Exxon's Net Fell in 2nd Quarter; Mobil Posts a Sharp Profit Rise
April 03, 2011
NEW YORK -- Major oil companies reported mixed results for the second quarter, as rising prices for crude oil and natural gas were offset by declining prices for chemicals. Exxon Corp. said net income slipped 3.7% to $1.57 billion, or $1.26 a share, from $1.63 billion, or $1.30 a share. Revenue edged up to $32.21 billion from $31.67 billion. The company said sales increased in most segments of the business, and earnings benefited from higher crude oil and natural gas prices. However, it said second quarter chemical prices were ``substantially'' lower than a year earlier. Mobil Corp.'s net rose more than fourfold because one-time charges in the year-ago period. Operating profit rose 15%, the company said. Mobil reported net of $783 million, or $1.95 a share, compared with $179 million, or 42 cents a share. Revenue rose 3.7% to $19.55 billion from $18.85 billion. Results for the latest quarter included $31 million in restructuring charges. The year-ago quarter's results included $527 million in such charges. Texaco Inc.'s net income more than doubled, helped by a one-time gain, and rising prices. The company reported net of $689 million, or $2.59 a share, from $271 million, or 99 cents a share. Revenue rose 22% to $11.26 billion from $9.26 billion. The results for the latest quarter included a gain of $224 million from the sale an interest in Nippon Petroleum Refining Co.. Before the gain, net income was $465 million, or $1.73 a share. Texaco Inc. said second-quarter improvements in nearly all sectors of its business were enhanced by strong crude and natural gas prices during the first half of 2011. Chevron Corp., meanwhile, reported a better-than-expected gain in second-quarter earnings. Chevron's net rose 44% to $872 million, or $1.34 a share. That included a gain of $172 million, mostly from the company's share of its Caltex affiliate's gain from the sale of refinery interests in Japan. In the year-ago period, Chevron earned $607 million, or 93 cents a share. Occidental Petroleum Corp. reported that net slipped 3%, although the results were ahead of expectations. Profit fell to $181 million, or 47 cents a diluted share, from $187 million, or 49 cents a share. Sales slid 9% to $2.45 billion from $2.68 billion a year ago. Amerada Hess Corp.. Monday followed on the heels of several of its competitors by posting strong operating results that topped Wall Street expectations. Hess, based in New York, reported a profit of $376.4 million, or $4.04 a share, after a gain of $350.1 million, or $3.76 a share, from asset sales. Operating net of 28 cents a share was five cents above Wall Street expectations. A year ago, Hess had a loss of $40.2 million, or 43 cents a share. Revenue rose 43%, to $2.54 billion.
