US majors post gains, losses

Super-majors ExxonMobil and Chevron reported strong Q2 results on Friday, a day after ConocoPhillips posted a loss of USD 3.4 billion.

ExxonMobil said that its earnings for the quarter earnings, at USD 3.35 billion, were up 97% compared to the same period last year. Chevron went from a net loss of USD 1.47 billion in Q2 2016 to a net income of USD 1.45 billion in the past quarter.

“These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals,” ExxonMobil CEO Darren W. Woods said in a statement. “Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions.”

Yesterday, ConocoPhillips said its loss, which was more than double its Q2 2016 loss of USD 1.1 billion, was mostly due to special items including a non-cash impairment of its Australia Pacific LNG joint venture. Excluding the special items, the company’s adjusted earnings during the quarter stood at USD 200 million.

“This quarter highlights the significant progress we’ve made in transforming our company. In just six months we’ve exceeded the three-year plan we laid out in late 2016,” ConocoPhillips CEO Ryan Lance said in a statement. “We are on track to far surpass our initial debt reduction and shareholder payout targets, while accelerating strong underlying financial and operational performance.”

Also on Friday, oilfield services giant Baker Hughes, whose merger with GE closed weeks ago, posted a quarterly net loss of USD 179 million, up from a loss of USD 911 million in Q2 2016. In the past week, rival Schlumberger reported a quarterly net loss of USD 74 million, while Halliburton said it had earned USD 201 million.