Fuchs bucks the downward trend in first quarter results.
European lubes producer, Fuchs is bucking a generally poor Quarter for the oil majors, by stating sales revenues up 7.8% from €457m($514m) to €493m ($554m) and earnings (EBIT) up 8.1% from €75m($84m) to €82m ($92m).
Two minor acquisitions made by the Group, in the UK and South Africa/Australia, during 2014 contributed just under 2% to the improved sales revenues. The company is predicting increased revenues for the year, aiming at a €150m($168m) target, likely to be helped by a generally weak Euro.
Meanwhile, BP reported a fall of 20% in underlying replacement cost profit for the year 2014-15, down from $3.2bn to $2.6bn. By contrast, 2015's first quarter is up 15% on the previous quarter. Bob Dudley, BP group chief executive attributes the year's fall to the challenges of sustained lower prices in which Brent crude averaged $54 per barrel compared with $108 in Q1 2014.
Shell's current cost of supplies (CCS) earnings took a dramatic 56% fall from $73.bn in Q1 2014 to $3.2bn this year. However, like BP, 2015 first Quarter earnings were improved at $4.8bn compared with with $4.5bn year-on-year, up 7%. Downstream results were more bouyant than the upstream divisions which felt the impact of oil and gas prices.
The downward trend also continued with Chevron stating earnings of $2.6bn for first quarter 2015, compared with $4.5bn in Q1 2014. Sales and other operating revenues were $32bn, compared to $51bn in the previous year.
“First quarter earnings declined from a year ago due to sharply lower oil prices, which reduced revenue and earnings in our upstream business,” said Chairman and CEO John Watson. “Downstream operations were strong, benefitting from lower feedstock costs and improved refinery reliability.”
Meanwhile ConocoPhillips has reported first-quarter 2015 earnings of just $272m compared with $2.1bn for the same period in 2014. Excluding special items, first-quarter 2015 adjusted earnings were a net loss of $222m, compared with first-quarter 2014 adjusted earning gains of $2.3bn.
Phillips 66 followed its upstream sister company with Q1 2015 earnings of $987m, compared with $1.1bn during the fourth quarter of 2014. Adjusted earnings were $834m, a decrease of $79m from Q4 in 2014.
Another significant drop in earnings was reported by ExxonMobil with first quarter 2015 at $4.9bn, compared with $9.1 billion a year earlier, down 46%. Downstream earnings were $1.7bn, up $854m from the first quarter of 2014.
Low oil prices took their toll on French oil giant Total, which reported adjusted net income of $2.6bn for the first quarter of 2015, down 22% from 2014's first quarter figure of $3.3bn. CEO Patrick Pouyanné said, "Total is... demonstrating its resilience and profiting from its integrated model.... we are confident in our ability to adapt and respond to this period of lower prices..."