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Oliver L Campbell : Financial Results
ExxonMobil, Royal Dutch Shell and BP

 

 

 

ExxonMobil, Royal Dutch Shell and BP have recently published their unaudited accounts for the first quarter 2012. It is notable that the net earnings of the three companies are much the same, but ExxonMobil and Shell both suffered a reduction of some 10% when compared with 2011. BP's net earnings improved by 19% because 2011 included provisions for the Gulf of Mexico oil spill. No further provisions were required in 2012.

Shell and BP have substantially increased their capital expenditure. Both ExxonMobil and Shell look like spending over $20 billion in 2012. All three companies are making substantial divestments with BP easily in the lead in order to pay for the Gulf of Mexico oil spill.

The fall of 5% in production largely accounts for ExxonMobil's reduction in net earnings.

BP reported a production of 3,598,000 b/d in their 2011 report, but have now reduced this amount to 2,598,000 b/d. The difference of 980,000 b/d is Russian production and the reason for excluding it has not been given. Similarly, the 2012 production of 2,452,000 b/d excludes 1,020,000 b/d from TNK-BP. 

Figures in US$ millions

Company

 

 

Jan/Mar 2012

 

Jan/Mar 2011

 

Increase

(decrease)

ExxonMobil

Total revenue

$124,053

$114,004

9%

Shell

 

$123,774

$114,852

8%

BP

 

$96,698

$88,442

9%

 

 

 

 

 

ExxonMobil

Net earnings

$9,450

$10,650

(11%)

Shell

 

$9,897

$10,988

(10%)

BP

 

$9,813

$8,269

19%

 

 

 

 

 

ExxonMobil

Capex

$8,834

$7,821

13%

Shell

 

$7,000

$4,900

43%

BP

 

$5,600

$4,000

40%

 

 

 

 

 

ExxonMobil

Production boe/d

4,553,000

4,780,000

(5%)

Shell

 

3,552,000

3.504,000

1%

BP

 

2,452,000

2,598,000

(6%)

boe/d means barrels of oil equivalent (i.e. to include gas) per day.

Oliver L Campbell
02.05.12


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Oliver L Campbell , MBA, DipM, FCCA, ACMA, MCIM was born in El Callao in 1931 where his father worked in the gold mining industry. He spent the WWII years in England, returning to Venezuela in 1953 to work with Shell de Venezuela (CSV), later as Finance Coordinator at Petroleos de Venezuela (PDVSA). In 1982 he returned to the UK with his family and retired early in 2002. Petroleumworld does not necessarily share these views.

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Petroleumworld News 05/03/2011

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