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,
CNBC Economic activity in the second quarter has been cut by more than half, according to a tracker employed by the Atlanta Federal Reserve. The GDPNow outlook is now showing a 52.8% tumble, following data Monday that U.S. manufacturing remains firmly in decline and will weigh on investment and consumption. That data from the Institute for Supply Manufacturing showed just 43.1% of
From The Houston Chronicle With Occidental Petroleum finalizing its $38 billion acquisition of Anadarko Petroleum last week, Oxy is now lowering its oil and gas production guidance for the legacy Anadarko assets. For the rest of this year, Oxy said Anadarko’s assets will see lower production volumes by at least a couple of percentage points than anticipated because of pipeline
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
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
From The Houston Chronicle Houston oilfield service company National Oilwell Varco reported a multibillion loss during the second quarter amid what executives are calling a “generational oilfield downturn.” NOV reported a nearly $5.39 billion loss on $2.13 billion of revenue during the second quarter. The figures translated into a $14.11 loss per share. The second quarter earnings were mixed compared
From Reuters A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP’s second quarter contrasts with Total (TOTF.PA) and Norway’s Equinor (EQNR.OL), which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn,
From Reuters ConocoPhillips (COP.N) missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy. The OPEC and Russia have put a lid on production, but that has not translated into higher prices due to surging shale oil output from
GeoPark Announces Second Quarter 2019 Operational Update
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