The increase in crude oil prices became one of their performance factors during the first 3 months of this year is very shining. The nickname The Seven Sisters taken from Greek mythology appeared in the mid 1940s. At that time, seven oil and gas companies were Anlo-Iranian Oil Company (now BP), Gulf Oil (now part of Chevron), Royal Dutch Shell, Standard Oil Company of Califonia (now Chevron), Standard Oil Company of New Jersey now part of ExxonMobil), and Texaco (merged into Chevron).
The seven companies are the first group dubbed The Seven Sister because it has a big influence on world oil production. Although the nickname has begun to fade with the presence of the Organization of Petroleum Exporting Countries (OPEC), but the perception is still attached to the four major companies, namely ExxonMobil, Chevron, Shell, and BP.
On the other hand, upstream oil and gas business was disrupted along with the decline in world oil prices to the level of lows at the level of US $ 25 per barrel in the early period of 2016. However, the dark period for oil and gas companies has begun to end, especially when world oil prices began to rise again during the first 4 months of this year.
As of Monday, West Texas Intermediate (WTI) oil prices rose 11.5% to US $ 67.37 per barrel compared to the end of last year, while Brent oil prices had risen by 10.13% to US $ 73, 65 per barrel compared to the end of 2017. Along with the surge, the performance of the Seven Sisters, except BP, which has not released its first quarter / 2018 financial report, posted a significant net income increase.
Royal Dutch Shell posted the largest net profit and growth. Shell recorded a 68.67% net profit growth in the first quarter of 2018 to US $ 5.7 billion compared to the same period in 2017. Royal Dutch Shell chief executive officer Ben Van Beurden said the first quarter net profit gained strong support from higher oil and gas positions. The ongoing business process through integrated gas business is also one of the contributors to the company's performance.
"Our upstream oil and gas business is still able to increase profits when downstream oil and gas business is less profitable," he said through Shell's official website on Monday (30/4).
Similarly, ExxonMobil, the US-based company, posted net profit growth of 15.96% to US $ 4.65 billion compared with US $ 4.01 billion in the same period last year, ExxonMobil Chief Executive Officer Danen W Woods said , the rise in commodity prices became the main supporter of profit increase during the first 3 months of this year. In addition, ExxonMobil also continues to operate efficiently and strengthen its business portfolio.
"Through new inventions [inventories] and acquisitions, we have also made good progress in plans to improve the production mix, as well as boost sales of premium products in downstream and chemical businesses. On the other hand, Chevron posted net profit growth in the first quarter of 2018 of 5.64% to US $ 3.63 billion compared to the first quarter of 2017.
Chevron Chief Executive Officer Michael Wirth said net profit in the first quarter of this year recorded a significant increase compared to last year. The profit earned by one of the Seven Sister companies is due to a combination of increased production and rising world oil prices.
"We also recorded an increase in cash flow due to support combination of upstream margins and volume levels of production. Our increase in oil and gas production is supported development of shale [oil and shale gas] in the Permian Basin to drive up production there to 65% compared to last year, "he said.
DOWNSTREAM IS DARK
Nevertheless, the three companies are compact record revenue drop in the downstream sector of oil and gas. Shell recorded a 30% drop in oil and gas downstream revenues to US $ 1.8 billion. Then, total downstream net income, ExxonMobil posted a huge decline of 15.77% to US $ 940 million.
Chevron also posted lower downstream oil and gas revenues by 21.38% to US $ 728 million compared to the first quarter of last year. Reforminer Observer Pri Agung Rakhmanto said the income in the downstream sector of The Seven Sisters happened because the income in the previous year was better along with the low oil price. This is inversely proportional to the upstream conditions, after massive efficiency becomes a big advantage when oil prices soar.
"The prospects of downstream oil and gas and upstream oil and gas business may be profitable or not opponent as the movement of dynamic oil prices. The reason, determining investment timing, not oil price developments, "he said.
Well, along with the movement of oil prices that direction continues to climb, does not mean the downstream earnings prospects will continue to fall. If oil prices continue to stabilize, there is an opportunity for upstream and downstream sector of oil and gas to come back positively together in the future.
IN INDONESIA
Kinerja Raksasa Migas Makin Kinclong
Kenaikan harga minyak mentah menjadi salah satu faktor kinerja mereka selama 3 bulan pertama tahun ini sangat bersinar. Julukan The Seven Sisters yang diambil dari mitologi Yunani ini muncul pada pertengahan 1940-an. Saat itu, tujuh perusahaan migas yang tergabung antara lain Anlo-Iranian Oil Company (sekarang BP), Gulf Oil (sekarang bagian dari Chevron), Royal Dutch Shell, Standard Oil Company of Califonia (sekarang Chevron), Standard Oil Company of New Jersey (sekarang bagian dari ExxonMobil), dan Texaco (dimerger ke dalam Chevron).
Ketujuh perusahaan itu adalah grup pertama yang dijuluki The Seven Sister karena punya pengaruh besar terhadap produksi migas dunia. Kendati julukan itu sudah mulai pudar seiring dengan hadirnya Organization of Petroleum Exporting Countries (OPEC), tetapi persepsi masih melekat kepada empat perusahaan besar itu, yakni ExxonMobil, Chevron, Shell, dan BP.
Di sisi lain, bisnis hulu migas sempat terganggu seiring dengan penurunan harga minyak dunia hingga ke level tevendah pada level US$ 25 per barel pada periode awal 2016. Namun, periode gelap bagi perusahaan migas sudah mulai berakhir, terutama ketika harga minyak dunia mulai meningkat kembali sepanjang 4 bulan pertama tahun ini.
Sampai perdagangan Senin (30/4), harga minyak West Texas Intermediate (WTI) naik 11,5% menjadi US$67,37 per barel dibandingkan dengan akhir tahun lalu, sedangkan harga minyak Brent sudah naik sebesar 10,13% menjadi US$73,65 per barel dibandingkan dengan akhir 2017. Seiring dengan lonjakan kenaikan itu, kinerja the Seven Sisters, kecuali BP yang belum merilis laporan keuangan kuartal I/2018, mencatatkan lonjakan pendapatan bersih cukup signifikan.
Royal Dutch Shell mencatatkan laba bersih dan pertumbuhan terbesar. Shell mencatat pertumbuhan laba bersih pada kuartal I/2018 sebesar 68,67% menjadi US$ 5,7 miliar dibandingkan dengan periode yang sama pada 2017. Chief Executive Officer Royal Dutch Shell Ben Van Beurden mengatakan, laba bersih pada kuartal pertama ini mendapatkan dukungan kuat dari posisi harga minyak dan gas yang lebih tinggi. Proses bisnis yang berkelanjutan lewat bisnis gas terintegrasi juga menjadi salah satu penyokong kinerja perusahaan.
“Bisnis hulu migas kami masih mampu meningkatkan keuntungan di saat bisnis hilir minyak dan gas yang kurang menguntungkan ujarnya melalui situs resmi Shell, Senin (30/4).
Begitu juga dengan ExxonMobil, perusahaan yang berasal dari AS itu mencatat pertumbuhan laba bersih sebesar 15,96% menjadi US$4,65 miliar dibandingkan dengan periode yang sama pada tahun lalu senilai US$ 4,01 miliar, Chief Executive Officer ExxonMobil Danen W Woods mengatakan, kenaikan harga komoditas menjadi pendukung utama kenaikan laba sepanjang 3 bulan pertama tahun ini. Selain itu, ExxonMobil juga terus melakukan operasi secara efisien serta memperkuat portofolio bisnis.
“Lewat penemuan-penemuan [cadangan migas] baru maupun akusisi, kami juga telah membuat kemajuan yang baik dalam rencana meningkatkan bauran produksi, serta mendorong penjualan produk premium di bisnis hilir dan kimia ujarnya. Di sisi lain, Chevron mencatatkan pertumbuhan laba bersih sepanjang kuartal I/2018 sebesar 5,64% menjadi US$ 3,63 miliar dibandingkan dengan kuartal I/2017.
Chief Executive Officer Chevron Michael Wirth mengatakan, laba bersih pada kuartal pertama tahun ini mencatatkan kenaikan signifikan dibandingkan dengan tahun lalu. Keuntungan yang didapatkan salah satu perusahaan The Seven Sister itu karena kombinasi kenaikan produksi dan kenaikan harga minyak dunia.
“Kami pun mencatatkan kenaikan arus kas karena dukungan kombinasi margin hulu dan tingkat volume produksinya. Kenaikan produksi migas kami disokong
pengembangan shale [minyak dan gas serpih] di Permian Basin hingga mendorong kenaikan produksi di sana sampai 65% dibandingkan dengan tahun lalu,” ujarnya.
HILIR SURAM
Meskipun begitu, ketiga perusahaan itu kompak mencatatkan penurunan pendapatan pada sektor hilir migas. Shell mencatat penurunan pendapatan bersih hilir minyak dan gas sebesar 30% menjadi US$ 1,8 miliar. Lalu, pendapatan bersih hilir secara total, ExxonMobil mencatatkan penurunan sangat besar, yakni 15,77% menjadi US$ 940 juta.
Chevron pun mencatatkan penurunan pendapatan bersih hilir migas sebesar 21,38% menjadi US$ 728 juta dibandingkan dengan kuartal pertama tahun lalu. Pengamat Reforminer Pri Agung Rakhmanto menilai, pendapatan pada sektor hilir The Seven Sisters itu terjadi karena pendapatan pada tahun sebelumnya lebih bagus seiring dengan harga minyak rendah. Hal itu berbanding terbalik dengan kondisi di hulu, setelah melakukan efisiensi besar-besaran menjadi keuntungan besar ketika harga minyak melonjak.
“Prospek bisnis hilir migas maupun hulu migas bisa saja mencatatkan keuntungan atau tidak berlawan seiring pergerakan harga minyak yang dinamis. Pasalnya, timing investasi yang menentukan, bukan perkembangan harga minyak,” ujarnya.
Nah, seiring dengan pergerakan harga minyak yang arahnya terus menanjak, bukan berarti prospek pendapatan hilir bakal terus turun. Bila harga minyak terus stabil, ada peluang sektor hulu dan hilir migas akan kembali positif bersama-sama ke depan.
Bisnis Indonesia, Page-30, Wednesday, May 2, 2018
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