Top oil companies continue to see massive earnings, according to published earnings reports for the first quarter of 2023 this week. Energy prices have been soaring following Russia’s invasion of Ukraine in February 2022 and due to persistent global demand. TotalEnergies, ExxonMobil, Chevron, BP, and Shell reported a combined record profit of $153.5 billion in 2022…
ANALYSIS: Oil Company Profits Soar
May 3, 2023
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IN-DEPTH: Oil Company Profits Soar
May 3, 2023
admin
BPBusiness & MarketsChevronCompaniesearningseconomic policieseconomyenergyExxonInvestmentMarketsoil companiesprofitsUS
0 Comment
Top oil companies continue to see massive earnings, according to published earnings reports for the first quarter of 2023 this week. Energy prices have been soaring following Russia’s invasion of Ukraine in February 2022 and due to persistent global demand. TotalEnergies, ExxonMobil, Chevron, BP, and Shell reported a combined record profit of $153.5 billion in 2022…
UPS Flashes Warning Sign for the Direction of the US Economy
Global shipping company UPS said Tuesday that the U.S. economy is slowing down as its revenue fell 6 percent in the first quarter compared to a year earlier. The company’s operating profit, it said, also fell about 22 percent. Its earnings also fell short of Wall Street forecasts for the quarter, according to Reuters. “In…
Netflix Reports Mixed Earnings as Password Crackdown Set to Expand
Netflix Inc. beat Wall Street earnings estimates for the first quarter but offered a lighter-than-expected forecast on Tuesday, demonstrating the challenges the mature streaming service faces in its pursuit of growth. The company said it shifted a wider launch of a plan to crack down on unsanctioned password sharing into the second quarter to make…
Canada Goose Q3 Results Highlight Challenges of Doing Business in China
News Analysis Companies doing business in China were given a nasty surprise when their earnings got hit as a result of Beijing’s nearly three years of extensive lockdowns followed by a sudden reopening in early December 2022. The Epoch Times reported on Feb. 5 that with many places in China seeing 80 percent infection rates…
Big Tech Earnings Face More Heat as Cloud Cover Fades
Big Tech results reinforced concerns a boom in cloud services is easing, limiting a lucrative source of profit when a slowing economy has hit the companies’ other businesses and prompting a bet on artificial intelligence as the next growth driver. Earnings from Amazon.com Inc and Microsoft Corp.—which together dominate the cloud market—showed growth in the…
Wall Street Rally Hits Wall of Hot Jobs, Cold Earnings Data
NEW YORK—Wall Street’s big rally to start the year wilted on Friday after a surprisingly strong jobs report fueled worries about inflation and higher interest rates. The S&P 500 fell 1 percent for its first drop in four days, though it took an up-and-down route to get there. The bond market was more decisive in…
Ferrari Vows ‘Even Stronger’ 2023 With More New Models
MILAN—A procession of new models will continue to boost earnings at Ferrari, the Italian luxury sports car maker said on Thursday, as it promised “even stronger” results this year after a 16 percent jump in 2022 core earnings. Deliveries jumped almost a fifth to 13,221 cars last year, led by the established Ferrari Portofino M…
Stocks Sink as Markets Brace for Big Week With Fed, Earnings
NEW YORK—Stocks sank Monday as Wall Street prepped for a week full of potentially market-moving events, from decisions on interest rates around the world to earnings reports from the biggest U.S. companies. The S&P 500 dropped 1.3 percent, giving back some of the gains that had carried it last week to its highest level since…
Intel Shares Plunge on Disappointing Earnings Report, Weak Year Ahead Forecast
The stock of chip giant Intel plunged on Jan. 26 after the company reported disappointing fourth-quarter results and forecast more losses for the first quarter of 2023. Intel’s stock price fell nearly 10 percent in extended trading after the Santa Clara, California-headquartered giant reported fourth-quarter revenue of $14 billion, down 32 percent year over year. Market analysts…
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