Oil companies benefit from high oil prices
Rising oil prices have benefited energy companies such as oil. Deutsche Bank issued a report a few days ago, saying that taking into account the recent trend of oil prices will increase the profit targets of many oil companies.
In its report, Deutsche Bank pointed out that before the demand for crude oil is suppressed, the global economy should be able to withstand a crude oil price of US$120 per barrel. The report raised the first-quarter earnings forecast of US oil giant Exxon Mobil from the previous $1.85 to $1.89 per share. Expectations for ConocoPhillips will also increase from $1.42 to $1.57 per share. Deutsche Bank also raised Hesgo Petroleum's first-quarter earnings forecast from US$1.46 to US$1.61 per share.
The report pointed out that crude oil prices need to remain stable at more than 120 US dollars per barrel before they finally change the market supply and demand structure. The report included US Marathon Oil, ConocoPhillips and Hess Oil as the top stocks in the sector. The report emphasizes that although these companies have assets in Libya, they will benefit more from the rise in international oil prices. In addition, the strong performance of oil companies in the refining business in the Midwestern United States is sufficient to offset excess tax burdens and Libya’s business belt. Loss.
Energy giants increase investment
High oil prices also stimulated these oil companies to increase capital expenditures. Oil giant ExxonMobil announced in March that it plans to increase its capital project expenditures as of 2015 from the previous US$33 billion to US$37 billion. Exxon Mobil Corporation stated that because exploration and mining projects accounted for the vast majority of capital expenditure, the company expects future capital expenditures will increase.
Chevron, the second largest energy company in the US, also stated that the company plans to increase its oil and gas production by 20% by 2017, which is twice the growth rate from 2003 to 2010. Chevron’s oil production last year averaged 2.76 million barrels per day and is expected to reach 3.3 million barrels by 2017.
Chevron also spent US$37 billion to establish a liquefied natural gas project in Australia. The project is expected to export LNG in 2014. Chevron hopes the company's LNG production will exceed Exxon Mobil by 2020, thus becoming the fourth largest LNG supplier in the world.
New energy demand increase
In the face of high oil prices, countries have increased investment in new energy industries and related companies have benefited from it.
The survey report released by Ernst & Young showed that in 2010, new global investment in clean energy reached an unprecedented 243 billion U.S. dollars, an increase of 30%, of which China has indisputably occupied the leading position in the global renewable energy market.
First Solar, the US solar company, said it plans to spend US$300 million to expand its production line in the United States.
First Solar announced that it will build a manufacturing center in Arizona, which is expected to double its capacity in the United States. The manufacturing center will have four production lines to produce thin-film solar modules and the first shipment time is expected to be in the third quarter of 2012.
The Arizona government said that the approval of First Solar to build a new technology park in the state will help promote the use of renewable energy. Blues, president of First Solar, said that with the strong support of the U.S. federal and state governments, the U.S. has become the fastest growing solar market.
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