Foreign exchange gains, lower interest coupled with inventory gains have helped Indian Oil Corporation Ltd post a nine-fold jump in net profit for the first quarter of the current fiscal. For full story, click here
The government has received $510,000 as its share of profit petroleum on commercial production of the Krishna-Godavari (KG) block crude oil for seven months. For full story, click here
Valero Energy Corp. swinged to a second-quarter loss as an earlier strategy to process heavier grades of crude oil backfired amid falling sales volume and prices. In addition, diesel and jet fuel profit margins were weak. For full story, click here
BP Plc, Europe’s second-biggest oil company, announced a 53 percent dip in profit as the recession dragged down energy prices and cut demand for fuel. For full story, click here
Russian oil company Tatneft declared that its net profit surged 25 percent year-on-year in the first quarter on the back of sharply lower costs and taxes but still learned less per barrel than its peers. For full story, click here
Oil prices slipped on profit-taking and a surge of the dollar, one day after striking 2009 peaks above $73 on signs of recovery for energy demand, traders said. New York’s main futures contract, light sweet crude for delivery in July, sank 51 cents to 72.17 dollars a barrel. The contract had hit $73.23 on Thursday [...]
Russian oil producer OAO Lukoil Holdings on Wednesday declared its first-quarter net profit slipped 71% from a year earlier, hurt by a dip in crude prices. For full story, click here
Hindustan Petroleum Corporation Ltd. declared a net profit of Rs 5,104.04 crore in the fourth quarter of 2008-09 on the back of good refining margin and the government issuing large oil bonds to cover for fuel losses. For full story, click here
State-owned Oil India Ltd, or OIL is expecting net profit to surge almost 12% to Rs2,000 crore for the fiscal ended 31 March on record crude oil output. For full story, click here
Murphy Oil Corp.’s first-quarter profit has slipped 58% from a year ago, clobbered by a steep drop in crude oil and natural gas prices and higher drilling costs. For full story, click here
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