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 BP PLC (NYSE: BP) (LSE: BP) and Exxon Mobil Corporation (NYSE: XOM). 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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BP reported a net profit of $5.6 billion for the three months ending June 30, compared with a loss of $17.2 billion a year earlier. During the second quarter, its oil and gas production was 3.43 million barrels of oil equivalent a day, down 11 percent from a year earlier as a result of ongoing impacts in the Gulf of Mexico.
Exxon's second-quarter profit jumped 41% on rising production, high oil prices and improved refining margins, as the Texas oil giant greatly ramped up its investment in the U.S. oilpatch. Exxon sold oil for $105.25 a barrel in the second quarter, up from $73.13 in the year-ago period. Natural gas sold for an average price of $4.20 per million Btus, up from $4.11.
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