Thread: Big Oil's biggest quarter ever: $51.5B in all

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  1. #1 Big Oil's biggest quarter ever: $51.5B in all 
    Senior Member LogansPapa's Avatar
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    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.html
    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)
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    Quote Originally Posted by LogansPapa View Post
    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.html
    Oh, the horrors; the big oil companies are making big bucks. However, their refining operations are barely breaking even. Valero is trying to sell 3 of their 17 refineries.

    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.
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    Senior Member Zeus's Avatar
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    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.
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    Senior Member Troll's Avatar
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    Quote Originally Posted by Zeus View Post
    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"
    Bingo. I don't know the first thing about economics, but I can tell you the difference between a profit and a profit margin. Big Oil may be posting record profits, but they're making a much lower profit margin than a lot of other companies. Let's also keep in mind that that $51.5 billion is paying all of their employees, stockholders, and probably going towards exploring for new reserves. I know that the Big 'O' wants us all to believe that that money is divvied up between Bush, Cheney and a few oil execs, but nothing could be further from the truth.
    Nothing helps a bad mood like spreading it around.
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    Senior Member OwlMBA's Avatar
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    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.
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    Senior Member LogansPapa's Avatar
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    Quote Originally Posted by lacarnut View Post
    Oh, the horrors; the big oil companies are making big bucks. However, their refining operations are barely breaking even. Valero is trying to sell 3 of their 17 refineries.

    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.
    Oooh - IFR! (Idiot Flinch Reaction), again. Did I indicate this was a problem - or are you just projecting?:p
    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)
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    Senior Member LibraryLady's Avatar
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    The 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 altogethe
    r.
    Something else to consider.
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    Quote Originally Posted by LogansPapa View Post
    Oooh - IFR! (Idiot Flinch Reaction), again. Did I indicate this was a problem - or are you just projecting?:p
    You are the idiot because you can not answer my question. Once again, do you know why the three big oil Co's stocks have dropped 10% since the first of the year? It's plain as day but a doomer and gloomer like you does not have a clue. Let's hear it, shit for brains.
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    Senior Member LogansPapa's Avatar
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    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)
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  10. #10  
    NeunElfer SuperMod hampshirebrit's Avatar
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    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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