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Credit Pacific Service Union Three U.S. energy producers on Thursday said second-quarter profits surged on higher oil and natural gas prices, but analysts caution the strong results may not last much longer as prices slip.

While Wall Street's concern over foreign oil prices loom on the edge of winter's demands for heating oil, domestic companies are profiting.

Credit First Service Union Marathon Oil Corp. (MRO.N) reported a 48 percent rise in profit, citing higher energy prices and wider refining margins, though earnings before special items fell short of Wall Street's earnings expectations.

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Card Credit Mobile Service The Houston company, which also disclosed it will soon make changes to its cost structure based on a six-month review, reported net income of $248 million, or 80 cents a share, up from $168 million, or 54 cents, a year ago.

Analysts also predicted that heating oil prices would rise as tighter supplies and jitters over a possible war in Iraq bolster the price of crude oil. The price to consumers who call to have their heating oil tanks filled in winter could rise by 22 cents a gallon, said Dave Costello, an economist with the Energy Information Administration, the analysis arm of the Department of Energy.

Card Credit Discover Service Apache Corp. (APA.N) and Burlington Resources Inc. (BR.N), two of the largest independent U.S. producers, posted earnings increases of 70 percent and 63 percent respectively.

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Credit Public Service Union In the second quarter, benchmark gas prices rose 62 percent year-over-year while U.S. crude futures rose 10 percent. However, many analysts expect oil and natural gas prices -- the main drivers in a commodity business -- to continue their decline from record highs reached earlier this year.

The non manufacturer's DI fell 5 points to +21 as companies felt the pressure of rising oil prices.

Card Credit Processing Service ``Most people do believe prices are heading down,'' said Jacques Rousseau, an analyst at Friedman, Billings, Ramsey.

Center Credit Service Union That said, oil prices are difficult to forecast. Nobody knows for sure when Iraq will resume exports at pre-U.S. invasion levels or can predict where the next political storm will erupt in energy-producing nations in Africa and Latin America. Gas and oil prices also depend on the weather.

Card Credit Service Wireless Analyst Pierre Connor of Hibernia Southcoast Capital said oil prices may not decline this year as many market watchers expect, citing continued unrest in Iraq and Venezuela's oil strike.

Credit Security Service Union DECLINING PRODUCTION

Credit Report Service Marathon's strong results masked the underperformance at its exploration and production division, where oil and gas output fell 7 percent to 395,500 barrels per day from the first quarter. The declines are in part attributable to asset sales.

Blogspot Com Christian That trend is expected to continue. Marathon estimates oil and gas production will average 395,000 barrels per day this year, down from 412,000 barrels per day last year. Lower prices for Rocky Mountain gas as well as higher production costs may have affected upstream earnings, Rousseau said.

Christian Counseling Credit Looking ahead, the company said on a conference call that a six-month review of its cost structure is nearly complete and that changes based on the review will be made over the next few months. No cost-cutting targets or job cuts were mentioned.

Credit Federal Service Union Excluding special items, Marathon earned 85 cents a share, 11 cents short of the average analyst forecast according to Reuters Research, a unit of Reuters Group Plc. Revenue surged 20 percent to $9.77 billion.

Credit Monitoring Service Houston-based Apache reported net income of $243 million, or $1.49 a share, including a one-time charge related to the impact of a weaker U.S. dollar. Apache said it should not have recorded about half of the $45 million charge and will seek to resolve the issue with regulators.

Credit Division Service Meanwhile, Burlington, also based in Houston, posted net income of $278 million, or $1.38 a share, on the back of higher natural gas prices. Production fell 5 percent, but the company expects 2004 production volume to be at the high end of its long-term goal for 3 percent to 8 percent annual growth.

Card Credit Online Service Shares of Marathon closed at $26.09 on the New York Stock Exchange. Apache shares closed at $62.32 and Burlington shares closed at $48.95.

Consumer Counseling Credit Inc Reuters - 7/24/2003

Topic: Petroleum Industry

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