Q3 reports of top companies - a round up


BG Group's revenue and other operating income increased by 21 per cent to $5 397 million, reflecting the benefit of higher realised prices and a one per cent increase in E&P production volumes.

Exceeds previous guidance

BG Group's Chief Executive, Sir Frank Chapman said:"Our third quarter total operating profit was up 17 per cent year-on-year to $1.9 billion driven by higher realised prices and a one per cent increase in E&P volumes. In LNG, we now expect total operating profit for 2011 to be some $2.4 billion, exceeding previous guidance."

"In Egypt, the successful commencement of Phase 8a in the West Delta Deep Marine concession represents a further milestone in the development of our interests there - excellent progress especially in light of the civil unrest earlier in the year."

Total - Profits rise on higher oil prices

Total posted an 13 per cent increase in its third-quarter adjusted income as high oil prices offset the impact of slightly lower output and its refining and marketing business improved its profitability.

Total produced 2.319 million barrels of oil equivalent a day in the quarter, down 0.9 per cent from 2.340 million boe/d a year earlier but up 0.3 per cent from 2.311 million boe/d in the second quarter, despite ongoing maintenance in the quarter and the continued loss of Libyan production.

Refining and marketing earnings improved 47 per cent from the last corresponding period.  Santander analyst Jason Kenney said the earnings report was an "okay set of results," but pointed to the fact the quarter is really a transitional one for the French major as new projects come further on-stream and Libyan production resumes previous levels of output. "The best for Total should come at the end of next year," he said.

Chevron - Strong earnings and cash flow

Chevron reported third quarter net income of $7.8 billion,up from $3.8 billion in third quarter 2010. Sales and other operating revenues in the third quarter 2011 were $61 billion, up from $48 billion in the year-ago period, mainly due to higher prices for crude oil and refined products.

"We had another successful quarter," said Chairman and CEO John Watson, "with both strong earnings and cash flow. Current quarter earnings for our upstream operations benefited from higher crude oil prices on world markets. At the same time, gains on asset sales and improved margins for refined petroleum products contributed to increased earnings for our downstream businesses."

Worldwide net oil-equivalent production was 2.60 million barrels per day in the third quarter 2011, down from 2.74 million barrels per day in the 2010 third quarter. Production. International downstream operations earned $1.28 billion in the third quarter 2011, compared with $216 million a year earlier.

NOV - Higher revenues and operating profit

National Oilwell Varco (NOV) reported that for the third, it earned net income of $532 million, or $1.25 per fully diluted share, compared to second quarter ended June 30, 2011 net income of $481 million, or $1.13 per fully diluted share. Earnings per share increased 30 per cent compared to the third quarter of 2010 and increased 11 per cent compared to the second quarter of 2011.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "Strong oil and gas activity and continued outstanding execution enabled the company to achieve solid earnings again this quarter. All three segments posted higher sequential and year-over-year revenues and operating profit."

"We are very pleased by the strong sequential margin expansions posted by our Petroleum Services & Supplies and Distribution Services segments, as well as the record level of bookings into our capital equipment backlog for the Rig Technology segment, during the third quarter."

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