OAK BROOK, Ill. -- Exxon Mobil Corp., Chevron Corp. and ConocoPhillips have reported second-quarter 2006 and first-half 2006 earnings.
Hess Corp. and Murphy Oil Corp. also reported turned in their financial reports for those periods, and United Refining Co. reported on its third fiscal quarter and nine months.
EXXONMOBIL
ExxonMobil, Irving, Texas, reported a record second-quarter 2006 net income of $10.36 billion ($1.72 per share diluted), a 36% increase of $2.72 billion from second-quarter 2005[image-nocss] 's net income of $7.64 billion ($1.20 per share diluted), and first-half net income of $18.76 billion ($3.09 per share diluted), an increase of 21% versus first-half 2005's $15.5 billion ($2.42 per share diluted).
Upstream earnings were $7.134 billion, up $2.226 billion from second-quarter 2005. Earnings from U.S. upstream operations were $1.644 billion, $255 million higher than in second-quarter 2005.
Downstream earnings, excluding special items, were $2.485 billion, up $264 million from second-quarter 2005.
U.S. downstream earnings were $1.354 billion, up $155 million from second-quarter 2005.
For first-half 2006, upstream earnings were $13.517 billion, an increase of $3.555 billion from first-half 2005. Earnings from U.S. upstream operations for first-half 2006 were $2.924 billion, an increase of $182 million.
Downstream earnings excluding special items were $3.756 million, an increase of $392 million over first-half 2005.
CHEVRON
Chevron, San Ramon, Calif., reported net income of $4.4 billion ($1.97 per share diluted) for second-quarter 2006, compared with $3.7 billion ($1.76 per share diluted) in the year-ago period. For the first six months of 2006, net income was $8.3 billion ($3.77 per share diluted), compared with $6.4 billion ($3.04 per share diluted) in the 2005 first half.
Sales and other operating revenues in second-quarter 2006 were $52 billion, up $5 billion from the same period in 2005. The increase was mainly attributable to higher prices for crude oil and refined products and the inclusion of revenues related to the former Unocal operations acquired in August 2005. Six-month 2006 sales and other operating revenues were $106 billion, up from $88 billion in the 2005 first half.
U.S. upstream income of $901 million in second-quarter 2006 decreased 7% from $972 million in the 2005 period. U.S. upstream income of $2.115 billion in first-half 2006 increased 22% from $1.739 billion in the 2005 period.
U.S. downstream earnings of $554 million in second-quarter 2006 increased 39% from $398 million in the 2005 second quarter. U.S. downstream earnings of $764 million in first-half 2006 increased 68% from $456 million in the 2005 second quarter.
CONOCOPHILLIPS
ConocoPhillips, Houston, reported second-quarter 2006 net income of $5.186 billion, or $3.09 per share, compared to $3.138 billion, or $2.21 per share, for the same quarter in 2005. Revenues were $47.1 billion, versus $41.8 billion a year ago.
For the first six months of 2006, net income was $8.477 billion, or $5.49 per share, versus $6.05 billion, or $4.26 per share, for the same period a year ago. Revenues were $94.1 billion, versus $79.4 billion a year ago.
Second-quarter 2006 exploration and production net income was $3.304 billion, up from $1.929 billion in second-quarter 2005. Six-month 2006 E&P net income was $5.857 billion, up from $3.716 million in first-half 2005.
The midstream segment reported net income of $108 million in second-quarter 2006, up from $68 million in second-quarter 2005. Six-month 2006 midstream net income decreased to $218 million from $453 million in the like period in 2005.
Second-quarter 2006 refining and marketing net income was $1.708 billion, up from $1.11 billion in second-quarter 2005. Six-month 2006 R&M net income increased to $2.098 billion, compared with $1.810 billion for first-half 2005.
HESS
Hess, New York, reported net income of $565 million for second-quarter 2006 compared with net income of $299 million for second-quarter 2005.
Exploration and production earnings were $501 million in second-quarter 2006 compared with $263 million in second-quarter 2005.
Marketing and refining earnings were $121 million in second-quarter 2006 compared with $98 million in second-quarter 2005. Refining earnings were $107 million in second-quarter 2006 compared with $77 million in second-quarter 2005. Marketing operations generated earnings of $15 million in second-quarter 2006, compared with $14 million in the same period of 2005.
MURPHY OIL
Murphy Oil, El Dorado, Ark., announced that net income in second-quarter 2006 was $214 million ($1.13 per diluted share), compared to net income of $347.7 million ($1.85 per diluted share), in second-quarter 2005.
For the first six months of 2006, net income totaled $327.9 million ($1.73 per diluted share), compared to net income of $460.9 million ($2.46 per diluted share), for the same period in 2005.
Income from exploration and production operations was $245 million in second-quarter 2006 compared to $289.9 million in the same quarter of 2005.
Refining and marketing operations incurred a loss of $13.2 million in the 2006 second quarter compared to a profit of $67.4 million in the same quarter of 2005.
Net income was $327.9 million in the first six months of 2006 compared to $460.9 million in the same 2005 period. The exploration and production business earned $406.6 million in the first six months of 2006 compared to $414.8 million in the same period of 2005.
Refining and marketing operations incurred a loss of $50.5 million in the first six months of 2006, compared to a profit of $61.9 million in the same 2005 period.
UNITED REFINING
United Refining, Warren, Pa.a regional refiner and marketer of petroleum products operating 372 Kwik Fill/ Red Apple and Country Fair retail gasoline and convenience stores located primarily in western New York and western Pennsylvaniarecently announced net Income for the three months ended May 31, 2006 and 2005 were $42.3 million and $6.9 million, respectively. This was an increase of $35.4 million over the prior year's third fiscal quarter. Net income for the nine months ended May 31, 2006 and 2005, was $45.8 million and a loss of $2.3 million, respectively. This was an increase of $48.1 million over the prior nine-month period.
Operating income for the three months ended May 31, 2006 was $79.1 million or an increase of $60.1 million from operating income of $19.0 million for the quarter ended May 31, 2005. Operating income for the nine months ended May 31, 2006, was $96.3 million, an increase of $80.7 million from the $15.6 million in operating income for the nine months ended May 31, 2005.
Net sales for the three months ended May 31, 2006, and May 31, 2005, were $613 million and $479.5 million, respectively. This was an increase of $133.5 million or 27.8% over the prior year quarter. Net sales for the nine months ended May 31, 2006, and May 31, 2005, were $1.6934 billion and $1.2904 billion, respectively, which was an increase of $403 million or 31.2% over the prior year period.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended May 31, 2006, increased $60.7 million to $83.2 million from $22.5 million as of May 31, 2005. EBITDA increased $83.2 million for the nine months ended May 31, 2006, to $110.5 million from $27.3 million for the nine months ended May 31, 2005.
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