ChevronTexaco saw its first quarter profits drop to $US725 million from $US2.43 billion for the same period last year, Conoco Inc said first quarter profits dropped 84% and Phillips posted a $US25 million loss.
While crude oil and natural gas prices have rallied recently due to rising tensions in the Middle East, it came too late for Anadarko Petroleum Corp, Apache Corp, Unocal Corp and Occidental Petroleum Corp, all of whom reported sharply lower profits.
Even the world’s largest publicly traded oil company, ExxonMobil, could not escape the slump with overall profits down nearly 50% to $US1.14 billion.
Despite the poor first quarter, some of the majors remain positive about the short term future. “We are beginning to see signs of economic recovery in many areas of the world that will help stimulate demand for our company’s products,” said ChevronTexaco chairman and CEO Dave O’Reilly.
