Upstream earnings were $8.675 billion for first-quarter 2011, up $2.861 billion from first-quarter 2010. Earnings from the U.S. downstream were $694 million, up $754 million from first quarter 2010.
Irving, Texas-based ExxonMobil's chairman Rex W. Tillerson said, "ExxonMobil's earnings reflect continued leadership in operational performance during a period of strong [image-nocss] commodity prices. Earnings were $10.7 billion, up 69% from the first quarter of 2010, reflecting higher crude oil and natural gas realizations, increased refining margins and record chemical performance. In the first quarter, capital and exploration expenditures were $7.8 billion, up 14% from last year, as we continue with plans to invest between $33 billion and $37 billion per year."
Click hereto view the full ExxonMobil earnings release.
San Ramon, Calif.-based Chevron Corp. reported earnings of $6.2 billion ($3.09 per share diluted) for first quarter 2011, compared with $4.6 billion ($2.27 per share diluted) in the 2010 first quarter.
Sales and other operating revenues in the first quarter 2011 were $58 billion, up from $47 billion in the year-ago period, mainly due to higher prices for crude oil and refined products. Upstream earnings of $6 billion increased $1.3 billion on higher prices for crude oil. Downstream earnings of $622 million increased more than $400 million on improved margins.
"Our first quarter financial performance was strong," said chairman and CEO John Watson. "Current quarter earnings from upstream operations benefited from higher prices for crude oil, while downstream operations benefited from improved margins on refined petroleum products. We continue to operate safely, advance our major capital projects and restructure our downstream portfolio. In the downstream business, we made further progress on streamlining our asset portfolio."
U.S. downstream operations earned $442 million in first-quarter 2011, compared with $82 million a year earlier. Earnings mainly benefited from improved margins on refined product sales and higher earnings from the 50%-owned Chevron Phillips Chemical Co. LLC.
Click here to view the full Chevron earnings release.Houston-based ConocoPhillips has reported first-quarter 2011 earnings of $3 billion, or $2.09 per share, compared with earnings of $2.1 billion, or $1.40 per share, for the same period in 2010. First-quarter 2011 earnings included $394 million in gains from North American asset sales and LUKOIL share dispositions.
"While our financial results were much improved from a year ago, Exploration & Production (E&P) production and Refining & Marketing (R&M) capacity utilization did not meet our targets," said Jim Mulva, chairman and CEO.
E&P first-quarter 2011 adjusted earnings were higher, compared with the same period in 2010, primarily due to higher prices, partially offset by lower volumes and higher taxes.
R&M first-quarter 2011 earnings were higher than the corresponding period of 2010, primarily due to improved global refining margins.
Click hereto view the full ConocoPhillips earnings release.
New York City-based Hess Corp. reported net income of $929 million for first-quarter 2011 compared with $538 million for first-quarter 2010.
E&P earnings were $979 million in first-quarter 2011 compared with $551 million in first-quarter 2010.
Marketing & Refining earnings were $39 million in first-quarter 2011 compared with $87 million in the same period in 2010. Refining operations incurred a loss of $48 million in first-quarter 2011 compared with a loss of $56 million in the first quarter a year ago. Marketing earnings were $68 million compared with $121 million in first-quarter 2010.
Click here to view the full Hess earnings release.El Paso, Texas-based Western Refining Inc. reported net earnings of $15.2 million, or 17 cents per diluted share, for the first quarter ended March 31, 2011.
Jeff Stevens, Western's president and CEO, said, "We are pleased with our first-quarter results and the positive momentum that we continue to achieve, despite the unplanned, weather-related outage at the El Paso refinery in February. Our operational improvements over the last year and strong refining margins for inland refineries contributed to our solid earnings growth in the quarter."
Click hereto view the full Western Refining earnings release.
El Dorado, Ark.-based Murphy Oil Corp. has announced that net income in first-quarter 2011 was $268.9 million ($1.38 per diluted share), compared to net income of $148.9 million (77 cents per diluted share) in first-quarter 2010.
The improved net income in 2011 compared to 2010 was due to a combination of a higher average realized crude oil sales price, record natural gas production volumes, improved U.S. refining margins among other factors.. The 2011 quarterly results were unfavorably affected by lower crude oil sales volumes, lower North American natural gas sales prices and higher exploration expenses.
Income contribution from E&P operations was $260.4 million in first-quarter 2011 compared to $247 million in the same quarter of 2010.
In the United States, income from R&M operations totaled $39.4 million in 2011 compared to a loss of $14.7 million in 2010. U.S. marketing operations generated a profit of $10.7 million in the 2011 quarter, an increase of $1.8 million compared to the same quarter in 2010. Margins for U.S. retail marketing operations were slightly improved in the 2011 quarter compared to a year earlier. These stronger retail fuel margins, coupled with higher profits on merchandise sales, more than offset lower U.S. motor fuel sales volumes through the company's retail stations.
David Wood, president and CEO, said, "We began 2011 with a good financial performance mostly attributable to a combination of strong oil prices and better than expected refining margins during the winter season. Once again our financial results have benefited from being heavily weighted with oil production. The higher oil prices did have a dampening effect, however, on our retail gasoline margins, which coupled with the normal weak gasoline demand during the winter, led to thin profits in this U.S. business."
Click hereto view the full Western Refining earnings release.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.