Reply With Quotei hate that but it sure makes for a nice bonus
Record quarters seen from Big Oil
By Lisa Sanders, CBS.MarketWatch.com
DALLAS (CBS.MW) -- The major integrated oil companies reporting quarterly results in force next week are expected to post record profits driven by high commodity prices and refining margins, according to industry watchers.
"If they don't, shame on them," said Oppenheimer & Co. analyst Fadel Gheit. "Oil is at record levels, natural gas prices are at historical highs and refining margins are very close to record levels. And the chemicals business is improving because of global economic improvements. So they're firing on all cylinders."
ExxonMobil (XOM: news, chart, profile), the world's largest oil and gas company, reports its second quarter results July 29.
"Exxon had record earnings last quarter, and they will beat that," Gheit added. "My bet is that the majority [of the companies] will."
Analysts polled by Thomson First Call expect Exxon, which has about $16 billion in cash, to earn 87 cents a share, on average. A year ago, the company earned 62 cents.
"Although they are still buying back stock, the money is coming in a lot faster than they are able to spend it," Gheit noted. "I still believe [Exxon is] eyeing investments in Russia. With more uncertainty surrounding Iraq, Russia becomes the only game in town."
The analyst said he's interested to see the company's results from its chemicals segment. As one of the largest petrochemical companies in the world, Exxon stands to benefit nicely from a turnaround in the industry.
On July 30, analysts expect ChevronTexaco (CVX: news, chart, profile) to report earnings of $2.70 per share, a sharp increase from the $1.61 a share earned in the second quarter of 2003.
"Chevron is printing money," Gheit said. "They're having Christmas in April, May and June. Gasoline prices are at record levels and they're making obscene profits."
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Think their profits are out of our pockets?
i hate that but it sure makes for a nice bonus
Fantastic!!!!!
I own several big oil company stocks. And no, their profits come out of their pockets. Why does this piss you off? What and where did you go to business college that teaches that no profits in the oil business is good for America?
Hell I am happy as hell to see American business (any business) do well!
Originally posted by BUSTI
Fantastic!!!!!
I own several big oil company stocks. And no, their profits come out of their pockets. Why does this piss you off? What and where did you go to business college that teaches that no profits in the oil business is good for America?
Hell I am happy as hell to see American business (any business) do well!
You missed the point BUSTI...the profits are coming from the HIGH PRICES we are all paying...the refinery margins are at record amounts. That is where real profit is being made. $0.66 of every gallon of refined gasoline is refinery margin in CA where the gulf coast is only $0.22 per gallon. Think the public is getting reamed in CA? Sure is.
And no, their profits come out of their pockets.
Right ..they sell gasoline to themselves. Hahahaha...good one.
I work in the offcie for a landscape/irrigation company in Western Washington. We buy gas wholesale from a Chevron distributor. They come three times a week to fill our tank. We go through an easy 1500 gallons per week for all our work trucks. Our wholesale price per gallon two weeks ago was $.40 less than at the pumps. Our gas is on the way back up, because our wholesale price today is back up to $1.95. We get quotes faxed to us Mon, Wed & Friday to let us know what our fuel prices are. On a weekly basis we have to tell our crews to fillup here or at a gas station depending on what is cheaper. Today I paid $1.87 at a station for reg unleaded for my car. In a couple of weeks it will be back up in the $2.00 per gallon easy.
LOL! How do their profits come from their own pockets? All i know is record high prices and record high profits.....Coincidence?...i think not
i work for bp and supply and demand the west coat pad is down about 5 million barrels of gas. so that is a shortage which drives prices up no matter how much profit there making.
Originally posted by boatnam2
i work for bp and supply and demand the west coat pad is down about 5 million barrels of gas. so that is a shortage which drives prices up no matter how much profit there making.
I can think of another reason why the prices are up,might have to do with a 8 million dollar invoice they had to pay!!!
f u c k the gas companies! im getting a scooter. and an ELECTRIC one at that!
Originally posted by boatnam2
i work for bp and supply and demand the west coat pad is down about 5 million barrels of gas. so that is a shortage which drives prices up no matter how much profit there making.
So they produce less..and get paid more...where do i sign up?
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