March 2005

Trends and Resources

HP Impact: HPImpact: US-based HPI firms post record earnings

For US-based integrated oil companies, 2004 is providing exceptional third- and fourth-quarter performance figures. Several factors converged in 2004 to support these favorable earnings and net income..

Weirauch, Wendy, Hydrocarbon Processing Staff

For US-based integrated oil companies, 2004 is providing exceptional third- and fourth-quarter performance figures. Several factors converged in 2004 to support these favorable earnings and net incomes. High crude-oil pricing supported by tight inventories throughout the year yielded strong earnings for upstream operations. High demand for fuels sustained higher gasoline pricing in 2004. Table 1 summarizes companies' recently released net incomes for several US-based integrated and independent refiners.    TABLE 1. US integrated and independent refiner annual and 4Q

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