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Local, foreign oil firms gain N3.6trn in oil price recovery

Five local and International Oil Companies (IOCs) operating in Nigeria witnessed a record-breaking profit of over $10 billion (N3.6 trillion) during the first quarter of 2017, The Guardian reports.

This significant performance has been attributed to the improvement in the prices of crude oil, which decreased to less than $30 in 2014 and 2016. Brent crude oil stood at $51.73 yesterday while West Texas Intermediate (WTI) was $49.33. Chevron Corporation reported earnings of $2.7 billion for first quarter of this year, compared to a loss of $725 million in same quarter in 2016.  Also, Exxon Mobil Corporation announced an estimated first quarter 2017 earnings of $4 billion, compared to $1.8 billion a year earlier, resulting from improvement in commodity prices, cost management and refining operations.

Chairman and Chief Executive Officer, Patrick Pouyanne, said that Total’s adjusted net income increased by 56 per cent to $2.6 billion in the first quarter 2017, in line with the strong recent quarterly results of 2016, due to good operational performance and a steadily decreasing breakeven. Another operator, Seplat Petroleum Development Company, said that in its first quarter 2017 result, it made a gross profit of $19.1 million, during the period under review. Also, Chairman and Chief Executive Officer of Chevron, Darren Woods, attributed the company’s outstanding performance to increase in commodity prices and the company’s continued focus on controlling costs and operating efficiently.

The post Local, foreign Oil Firms Gain N3.6trn in oil price recovery appeared first on Energy News | Oil and Gas News - Energy Mix Report.



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