Six in ten of the world’s largest oil companies post record profits for Q3

According to Forbes magazine, Chevron, Exxon Mobil, British Petroleum (BT), Royal Dutch Shell, and ConocoPhillips registered total earnings of $44.4 billion (€33.8 bln) between 1 July and 30 September, 58 percent higher than in the same period last year.

The world’s largest oil company, Exxon Mobil, posted a historic $14.9 bln (€ 11.34 bln) in the third quarter. However, analysts forecast much lower results in Q4 2008, considering a drop in energy demand, due to the global financial crisis. Exxon Mobil’s profit surged 29 percent in this year’s first nine months, up to $37.4 bln (€28.47 bln), compared to $29 bln (€22.07 bln) in the same period in 2007.

Investors in the energy sector are concerned that the difficult situation on the loan market will lead to a global economic recession and lower oil demand. As a result, investment plans of major oil companies will be carefully analyzed.

The world’s second-largest oil company, Royal Dutch Shell, posted $10.9 bln (€8.29 bln) in profit at the end of Q3, up 71 percent year-on-year. Royal Dutch Shell Plc, Europe’s largest oil company, announced its net profit soared by 22 percent in Q3, to $8.45 bln (€6.43 bln), from $6.92 bln (€5.26 bln) in Q3 2007.

BP, the third-largest oil company in the world, announced $8.04 bln (€6.12 bln) worth of net profit, almost double from that registered in Q3 2007.

ConocoPhillips registered a 41 percent increase in earnings, from $5.19 bln (€3.95 bln).

The Italian oil and gas company, Eni, present on the Romanian market through its network of over 20 Agip gas stations, registered $12.7 bln (€9.7 bln) in earnings, a 38.5 percent rise.

The American Chevron oil group posted $7.9 bln (€6.01 bln) in profit in Q3, double the $3.7 bln (€2.81 bln) registered year-on-year. Sales totaled $222 bln (€169.01 bln) in the January-September period, compared to $160 bln (€121.81 bln) in the first nine months of 2007.

Analysts forecast record financial results in Q3 for companies involved in exploitation and production activities, such as Petrom, Romania’s largest company and leader on the domestic fuel distribution market.