EXXON sales $100 BILLION/Profit $8.3 BILLION! (merged)

[Bobby Orr 4]

Exxon Mobile posts record profit

Profit for the quarter: $9.9 billion

From Reuters News business

 

[say again]

WOW!!!!

I wonder how that could be!?!?!?!:bomb:

 

[FN FAL]

Yea, if they gave it away for free, they'd never make any money.

 

[mamba20]

The fleecing continues

 

[FN FAL]

The fleecing continues

Fleecing?

 

[Chuck Yogourt]

I thought Exxon had to charge $2.50 a gallon for jet fuel becuase of refineries being off line. You don't suppose they used that as an excuse do you? I am in shock.

 

[Hair-on-Fire]

Yea, if they gave it away for free, they'd never make any money.

But we'll make it up in volume

 

[CA1900]

tr.v. fleeced, fleec·ing, fleec·es

1. To defraud of money or property; swindle.

As you may or may not have noticed, Bush has more than a few ties to the oil industry. This is more than just a small conflict of interest.

Condoleeza Rice was a director at Chevron -- they named an oil tanker after her. She resigned that post only a week before joining Bush as National Security Advisor. Cheney's ties to Halliburton are well-known.
The Bush Family's ties to the Carlyle Group are very well-known.

When oil makes money, the Bush family makes money. See the relationship?

 

[say again]

When oil makes money, the Bush family makes money.

And I lose my shirt!!:laugh:

 

[SWA GUY]

I'm glad I have some portion of my investment portfolio in oil company MLP's and stocks.

The oil companies are the bad guys for making a profit? Riiiiight.

Don't the big oil companies employ hundreds of thousands of people? Provide insurance for those employees? Give them an opportunity to build a life? Allow them to get ahead and make a better life? Bring in huge sums of tax revenue?

Wake up people. Big business=good. Socialism/communism=bad.

 

[say again]

I'm glad I have some portion of my investment portfolio in oil company MLP's and stocks.

The oil companies are the bad guys for making a profit? Riiiiight.

Don't the big oil companies employ hundreds of thousands of people? Provide insurance for those employees? Give them an opportunity to build a life? Allow them to get ahead and make a better life? Bring in huge sums of tax revenue?

Wake up people. Big business=good. Socialism/communism=bad.

Yeah, agreed, but there is no need to inflate the prices the way they are.

 

[whymeworry?]

As airline employees, we should all demand that any oil company employee traveling on our aircraft pay a fleecing surcharge. Oh, but wait... big oil travel on their own executive jets. They would never stoop and travel with us common folk.

 

[Hpilot]

Yep,
The guy that lives across the street from me(yeah I'm the poor one on my block) is one of the higher ups at the local refinery. His bonus check is so large he's trading up on his power boat. After all the things only 40ft and it's already 2 years old. He thought it was funny because after they first started raising prices the demand increased. All the oil from his refinery is brought into Washington state by tanker, refined here and the finished product stays here. There was absolutely no disruption with their process. They couldn't pass up the chance however to screw us all and make a big profit(northwest has some of the highest gas prices). Good old supply and demand excuse. Time to ask him if they have any job openings.

 

[SWA GUY]

Say Again,

Ima gonna take the time to explain this to you.

You(insert your oil ccompany name here) own a big oil company that does and owns various things. You own coal mines, gas fields, offshore/onshore drilling rigs, as well as fractionation plants.

When the price of crude oil is $11.00/bbl the oil/gas in your fields sit there making very little money. Your offshore/onshore rigs do almost nothing(which costs you a ton of money to do nothing) and your fractionation plants produce the bare minimum.

Now, the price of oil(crude oil futures on the Mercantile Exchange) goes up to $40/bbl-$60/bbl due to investers thinking they can make money in crude oil futures(they have and can) and suddenly all your gas/oil fields are worth a whole lot more. Your offshore/onshore rigs are producing like mad, and the fractionation plants are at full output.

Now, there'd be a huge change in profit from $11/bbl to $60/bbl. "Record Profit" even.

The price at the pump is largely linked to margin. about 7-12% is pretty standard. I will say that gas(at the pump) goes up rather fast, and down rather slowly. I hate that too, but I don't own a gas satation and can't help you.

I hope this helps.

Ca1900 you Sir, are a complete moron!

 

[say again]

Say Again,

Ima gonna take the time to explain this to you.

You(insert your oil ccompany name here) own a big oil company that does and owns various things. You own coal mines, gas fields, offshore/onshore drilling rigs, as well as fractionation plants.

When the price of crude oil is $11.00/bbl the oil/gas in your fields sit there making very little money. Your offshore/onshore rigs do almost nothing(which costs you a ton of money to do nothing) and your fractionation plants produce the bare minimum.

Now, the price of oil(crude oil futures on the Mercantile Exchange) goes up to $40/bbl-$60/bbl due to investers thinking they can make money in crude oil futures(they have and can) and suddenly all your gas/oil fields are worth a whole lot more. Your offshore/onshore rigs are producing like mad, and the fractionation plants are at full output.

Now, there'd be a huge change in profit from $11/bbl to $60/bbl. "Record Profit" even.

The price at the pump is largely linked to margin. about 7-12% is pretty standard. I will say that gas(at the pump) goes up rather fast, and down rather slowly. I hate that too, but I don't own a gas satation and can't help you.

I hope this helps.

Ca1900 you Sir, are a complete moron!

I got ya, I'm just fed up with ridiculous prices these days. There have been instances where gas stations have "jacked up" the prices illegally. I do understand what you are saying, thanx.

 

[Airboss]

Exxon Mobil, Shell Post Record Profits


By STEVE QUINN, Associated Press Writer 8 minutes ago


High prices for oil and natural gas propelled Exxon Mobil Corp. and Royal Dutch Shell PLC to their best quarterly results ever on Thursday, with Exxon becoming the first U.S. company ever to ring up quarterly sales of $100 billion.
To put Exxon's performance into perspective, its third quarter revenue was greater than the annual gross domestic product of some of the largest oil producing nations, including the United Arab Emirates and Kuwait. The world's largest publicly traded oil company also set a profit record for U.S. companies by posting net income of almost $10 billion, according to Standard & Poor's equity market analyst Howard Silverblatt.
Both Exxon and Shell said their performances were buoyed by higher crude-oil and natural-gas prices, even as output suffered due to a busy hurricane season in the Gulf of Mexico. The companies noticed slight decreases in fuel demand.
Exxon's net income ballooned 75 percent to $9.92 billion, compared with $5.68 billion a year ago. The previous oil-industry earnings record was Exxon's 2004 fourth-quarter profit of $8.42 billion. Revenue grew to $100.72 billion from $76.38 billion in the prior-year period.
At Shell, third-quarter net income grew 68 percent to $9.03 billion, compared with $5.37 billion a year earlier. Revenue at the Anglo-Dutch company rose 8 percent to $76.44 billion.
"We are capturing the benefits of high oil and gas prices and refining margins," Shell Chief Financial Officer Peter Voser said, referring to the profit margin on each barrel of crude that is refined into gasoline, diesel and jet fuel.
Shares of Exxon rose 3 cents to $56.23 on the New York Stock Exchange, where U.S.-traded shares of Shell rose $1.30, or 2 percent, to $60.80.
Excluding certain items, Exxon's profit was $8.3 billion, or $1.32 per share, or slightly below the $1.38 per share expected by analysts polled by Thomson Financial.
With oil futures above $60 a barrel for much of the third quarter, Exxon's profits from petroleum exploration and production increased by $1.8 billion to $5.7 billion. Soaring prices for gasoline, diesel and jet fuel lifted refining and marketing profits by $727 million to $2.13 billion.
However, income at the company's chemicals unit declined by $537 million to $472 million, a reflection of the higher prices for raw materials.
Exxon said the hurricanes slashed U.S. production volumes by 5 percent from a year ago, while global daily production slipped to 2.45 million barrels of oil equivalent from 2.51 million barrels. By the end of the year, it will cost the company about $100 million after taxes, the company estimated.
Shell said its adjusted earnings, arrived at by stripping out the fluctuating value of petroleum, was $7.37 billion, sharply higher than analysts' forecasts.
Shells profits from exploration and production increased by $2.6 billion to $5 billion in spite of an 11 percent decline in oil and natural-gas output. Its refining and marketing profit climbed by $201 million to $1.7 billion. Its chemicals business saw profits decline by $251 million to $321 million.
Shell said hurricane damage would cost it about $350 million, although much of the expense would be covered by insurance.
Also on Thursday, Marathon Oil Corp. said third-quarter profit more than tripled to $770 million, up from $222 million a year earlier. Most of the profit came from its oil and natural-gas production unit. However, the results fell short of Wall Street's aggressive estimates and Marathon's stock dropped $2.23, or 3.7 percent, to $58.85 on the NYSE.
___
On the Net:

http://www.exxon.com http://www.shell.com

 

[SWA GUY]

Say Again,

If I owned a gas station I'd sell you gas at deep discounts, and then make up the discount on CA 1900.

In the last 12 months over $250 Billion has been injected into the mercantile exchange (crude oil futures), which is why crude oil is at ~$60.00/bbl.

Google/Apple doing well too, although not related to oil.

 

[skydivinguy]

Doh!

Too bad I don't own any oil company stocks!

 

[cforst513]

unreal. i can't wait til we run out of oil...

 

[say again]

Say Again,

If I owned a gas station I'd sell you gas at deep discounts, and then make up the discount on CA 1900.

In the last 12 months over $250 Billion has been injected into the mercantile exchange (crude oil futures), which is why crude oil is at ~$60.00/bbl.

Google/Apple doing well too, although not related to oil.

Thanx, I going to hold you up on that offer!!!!:beer:

 

[jetflyer]

They really aren't gouging.

There is a lack of refineries.

There were worries and still are that there will not be enough oil products for the U.S. in the near future.

The price had to go up to CAUSE people to use less.

The oil companies are GUILTY of SHUTTING DOWN over a HUNDRED refineries in the last 25 years so that they could increase refinery profits.

They are guilty of that.

Here is my source: http://www.financialsense.com/stormwatch/update.htm

The United States has experienced a steep decline in refining capacity between 1981 and the mid-1990s. The number of refineries fell from 324 in 1981 to 149 in 2003.

This is one of the major reasons the prices are so high. They wanted to maximize the use of their refineries.

I think it is criminal and has developed into a National Security issue. It has exposed a weakness in the U.S. if we enter a future war. Our adversaries would only have to target 10-20 refineries and the U.S. would BE CRUSHED. We have to build more refineries NOW.

Well now that many refineries are STILL shut down from the hurricanes, we're having trouble creating all of the GASOLINE, Jet fuel, Heating Oil, etc. that we need.

So there are shortages of these products and economics is economics. The only way to fairly distribute a product that is in short supply is to raise the price so that only those that can afford the product at that price will purchase it.


Jet

 

[GoingHot]

Say Again,

Ima gonna take the time to explain this to you.

You(insert your oil ccompany name here) own a big oil company that does and owns various things. You own coal mines, gas fields, offshore/onshore drilling rigs, as well as fractionation plants.

When the price of crude oil is $11.00/bbl the oil/gas in your fields sit there making very little money. Your offshore/onshore rigs do almost nothing(which costs you a ton of money to do nothing) and your fractionation plants produce the bare minimum.

Now, the price of oil(crude oil futures on the Mercantile Exchange) goes up to $40/bbl-$60/bbl due to investers thinking they can make money in crude oil futures(they have and can) and suddenly all your gas/oil fields are worth a whole lot more. Your offshore/onshore rigs are producing like mad, and the fractionation plants are at full output.

Now, there'd be a huge change in profit from $11/bbl to $60/bbl. "Record Profit" even.

The price at the pump is largely linked to margin. about 7-12% is pretty standard. I will say that gas(at the pump) goes up rather fast, and down rather slowly. I hate that too, but I don't own a gas satation and can't help you.

I hope this helps.

Ca1900 you Sir, are a complete moron!

Good stuff SWA GUY, but I'm afraid you're wasting your time. You can talk until you're blue in the face, and you will still get the same answer from Ca1900 and his kind: "DON"T CONFUSE ME WITH THE FACTS".

 

[Traderd]

10/28/2005
0945: Sold short 7000sh @ 56.10 XOM; 1045 covered 5000sh XOM @ 54.98
0942: Sold short 3500sh @ 98.40 VLO; 1039 covered 3500sh VLO @ 95.30

Total short term gain from my trades in the oil sector this morning are about 18K gross of fees and taxes, net of commissions.

And for the uninitiated, a short sell success means the value of the security decreased. Also, XOM is Exxon Mobile (BIG OIL!!!) and VLO is Valero (BIG REFINERY!!!). Record profits, "criminal" activity in a failure to build enough refineries and this is the shareholder's reward? Oh well, matters not in which direction stock will move, only that they move as I had similar results on 10/24 on the long side.

I have no idea why reasonably intelligent people can't see all of this economic activity involved with companies in the energy sector and utilize a small part of that intelligence to profit from the dynamics. The opportunity is out there. There may be no one to hold your hand, provide instruction and protect you from "management", but the chance to better your economic plot in life is very real. Take a minute to study the statistical implications of volume/price/range volatility instead of the time to bemoan the amount of profit a corporation has realized and maybe you will be surprised at the profit you can realize.

Back to you regularly schedule "Woe is us" thread. Just remember, you can turn lemons into lemonade (terrible cliche I know) when any commodity hits a critical level of scarcity , or at least when it is priced as such. Just remember to think, don't feel.

 

[ultrarunner]

I tanked up (hehe) on oil stock early this year, and I'm not complaining one darn bit. We are 5 years into a 20 year cycle of very active hurricaine seasons. Everyone would be wise to re-evaluate their holdings in energy stock.