boutons
10-30-2004, 11:17 AM
The oil company's had war-induced windfall profits in the 10's of $B in 1967, 1973, 1979, 1990.
The oil men who started this bogus war on false pretenses knew the oil company profits would explode again with a new war.
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The New York Times
October 29, 2004
Higher Energy Prices Help Chevron Earnings
By REUTERS
Filed at 5:28 p.m. ET
NEW YORK (Reuters) - ChevronTexaco Corp.(CVX.N), the No. 2 U.S. oil company, rode the wave of record oil prices to post a 62 percent rise in quarterly profit on Friday, but it fell below Wall Street forecasts due to hurricane disruptions.
In particular, the company felt the pinch from lower refining and marketing margins in the United States and production shutdowns from hurricanes that swept through the Gulf of Mexico and Caribbean late in the third quarter.
But record oil prices -- which have shot up 60 percent this year -- fueled results at exploration and production operations and higher margins boosted results at international refining and marketing businesses.
Partly helped by asset sales, net income in the third quarter jumped to $3.2 billion, or $1.51 a share, from $2 billion, or $1.01 a share, in the year-earlier quarter.
But excluding gains of $486 million, or 23 cents a share, related to the sale of assets, profit was below Wall Street expectations of $1.36 a share, according to Reuters Estimates.
``It obviously was not a quarter you write home about,'' said Oppenheimer & Co. analyst Fadel Gheit, noting the hurricanes were a double whammy since they hurt both production and refining operations.
``It was not a stellar performance, but they are on the right track longer term because they are shedding assets that are high cost and taking advantage of higher oil prices.''
MORE DISRUPTION AHEAD
ChevronTexaco, the last U.S. integrated oil major to report results this quarter, fared worse than peers because of its limited exposure to the stars of the past year -- the chemicals and international refining and marketing businesses, said Jacques Rousseau, analyst with Friedman Billings Ramsey.
Exxon Mobil Corp. (XOM.N) and ConocoPhillips (COP.N), the largest and third-largest U.S. oil companies, both reported sharply higher profits earlier this week thanks to soaring oil prices, but also blew past Wall Street forecasts.
Earlier in the day, U.S. independent oil and gas producer Anadarko Petroleum Corp. (APC.N) also reported higher quarterly profit that beat Wall Street estimates but concerns about output at a new Gulf of Mexico oilfield took away some of the shine.
At ChevronTexaco, worldwide oil and gas production declined about 6 percent from year earlier levels, largely because it sold off properties, but hurricanes and higher prices on production sharing contracts also had an impact.
Damage from Hurricane Ivan in September is expected to restrict production in the fourth quarter by about 50,000 to 60,000 barrels per day, the company said.
That would mean about $100 million in foregone after-tax profits while casualty losses, repairs and maintenance costs could easily top $50 million, it said on a conference call.
Total revenues jumped to $40.72 billion from $30.84 billion a year earlier.
Capital spending in the quarter was up to $1.91 billion from $1.63 billion in the year-earlier quarter. On a conference call, the company said it is maintaining its capital spending forecast of $8.5 billion for the full year.
It also suggested capital spending would rise in coming years, with spending in 2005 likely near the midpoint of its spending in the past five years, which has ranged from a low of a little over $7 billion to a high of $12 billion.
In a research note, Credit Suisse First Boston said it interpreted that as capital expenditures rising from $8.5 billion this year to closer to 10 billion in 2005 and for a couple of years thereafter.
Shares closed up 59 cents, or 1 percent, at $53.06 in New York as crude prices rebounded after a recent fall.
Copyright 2004 Reuters Ltd.
The oil men who started this bogus war on false pretenses knew the oil company profits would explode again with a new war.
===================================
The New York Times
October 29, 2004
Higher Energy Prices Help Chevron Earnings
By REUTERS
Filed at 5:28 p.m. ET
NEW YORK (Reuters) - ChevronTexaco Corp.(CVX.N), the No. 2 U.S. oil company, rode the wave of record oil prices to post a 62 percent rise in quarterly profit on Friday, but it fell below Wall Street forecasts due to hurricane disruptions.
In particular, the company felt the pinch from lower refining and marketing margins in the United States and production shutdowns from hurricanes that swept through the Gulf of Mexico and Caribbean late in the third quarter.
But record oil prices -- which have shot up 60 percent this year -- fueled results at exploration and production operations and higher margins boosted results at international refining and marketing businesses.
Partly helped by asset sales, net income in the third quarter jumped to $3.2 billion, or $1.51 a share, from $2 billion, or $1.01 a share, in the year-earlier quarter.
But excluding gains of $486 million, or 23 cents a share, related to the sale of assets, profit was below Wall Street expectations of $1.36 a share, according to Reuters Estimates.
``It obviously was not a quarter you write home about,'' said Oppenheimer & Co. analyst Fadel Gheit, noting the hurricanes were a double whammy since they hurt both production and refining operations.
``It was not a stellar performance, but they are on the right track longer term because they are shedding assets that are high cost and taking advantage of higher oil prices.''
MORE DISRUPTION AHEAD
ChevronTexaco, the last U.S. integrated oil major to report results this quarter, fared worse than peers because of its limited exposure to the stars of the past year -- the chemicals and international refining and marketing businesses, said Jacques Rousseau, analyst with Friedman Billings Ramsey.
Exxon Mobil Corp. (XOM.N) and ConocoPhillips (COP.N), the largest and third-largest U.S. oil companies, both reported sharply higher profits earlier this week thanks to soaring oil prices, but also blew past Wall Street forecasts.
Earlier in the day, U.S. independent oil and gas producer Anadarko Petroleum Corp. (APC.N) also reported higher quarterly profit that beat Wall Street estimates but concerns about output at a new Gulf of Mexico oilfield took away some of the shine.
At ChevronTexaco, worldwide oil and gas production declined about 6 percent from year earlier levels, largely because it sold off properties, but hurricanes and higher prices on production sharing contracts also had an impact.
Damage from Hurricane Ivan in September is expected to restrict production in the fourth quarter by about 50,000 to 60,000 barrels per day, the company said.
That would mean about $100 million in foregone after-tax profits while casualty losses, repairs and maintenance costs could easily top $50 million, it said on a conference call.
Total revenues jumped to $40.72 billion from $30.84 billion a year earlier.
Capital spending in the quarter was up to $1.91 billion from $1.63 billion in the year-earlier quarter. On a conference call, the company said it is maintaining its capital spending forecast of $8.5 billion for the full year.
It also suggested capital spending would rise in coming years, with spending in 2005 likely near the midpoint of its spending in the past five years, which has ranged from a low of a little over $7 billion to a high of $12 billion.
In a research note, Credit Suisse First Boston said it interpreted that as capital expenditures rising from $8.5 billion this year to closer to 10 billion in 2005 and for a couple of years thereafter.
Shares closed up 59 cents, or 1 percent, at $53.06 in New York as crude prices rebounded after a recent fall.
Copyright 2004 Reuters Ltd.