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#1 Big Oil's biggest quarter ever: $51.5B in all08-03-2008, 01:55 AM
Aug 1, 5:11 PM (ET)
By JOHN PORRETTO
HOUSTON (AP) - Oil giants Chevron Corp. (CVX) (CVX) and Total SA (TOT) wrapped up a string of gargantuan, record-breaking earnings reports Friday, a stretch in which six of the major international oil companies topped $50 billion in combined profit for the first time.
While the profits of unparalleled size have brought withering criticism from Washington and disgust from consumers across the country, very few were surprised. Crude prices during the second quarter were nearly double what they were a year ago.
Chevron said Friday its second-quarter profit rose 11 percent to a record $5.98 billion.
Revenue rose significantly to $82.9 billion from $56.1 billion a year ago.
But results for the second-largest U.S. oil company missed Wall Street forecasts and shares fell.
Like its competitors, Chevron made the bulk of its money at its exploration and production arm, also known as the upstream, where income nearly doubled from a year ago to $7.25 billion.
http://apnews.myway.com/article/20080801/D929NPKG2.htmlAt Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
08-03-2008, 02:38 AM
- Join Date
- May 2008
Bet you did not know that Exxon, Chevron and TOT's stock is down around 10% for the year plus you probably do not have a clue why. Let's see if you know why.
08-03-2008, 02:42 AM
An Increase in Revenue doesn't necessarily mean increase in profit. The Big oil is the boogieman is like that new X files movie. For a lot of people it's " I want to Believe"The 21st century. The age of Smart phones and Stupid people.
It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.
08-03-2008, 02:57 AMNothing helps a bad mood like spreading it around.
08-03-2008, 04:58 AM
Whats the problem? Companies turn a profit and people bitch about it? Good for them. If you don't like it, go buy their stock and join the party. Crybabies.**** Obama and **** you too.
08-03-2008, 01:54 PMAt Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
08-03-2008, 02:03 PMThe writer of the article neglected to report that in addition to buybacks, exploration and other costs of doing business, oil companies paid hefty tax charges, $29.8 billion for Exxon Mobil, $13.4 billion for Chevron and $11.3 billion for Conoco Philips, in 2007.
We should be thankful they haven't moved abroad to avoid U.S. taxes altogether.
08-03-2008, 02:04 PM
- Join Date
- May 2008
08-03-2008, 02:40 PM
Profits were still less than analysts had expected. The company's stock price fell about three percent during trading today........
......but weak margins from gasoline production led to a big loss at its refining operations......
But gasoline prices only rose 25 percent in that same period, resulting in weak profit margins for refining and marketing operations....
The company posted a $734 million loss at its downstream refining and marketing business -- a more than $2 billion swing from its year-earlier profit as weak profit margins and U.S. refinery maintenance hurt results....
In particular, investors who were sucked into buying oil stocks and funds during the early summer hysteria might wonder what happened to the 24-hour-a-day flap about ever-rising oil prices and supply shortages....
In just a month, the price of crude has dropped about 16 percent since the peak. The energy stocks of the Standard & Poor's 500 have lost more than 14 percent. The integrated oil and gas Dow Jones index is down more than 20 percent....
If oil prices continue to slide, oil stocks will, too, because about 80 percent of the price is tied to the commodity, said senior energy analyst Charles Maxwell of Weeden & Co. Maxwell is predicting that oil could drop to $90 and trade between that and $130 into 2010. By 2015, however, he predicts oil at $300 a barrel....
The companies insist they're trying to find new oil that might help bring down gas prices, but the money they spend on exploration is nothing compared with what they spend on stock buybacks and dividends.....
It's good news for shareholders, including mutual funds and retirement plans for millions of Americans, but no help to drivers already making drastic cutbacks to offset the high cost of fuel.....
The five biggest international oil companies plowed about 55 percent of the cash they made from their businesses into stock buybacks and dividends last year, up from 30 percent in 2000 and just 1 percent in 1993.....At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
08-03-2008, 05:41 PM
Big Oil's biggest quarter ever: $51.5B in all
We fuckin' deserve it. I fuckin' deserve it. I work hard to keep you happy.
You want it, we provide it, you're willing and able to pay for it, and we're willing and able to ship it to you, we deserve it, all of it, all of whatever you are willing to pay for it.
Exploring it, extracting it, shipping it, marketing it ain't cheap any more, and it certainly ain't free. It costs money. We are not charities.
That's how this works, this thing of ours.
Last time I checked, it's called capitalism, and it still works.
When you no longer require oil and gas, let us know.
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