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Posts Tagged ‘Chevron’

Reported by: Eric CRWE Newswire Middle East correspondent

China Petroleum & Chemical Corp (SNP) announced an increase of 6.7 percent for the first half of 2010. The Company reported a net profit of 35.46 billion yuan equivalent to US $ 5.2 billion for the first six months of 2010 as compared to net income of 32.90 billion yuan for the same period last year.

The Company’s total revenue surged by 75 percent to 936.5 billion yuan as compared to 534.0 billion yuan for the six month period last year. The Company’s operating profit jumped to 21.99 billon yuan as compared to 5.50 billion yuan last year. According to the oil giant the increase in profitability was due to substantial increase in oil prices. Selling price of its crude oil gained 98 percent to 3,363 yuan per ton as compared to last year figures and internationally crude oil prices gained 50 percent in the first 6 months of 2010 to $78 per barrel

The company’s refining business was down by 71 percent in the first half to 5.69 billion yuan from 19.90 billion yuan last year due to increased oil imports eventually reducing the company’s profit margin.

Sinopec has the largest capacity in Asia among refiners with more than 70 percent of its crude oil being imported the company booked heavy past losses. Though the company has posted exceptionally high profit for the last six months still it hasn’t been able to meet the performance by rival companies such as Chevron (CVX), Royal Dutch Shell (RDSA, RDSB) and Exxon Mobil (XOM).

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The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more) Rule 17B requires disclosure of payment for investor relations.

Reported by: Eric CRWE Newswire Middle East correspondent

Dow Jones Industrial Average DJIA dropped 0.6 percent or 57.59 points to 10,213.62. Standard & Poor’s 500 index plunged 0.4 percent to 1,071.69 whereas NASDAQ composite index reported the gain of 0.04 percent to close 2,179.76 for the day.

Out of every five shares three closed in the negative zone while two reported a gain on New York Stock Exchange. The total traded volume for the day stood at 1.1 billion shares.

Bearish sentiments were maintained in today’s session due still to the weaker economic data which is showing a lower employment rate creating more uncertainty over coming quarters. Slow recovery in consumer spending is creating concerns as the low spending will keep the unemployment rate high. Currently unemployment rate is around 9.5 percent which is its high and not all unemployed persons are being counted.

Dell Inc (NASDAQ:DELL) announced its quarterly results today exceeding analysts’ expectations. Dell increased in value 0.25 percent on the news and closed at $12.07 with total volume of 50.25 million shares trading.

Dells major rival Hewlett Packard Co (NYSE:HPQ) also reported its quarterly results today with an increase of 6 percent in net profit. HPQ’s share price dropped by 2.23 percent to close at $39.85 with overall volume of 38.85 million shares for the day.

Crude oil also remained under selling pressure and crude future contract of October delivery dropped 97 cents to $73.82 per barrel on New York Mercantile Exchange. In reaction stock related directly to oil prices also dropped on the NYSE such as Chevron (NYSE:CVX) declining by 79 cent to close at $75.05 with total volume of 9.30 million shares.

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The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more) Rule 17B requires disclosure of payment for investor relations.

By Mike Zaman

Chevron second quarter earnings showed a triple increase in earnings amid higher oil and natural gas costs for consumers. Does this mean we are being gouged by the oil companies?

Higher pump prices are being blamed on consumer demand, but is this true?

Exxon Mobil Corp. posted income of $7.56 billion in the quarter, Royal Dutch Shell Group boosted second-quarter earnings 15 percent, and ConocoPhillips said profits nearly tripled in the April-June period, and Chevron Corp. reported net income of $5.4 billion.

The real story: Oil consumption in the US has fallen in each of the past three years. So the higher prices at the pump are not based on supply and demand so much as plain gouging.

The US is the largest oil producer in the world producing some 7.196 million barrels per day (Mb/d), or 8.5% of the world’s total. This is more than Iran and Kuwait combined.

But with consumers strapped for vacation money, and lacking confidence in the economy, and the higher prices at the pump, there is no doubt we are being gouged. Perhaps if congress really cared they would pass an excess profit tax, surely that would help stave off some of these large deficits, actually it could help pay for all Americans health care.

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

Reported by: Anza crwenewswire Mideast correspondent.

The recent deep water oil explosion in the Gulf of Mexico has proved the inefficiency of the oil industry. Apparently, the oil industry wasn’t found to be well equipped to control the oil spill. Supervisory bodies now want a pre-planned spill handling plan for any sudden underwater oil spills. The oil company’s share price has declined due to its inefficiency.

Exxon Moil, Chevron, Shell and Conoco Phillips have put their hands together to form a new company to respond to offshore spills in an effective, pre planned and efficient manner. These four companies have decided to start with $ 1 billion. The investment is expected to result in the well organized equipment to reach to the oil pouring site within the shortest possible time.

“Ultimately we are exploring the changes and reforms that need to be made in deepwater safety standards, spill response and containment,” Bromwich (Director of Bureau of Ocean Energy Management) said in a statement. “But steps like these move in the right direction.”

It took three months to stop the well from pouring out oil, British Oil even dropped a heavy metal containment box over the sudden stream, and shot garbage to block the way for oil but it was useless. At last a cap system may be working well. A small cap previously was not working so was replaced with a new cap which proved somehow successful. No one knew whether the equipments would work under the water. Now Exxon has promised to test all the equipments and make them ready so that they can be used successfully at the time of any emergency.

The companies say that the system they are planning would be able to capture 100 thousand barrels, and would be able to solve problems found up to 10,000 feet underwater. Let’s hope that this joint venture saves the already weak nature of mother earth.

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

By Mike Zaman

Henry Waxman, the chairman of the Congressional panel on the Gulf oil spill told the House Energy and Commerce Committee that most major oil companies who drill off the US coastline are just as unprepared for a leak or spill as BP!

As it turns out the response plans of Exxon-Mobil, Chevron, ConocoPhillips and Shell are identical to BP’s. And as for BP their plan was sufficient to perhaps help them file for Bankruptcy. But otherwise BP’s plan was not even close to finding a solution.

Amid damning accusations that BP took shortcuts, the oil company faces some $34 billion in fines, plus the Government insists they open an escrow and place at least $20bn in it to cover claims.

Today BP stock was up slightly but with no apparent reason at $31.40 +$0.73 (+2.38%) with 162,870,458 shares actively trading, an average trading day for BP was a 48,259,359 share trade. The value of the shares are about half of what they were before the Deepwater Horizon incident.

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.