Crude Oil Steady Amid Flu Threats, Exxon Reports Lowest Profits In 5 Years

"Crude Oil Is Steady as Swine Flu Threatens Demand, Stocks Rally"
Crude oil was little changed as the World Health Organization said a pandemic declaration may come soon and economic reports signal that the worst of the global recession is over.

Fuel demand may drop as swine flu has the potential of being the first widespread influenza outbreak in 41 years. Initial U.S. jobless claims decreased last week, industrial output in Japan rose for the first time in six months, while U.K. consumer confidence climbed to the highest level in a year.

“We are probably looking at a pandemic which will reduce global growth to some extent,” said Bill O’Grady, chief markets strategist at Confluence Investment Management in St. Louis. “There are increasing signs that the economy is starting to get better. In the end this.....Complete Story

"Shell CEO Says Job Cuts Imminent to Reduce Costs"
Royal Dutch Shell's Chief Executive Officer, Jeroen van der Veer, has confirmed that a reduction in the oil major's employment levels for 2009 is imminent in order to cut costs amid lower oil prices, according to Bloomberg, citing the Financial Times.

Specifically, van der Veer said that Shell must trim its costs to move forward with its intended investment plans while also keeping a close watch on its borrowing expenditures this year.

In March, Shell unveiled its plans to invest between $31-$32 billion in 2009 with dividends for the year expected to be some $10 billion, or a 5% increase of Q1 2009 dividend per share compared.....Complete Story

"Exxon Has Biggest Profit Drop in 5 Years as Oil Falls"
Exxon Mobil Corp., the world’s largest company by market value, posted its lowest profit in more than five years after the global recession sapped energy demand, pulling down oil and gasoline prices.

First quarter net income dropped 58 percent to $4.55 billion, or 92 cents a share, from $10.9 billion, or $2.02, a year earlier, Irving, Texas-based Exxon Mobil said today in a statement. Per-share profit was 3 cents lower than the average of analyst estimates compiled by Bloomberg. The earnings decline was Exxon Mobil’s biggest since 2002.....Complete Story


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