ExxonMobil Corp. turned in yet another glowing performance in the first quarter, with profit of $5.44 billion on revenue of $67.6 billion. Quarterly net income slipped 23%, which the company blamed on one-time gains, but across its oil and gas businesses, the major posted higher profits. However, in the United States and Canada, natural gas production available for sale dropped slightly from a year ago to stand at 3.06 Bcf/d, compared with 3.34 Bcf/d in 1Q2003. Exxon’s quarterly net production of crude oil and natural gas liquids in North America also was down, totaling 967 thousand bbl/d, down slightly from 980 thousand bbl/d in 1Q2003. Exxon reported quarterly profit of $5.44 billion (83 cents/share), down from $7.04 billion ($1.05) in the first quarter of 2003. Last year’s first quarter included a gain of $1.7 billion on the sale of Exxon’s stake in Ruhrgas AG, as well as a $550 million benefit from accounting changes. Excluding those items, earnings in 1Q2003 were $4.70 billion (71 cents/share). Revenue was $67.6 billion, up from $63.78 billion a year ago. Worldwide, Exxon spent nearly $12 billion for exploration and production activities in 2003. Exxon also is confident of estimates of its oil and natural gas reserves, the company said. Net income from upstream activities fell 30% in the quarter to $4.01 billion. Earnings from U.S. upstream operations dropped $105 million to stand at $1.15 billion, which the company said reflected lower production in its mature production areas.
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Exxon Posts Stellar Profits but North American Gas Production Off
ExxonMobil Corp. turned in yet another glowing performance in the first quarter, with profit of $5.44 billion on revenue of $67.6 billion. Quarterly net income slipped 23%, which the company blamed on one-time gains, but across its oil and gas businesses, the major posted higher profits.
GAO’s First-Year Report Card for FERC Monitoring Office Far From Glowing
At the end of its first year of operation, a federal watchdog agency last week concluded that FERC’s Office of Market Oversight and Investigations (OMOI) is severely hamstrung in its ability to effectively monitor the wholesale natural gas and electricity markets.
GAO’s First-Year Report Card for FERC Monitoring Office Far From Glowing
At the end of its first year of operation, a federal watchdog agency has found that FERC’s Office of Market Oversight and Investigations (OMOI) is severely hamstrung in its ability to effectively monitor the wholesale natural gas and electricity markets.
Calpine Reports Continued Triple-Digit Growth
As part of another glowing quarterly earnings announcement last Thursday, San Jose, CA-based Calpine Corp. said it will be making future merchant power plant investments in California, while outlining an aggressive hedging strategy for the company that is centered on an internal trading operation that has grown to more than 200 people in the past two years.
Northern Border Expansion Granted Glowing Green Light
The Federal Energy Regulatory Commission yesterday awardedNorthern Border Pipeline a certificate to build its Project 2000extension into northern Indiana, which would provide customersthere access to less expensive Canadian gas supplies for the firsttime.
