油服公司和规模较小石油公司在财报季大放异彩

本财报季全球油气市场表现说明油价同比下跌导致能源部门收入减少

油气设备与服务分支行业是油气行业唯一收入增长的分支行业

金融数据供应商FactSet发布的数据显示，在11个市场行业中，能源行业收入降幅最大，降幅为28.7%

据油价网2023年7月30日报道，财报季又来了，约20%的标准普尔500指数公司已经公布了他们第二季度财报。与最近几个季度能源行业表现突出不同，石油和天然气公司已成为市场上最大的落后者之一。金融数据供应商FactSet发布的数据显示，在所有11个市场行业中，能源行业的营收降幅最大，下降28.7%，收益降幅最大，下降51.3%，远高于下降9.0%的市场平均水平。

本财报季全球油气市场表现说明油价同比下跌导致能源部门收入减少，今年第二季度的平均油价(73.56美元)比去年第二季度的平均油价(108.52美元)下降32%。

在分支行业层面，油气行业的5个分支行业中有4个报告(或预计报告)收入同比下降超过20%：其他数据分别为石油和天然气勘探与生产部门下降33%，石油和天然气精炼与营销部门下降32%，石油和天然气综合部门下降30%，石油和天然气储存与运输部门下降21%。

另一方面，油气设备和服务分支行业是油气行业中唯一收入增长的分支行业。

石油巨头产量增长

几家大型石油公司已先后公布了第二季度业绩，几乎所有石油巨头都有一个共同的主题：产量大幅增长，但收入和利润的收缩幅度更大。

埃克森美孚公司公布第二季度利润为78.8亿美元，同比下降55.9%，而第二季度收入为829.1亿美元，同比下降28.3%。另一方面，埃克森美孚公司表示，到今年年底，相对于2019年，该公司仍有望实现90亿美元的结构性成本节约，今年迄今为止已累计实现83亿美元的结构性成本节约。埃克森美孚公司报告称，第二季度油气日总产量同比下降3.3%，至361万桶油当量；然而，不包括撤资、应享权利、政府授权和萨哈林-1项目，日净油气产量实际上增加了超过16万桶。二叠纪盆地的油气日产量达到历史最高的62.2万桶油当量，今年有望增长10%，而圭亚那的油气日产量有望在年底前增长5%，达到40万桶油当量。

雪佛龙公司报告称，其第二季度收益同比下降48.3%至60.1亿美元。调整后收益收缩49.2%至57.8亿美元。与此同时，其第二季度营收为489亿美元。雪佛龙公司报告称，二叠纪盆地的油气日产量达到历史最高的77.2万桶油当量，同比增长11%。

中小型石油公司业绩更令人印象深刻

埃克森美孚公司在圭亚那的合作伙伴美国赫斯公司日前报告了其今年第二季度的估计业绩如下：净收入为1.19亿美元，每股0.39美元，而去年第二季度的净收入为6.67亿美元，每股2.15美元，而今年第二季度的收入为23.2亿美元，同比下降22.4%。

然而，由于生产基地小得多，赫斯公司的油气产量增长甚至比埃克森美孚公司更令人印象深刻。赫斯公司报告称 ，其第二季度石油和天然气日净产量为38.7万桶油当量，比去年第二季度的30.3万桶油当量增长28%。巴肯盆地的油气日净产量为18.1万桶油当量，比去年同期的14万桶油当量增长29%，而圭亚那的油气日净产量为11万桶油当量，而去年同期的油气日净产量为6.7万桶油当量。赫斯公司预计全年油气日净产量将在38.5万桶油当量至39万桶油当量之间，而此前的预期为36.5万桶油当量至37.5万桶油当量之间，这在很大程度上要归功于运营业绩的改善，以及圭亚那帕拉亚开发项目预计将在今年第四季度初启动。

油田服务公司大放异彩

如上所述，油田服务行业是唯一在第二季度收入和利润正增长的能源行业。

哈里伯顿公布的第二季度调整后摊薄每股净收益为0.77美元，同比增长超过50%，营收为58亿美元，同比增长14%。营业利润率为17.4%。

斯伦贝谢公布第二季度调整后的息税折旧摊销前收益为19.6亿美元，环比增长10%，同比增长28%，国际公认会计准则下每股收益为0.72美元，环比增长11%，同比增长7%，归属于斯伦贝谢公司的净收入为10.3亿美元，环比增长11%，同比增长8%。营收81亿美元，环比增长5%，同比增长20%。

贝克休斯公布第二季度净收入为4.1亿美元，同比增长12.48亿美元；第二季度调整后的息税折旧摊销前收益为9.07亿美元，同比增长39%，收入为63亿美元，同比增长25%。

李峻 译自 油价网

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.