Three of the five largest oil companies failed to achieve the targets for net profit for the first half and second quarter of 2016. It is reported Bloomberg.
Of the five oil giants — ExxonMobil, Chevron, Royal Dutch Shell, BP and Total — only indicators Chevron and Total are in line with expectations, however, they have little reason for joy, because currently in first place is the cash flow, the Agency said.
According to the Agency, free flow at BP fell to $ 1.4 billion, Total to $ 3.8 billion, Shell — $ 7.1 billion, Chevron at $ 9.5 billion. Cash flow ROS in the last 12 months only ExxonMobil ($2.1 billion). However, when dividends are paid it will go to minus, the Agency said.
Net profit ExxonMobil in the first half of the year fell 62 percent to $ 3.5 billion. It is particularly strong was the decline in the second quarter from 4.9 billion to $ 1.7 billion, which was the worst result since 1999. In the company of such results is explained by the losses that it suffered due to forest fires in Canada in early may. The profit from the sale of oil and gas Exxon has fallen by almost 85 percent, to 294 million dollars.
Chevron in the first half of 2016 has recorded losses in the amount of 2.2 billion dollars against a profit of 3.13 billion a year earlier. The net loss in the second quarter amounted to 1.47 billion dollars, which was the worst result since 2001. The company is the third loss-making quarter in a row.
Profit Royal Dutch Shell for the second quarter fell by 93 percent, to 1.18 billion dollars compared to 3.99 billion for the same period last year. Quarterly revenues fell from 72,4 billion dollars in 2015 to 58,42 billion in 2016.
BP showed a 2.25 billion dollar loss for the second quarter. Net profit Total in the second quarter fell by 30 percent to 2.09 billion dollars.
In addition, according to the Agency, the debt load of most oil giants for the specified period has increased dramatically. Most of them hardly pays dividends through operating cash. This situation forces companies to resort to credit. In the end, last year Shell’s debts grew by 28.1%, BP — by 25.3%, Total — by 22.8 percent.
