Comparing revenue growth

Here, we’ll discuss how our four global integrated energy companies fared in terms of revenue growth in 1Q15.

In 1Q15, only YPF (YPF), the Argentina-based integrated energy company, grew revenues over 1Q14. The other three, ExxonMobil (XOM), BP (BP), and Royal Dutch Shell (RDS.A) recorded a 1Q15 revenue decline compared to the corresponding quarter last year.

YPF’s Revenues Grow as Fellow Integrated Companies See Declines

YPF is the leader

YPF (YPF) recorded a 13% 1Q15 revenue growth compared to the year-ago quarter. Its 1Q15 revenue was $34.7 billion versus $30.6 billion a year earlier. By the end of its latest quarter ending March 31, 95% of YPF’s total revenues were from Argentina. 1Q15 revenues from downstream activities increased 8% over 1Q14, while upstream activities increased 25%. The reasons why YPF’s upstream revenues increased include higher volume and higher energy price realizations in its domestic market in Argentina.

The laggards

ExxonMobil’s (XOM) 1Q15 revenue declined 37% to $59.2 billion from $93.8 billion a year ago. Its 1Q15 revenues from downstream activities decreased 38% from 1Q14, while chemicals and upstream activities decreased 30% and 36%, respectively, during this period. The company generated 36% of its 1Q15 revenues from the US, while the rest of the world accounted for the other 64%. In comparison, Chevron’s (CVX) revenues decreased 38% in 1Q15 over 1Q14.

ExxonMobil makes up 1.9% of the SPDR S&P 500 ETF (SPY). It also makes up 21.3% of the iShares US Energy ETF (IYE).

Royal Dutch Shell (RDS.A) recorded a 40% 1Q15 revenue decline compared to the year-ago quarter. Its 1Q15 revenue was $65.7 billion versus $109.7 billion a year earlier. Its 1Q15 upstream and downstream revenues decreased 40% each over 1Q14. Royal Dutch Shell makes up 4.6% of the iShares Global Energy ETF (IXC).

BP (BP) recorded a 41% 1Q15 revenue decline compared to the year-ago quarter. Its 1Q15 revenue was $54.2 billion versus $91.7 billion a year earlier. Its 1Q15 refining and marketing (or downstream) revenues decreased 43% from 1Q14, while exploration and production (also called upstream) revenues decreased 22%. In 1Q15, the US accounted for 33% of its total revenues.

We’ll look at the earnings growth figures of these companies in the following section.

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