron Corp. (NYSE:CVX) skyrocketed in the latest quarter, tripling during the period, while exceeding analysts’ projections.
Second-quarter profits soared to $5.41 billion, or $2.70 a share, up from the $1.75 billion, or 87 cents a share, during the same quarter last year.
Analysts had been looking for earnings per share of $2.46.
As with their major competitors Exxon Mobil Corp. (NYSE:XOM) and ConocoPhillips (NYSE:COP), refining margins increased significantly during the reporting period, generating much of the earnings. Demand for fuel also rose around the world, contributing to the strong numbers from more sales and higher prices. The average price of U.S. oil futures was $78.05 a barrel for the quarter.
Revenue surged to $53 billion, a gain of 32 percent.
Production for oil and gas increased to 2.75 million barrels a day, an increase of 2.8 percent.
Second-quarter profits soared to $5.41 billion, or $2.70 a share, up from the $1.75 billion, or 87 cents a share, during the same quarter last year.
Analysts had been looking for earnings per share of $2.46.
As with their major competitors Exxon Mobil Corp. (NYSE:XOM) and ConocoPhillips (NYSE:COP), refining margins increased significantly during the reporting period, generating much of the earnings. Demand for fuel also rose around the world, contributing to the strong numbers from more sales and higher prices. The average price of U.S. oil futures was $78.05 a barrel for the quarter.
Revenue surged to $53 billion, a gain of 32 percent.
Production for oil and gas increased to 2.75 million barrels a day, an increase of 2.8 percent.
Thursday, July 29, 2010
Exxon Mobil (NYSE:XOM) Earnings Up On Refinery Margins and Oil Prices
In what appears to be a major story in the earnings' report season, Exxon Mobil (NYSE:XOM) was the latest of the oil companies to say refining margins were a major part of their earnings success, along with higher oil prices.
Consequently, earnings in the quarter surged 85 percent for Exxon, coming in at $7.56 billion, or $1.60 a share. That's up from the $3.95 billion, or 81 cents a share, in the same quarter last year.
Revenue soared to $92.5 billion, a 24 percent increase. Analysts had looked for revenue of $98.5 billion and $1.46 a share. The margin spread helped Exxon outperform in earnings even with lower-than-expected revenue.
The oil giant said oil production in the second quarter was 4.0 million barrels of oil equivalent per day, an increase of 8 percent over 2009.
Exxon made a major move to diversify their revenue and earnings by acquiring natural gas giant XTO Energy Inc. for $30 billion. That makes Exxon the largest producer of natural gas in the United States.
In the second half of 2010 they plan on ramping up drilling in the extraordinary shale gas fields in North America.
Consequently, earnings in the quarter surged 85 percent for Exxon, coming in at $7.56 billion, or $1.60 a share. That's up from the $3.95 billion, or 81 cents a share, in the same quarter last year.
Revenue soared to $92.5 billion, a 24 percent increase. Analysts had looked for revenue of $98.5 billion and $1.46 a share. The margin spread helped Exxon outperform in earnings even with lower-than-expected revenue.
The oil giant said oil production in the second quarter was 4.0 million barrels of oil equivalent per day, an increase of 8 percent over 2009.
Exxon made a major move to diversify their revenue and earnings by acquiring natural gas giant XTO Energy Inc. for $30 billion. That makes Exxon the largest producer of natural gas in the United States.
In the second half of 2010 they plan on ramping up drilling in the extraordinary shale gas fields in North America.
Tuesday, May 18, 2010
Murphy Oil (NYSE:MUR) EPS Look Solid
Murphy Oil (NYSE:MUR) has had a mixed outlook from analysts, as they have been largely torn between which direction the company is going, and more than likely confusion has been added over the last couple of weeks because of the weakening EU economy and China inflation fears.
Much of what has been expected for a lot of companies has been downwardly revised, or at minimum put on hold, as there are too many macro-variable happening out there which could impact any company providing products for consumers, who seem to be getting skittish again, as the fast run-up in gold price show.
So with that in mind, it's difficult at this time to project where a company will go, as they're still attempting to recover from the great recession which is still lingering, and the possibility of being ravaged by the forces coming from the debt crisis in Europe and probable cutback in imports from China from measures they take to battle inflation.
What Murphy Oil has going for them is a low debt-to-capital ratio, which has positioned them to take advantage of weaknesses in the industry, which could help them to grow organically or through acquisitions.
The Exploration & Production segment of the company exploded in earnings growth over the first quarter last year, generating gains of 391 percent.
Now this quarter that is being challenged by the recent drop in prices, as it seems the higher oil inventories suggest people are still being tight with their wallets, and that could and probably will translate to pressure on their margins, and consequently earnings.
Even so, they may be able to turn product over quicker because of the debt-to-capital ratio, by generating more business, making the margin levels less important than overall sales.
Production is probably the key to their near-term performance, and that is one of the strengths of the company, and even with the economic challenges, they're probably in as good a place as any of their competitors no matter which way the winds blow to put up some pretty good earnings numbers.
Much of what has been expected for a lot of companies has been downwardly revised, or at minimum put on hold, as there are too many macro-variable happening out there which could impact any company providing products for consumers, who seem to be getting skittish again, as the fast run-up in gold price show.
So with that in mind, it's difficult at this time to project where a company will go, as they're still attempting to recover from the great recession which is still lingering, and the possibility of being ravaged by the forces coming from the debt crisis in Europe and probable cutback in imports from China from measures they take to battle inflation.
What Murphy Oil has going for them is a low debt-to-capital ratio, which has positioned them to take advantage of weaknesses in the industry, which could help them to grow organically or through acquisitions.
The Exploration & Production segment of the company exploded in earnings growth over the first quarter last year, generating gains of 391 percent.
Now this quarter that is being challenged by the recent drop in prices, as it seems the higher oil inventories suggest people are still being tight with their wallets, and that could and probably will translate to pressure on their margins, and consequently earnings.
Even so, they may be able to turn product over quicker because of the debt-to-capital ratio, by generating more business, making the margin levels less important than overall sales.
Production is probably the key to their near-term performance, and that is one of the strengths of the company, and even with the economic challenges, they're probably in as good a place as any of their competitors no matter which way the winds blow to put up some pretty good earnings numbers.
Thursday, January 15, 2009
Sunoco to Release Fourth Quarter Earnings
PHILADELPHIA--(BUSINESS WIRE)-- Sunoco, Inc. (NYSE:SUN) said today that it will release earnings for the fourth quarter of 2008 on Wednesday evening, February 4, 2009. The Company will hold a conference call on Thursday, February 5, 2009 at 3:00 p.m. ET to discuss its fourth quarter results. Those wishing to listen can access the call through Sunoco's website at www.SunocoInc.com. A replay will be available beginning approximately two hours following the completion of the call. A number of presentation slides will accompany the audio portion of the call and will be available to be viewed and printed shortly before the call begins.
Individuals wishing to listen to the call on the Company's website will need Windows Media Player™, which can be downloaded free of charge from Microsoft or from Sunoco's Conference Call page. To view and print the slides, you will need Acrobat Reader™, which can be downloaded free of charge from Adobe or from Sunoco's Conference Call page.
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer and marketer of petroleum and petrochemical products. With 910,000 barrels per day of refining capacity, approximately 4,700 retail sites selling gasoline and convenience items, approximately 6,000 miles of crude oil and refined product owned and operated pipelines and 44 product terminals, Sunoco is one of the largest independent refiner-marketers in the United States. Sunoco is a significant manufacturer of petrochemicals with annual sales of approximately five billion pounds, largely chemical intermediates used to make fibers, plastics, film and resins. Utilizing a unique, patented technology, Sunoco's cokemaking facilities in the United States have the capacity to manufacture approximately 3.0 million tons annually of high-quality metallurgical-grade coke for use in the steel industry. Sunoco also is the operator of, and has an equity interest in, a 1.7 million tons-per-year cokemaking facility in Vitoria, Brazil.
Source: Sunoco, Inc.
Sunoco, Inc.
Thomas Golembeski (media)
215-977-6298
or
Tom Harr (investors)
215-977-6764
Individuals wishing to listen to the call on the Company's website will need Windows Media Player™, which can be downloaded free of charge from Microsoft or from Sunoco's Conference Call page. To view and print the slides, you will need Acrobat Reader™, which can be downloaded free of charge from Adobe or from Sunoco's Conference Call page.
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer and marketer of petroleum and petrochemical products. With 910,000 barrels per day of refining capacity, approximately 4,700 retail sites selling gasoline and convenience items, approximately 6,000 miles of crude oil and refined product owned and operated pipelines and 44 product terminals, Sunoco is one of the largest independent refiner-marketers in the United States. Sunoco is a significant manufacturer of petrochemicals with annual sales of approximately five billion pounds, largely chemical intermediates used to make fibers, plastics, film and resins. Utilizing a unique, patented technology, Sunoco's cokemaking facilities in the United States have the capacity to manufacture approximately 3.0 million tons annually of high-quality metallurgical-grade coke for use in the steel industry. Sunoco also is the operator of, and has an equity interest in, a 1.7 million tons-per-year cokemaking facility in Vitoria, Brazil.
Source: Sunoco, Inc.
Sunoco, Inc.
Thomas Golembeski (media)
215-977-6298
or
Tom Harr (investors)
215-977-6764
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