Updated from 11:03 a.m. EDT
Surging oil and natural gas prices and consistently strong consumer demand helped boost second-quarter earnings at three of the country's major oil companies, with
more than doubling its quarterly income.
Texaco, the second-largest U.S. oil company, reported income before special items of $641 million, or $1.17 a share, up from $286 million, or 52 cents, in the same period a year ago. Despite the sharp increase, however, Texaco's earnings per-share fell a penny short of the consensus estimate among analysts surveyed by
First Call/ Thomson Financial
Texaco's net income, including special charges, was $625 million in the second quarter, or $1.14 per share. Revenue at the White Plains, NY-based company rose to $12.1 billion from $8.3 billion in the same year-ago period.
Texaco finished up 1 11/16, or 3.5%, at 50 5/16.
the third-largest independent oil refiner and marketer, easily beat Wall Street estimates, reporting second-quarter earnings of $132 million or $1.50 per share, excluding special items. The figures are significantly higher than the $10 million, or 11 cents per share, earned in the same period a year ago. Analysts surveyed by First Call/ Thomson Financial had forecast earnings per share of $1.37.
Revenue at the Philadelphia-based oil company grew to $3.6 billion from $2.4 billion in the same period a year ago. Sunoco finished up 5/16, or 1%, at 24 11/16.
also surpassed analysts' estimates, with second-quarter net income of $442 million, or $1.73 per diluted share - that's 17 cents higher than the consensus estimate among Wall Street analysts surveyed by First Call/Thomson Financial. The Bartlesville, Okla.-based company earned $68 million, or 27 cents per share, in the same period a year ago.
Total second-quarter revenue at Phillips Petroleum were $5.4 billion, up sharply from $3.2 billion a year ago. Phillips is one of the country's largest integrated oil companies, with oil and natural gas exploration, production, refining, and marketing operations.
Phillips closed up 1 1/2, or 3%, at 49 1/4.