Many were praising the wisdom of the vertically integrated oil company business model pioneered by John D. Rockefeller Sr. when ExxonMobil and Chevron today posted higher than expected third quarter earnings that were buoyed by their downstream operations. Oil price decreases weighed on upstream performance, which is typically where these companies generate most of their… Keep reading →
Chesapeake Energy, co-founded by flamboyant and freewheeling Aubrey McClendon, appears to be successfully restructuring in the wake of the former chairman and CEO’s departure. The company today announced positive Q3 earnings and analysts rewarded its upbeat outlook, but investors were less impressed, as share prices were down almost 7% by late afternoon. “We upgrade… Keep reading →
Luxury electric car manufacturer and Wall Street darling Tesla announced 3rd quarter earnings yesterday that contained mixed results. The company reported a record 5,500 Model S deliveries, which beat its own expectations, but the financials were mixed. “The company’s earnings, excluding special charges, came in at $16 million, or 12 cents a share, just ahead… Keep reading →
Chevron announced earnings of $5.0 billion for the 3rd quarter, down from $5.3 billion in the corresponding reporting period last year. Upstream operations outperformed the company’s refining and marketing business, which was hit by thinner product margins. “Our third quarter earnings were down from a year ago,” said Chairman and CEO John Watson in a… Keep reading →
Dynegy, which saw one of its major subsidiaries file for bankruptcy earlier this month, reported a much wider third-quarter loss, as weak prices and lower demand continued to cripple operations. The company was impacted by lower generation for both the coal and gas segments during the period as well as lower realized prices and spark spreads. Dynegy ran on reduced capacity during the quarter and saw its revenue slide with fewer hedging opportunities. Dynegy’s major subsidiary, Dynegy Holdings, and four of its other subsidiaries, including Dynegy Northeast Generation, Hudson Power, Dynegy Danskammer and Dynegy Roseton, all filed for Chapter 11 bankruptcy protection last week. This article is a linkout to read more: http://www.foxbusiness.com/industries/2011/11/14/dynegy-3q-loss-deepens-on-softer-prices-gas-generation/?cmpid=partner_aol#ixzz1di61bPbr
Halliburton reported on Monday a stronger-than-expected 26% increase in third-quarter profit lifted by very strong demand in North America and a recovery in Canada and its other international markets. The company’s chief Dave Lesar said in a statement the recent drop in oil prices and declines in equity markets have been “unsettling to investors,” however he predicted the company will remain on its long-term course as its international businesses recover and activity improves. The world’s second-largest oilfield services company posted net income of $685 million, or 74 cents a share, compared with $545 million, or 60 cents a share, in the same quarter last year. This article is a linkout, for the full article go to: http://www.foxbusiness.com/markets/2011/10/17/shale-gas-helps-halliburton-profit-beat-street/#ixzz1b99R0DLy
