THE WALL STREET JOURNAL: Oil Profits May Be Peaking
“Shell recently announced that its giant gas development in Sakhalin, Russia, could cost as much as $20 billion, twice the original estimate.”
High Energy Prices Drive Earnings,
But Some See Turn in 2006
By BHUSHAN BAHREE
Staff Reporter of THE WALL STREET JOURNAL
July 26, 2005; Page A2
The world’s major oil companies are expected to report banner earnings as they start unveiling quarterly results this week. But with the companies’ costs rising and energy-price increases slowing, many analysts say, 2005 may prove to be the industry’s high-water mark for some time.
BP PLC, the second-largest publicly traded energy company by market capitalization, is expected to post record net profit for its second quarter when it releases its results today. Analysts expect the three largest companies — BP, its bigger rival Exxon Mobil Corp. and No. 3 producer Royal Dutch Shell PLC — to post net income for the April-June quarter that is up as much as 40% from a year earlier. The Big Three are on pace to post combined net profit of about $60 billion for the full year. read more
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