Shell turns Q3 2015 loss into 2016 profit amidst mixed figures for oil majors.
Shell's third quarter 2016 CCS earnings attributable to shareholders were $1.4bn compared with a loss of $6.bn for the same quarter in 2015. Third quarter 2016 CCS earnings excluding identified items were $2.8bn, compared with $2.4bn for the third quarter 2015, an increase of 18%.
Shell CEO Ben van Beurden commented,"Shell delivered better results this quarter, reflecting strong operational and cost performance. But lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain."
Oil major BP has also reported improved figures on Q2 2016 - up from $720m to $933m. However, Q3 2016 is down from $1.8bn in the same period in 2015. The quarter’s result was affected by a weaker price and margin environment and a number of mainly one-off and non-cash items in the Upstream.
Phillips 66 saw improved figures, with third-quarter earnings of $511m, compared with $496m in the second quarter of 2016. Adjusted earnings were $556m, an increase of $57m from the last quarter. "Our earnings during the third quarter reflect the benefit of our diversified portfolio. We generated $1.2bn in cash from operations and a Phillips 66 Partners equity offering," said Greg Garland, chairman and CEO.
A 10.7% rise in sales revenue has been reported by Fuchs comparing Q3 2016 (€1.7bn) with the same period last year (€1.53bn). Earnings before tax (EBIT) in Q3 2016 are €276m, up 5.9% on Q3 2015 (€260m).
French major, Total revealed a 25% fall in adjusted net income in Q3 2016 ($2.1bn) compared to the same period in 2015. The nine month period in 2016 ($5.9bn) also represents a drop of 30% on the same period last year.
There was gloomy news for ExxonMobil with estimated Q3 2016 earnings of $2.7bn compared with $4.2bn a year earlier, a downturn of 38%. Earnings for the first nine months of 2016 ($6.2bn) were off 54% year-on-year. Results reflect lower refining margins and commodity prices.
Chevron's earnings of $1.3bn for the 2016 Q3 were down from $2.0bn in the same period of 2015. The first nine months of this year showed a loss of $912m, compared with a profit of $5.2bn last year. Sales and other operating revenues in third quarter 2016 were $29bn, compared to $33bn in 2015.
A more or less static picture was reported by ConoccoPhillips with a third quarter 2016 net loss of $1.0bn compared with a $1.1bn negative in the same period last year. Excluding special items, third-quarter 2016 adjusted earnings were a $0.8bn in the red, compared with Q3 figures for 2015 of a $0.5bn loss.