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Oil Industry Sees Best Profits In Years

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Friday July 27, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Shell’s profits triple

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- Royal Dutch Shell (NYSE: RDS.A) saw its second quarter profits nearly triple compared to a year earlier, a sign that the oil industry is on the upswing after years of steady improvement.
- Shell’s quarterly profit hit $5.2 billion, up from $1.9 billion in the second quarter of 2017.
- Shell has cut its total debt pile – once one of the largest in the world – sufficiently that it initiated a $25 billion share buyback program.
- “The whole sector’s gone through this three- or four-year transition to make the business model work at $50 a barrel and as soon as we got there the oil price shot up,” RBC analyst Biraj Borkhataria, told the Wall Street Journal. “You’re in the sweet spot.”
- Investors are still not entirely pleased; Shell’s share price fell 4 percent after the earnings release, due to missed expectations.

2. Midland prices sink deeper

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- Midland oil prices sunk to a $16-per-barrel discount relative to WTI in Cushing this week, the largest discount since 2014.
-…

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