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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (11417)	4/30/2002 8:13:44 AM
From: Frank Pembleton	Respond to of 36161

Supermajors Seen Suffering April 29 (Upstream) - First quarter profits at Shell and BP are expected by analysts to fall by more than 50% when the supermajor report later this week. BP releases first quarter results tomorrow at 10.00 am London time. Net profit is expected to tumble 59% to $1.51 billion from $3.71 billion a year ago, according to analyst estimates surveyed by Bloomberg News. On Thursday Shell is expected to post a first quarter net profit of $1.75 billion, a 55% drop year-on-year. ExxonMobil last week posted a 58% drop in profits. BP is expected to be hit by a collapse in refinery margins as the fifth-warmest US winter-season on record lowered demand for heating oil. Demand for jet fuel has also diminished following the September 11th terrorist attack. BP will most likely post a bigger quarterly fall than European rival Shell because of its high exposure to the US, where natural gas counts for about 20% of the British company's production. Natural gas prices on Nymex traded at an average of $2.49 per MMBtu during the quarter, down 60% from last year’s average of $6.24. slb.com