Affected by the year-on-year drop in oil and gas prices, the profits of the Big Five's second-quarter companies fell sharply year-on-year. The total profit was only 13.92 billion U.S. dollars, while the total profit for the same period last year reached 41.3 billion U.S. dollars. In July last year, international crude oil prices had climbed to $147 a barrel. However, due to the economic recession that has affected oil demand, the current crude oil price has fallen by about half from its high point.
In the second quarter, ExxonMobil Corporation’s net profit fell 66% year-on-year, due to the sharp drop in crude oil and natural gas prices and the squeeze on refining profits. The company’s net profit for the quarter dropped from US$11.68 billion (US$2.22 per share) in the same period last year to US$3.95 billion (81 cents per share). After deducting one-time items, the company’s net profit for the quarter was 40.9. Billion US dollars (84 cents per share); the company’s operating income dropped 46% year-on-year, from US$138.1 billion in the same period last year to US$7.45 billion, but higher than the average analyst estimate of US$71.3 billion.
Chevron, the second-largest US oil producer, reported a 71% year-on-year decline in second-quarter earnings. In the second quarter ended June 30, the company’s net profit fell from US$5.98 billion (US$2.90 per share) in the same period last year to US$1.75 billion (87 cents per share).
Chevron said that sales and other operating revenues fell by 51% in the second quarter, from $81 billion in the same period last year to $40 billion. The upstream business made a profit of US$1.52 billion, a drop of 79%, mainly due to the drop in the prices of crude oil and natural gas; the downstream business suffered a loss of US$95 million, which was less than US$682 million in the same period of last year. The company stated that the profit margin of refined product sales in the second quarter and the same period of last year was very low. However, the company’s daily production of oil and gas on a global scale increased from 2.54 million barrels of oil equivalent in the same period last year to 2.67 million barrels of oil equivalent.
The third-largest oil company ConocoPhillips in the United States had a net profit of $1.3 billion in the second quarter, and earnings per share was 87 cents, a year-on-year decrease of 76%. The company’s net profit for the same period last year was US$5.44 billion and earnings per share of US$3.50. ConocoPhillips plans to cut its capital expenditure by 37% this year. In January, it said it would lay off 4% of its staff. The company’s daily production in the second quarter was approximately 1.86 million barrels of oil equivalent, which was 6.3% higher than the 1.75 million barrels of oil equivalent in the same period last year.
Affected by the year-on-year drop in output and oil and gas prices, Royal Dutch Shell's second-quarter net profit fell 67% year-on-year to US$3.82 billion, and said it may lay off further. In the second quarter, the company's revenue fell 51.4% year-on-year to $63.88 billion. Affected by Nigerian militant group attacks, Shell's oil and gas production fell 5% year-on-year in the second quarter to 296 million barrels of oil equivalent per day.
Shell CEO Peter Wase said: “Our second quarter performance was affected by the financial crisis. The global economic weakness has made the upstream and downstream businesses face a difficult environment.†Walther has laid off 150 management in the past three weeks. Personnel, which accounted for 20% of the total number of senior management personnel, now has approximately 600 global senior managers.
BP's second-quarter profit was 3.1 billion US dollars (1.9 billion pounds). However, as global demand for oil is still falling, BP’s profits as of June 30 have fallen by 53% compared to the same period last year. In the first half of the year, BP's total profit fell by 57% from the same period last year to only $5.5 billion. Due to the drop in oil prices, BP's profit decline has been expected by experts.
Hayward, BP's chief executive, announced that it had restructured the company's underperforming segment and announced on July 28 that it had achieved its target of cutting costs by $2 billion in 2009. The company will also seek ways to further reduce the cost of $1 billion.
In the second quarter, ExxonMobil Corporation’s net profit fell 66% year-on-year, due to the sharp drop in crude oil and natural gas prices and the squeeze on refining profits. The company’s net profit for the quarter dropped from US$11.68 billion (US$2.22 per share) in the same period last year to US$3.95 billion (81 cents per share). After deducting one-time items, the company’s net profit for the quarter was 40.9. Billion US dollars (84 cents per share); the company’s operating income dropped 46% year-on-year, from US$138.1 billion in the same period last year to US$7.45 billion, but higher than the average analyst estimate of US$71.3 billion.
Chevron, the second-largest US oil producer, reported a 71% year-on-year decline in second-quarter earnings. In the second quarter ended June 30, the company’s net profit fell from US$5.98 billion (US$2.90 per share) in the same period last year to US$1.75 billion (87 cents per share).
Chevron said that sales and other operating revenues fell by 51% in the second quarter, from $81 billion in the same period last year to $40 billion. The upstream business made a profit of US$1.52 billion, a drop of 79%, mainly due to the drop in the prices of crude oil and natural gas; the downstream business suffered a loss of US$95 million, which was less than US$682 million in the same period of last year. The company stated that the profit margin of refined product sales in the second quarter and the same period of last year was very low. However, the company’s daily production of oil and gas on a global scale increased from 2.54 million barrels of oil equivalent in the same period last year to 2.67 million barrels of oil equivalent.
The third-largest oil company ConocoPhillips in the United States had a net profit of $1.3 billion in the second quarter, and earnings per share was 87 cents, a year-on-year decrease of 76%. The company’s net profit for the same period last year was US$5.44 billion and earnings per share of US$3.50. ConocoPhillips plans to cut its capital expenditure by 37% this year. In January, it said it would lay off 4% of its staff. The company’s daily production in the second quarter was approximately 1.86 million barrels of oil equivalent, which was 6.3% higher than the 1.75 million barrels of oil equivalent in the same period last year.
Affected by the year-on-year drop in output and oil and gas prices, Royal Dutch Shell's second-quarter net profit fell 67% year-on-year to US$3.82 billion, and said it may lay off further. In the second quarter, the company's revenue fell 51.4% year-on-year to $63.88 billion. Affected by Nigerian militant group attacks, Shell's oil and gas production fell 5% year-on-year in the second quarter to 296 million barrels of oil equivalent per day.
Shell CEO Peter Wase said: “Our second quarter performance was affected by the financial crisis. The global economic weakness has made the upstream and downstream businesses face a difficult environment.†Walther has laid off 150 management in the past three weeks. Personnel, which accounted for 20% of the total number of senior management personnel, now has approximately 600 global senior managers.
BP's second-quarter profit was 3.1 billion US dollars (1.9 billion pounds). However, as global demand for oil is still falling, BP’s profits as of June 30 have fallen by 53% compared to the same period last year. In the first half of the year, BP's total profit fell by 57% from the same period last year to only $5.5 billion. Due to the drop in oil prices, BP's profit decline has been expected by experts.
Hayward, BP's chief executive, announced that it had restructured the company's underperforming segment and announced on July 28 that it had achieved its target of cutting costs by $2 billion in 2009. The company will also seek ways to further reduce the cost of $1 billion.
Pumtip specialize in the designing and production of various diaphragm micro pumps,Pumtip also design and produce miniature pumps according to the requirements of customers and accept OEM orders.
Micro Piston Pump, Hydraulic Piston Pump, Piston Water Pump, High Pressure Piston Pump
Ningbo Marshine Power Technology Co.,Ltd. , http://www.miniature-pump.com