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Article: Q2 Earnings stay high despite lower output at top oil companies.(Exxon Mobil Corp.)(Illustration)
- Article from:
- Petroleum Intelligence Weekly
- Article date:
- August 8, 2005
CopyrightCOPYRIGHT 2005 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With benchmark West Texas Intermediate oil prices again averaging over $50 per barrel, the second quarter was another blockbuster period for the world's top six publicly traded oil companies. The group turned in a combined second-quarter after-tax profit of $28 billion, a rise of 29% from a year ago and on a par with first-quarter levels (p3).
Exxon Mobil may have posted the biggest quarterly profit, but for the first time its oil and gas output dipped below rival BP's volumes, making the UK-based supermajor the top producer on a barrel of oil equivalent basis. With Exxon's oil volumes sliding 4% and gas output slipping 4%, BP edged past the Texas-based oil giant. ...