NEW YORK, NY -- (Marketwire) -- 08/01/11 -- In the most recent quarter Big Oil appeared to live up to its promise of boosting domestic oil production. Jack Gerard, president of the American Petroleum Institute, argues that promoting more domestic drilling -- as opposed to raising taxes on the oil industry -- will generate more revenue for the federal government. The Bedford Report examines the outlook for companies in the Oil and Gas sector and provides equity research on ConocoPhillips (NYSE: COP) and Chevron Corporation (NYSE: CVX). Access to the full company reports can be found at:
Oversized profits have led many, including President Barack Obama, to call for an end to government tax subsidies for the industry. And to meet world oil demand that's expected to rise to a record 89 million barrels per day this year, the industry needs to find new sources of oil. The search has led many oil giants back to the United States.
In the most recent quarter both Exxon and BP reported lower oil production from fields outside the United States. International production dropped in part because maintenance issues and entitlement programs in foreign countries forced them to take less oil as prices rose.
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ConocoPhillips reported second quarter earnings of $3.4 billion, or $2.41 per share, for the April-June period. That compares with $4.2 billion, or $2.77 per share, for the same part of 2010. ConocoPhillips pays an annual dividend of $2.64 per share for a hefty yield of around 3.6 percent.
Chevron reported second quarter earnings of $7.7 billion, or $3.85 per share, for the three months ended June 30. Revenue increased 31 percent year-on-year to $66.7 billion. Chevron's refining business boosted profits 30 percent in the U.S., but profits dropped 11 percent internationally.
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