MOSCOW (Reuters) - Russian state oil company Rosneft said first quarter net profit fell less than expected, to 112 billion roubles ($3.81 billion), beating analyst expectations of 88.6 billion roubles.
Exxon Mobil Corp. posted higher-than- expected profit as international sanctions against Russian interests clouded the U.S. oil explorer’s efforts to tap some of the world’s biggest crude reserves.
First-quarter net income was US$9.1-billion, or US$2.10 a share, compared with US$9.5-billion, or US$2.12, a year earlier, the Irving, Texas-based company said in a statement Thursday. Per-share profit exceeded all 20 estimates from analysts in a Bloomberg survey and surpassed the average by 22 cents.
Shrinking British oil company BP Plc announced quarterly profit down a fifth from a year ago, after it sold assets in preparation for what could be its biggest oil spill payout when the case comes to trial later this month.
BP, the last of the big four western world oil companies to report fourth quarter figures, still beat expectations because of one-off taxes related to its divestments and liability payments, and its shares rose nearly 2%.
On Monday, Russian oil giant Rosneft disclosed second-quarter fiscal 2016 (2QFY16) earnings. The company reported a net profit of $1.38 billion (89 billion rubles) down 33.7% year-over-year (YoY). However, the figure surpassed consensus estimate of 85 billion rubles, according to Thomson Reuters analysts. On that news, Rosneft shares in Moscow were up 1.17% at 342.80 rubles in real-time trading.
BEIJING — Two of China’s major oil companies said on Wednesday that their profits slumped in the first half of 2015, as a sharp decline in international crude prices hit upstream earnings.
Sinopec Corp, Asia’s largest refiner, posted profits of 25.4 billion yuan (US$3.96 billion), down 22 per cent from 32.5 billion yuan a year earlier, the company said in a filing with the Hong Kong bourse.
BP Plc kicked off the results season for top global oil firms on Tuesday with forecast-beating profits and a dose of what the industry’s investors want – a dividend hike, plans for asset sales, and a promise to keep a lid on spending.
The world No. 5 among investor-controlled oil and gas groups worldwide scaled back its guidance on capital spending next year to $24-$25-billion compared with previous guidance of $24-$27-billion for the years up to 2020.
Statoil ASA, Norway’s biggest energy company, said profit unexpectedly fell 2% in the second quarter hurt by falling oil and gas production and prices.
Adjusted net income fell to 11.3 billion kroner (US$1.9-billion) from 11.5 billion kroner a year earlier, the Stavanger- based company said today. That missed the 11.7 billion kroner average of 21 analyst estimates compiled by Bloomberg. Net income declined to 4.3 billion kroner from 26.4 billion kroner, while sales fell 26 percent to 148.3 billion kroner.