ExxonMobil, Chevron See 2Q Downstream Increases

Published in CSP Daily News

Hess sees greater marketing, refining loss for quarter

IRVING, Texas -- For second-quarter of 2011, Irving, Texas-based Exxon Mobil Corp. has reported earnings of $10.68 billion, an increase of 41% or $3.12 billion from second-quarter 2010. Earnings per share were $2.18, an increase of 36%.

Upstream earnings were $8.541 billion, up $3.205 billion from second-quarter 2010. Earnings from U.S. upstream operations were $1.449 billion, $584 million higher than second-quarter 2010.

Downstream earnings of $1.356 billion were up $136 million from second-quarter 2010. Margins increased earnings by $60 million. Earnings from [image-nocss] the U.S. downstream were $734 million, up $294 million from second-quarter 2010.

For the first half of 2011, earnings of $2133 billion increased 54% or $7.47 billion from 2010. Upstream earnings were $17.216 billion, up $6.066 billion from 2010. Earnings from U.S. upstream operations for 2011 were $2.728 billion, an increase of $772 million.

Downstream earnings of $2.455 billion increased $1.198 billion from 2010. Margins increased earnings by $510 million. U.S. downstream earnings were $1.428 billion, up $1.048 billion from 2010.

San Ramon, Calif.-based Chevron Corp. has reported earnings of $7.7 billion ($3.85 per diluted share diluted) for second-quarter 2011, compared with $5.4 billion ($2.70 per diluted share) in second-quarter 2010.

Sales and other operating revenues in second-quarter 2011 were $67 billion, up from $51 billion in the year-ago period, mainly due to higher prices for crude oil and refined products.

U.S. upstream earnings of $1.95 billion in second-quarter 2011 were up $860 million from a year earlier.

U.S. downstream operations earned $564 million in second-quarter 2011, compared with $433 million a year earlier.

New York City-based Hess Corp. reported net income of $607 million for second-quarter 2011, up from $375 million for second-quarter 2010.

Exploration and production earnings were $747 million in second-quarter 2011, up from $488 million in second-quarter 2010.

Marketing and refining generated a loss of $39 million in second-quarter 2011 compared with a loss of $19 million in the same period in 2010. Refining operations incurred a loss of $44 million in second-quarter 2011 compared with a loss of $31 million in the second quarter a year ago.

Marketing earnings were $28 million, up from $17 million in second-quarter 2010.