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Oliver L Campbell: ExxonMobil, Royal
Dutch Shell and BP results
Jan-Sept 2012

 

 

 

 

ExxonMobil, Royal Dutch Shell and BP Results
January-September 2012

Oil prices in 2012 were marginally higher than in 2011, Refinery margins increased but chemical margins went down. Gains and losses on divestments and the exit from certain business segments cloudy the picture. Each company continues to invest heavily.

 

Net Income in $million

Company

 

Date Published

Jan/Sep 2012

 

Jan/Sep 2011

 

Increase

(Decrease)

ExxonMobil

01 Nov 2012

US$ 34,930

US$ 31,660

10%

Shell

01 Nov 2012

US$ 21,146

US$ 22,467

(6%)

BP

30 Oct 2012

US$ 9,964

US$ 18,015

(45%)

 

Production in Barrels per Day of BOE

ExxonMobil

 

4,222,000

4,500,000

(6.2%)

Shell

 

3,211,000

3,187,000

0.8%

BP

 

2,328,000

2,457,000

(5.3%)

 

Average Price of Liquids

ExxonMobil

Non US

$107,33

$106.70

0.6%

Shell

 

$106.64

$105.03

1.5%

BP

 

$102.79

$101.11

1.7%

 

Capital Expenditure in $million

ExxonMobil

 

27,356

26,747

2.3%

Shell

 

23,967

20,043

19.6%

BP

 

17,204

23,873

(27.9%)

 

ExxonMobil. Downstream earnings increased by $7.4 billion mainly due to stronger refinery margins of $1.4 billion, and a one-off restructuring gain in Japan of $5.3 billion, plus other divestment gains.

Shell. Downstream earnings remained stable, improved refinery margins being offset by lower chemical margins. Upstream operations produced lower earnings as a result of lower gas prices in the USA and the effect of hurricane Isaac. Shell has yet to see the benefits from its divestment of under-performing businesses. .

BP . The company has made large disposals of upstream and downstream assets to pay for the spill in Gulf of Mexico. This has impinged on its earning capacity which is reflected in the fall in net income of 45% when compared with 2011.

Pemex. The company published its accounts on 30 October 2012. Net income for the nine months was $1.9 billion versus a loss of $6.3 billion in 2011. These figures are not meaningful since royalty is calculated according to complex rules and can work out greater than pre-tax profit leaving Pemex with a net loss.

PDVSA. As a state company, its income, less costs paid to third parties, all accrues to the state. The Government Take in 2011 was $52 billion and the average export price was $100.

The average export price in 2012 remains much the same, It may have been marginally higher in the nine months, but prices have been coming down. Improved refinery margins should mean CITGO'S net income will increase. PDVSA has not published interim accounts for the first semester of 2012 so we know nothing about the company's progress.

Oliver L Campbell

02.11.12


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Oliver L Campbell, MBA, DipM, FCCA, ACMA, CGMA, MCIM was born in 1931 in El Callao, Venezuela where his father worked in the gold mining industry. He spent the WWII years in England, then in 1953 returned to Venezuela and worked with Compañía Shell de Venezuela (CSV). He spent 15 years in the oilfields and ended up as Company Financial Controller. Upon nationalisation of the oil industry, he went to Petróleos de Venezuela (PDVSA) as its Head of Finance. In 1982 he returned to England and was the Finance Manager of the British National Oil Corporation prior to its privatisation. He then worked as an oil consultant and retired in 2002 after fifty years in the oil industry. Petroleumworld does not necessarily share these views. 

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Petroleumworld News 11/02/2012

 

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