Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Hi all
Natgas prices have collapsed as the ramp up of production exceeded expectations, supply and demand. Production has now been cut back and demand and price will rise as a result be it at a zig zagging snails pace.
I expect It won't be too long before the 8 million non contributing umpenproletariat, the Chronically unemployed and unwashed and their ilk demand that the government drowns them again in 'free' wonga handouts and once again the farce of a pair of twenty five stone, Mr Disabled and MRS Carer are back on BBC News complaining about the decision to eat or heat while in the background Sky Glass and devoured Nandos and Greggs packaging can be clearly seen.
Earnings for Big Oil backpedal as natgas prices tumble | Reuters
https://www.reuters.com/markets/commodities/earnings-big-oil-backpaddle-natgas-prices-tumble-2024-04-26/
Charting can be very useful if talking high market cap which means FTSE is very limited unlike US market which is where the large trading occurs. So I find US markets, being so big, provide indicators useful in some degree understanding moves in the FTSE. BP. SHELL and GSK, for example, can be useful in UK charting.
The million dollar question.
Are they running flat out and only just managing to maintain the production numbers,in which case at some time possibly soon it comes off its plateau and starts to sink.
Or are they getting better and better at doing it with less rigs, and being very disciplined.
I’m going with the first option but that’s just my opinion ( or guess).
If it’s true OPEC will be very happy
Https://oilprice.com/Energy/Energy-General/US-Drilling-Activity-Slips.html
Interesting times
Buffa thanks for the comment.
Hope that means you are a Chartist.
Could do with making some sense of these sp swings.
From a charting/trading point of view interesting to see BP hitting resistance level at around 525p that originates from 2014/5. In theory should retrace next week but will watch closely.
Hi all
Exxon's earnings. Most of the super majors have similar patterns on earnings. I would not be surprised to see BP pull back in the short term, post earnings release, but I am confident of a firm recovery H2. Hope they prove me wrong and beat analysts estimates . Probably wishful thinking.
Have a great weekend all.
Mark
Exxon Mobil First-Quarter Earnings Miss Views Amid Lower Oil Refining Margins, Gas Prices
Exxon Mobil's ($XOM) first-quarter earnings declined annually and missed market estimates, impacted by lower oil refining margins and natural gas prices.
The oil giant on Friday posted adjusted earnings of $2.06 per share in the March quarter, dropping from $2.83 the year before and trailing the Capital IQ-polled consensus of $2.18. Industry refining margins and natural gas prices decreased from last year's highs, while timing effects from unsettled derivative mark-to-market impacts, other main non-cash impacts and divestments weighed on the bottom line.
Exxon's shares were down 1.8% in recent premarket activity.
Total revenue and other income fell to $83.08 billion from $86.56 billion, topping the Street's view for $81.51 billion. "We delivered a strong quarter with continued growth in advantaged assets," Chief Executive Darren Woods said in a statement. "In Product Solutions, our strong turnaround performance on cost and schedule helped drive record first-quarter refining throughput."
Upstream segment earnings declined to $5.66 billion from $6.46 billion, driven by a 32% decrease in natural gas realizations, partially offset by a 4% increase in liquid realizations. Production decreased to 3.78 million oil-equivalent barrels a day from 3.83 million barrels on a yearly basis, missing the nearly 3.8 million-barrel estimate modeled by analysts.
Earnings in the energy product operations segment slumped to $1.38 billion from $4.18 billion, pulled down by the weaker industry refining margins, the company said. Chemical products advanced to $785 million from $371 million, while specialty products slid to $761 million from $774 million in the 2023 quarter.
Total costs and other deductions widened to $70.71 billion from $69.76 billion year-on-year. The company said it saved $10.1 billion in structural costs versus the 2019 financial year, with an additional $400 million during the first quarter. It aims to generate $15 billion in savings through the end of 2027.
Capital and exploration expenditures came in at $5.84 billion versus $6.38 billion a year ago, consistent with the company's full-year guidance of $23 billion to $25 billion, Exxon said. "Looking ahead, we're making great progress on our plans to grow the earnings power of our existing businesses from investments in advantaged assets and higher-value products, and further reduce structural costs," according to Woods.
Share price down 3.5%
As a LTH in BP I follow the US closely, more so than OPEC, because oil production in America is considerable. With Biden intent on destroying both oil and LNG production in the States ASAP my gut instinct is that both oil and LNG prices will at the least stay higher for longer without overlaying geopolitical concerns. A further consideration, I'm sure you know, is the high discount there is with Shell and BP cf to US supermajors - with hot money in US looking for quick returns (would the UK embargo any sale?)
Https://oilprice.com/Energy/Crude-Oil/Standard-Chartered-Global-Oil-Demand-Will-Pick-Up-Strongly-In-May-And-June.html
Standard Chartered: Global Oil Demand Will Pick Up Strongly In May And June
From the BP website:
He has a degree in commerce from the University of Calgary, Canada, and qualified as a chartered financial analyst at the University of West Virginia, US.
A very good morning dicklaw68:)))))))
It seems there is no earnings call as such, just an opportunity for Q&A - strange and v different to how its done before. MA did look a touch nervous when presenting full year (albeit he recovered strongly) - I wonder why they arent giving a small 10-15min presentation as always
No I’m sure he isn’t but he was the CFO so it’s the same look after the pennies mentality
Murray isn't an accountant.
Morning Spights
Hopefully by the end of today we will have recovered most of what we lost last week
Webcast details
bp's first quarter 2024 results will be released at 7am BST/2am EDT on Tuesday 7 May.
Murray Auchincloss, chief executive officer and Kate Thomson, chief financial officer will host a question and answer session from 1pm BST/8am EDT to 2pm BST/9am EDT (approx).
Date
Tuesday 7 May
Time
1 – 2pm BST / 8 – 9am EDT (approx.)
Register now
Add to calendar
Evening all
Brent has popped this evening, it is currently $89. I posted back in February that something had to give in the manipulation of those who have vested interests in keeping oil low in the face of physical data. The paper market has taken its mega profit and no political pressure is going to make them short oil anytime soon. That's what has changed ( in brief )
US Crude Inventories Fall the Most in 3 Months
Crude oil inventories in the US fell by 6.368 million barrels in the week ended April 19, 2024, the most since January and against market expectations of a 1.6 million increase, data from the EIA Petroleum Status Report showed. Crude stocks at the Cushing, Oklahoma, delivery hub went down by 659 thousand barrels, after a 33 thousand barrel increase. Meanwhile, gasoline stocks went down by 0.634 million, less than forecast of a 1.4 million draw; and distillate stockpiles, which include diesel and heating oil, increased by 1.614 million barrels, versus consensus for a 0.9 million decline.
The future is bright
Hi meoryou and all
Oh yes, the Tofu eating snowflakes and the scruffy unwashed children of the rich were out in farce today at the AGM.
‘Blood on all your hands’: four arrested as BP AGM thrown into chaos amid climate and Palestine protests
BP: shame on you and your shareholders
Joanna Warrington, a spokesperson for Fossil Free London which organised the disruption:
Shareholders should be hiding their bloody hands in shame today, not lifting them to vote for more ecocide and genocide.
Listen to the cries of a generation, of humanity, and stop investing in BP. Shareholders: you have blood on your hands.
Then off to do lunch with smashed avocado on toast. Without a thought on the air miles.
Mark
My mistake( it’s hard to read on an iPad)
All carried with 90% plus.
Hopefully got it right this time
See RNS for details
But basically as far as I can see everything was carried with about 61-64%