本財報季全球油氣市場表現說明油價同比下跌導致能源部門收入減少
油氣設備與服務分支行業是油氣行業唯一收入增長的分支行業
金融數據供應商FactSet發布的數據顯示,在11個市場行業中,能源行業收入降幅最大,降幅為28.7%
據油價網2023年7月30日報道,財報季又來了,約20%的標準普爾500指數公司已經公布了他們第二季度財報。與最近幾個季度能源行業表現突出不同,石油和天然氣公司已成為市場上最大的落后者之一。金融數據供應商FactSet發布的數據顯示,在所有11個市場行業中,能源行業的營收降幅最大,下降28.7%,收益降幅最大,下降51.3%,遠高于下降9.0%的市場平均水平。
本財報季全球油氣市場表現說明油價同比下跌導致能源部門收入減少,今年第二季度的平均油價(73.56美元)比去年第二季度的平均油價(108.52美元)下降32%。
在分支行業層面,油氣行業的5個分支行業中有4個報告(或預計報告)收入同比下降超過20%:其他數據分別為石油和天然氣勘探與生產部門下降33%,石油和天然氣精煉與營銷部門下降32%,石油和天然氣綜合部門下降30%,石油和天然氣儲存與運輸部門下降21%。
另一方面,油氣設備和服務分支行業是油氣行業中唯一收入增長的分支行業。
石油巨頭產量增長
幾家大型石油公司已先后公布了第二季度業績,幾乎所有石油巨頭都有一個共同的主題:產量大幅增長,但收入和利潤的收縮幅度更大。
埃克森美孚公司公布第二季度利潤為78.8億美元,同比下降55.9%,而第二季度收入為829.1億美元,同比下降28.3%。另一方面,埃克森美孚公司表示,到今年年底,相對于2019年,該公司仍有望實現90億美元的結構性成本節約,今年迄今為止已累計實現83億美元的結構性成本節約。埃克森美孚公司報告稱,第二季度油氣日總產量同比下降3.3%,至361萬桶油當量;然而,不包括撤資、應享權利、政府授權和薩哈林-1項目,日凈油氣產量實際上增加了超過16萬桶。二疊紀盆地的油氣日產量達到歷史最高的62.2萬桶油當量,今年有望增長10%,而圭亞那的油氣日產量有望在年底前增長5%,達到40萬桶油當量。
雪佛龍公司報告稱,其第二季度收益同比下降48.3%至60.1億美元。調整后收益收縮49.2%至57.8億美元。與此同時,其第二季度營收為489億美元。雪佛龍公司報告稱,二疊紀盆地的油氣日產量達到歷史最高的77.2萬桶油當量,同比增長11%。
中小型石油公司業績更令人印象深刻
埃克森美孚公司在圭亞那的合作伙伴美國赫斯公司日前報告了其今年第二季度的估計業績如下:凈收入為1.19億美元,每股0.39美元,而去年第二季度的凈收入為6.67億美元,每股2.15美元,而今年第二季度的收入為23.2億美元,同比下降22.4%。
然而,由于生產基地小得多,赫斯公司的油氣產量增長甚至比埃克森美孚公司更令人印象深刻。赫斯公司報告稱 ,其第二季度石油和天然氣日凈產量為38.7萬桶油當量,比去年第二季度的30.3萬桶油當量增長28%。巴肯盆地的油氣日凈產量為18.1萬桶油當量,比去年同期的14萬桶油當量增長29%,而圭亞那的油氣日凈產量為11萬桶油當量,而去年同期的油氣日凈產量為6.7萬桶油當量。赫斯公司預計全年油氣日凈產量將在38.5萬桶油當量至39萬桶油當量之間,而此前的預期為36.5萬桶油當量至37.5萬桶油當量之間,這在很大程度上要歸功于運營業績的改善,以及圭亞那帕拉亞開發項目預計將在今年第四季度初啟動。
油田服務公司大放異彩
如上所述,油田服務行業是唯一在第二季度收入和利潤正增長的能源行業。
哈里伯頓公布的第二季度調整后攤薄每股凈收益為0.77美元,同比增長超過50%,營收為58億美元,同比增長14%。營業利潤率為17.4%。
斯倫貝謝公布第二季度調整后的息稅折舊攤銷前收益為19.6億美元,環比增長10%,同比增長28%,國際公認會計準則下每股收益為0.72美元,環比增長11%,同比增長7%,歸屬于斯倫貝謝公司的凈收入為10.3億美元,環比增長11%,同比增長8%。營收81億美元,環比增長5%,同比增長20%。
貝克休斯公布第二季度凈收入為4.1億美元,同比增長12.48億美元;第二季度調整后的息稅折舊攤銷前收益為9.07億美元,同比增長39%,收入為63億美元,同比增長25%。
李峻 譯自 油價網
原文如下:
Oilfield Services And Smaller Oil Companies Shine In Earnings Season
· Lower year-over-year oil prices are contributing to the decrease in revenues for the energy sector.
· The Oil & Gas Equipment & Services (20%) sub-industry is the only sub-industry that reported revenue growth in the sector.
· According to FactSet data, the energy sector is reporting the largest revenue decline of all 11 market sectors at -28.7%.
Earnings season is here once again with ~20% of S&P 500 companies having returned their second quarter scorecards. Unlike recent seasons when the energy sector emerged as a standout performer, oil and gas companies have become some of the market’s biggest laggards. According to FactSet data, the energy sector is reporting the largest revenue decline of all 11 market sectors at -28.7% as well as the worst earnings decline to the tune of -51.3%, much bigger than the market average of -9.0%.
Lower year-over-year oil prices are contributing to the decrease in revenues for the energy sector, with the average price of oil in Q2 2023 ($73.56) 32% below the average price for oil in Q2 2022 ($108.52).
At the sub-industry level, four of the five sub-industries in the sector are reporting (or are expected to report) a year-over-year decrease in revenues of more than 20%: Oil & Gas Exploration & Production (-33%), Oil & Gas Refining & Marketing (-32%), Integrated Oil & Gas (-30%), and Oil & Gas Storage & Transportation (-21%).
On the other hand, the Oil & Gas Equipment & Services (20%) sub-industry is the only sub-industry that reported revenue growth in the sector.
Big Oil Production Growth
Several Big Oil companies have returned their Q2 scorecards, and nearly all have a common theme: considerable production growth but even bigger top-and bottom-line contraction.
Exxon Mobil Corp. (NYSE:XOM) has reported Q2 earnings of $7.88B, good for 55.9% Y/Y decrease while Q2 revenue of $82.91B is good for -28.3% Y/Y growth. On a brighter note, Exxon says it remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $8.3 billion to date. Exxon reported that Q2 total production fell 3.3% Y/Y to 3.61M boe/day; however, excluding divestments, entitlements, government mandates and the Sakhalin-1 expropriation, net production actually rose by more than 160K boe/day. The Permian basin delivered a quarterly record 622K boe/day and is on track to increase 10% this year while Guyana is on track to grow production 5% to 400K boe/day by year-end.
Chevron Corp.(NYSE:CVX) reported that its Q2 earnings decreased 48.3% Y/Y to $6.01B while adjusted earnings contracted 49.2% to $5.78B. Meanwhile, Q2 revenue clocked in at $48.9B. Chevron reported record Permian Basin production of 772,000 barrels of oil equivalent per day, up 11% Y/Y.
Smaller Companies–More Impressive
Hess Corp.(NYSE:HES), ExxonMobil’s partner in the Guyana, has reported estimated Q2 2023 results as follows: Net income was $119 million, or $0.39 per share, compared with net income of $667 million, or $2.15 per share, in the second quarter of 2022 while Q2 revenue of $2.32B represents 22.4% Y/Y decrease.
However, Hess has recorded even more impressive production growth than Exxon or Mobil thanks to its much smaller production base. The company reported that oil and gas net production was 387,000 barrels of oil equivalent per day, up 28% from 303,000 boepd in Q2 2022. Bakken net production was 181,000 boepd, up 29% from 140,000 boepd a year ago while Guyana net production clocked in at 110,000 bopd, compared with 67,000 boepd in the prior-year quarter. The company has projected full year net production to be in the range of 385,000 boepd to 390,000 boepd, compared with previous guidance of 365,000 boepd to 375,000 boepd, thanks in large part to improved operational performance as well as the expected startup of the Payara development early in the fourth quarter of the current year.
Oilfield Services Companies Shine
As noted above, the oilfield services sector stands out as the only energy industry that is recording positive revenue and earnings growth.
Halibutorn Co. (NYSE:HAL) has reported Q2 adjusted net income per diluted share of $0.77, good for a more than 50% year-over-year increase while revenue of $5.8 billion increased 14% year-over-year. Operating margin clocked in at 17.4%, a 329 basis points year-over-year increase.
Schlumberger Ltd (NYSE:SLB) has reported Q2 adjusted EBITDA of $1.96 billion, a 10% sequential increase and 28% year-on-year while GAAP EPS of $0.72 increased 11% sequentially and 7% year-on-year while net income attributable to SLB of $1.03 billion increased 11% sequentially and 8% year on year. Revenue of $8.10 billion increased 5% sequentially and 20% year-on-year.
Baker Hughes Co. (NASDAQ:BKR) has reported net income of $410 million for the quarter, up $1,248 million year-over-year; Adjusted EBITDA (a non-GAAP measure) of $907 million for the quarter, up 39% year-over-year while revenue of $6.3 billion for the quarter was up 25% year-over-year.
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