Tag Archives | Financial Reports

BASF sees Libyan oil underpinning profit

BASF stuck to its outlook of higher operating earnings this year, predicting that the resumption of its oil production in Libya would help to offset a likely decline in profit at its core chemicals business. The world’s largest chemicals maker by sales, whose products range from catalytic converters and car coatings to insulation foams, said […]

Repsol profit shows there is life after YPF

Spain’s Repsol posted a stronger-than-expected rise in second-quarter profit on Thursday supported by higher output from Libya which helped compensate for the oil major’s loss of its YPF energy business in Argentina. Repsol’s majority stake in YPF was taken over by the Argentine government in April, forcing the company to re-think its strategy to compensate […]

Repsol’s profit beats forecasts

Madrid Repsol has reported quarterly profit that beat forecasts, easing concerns about the Spanish oil group’s ability to fund development projects after Argentina seized its majority stake in energy company YPF. High oil prices, the recovery of production in Libya and strong demand for liquefied natural gas (LNG) in Asia underpinned Repsol’s adjusted first-quarter current […]

Higher oil prices, Libya ops boost Repsol profit

Spanish oil company Repsol YPF SA said Thursday its first-quarter net profit–including its Argentine unit–grew 3.5% on the year, largely due to higher oil prices and production in Libya returning to relatively normal levels. Operations restarted late last year in Libya after ceasing in early 2011 and for the duration of that country’s civil war. […]

OMV Q1 profit beats expectations, Libya helps

Austrian energy group OMV’s first-quarter profit beat expectations as rising output from Libya helped earnings grow. Clean CCS earnings before interest and tax – which exclude one-offs and unrealised gains from valuing inventories – rose 9 percent to 800 million euros ($1.04 billion), compared with a forecast for 755 million in a Reuters poll. That beat […]

Marathon Oil 1Q Profit Falls 58% Following Spinoff

Marathon Oil Corp.’s first-quarter earnings fell 58% from a year-earlier period that included contributions from its former refining and marketing business, missing analysts expectations. Marathon Oil reported a profit of $417 million, or 59 cents a share, down from $996 million, or $1.39 a share, a year earlier. Excluding write-downs, asset-sale gains and other items, […]

ENI profits soar 42% as Libya output resumes

Italian oil giant ENI said that its first quarter net profit soared 42 per cent to €3.617 billion on the resumption of production in Libya and higher crude prices. Overall output, however, fell slightly by 0.6 per cent to 1.674 million barrels of oil equivalent per day, although the company said it was expecting production […]

Libya oil production boosts BASF profit

BASF reported growing profit from its oil and gas unit as production ramped up in Libya, helping to offset the lower volumes and high raw material prices that weighed on its legacy chemicals and plastics businesses. The world’s largest chemicals maker by sales said first-quarter earnings before interest and tax (EBIT) adjusted for one-off items […]