Some major oil companies are reporting another round of multi-billion dollar profits due to high oil prices
Some major oil companies are reporting another round of multi-billion dollar profits due to high oil prices, some aren?t. Their results look worrying for the oil industry.
Taking a yearly first half average from 2005 and comparing it to the first half average from 2004 the figures are less than reassuring. Of the top ten companies only BP, ENI and ConocoPhillips added to output (by 2.97%, 6.75% and 1.66% respectively.)
All the other major oil companies saw production fall. ExxonMobil saw a fall of 2.61% against its first half production in 2004. It even saw a 0.43% decline on it?s output from the first half in 2003.
US oil firm Chevron?s figures are even worse. In hindsight they may give a clue as to why Chevron was so determined to win its bid for Unocal. Compared to first half 2004 Chevron?s output declined by 3.61%. But compared to 2003 it had lost a whopping 8.84% and from 2002 a troubling 13.11%.