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Oil Companies Reap Rewards Of Higher Prices For Crude

Stock Option Trading Royal Dutch/Shell and ChevronTexaco said yesterday that their first-quarter earnings more than doubled, capping a series of strong results for the industry as the price of crude oil rose.

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Currency Day Trading Earlier this week, Exxon Mobil and BP reported sharp gains for the quarter, when crude oil prices climbed to a 12-year high and refining margins widened. Prices have since fallen by a third, signaling lower earnings over the rest of the year.

(AXcess News) A cold winter weather streak in the U.S. is fueling higher heating oil prices in New York Wednesday as NYMEX traders eased heating oil prices higher .0105 cents at $1.847 a gallon by late afternoon after reaching $1.90 a gallon in early trading. Crude oil futures for December delivery were off 57 cents, but still over $60 a barrel at $60.80. Natural gas traded down 67 cent per thousand feet at $14.70 and gasoline was down .0049 cents at $1.641.

Financial Software Trading "This may be a high-water mark for the oil companies," said Timothy R. Ghriskey, who manages $100 million in assets, including an undisclosed number of ChevronTexaco and Exxon Mobil shares, at Ghriskey Capital Management. "Oil prices have already dropped, and you are likely to see second-quarter profits lower."

Imports of petroleum products rose 5.2 percent in May compared to 11.5 percent April. While high, the cost of crude oil declined in May relative to April when crude oil traded over $75 per barrel late in the month. Petroleum prices rose 45.7 percent for the year ended in May.

Online Stock Trading Company Shell, the British-Dutch giant, said net income jumped to $5.33 billion from $2.26 billion a year ago.

CNOOC Ltd. is an oil and gas company engaged in the exploration, development, production and sale of crude oil and natural gas primarily offshore China. The Company is a producer of crude oil and natural gas offshore China. It is permitted to conduct exploration and production activities with international oil and gas companies offshore China. As of December 31, 2002, it had estimated net proved reserves of 2, 015.8 million barrels of oil equivalent (BOE), comprised of 1, 424.4 million barrels of crude oil and condensate and 3, 547.9 billion cubic feet of natural gas. For the year 2002, its net production averaged 298, 625 barrels per day of crude oil, condensate and natural gas liquids and 272.6 million cubic feet per day of natural gas, which together totaled 346, 639 BOE per day.

Forex Day Trading At ChevronTexaco, the next biggest oil company after Exxon Mobil, profit rose to $1.92 billion from $725 million. Sales climbed 53 percent at Shell and 46 percent at ChevronTexaco.

By Voanews The price of crude oil for future delivery hit a record $50.91 a barrel in New York. The price of Brent crude oil also set a record high in London. If you would like to receive late breaking news on stocks covered by AXcess News then you need to subscribe. By joining, box first.Print This Page Oct 5, 2004 (AXcess News) time highs today (Tuesday) in New York and London trading.

Financial In Market ChevronTexaco's profit was the highest since the company was formed through Chevron's acquisition of Texaco Inc. in 2001. The company's exploration and production earnings rose 73 percent from a year earlier, to $1.97 billion. Profit from oil refining was $315 million after a $61 million loss a year earlier.

Stock Trading System Higher natural gas prices contributed to the profit gains.

Day Trading Stock Tip In the first quarter, crude oil futures averaged $33.80 a barrel, up 56 percent from a year earlier. Prices have since fallen to about $26, with forces led by the United States taking control of Iraq and oil shipments resuming in Venezuela after a national strike. In addition, Shell and other producers have restarted wells in Nigeria that had been idle because of fighting between government and opposition forces.

Financial Forex Forex Software By Bloomberg News - 5/3/2003

Topic: Petroleum Industry

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