NEW YORK, NY -- (Marketwire) -- 04/24/12 -- Escalating oil prices have provided a great boost to the Oil & Gas Industry in 2012. The high price of oil is expected to hike quarterly results of the U.S. Oil & Gas majors' which are expected to come out later this week. The Paragon Report examines investing opportunities in the Major Integrated Oil & Gas Industry and provides equity research on Chevron Corporation (NYSE: CVX) and BP plc (NYSE: BP).
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Analysts are predicting an increase in earnings for the major oil companies, as concerns about oil supplies in the Persian Gulf have driven crude prices higher. The Brent crude benchmark, used by oil companies to price their production, traded at an average that was 12 percent higher than the same period last year. Exxon and Chevron are scheduled to report earnings on Thursday and Friday, while ConocoPhillips reported earnings this past Monday.
"First-quarter results also will serve as a reminder that major U.S. oil companies continue to struggle to increase their output as the reserves in their fields deplete quickly and access to new sources remains a challenge," said Phil Weiss, an analyst at Argus Research.
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Chevron Corp. announced that it introduced the latest member of its product family, Delo 400 NG SAE 15W-40. The new product, formulated with Chevron's ISOSYNTM Technology, is premium oil for use in compressed natural gas (CNG) and liquefied natural gas (LNG) and liquefied petroleum gas (LPG) engines. Delo 400 NG is formulated to deliver outstanding protection and long drain performance in a wide variety of CNG and LNG engines.
BP p.l.c. (BP) is an integrated oil and gas company. The Company provides its customers with fuel for transportation, energy for heat and light, lubricants and the petrochemicals products used to make everyday items like plastic bottles. The Company also invests in renewable energy sources. The Company operates in two business segments: Exploration and Production, and Refining and Marketing.
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