Home › Forums › Refining Community › Refinery News › Oil Optimism – a mixed bag
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January 28, 2010 at 11:36 am #2779
Heres a mixed bag of some companies doing better than expected in the 4th quarter. Others with a bad 4Q but bouncing back in the 1Q.
ConocoPhillips Q4 earnings increased on higher oil prices
ConocoPhillips said its earnings climbed in the fourth quarter, crediting stronger oil prices. The company posted a profit of $1.22 billion, compared with a loss of $31.76 billion in the same period in 2008. ConocoPhillips, however, expects a drop in production for 2010 as the company reduces its capital-investment program.
After-tax benefit boosted Murphy Oil’s Q4 profit
Murphy Oil announced stronger earnings in the fourth quarter on gains linked to the company’s projected recovery of deepwater federal royalties. Murphy reported a profit of $318.9 million, up from $127.4 million for the same period in 2008.
Valero to bounce back in 2010 despite posting Q4 loss, chief says
Valero Energy reported a loss in the fourth quarter as lower crude prices and weak fuel margins continued to affect the U.S. refining sector. But CEO Bill Klesse believes the company “should be profitable in 2010” because of its measures to close unprofitable activities and reduce expenses. The company posted a loss of $1.41 billion, compared with a loss of $3.28 billion for the same period in 2008.
Noble says fourth-quarter profit grew 6.7%
Noble reported a 6.7% increase in its quarterly profit on a tax-settlement gain and higher revenue from contract drilling services. The offshore-drilling contractor posted fourth-quarter earnings of $446.4 million, up from $418.6 million during the same period in 2008.
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