Q3 results round up of top companies


Royal Dutch Shell's third quarter 2011 earnings on a current cost of supplies (CCS) basis was US$7.2 billion compared with US$3.5 billion the same quarter a year ago.

Shell - Competitive performance

Royal Dutch Shell Chief Executive Officer Peter Voser commented: "In upstream, our oil and gas production excluding divestments grew by two per cent from year-ago levels, driven by the continued ramp-up of our growth projects, mainly in Qatar and Canada. Shell's LNG sales volumes increased by 12 per cent, with continued robust demand for gas. Our downstream results were supported by increased chemicals earnings, with a resilient performance from oil products, despite the more difficult economic environment."

"We are delivering on our growth strategy, with the build-up of production from new projects. The Pearl Gas-to-Liquids (GTL) Train 1 in Qatar have ramped up and production should stabilise at plateau rates shortly. We expect to start up Train 2 of Pearl GTL before the end of 2011, as planned. These projects in Qatar and Canada are part of a series of over 20 new upstream start-ups planned for 2011-14, as we deliver on our plans for sustainable growth, driving Shell's financial and operating targets for 2012."

Eni - Profits increase

Eni reported adjusted operating profit for the third quarter of 2011 at US$6.53 billion, up by 12.3 per cent from the year-earlier quarter.

The net profit was US$2.50 billion in the quarter (up three per cent); This was due to improved operating performance in the Exploration & Production Division (up 19.3 per cent), driven by a strong oil price environment, partly offset by the impact associated with a lowered Libyan output.

Eni reported liquids and gas production of 1,473 kboe/d for the third quarter of 2011 down by 13.6 per cent from the third quarter of 2010, reflecting disruptions in the Libyan output as Eni's producing sites continued to be shut down in the quarter, with the exception of the Wafa field to support local production of electricity. Eni resumed activities in Libya at the end of the quarter by restarting the Abu-Attifel field.

Technip - Growth in all segments

Technip announced revenue of US$2,406.70 million for Q3, a 12.3 per cent jump over the same period in 2010.

Chairman and CEO Thierry Pilenko commented: "The third quarter was active for Technip. Our order intake accelerated to over US$3.2 billion, reflecting the positive trends in our industry that we highlighted at the first half of 2011. Our revenue increased by 12.3 per cent year-on-year, reflecting growth in all our segments. Our group profit margin was 10.6 per cent, slightly above the level a year ago, with Subsea at 16.9 per cent and onshore/offshore just over seven per cent."

In the Middle East,
-  Site delivery of equipment and construction work continued to ramp-up on Jubail refinery in Saudi Arabia, where 11,500 workers are now mobilized on site.
- Civil and mechanical works progressed on Asab 3 in Abu Dhabi, and construction work started on PMP in Qatar.
- Procurement and yard fabrication progressed on Khafji Crude Related offshore project in the ex-Neutral Zone between Kuwait and Saudi Arabia.

Occidental - Highest in company history

Occidental Petroleum Corporation has announced earnings from continuing operations of US$1.8 billion for the third quarter of 2011, compared with US$1.2 billion for the third quarter of 2010. Net income was US$1.8 billion for the third quarter of 2011, compared with the US$1.2 billion for the third quarter of 2010.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "The third quarter 2011 income of US$1.8 billion was 48 per cent higher than the same period of 2010. The third quarter 2011 domestic production was 436,000 BOE per day, the highest in Occidental's history, and total sales were 743,000 BOE per day."

“The Middle East/North Africa was lower primarily due to the lack of production in Libya and price impacts on production sharing contracts, partially offset by higher production from our traditional areas in Oman and Mukhaizna and Iraq production that came on line in 2011.”

As a result of higher year-over-year average oil prices and other factors affecting production sharing and similar contracts, production was reduced in the Middle East/North Africa and Colombia by 13,000 BOE per day.

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