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Posts on ‘July 28th, 2004’

Canadian Press: Western Oil Sands posts Q2 loss of $9.2M after year-ago profit

Canadian Press: Western Oil Sands posts Q2 loss of $9.2M after year-ago profit

Wednesday, July 28, 2004

CALGARY (CP) – Western Oil Sands Inc. is reporting a second-quarter loss of $9.2 million due to increased expenses and a foreign-exchange loss.

The loss at Western Oil Sands, whose sole holding is a 20 per cent stake in the Athabasca oilsands project operated by Shell Canada, came to 17 cents a share in the quarter ended June 30, the Calgary-based firm (TSX:WTO) reported Wednesday.

That compared with a profit of $1.2 million, or three cents a share, in the year-earlier quarter. read more

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Press Release From Shell Exploration & Production Company: Shell Announces First Production From Glider Field

Press Release From Shell Exploration & Production Company: Shell Announces First Production From Glider Field

Wednesday July 28, 10:09 am ET

NEW ORLEANS, July 28 /PRNewswire/ — Shell Exploration & Production Company announced today that it has recently commenced production from its Glider field in the Gulf of Mexico’s Green Canyon Block 248. The Glider field is the first subsea tieback to the Brutus tension leg platform. Glider is located in approximately 3,400 feet of water, about 165 miles south-southwest of New Orleans. Shell is operator with a 75% interest in the field; Newfield Exploration holds the remaining 25% interest. read more

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The Times: Strong oil market swells BP profits

The Times: Strong oil market swells BP profits

By Mike Verdin, Times Online

Posted 28 July 04

BP has credited the highest quarter for crude prices in 20 years for a surge in profits and forecast no let up in the strong oil market.

Pre-tax profits at Europe’s largest oil company for the April to June quarter were, at $6.14 billion (£3.33 billion), 81 per cent higher than a year before. On an underlying basis, the earnings rise was 23 per cent to $3.16 billion.

The increase reflected a rise of a third, to $34.47 a barrel, in a year in the price BP achieved for its oil. Production rose by 18 per cent, swollen by flows from the Russian TNK-BP joint venture. read more

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The Guardian: High oil prices boost BP profits: “outshone its scandal-hit rival Royal Dutch/Shell this year”

The Guardian: High oil prices boost BP profits: “outshone its scandal-hit rival Royal Dutch/Shell this year”

Posted 28 July 04

Energy giant BP today reported record half-year profits on the back of the highest oil prices for more than 20 years.

BP, the world’s second-biggest oil group – which has outshone its scandal-hit rival Royal Dutch/Shell this year – posted profits of $8.6bn (£4.68bn), up by one fifth from a year ago.

It is the first of the world’s top three oil companies to report second-quarter results. Exxon, the industry leader, and Shell, the world’s third-largest oil group, report later this week. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

BP’s Profit Soars On Higher Prices, Rising Production

The Wall Street Journal: BP’s Profit Soars On Higher Prices, Rising Production

By CHIP CUMMINS

Staff Reporter of THE WALL STREET JOURNAL

July 28, 2004; Page A2

LONDON — BP PLC said second-quarter profit more than doubled amid sharply higher energy prices, rising production from its Russian operations and a big year-earlier charge.

Soaring oil and natural-gas prices — pushed up by surging demand and worry about the security of global supplies — are also likely to benefit other major oil companies such as Exxon Mobil Corp. and Royal Dutch/Shell Group, which report results later this week. BP said crude-oil prices averaged $34.47 a barrel in the quarter, compared with $25.73 in the second quarter last year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell’s Argentina Unit Lifts Fuel, Diesel Prices

The Wall Street Journal: Shell’s Argentina Unit Lifts Fuel, Diesel Prices

DOW JONES NEWSWIRES

July 27, 2004 6:42 p.m.

Posted 28 July 04

BUENOS AIRES — The Argentine unit of Shell (RD) announced Tuesday that it was lifting gasoline prices by 1.4% and diesel prices by 2.9% as of midnight Wednesday.

The measure was confirmed by a Shell spokesman, who said the company had acted because of the “sustained high international oil price.”

The move follows the decision by the local unit of Exxon Mobil (XOM) SA on the weekend to push through a similar price increase. The hikes in gasoline prices are the first such increases since refiners and producers signed a government brokered price-steadying accord in January 2003. read more

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EARNINGS PREVIEW: Shell 2Q Pft Seen Up 25% At $4.17 Bln

The Wall Street Journal: EARNINGS PREVIEW: Shell 2Q Pft Seen Up 25% At $4.17 Bln

“we see no quick (organic) fix for Shell’s ailing growth platform”

DOW JONES NEWSWIRES

By Mark Long

Posted 28 July 04

LONDON — Royal Dutch/Shell Group (RD, SC) is expected to report Thursday a 25% year-on-year rise in second-quarter profit, thanks to high oil and natural gas prices, though any significant update on corporate governance issues would likely overshadow the numbers’ impact.

The Anglo-Dutch oil giant is expected to say its second- quarter profit rose to $4.17 billion from $3.115 billion a year ago, according to an average of eight analysts’ forecasts compiled by Dow Jones Newswires. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Houston Chronicle: BP posts profit on low end of forecasts

Houston Chronicle: BP posts profit on low end of forecasts

“BP shares have still outperformed Shell since the start of 2004”: “BP… a better-run company”

Reuters News Service

27 July 04

LONDON – Oil giant BP reported second-quarter profit at the bottom end of forecasts today, knocking its shares, but investors said the stock remained underpinned by record oil prices and BP’s share buy-back plan.

The world’s second-biggest oil group, which has outshone scandal-hit rival Royal Dutch/Shell this year, said pro-forma net profit for the second quarter rose 23 percent from a year ago to $3.908 billion.

BP’s earnings were boosted by oil prices that have soared amid political tension in the Middle East, and by rising production at its new Russian venture. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Guardian: Kremlin soothes BP over trading in Russia

The Guardian: Kremlin soothes BP over trading in Russia

“now was the opportune time to make a takeover move for Shell, whose share price has been battered by slow growth and the oil reserves scandal.”

Terry Macalister

Wednesday July 28, 2004

Lord Browne, the BP chief executive, has sought personal assurances from the Kremlin that his investments in Russia through TNK-BP will not be hit by the Yukos affair.

He now believes the problems facing Russia’s biggest oil group are largely political – and particular to that company – having received confirmation that BP’s presence in that country is “decidedly welcome”.

Russian oil output helped BP lift second-quarter pro-forma profits by nearly a quarter to $3.9bn (£2.1bn) and brought first-half earnings to a record $8.6bn, slightly lower than expectations. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Financial Times: BP earnings rise 23% as week of good news begins

Financial Times: BP earnings rise 23% as week of good news begins

“Shell was especially hit this year by the scandal that revealed it had wrongly booked more than 20 per cent of its reserves”

By Carola Hoyos, Energy Correspondent

Jul 28, 2004

BP, the UK-based energy group, yesterday foreshadowed a week of impressive earnings announcements from the world’s biggest international oil companies.

The UK-led group reported second quarter pro-forma net income of $3.91bn (£2.14bn), up 23 per cent from a year ago. It will be followed by earnings announcements from the UK’s BG today, Royal Dutch/Shell, the Anglo-Dutch group, and ExxonMobil of the US tomorrow. ChevronTexaco of the US reports on Friday, and France’s Total will reveal its results next week. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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