ExxonMobil Revenue Beats with Guyana Oil Production Rising Faster Than Expected

Energy giant ExxonMobil, the largest U.S. oil company, reported first quarter net income fell to $8.22B, or $2.06/share, from $11.43B, or $2.79/share from the year-ago quarter and lower than expectations for $2.19. That said the result was still XOM’s second highest Q1 profit in the past decade. Revenues fell 4% Y/Y to $83.08B but were ahead of analyst expectations. The result comes after Exxon reported a $36 billion profit for 2023 boosted by fuels trading and higher oil and gas … Continue reading “ExxonMobil Revenue Beats with Guyana Oil Production Rising Faster Than Expected”

Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023

Energy giant ExxonMobil, the largest U.S. oil company, reported a better-than-expected $36 billion profit for 2023 boosted by fuels trading and higher oil and gas production. For the fourth quarter XOM EPS beat by $0.28 but missed on revenue expectations. Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Earnings across the energy space have been rebalancing by the slump in global natural gas and crude prices since last year’s … Continue reading “Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023”

Devon Energy Earnings Higher Than Expected, Increases Dividend with Record Free Cash Flow

Shale play Devon Energy reported better than expected third quarter earnings after the market of non-GAAP EPS of $1.65 which beat by $0.10 on revenue of $3.84 billion which beat by $210 million. Production per share increased 10% year-over-year in the third quarter with Delaware Basin well productivity improving more than 20% versus first half of 2023. Fourth-quarter production is expected to range from 640,000 to 660,000 Boe per day, with oil production approximating 315,000 barrels per day. The company … Continue reading “Devon Energy Earnings Higher Than Expected, Increases Dividend with Record Free Cash Flow”

Phillips 66 Midstream Earnings Higher but Chemicals Lower, Announce Additional Buybacks

Houston based oil refiner Phillips 66 on Friday reported weaker than expected third quarter earnings. PSX reported adjusted EPS of $4.63, up 19.6% year-over-year increase but short of the consensus estimate of $4.76. Revenue of $40.23 billion exceeded the consensus of $38.96 billion, however. Midstream income was higher, but the Chemicals segment was lower due to lower margins. Global olefins and polyolefins utilization was at 99% for the quarter. The board approved an additional $5 billion in share repurchase authorization, … Continue reading “Phillips 66 Midstream Earnings Higher but Chemicals Lower, Announce Additional Buybacks”

Exxon Mobil Profits Impacted by Lower Natural Gas Prices and Higher Chemical Input Costs

Energy giant ExxonMobil, the largest U.S. oil company, reported lower-than-expected third quarter earnings Friday. Earnings across the energy space have been afflicted by the slump in global natural gas and crude prices since last year’s run up. Lower natural gas realizations and industry refining margins adversely impacted earnings. XOM announced a $9.1 billion third-quarter profit, missing analysts’ estimates for the second quarter in a row, and down from 54% from a year ago. The energy giant has been busy shoring … Continue reading “Exxon Mobil Profits Impacted by Lower Natural Gas Prices and Higher Chemical Input Costs”

Exxon Mobil Second Quarter Profits Impacted by Lower Refining Margins & Natural Gas Prices

Energy giant ExxonMobil, the largest U.S. oil company, reported lower-than-expected second quarter earnings Friday. Earnings across the energy space have been afflicted by the slump in global natural gas crude prices. Lower natural gas realizations and industry refining margins adversely impacted earnings. XOM adjusted earnings were $7.88 billion or $1.94 per share, down 56% from the same period last year and under the consensus forecast of $2.01 per share. Revenues fell 28.3% to $82.92 billion, ahead of analysts’ estimates of … Continue reading “Exxon Mobil Second Quarter Profits Impacted by Lower Refining Margins & Natural Gas Prices”

Oil Service Giant Baker Hughes Orders Rise 28%, Including $900 million in LNG Awards

Houston based energy services giant Baker Hughes reported stronger than expected second quarter earnings on Wednesday before the market open. The company sees Q3 and FY23 revenues in line with estimates BKR reported revenue of $5.7 billion for the first quarter of 2023, 25% over the same period last year, and slightly better than the 24% increase that Wall Street expected. Net income of $410 million handily beat expectations, compared to a loss of $839 million last year. Orders increased … Continue reading “Oil Service Giant Baker Hughes Orders Rise 28%, Including $900 million in LNG Awards”

OPEC has Eyes on Exxon Mobil’s Higher Oil Production in Guyana

OPEC, it has been reported is trying to lure Guyana across to join the energy cartel. This is a significant play for new oil production but also on the geopolitical front. Energy giant ExxonMobil (XOM), the largest U.S. oil company, and its partners having invested over $40 billion in 5 Guyana projects. XOM expects to produce over one million barrels a day by the end of the decade. Exxon last earnings reported production increased by nearly 300,000 barrels of oil … Continue reading “OPEC has Eyes on Exxon Mobil’s Higher Oil Production in Guyana”

Marathon Oil Earnings Beat Expectations with Higher Production and Lower Costs

Houston oil producer and shale exploration company Marathon Oil reported better than expected first quarter earnings after the close Wednesday. MRO reported adjusted earnings of $420 million or $0.67 per share for the period. Ahead of analysts $0.60 per share expectations. The company’s revenue for the quarter fell 4.0% to $1.68 billion from $1.75 billion last year. Marathon Oil Corporation NYSE: $MRO Marathon Oil Q1 23 Earnings: Highlights Production U.S. Equatorial Guinea Ensign Natural Resources As previously announced, Marathon Oil … Continue reading “Marathon Oil Earnings Beat Expectations with Higher Production and Lower Costs”

Exxon Mobil Record First Quarter Profits with Higher Production in Guyana and Permian

Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected first-quarter earnings Friday. XOM produced more oil to overcome lower energy prices. ExxonMobil reported adjusted earnings of $11.43 billion or $2.83 a share, ahead of a consensus $2.60 on FactSet and up from a year-ago profit of $5.48 billion, or $1.28 a share. Revenue fell 4.8% to $86.6 billion, but that also beat estimates. Production increased by nearly 300,000 barrels of oil equivalent a day driven by projects … Continue reading “Exxon Mobil Record First Quarter Profits with Higher Production in Guyana and Permian”