• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 4 hours OPEC will consider all options. What options do they have ?
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 53 mins Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 7 hours What to tell my students
  • 5 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 4 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 11 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 5 hours China Threatens to Withhold Rare Earth Metals
  • 7 hours With Global Warming Greenland is Prime Real Estate
  • 20 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 19 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 16 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 21 hours Flaring is at Record Highs in Texas
Low Solar Panel Prices Spark Surge In Adoption

Low Solar Panel Prices Spark Surge In Adoption

Solar energy is experiencing a…

Corn Industry Battered By Shocking Ethanol Decision

Corn Industry Battered By Shocking Ethanol Decision

The administration just issued a…

World’s Top Oil Firms Combined Q1 Profits Shrink 4%

Refinery

Rising U.S. production weighed on oil prices in the first quarter compared to the same period last year, and those lower prices, combined with weak refining margins, impacted the revenues and net profits of many of the world’s largest listed companies in the oil industry.

According to data compiled by Anadolu Agency from the Q1 2019 reports of the 12 top listed companies in the oil industry—ExxonMobil, Chevron, ConocoPhillips, Halliburton, Schlumberger, Baker Hughes, BP, Royal Dutch Shell, Total, Eni, Equinor, and Rosneft—the combined net income and revenues at those companies were lower in the first quarter this year compared to Q1 2018.

According to Anadolu Agency’s calculations, the combined revenue of these 12 companies declined by 4.63 percent annually to some US$393.5 billion in Q1 2019. The combined net profits dropped by 4.45 percent—to US$23.6 billion from US$24.7 billion for Q1 2018.

Shell was the top performing company with the highest net profit and revenue in absolute terms, according to Anadolu Agency’s estimates.

Shell was one of the last oil supermajors to report Q1 earnings and it was the one that stood out among the crowd with better-than-expected results, as its trading and natural gas businesses offset weak oil prices and depressed refining margins that plagued the other majors in the Q1 earnings season.

Volatile crude prices and weak refining margins led to lower earnings at all five oil supermajors in the first quarter of 2019, suggesting that Big Oil shouldn’t stay complacent several quarters after the industry emerged from one of the worst downturns in a generation.

Big Oil’s five majors—ExxonMobil, Chevron, BP, Total, and Shell—reported a mixed bag of results for Q1. While net earnings at all companies were lower than last year’s first quarter on the back of lower average Brent Crude prices compared to Q1 2018 and weak refining margins that battered downstream earnings, some supermajors, such as Shell, met and even exceeded analyst expectations thanks to strong trading profits and to their natural gas businesses.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play