Phillips 66 earnings at $385 million in Q1 April 29 (Reuters) – U.S. refiner Phillips 66 reported a weaker-than-expected quarterly profit, hurt by lower margins for gasoline and other refined products. “Crack spreads” – the difference between the cost of crude and refined products often used to estimate refining margins – have slumped as output […]
Phillips 66 profit misses as margins shrink Read More »
Exxon Mobil capital budget in Q1 dropped over 33 per cent from 2015 By Ernest Scheyder HOUSTON, April 29 (Reuters) – Exxon Mobil Corp, the world’s largest publicly traded oil producer, reported a higher-than-expected first-quarter profit on Friday as it slashed costs to offset plunging crude prices and weak refining margins. The results reflect the new reality
Exxon Mobil profit beats expectations on big cost cuts Read More »
Chevron CEO says focus is to boost cash flow By Ernest Scheyder HOUSTON, April 29 (Reuters) – Oil and gas producer Chevron Corp on Friday posted an adjusted profit that fell short of Wall Street’s expectations, as its cost cuts failed to fully offset low crude prices and weak refining margins. Like many of its
Chevron adjusted Q1 profit misses expectations Read More »
Lower profits from Exxon and Chevron’s refining divisions contributed to weaker Q1 results By Ernest Scheyder HOUSTON, April 29 (Reuters) – Exxon Mobil Corp and Chevron Corp on Friday reported their most dismal quarterly results in more than a decade on low oil prices and an oversupplied fuel market that hurt what had been lucrative refining
Refining’s silver lining loses luster at Exxon and Chevron Read More »
Phillips 66 Partners adjusted total costs were $47.8 million in Q1 of 2016, an increase of $9.6 million from Q4 2015 HOUSTON, Texas – Phillips 66 Partners LP announces first-quarter 2016 earnings of $52.3 million, or $0.44 per common unit. Distributable cash flow was $64.1 million and adjusted earnings before interest, income taxes, depreciation and amortization
Phillips 66 spends more, increases dividend in Q1 amid downturn Read More »
Imperial Oil US$81 million By Nia Williams CALGARY, Alberta, April 29 (Reuters) – Canadian integrated oil producer and refiner Imperial Oil Ltd reported a slightly bigger-than-expected quarterly loss on Friday, hurt by continued weakness in global crude prices. Imperial’s net loss was C$101 million ($81 million), or 12 Canadian cents per share, in the first quarter
Oil price weakness drives Imperial Oil to bigger-than-expected loss Read More »
PetroChina expects that in 2016, supply and demand fundamentals will remain loose By Anne Marie Roantree HONG KONG, April 28 (Reuters) – PetroChina Co Ltd, the country’s largest oil and gas producer, on Thursday reported its first ever quarterly loss as oil prices touched near 13-year lows, and forecast continued volatility in the market. Faced
PetroChina posts first quarterly loss as oil prices weigh Read More »
CNOOC net production up as two new oilfields come online By Chen Aizhu BEIJING, April 28 (Reuters) – CNOOC Ltd, China’s offshore oil and gas specialist, reported a 30.7 percent plunge in first-quarter revenue as global crude prices sank to a more than 12-year low, but delivered a 5-percent growth in production over the period.
CNOOC Q1 revenue sinks 30.7 pct on weak oil; output up 5 pct Read More »
Marathon Petroleum shares slumped over 18 per cent in the past year April 28 (Reuters) – Refiner Marathon Petroleum Corp barely eked out a profit in the first quarter, hurt by weak crack spreads – the difference between the prices of crude oil and refined products. Net income attributable to the company slumped to $1
Marathon Petroleum barely ekes out a profit due to weak crack spreads Read More »
ConocoPhillips Q1 net loss of $1.5B April 28 (Reuters) – ConocoPhillips, the largest U.S. independent oil company, on Thursday reported a quarterly loss after a year-earlier profit and slashed its 2016 budget for the second time this year, its latest response to the slump in crude prices. The company, like many of its peers, has had
ConocoPhillips swings to loss and slashes budget, again Read More »
