Not Logged In Log In   Sign Up   Points Leaders
Follow Us    5:42 AM

GasBuddy News Article

72
votes
Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy

Bloomberg -- Profits for the biggest U.S. energy producers including Exxon Mobil Corp. (XOM) are poised to decline the most since the financial meltdown of 2008-09 as the drilling technique known as fracking collapses natural gas prices.

Exxon and Chesapeake Energy Corp. (CHK), which today reports 2011 earnings, will see net income in 2012 slide 7 percent and 10 percent, respectively, according to the mean of analyst estimates compiled by Bloomberg. That would be the biggest drop since 2009 for the companies, the largest U.S. gas producers.

While higher global demand for transportation fuels drove up crude prices about 30 percent since 2009, the domestic gas glut is pinching earnings for producers even as it pushes the U.S. toward energy independence. Especially hurt are Chesapeake and ConocoPhilli


Read the Full Article

Submitted Feb 21, 2012 By: Lighting10K
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

Posts:24,049
Points:2,388,440
Joined:Nov 2008
Message Posted: Feb 25, 2012 6:15:31 AM

I am sooooooo distraught over the loss of a few MILLION in their BILLION dollar profits. A few million will send Pig Oil to the poor house, right? (sarcasm and cynicism off)
tomok
Champion Author Portland

Posts:46,235
Points:3,124,085
Joined:Aug 2006
Message Posted: Feb 22, 2012 1:11:23 AM

Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake and oil companies are refining oil into fuel and exporting it to other countries for additional profits. Fuel prices at the pump will be at its all time high. Canadian pipeline oil will be refined into fuel and will also be exported, no price relief at the pump for the US. Oil companies are complaining, when their profits have been the most ever.
If there is such as over supply of natural gas, make it available for more vehicles, just like it is for trucks and buses. Will that take away from the oil needed for gasoline and diesel fuel?
Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using ‘other’ forms of transportation to help lower your cost.
The price of fuel at the pump is too high!
12/22/2012!
RBob
Champion Author Portland

Posts:5,239
Points:3,046,790
Joined:May 2004
Message Posted: Feb 21, 2012 10:15:03 PM


Oh sure. And coming from Bloomberg too, what's to believe?

ssect8
Champion Author Hartford

Posts:10,119
Points:2,495,965
Joined:Jun 2006
Message Posted: Feb 21, 2012 10:04:00 PM

Isn't that just too bad?
JesseJack52
All-Star Author Virginia Beach

Posts:628
Points:127,835
Joined:Sep 2011
Message Posted: Feb 21, 2012 9:57:09 PM

well, well
jimbo1867
Champion Author Arizona

Posts:8,577
Points:2,827,740
Joined:Apr 2005
Message Posted: Feb 21, 2012 9:56:21 PM

okay
PnnyPnchr
Champion Author Toronto

Posts:18,059
Points:3,011,290
Joined:Dec 2002
Message Posted: Feb 21, 2012 9:54:41 PM

Should start using more CNG as auto fuel.
wwardyota
Champion Author Honolulu

Posts:1,451
Points:795,210
Joined:May 2008
Message Posted: Feb 21, 2012 9:52:14 PM

so they say... when would oil even admit to falling profits?
monieet
Champion Author California

Posts:1,092
Points:812,110
Joined:Mar 2011
Message Posted: Feb 21, 2012 9:51:26 PM

Ok
Thomtec
Champion Author Nashville

Posts:5,635
Points:1,379,480
Joined:May 2011
Message Posted: Feb 21, 2012 9:49:45 PM

This is a good thing for consumers. Dont feel sorry for the producers because the will make plenty of profits. Ebb and flow
NHLiveFree
Champion Author New Hampshire

Posts:14,945
Points:2,382,325
Joined:Jun 2008
Message Posted: Feb 21, 2012 9:48:14 PM


"Well aid" must be a new tax break for oil companies in Texas!
NHLiveFree
Champion Author New Hampshire

Posts:14,945
Points:2,382,325
Joined:Jun 2008
Message Posted: Feb 21, 2012 9:46:00 PM


Don't we all feel so sorry for Big Oil. How many tax write offs will be taken for the refineries that are being closed to raise retail prices?
fuelsaverMN
Champion Author Twin Cities

Posts:2,282
Points:559,080
Joined:Mar 2011
Message Posted: Feb 21, 2012 9:45:49 PM

THE OIL COMPANIES NEED TO COME DOWN TO OUR LEVEL AND HELP THE POOR WORKING PEOPLE.
gd83goldwinger
Champion Author South Bend

Posts:2,584
Points:794,580
Joined:May 2011
Message Posted: Feb 21, 2012 9:45:32 PM

alllllllllll.
fuelsaverMN
Champion Author Twin Cities

Posts:2,282
Points:559,080
Joined:Mar 2011
Message Posted: Feb 21, 2012 9:44:53 PM

"THAT'S GOOD FOR US AMERICANS"....NOW WILL THE PRICE COME DOWN AMIDS'T ALL THE PROBLEMS IN OUR WORLD.
regout
Champion Author Quebec

Posts:6,165
Points:1,605,655
Joined:May 2010
Message Posted: Feb 21, 2012 9:44:21 PM

No fracking.
TKDBlackBelt
Champion Author Dayton

Posts:3,292
Points:1,365,135
Joined:Mar 2007
Message Posted: Feb 21, 2012 9:44:02 PM

Hey carman11, don't forget the specuTRAITORS who drove the prices up in the first place!
KY_Homeboy
All-Star Author Kentucky

Posts:996
Points:757,145
Joined:Oct 2008
Message Posted: Feb 21, 2012 9:43:47 PM

Maybe for the common man working the rigs -
clermont40miles
Champion Author Cincinnati

Posts:14,669
Points:2,544,785
Joined:Apr 2008
Message Posted: Feb 21, 2012 9:43:39 PM

My car does not burn natural gas. We have propane trucked in. The boom will not help us unless the infrastructure is there.

It will probably come since the resource is so plentiful. Hurry up!

Pray BHO & Co. don't shoot down domestic production. They are inclined to destroy, not create.
confetti
Veteran Author Tampa

Posts:420
Points:642,590
Joined:Jan 2006
Message Posted: Feb 21, 2012 9:43:16 PM

carman11 has it right: "THE GOVERNMENT IS THE ONE THAT MAKES THE PROFIT ON ENERGY BY WAY OF TAXES!!!"

Articles have been posted here on gasbuddy setting out the facts about how the government rakes in 50 - 73% of the cash from oil leases. Please don't ignore the facts and make businesses into the scapegoats! Instead, demand lower taxes!
carman11
Champion Author North Carolina

Posts:6,699
Points:1,470,200
Joined:Jun 2011
Message Posted: Feb 21, 2012 9:38:04 PM

THE GOVERNMENT IS THE ONE THAT MAKES THE PROFIT ON ENERGY BY WAY OF TAXES!!!
bonzoonfmb
Champion Author Florida

Posts:2,540
Points:888,110
Joined:Feb 2010
Message Posted: Feb 21, 2012 9:34:43 PM

Please, everyone, buy more Exxon Mobil products.
craigsfrank
Champion Author Arkansas

Posts:3,343
Points:1,515,950
Joined:Jun 2010
Message Posted: Feb 21, 2012 9:34:40 PM

I feel sorry for my credit card bill every month when I fill up a few times. Someone is making $$.
chrisg55
Rookie Author Indiana

Posts:46
Points:11,620
Joined:Feb 2012
Message Posted: Feb 21, 2012 9:33:31 PM

Poor oil companies, maybe they need more tax breaks..Bush
goalie1950
Champion Author Phoenix

Posts:9,645
Points:2,073,240
Joined:Oct 2009
Message Posted: Feb 21, 2012 9:27:42 PM

Are we suppose to feel sorry for these energy companies? I think not.
min_fuel
Champion Author Philadelphia

Posts:1,958
Points:746,360
Joined:Jan 2008
Message Posted: Feb 21, 2012 9:27:29 PM

Gas prices are low because demand is low due to the unusually warm Winter. But as the economy gets going after Obama is kicked out of office, the demand for Natural Gas will skyrocket.
drpepperTX
Champion Author Texas

Posts:14,373
Points:1,525,190
Joined:Apr 2011
Message Posted: Feb 21, 2012 9:27:04 PM

Well aid humblepie.
DustyHorse
Champion Author Virginia

Posts:9,239
Points:2,131,140
Joined:Oct 2008
Message Posted: Feb 21, 2012 9:26:13 PM

I am finding it very hard to feel sorry for Exxon.
cheap59
Champion Author Michigan

Posts:5,172
Points:1,596,070
Joined:May 2010
Message Posted: Feb 21, 2012 9:25:02 PM

Now if gas prices will fall too.
kmaesad
Rookie Author Charleston

Posts:74
Points:21,520
Joined:Nov 2011
Message Posted: Feb 21, 2012 9:25:01 PM

AAhhhhh..
Paw5X
Champion Author Gary

Posts:11,150
Points:2,489,000
Joined:May 2005
Message Posted: Feb 21, 2012 9:23:28 PM

Hey Senrac I though that was in Arizona! LOL
NorthglennBill
Champion Author Denver

Posts:10,536
Points:2,231,050
Joined:Oct 2008
Message Posted: Feb 21, 2012 9:23:18 PM

Finally, a good thing about fracking.
Senrac
Champion Author Lincoln

Posts:1,594
Points:377,810
Joined:Mar 2010
Message Posted: Feb 21, 2012 9:19:59 PM

and if you believe that I got ocean front property in Nebraska to sell ya cheap
woburnspotter2
Veteran Author Boston

Posts:480
Points:175,505
Joined:Apr 2007
Message Posted: Feb 21, 2012 9:19:12 PM

Suppy and demand - with more natural gas being found, prices come down. . . Which is why It upsets me to see the government throw roadblocks up to recovering oil. . . Blocking companies from recovering oil just means prices will be higher than they should be.
pgerassi
Champion Author Milwaukee

Posts:14,151
Points:2,906,865
Joined:Apr 2007
Message Posted: Feb 21, 2012 9:18:46 PM

Because storage is a problem for NG, CIFs haven't pushed the prices through the roof. Ban CIFs and most oil product prices would be the same as NG.
REKEY
Champion Author South Carolina

Posts:11,772
Points:2,466,400
Joined:May 2008
Message Posted: Feb 21, 2012 9:18:11 PM

I just heard that company profits were up. But even a 7% slide is not a lot since they made BILLIONS off the consumers of the US!
HYEgasCA
Champion Author Fresno

Posts:4,644
Points:1,602,100
Joined:Dec 2008
Message Posted: Feb 21, 2012 9:16:38 PM

Exxon isn't even around in CA.
FlyNFool
Champion Author South Carolina

Posts:11,395
Points:2,457,505
Joined:Aug 2008
Message Posted: Feb 21, 2012 9:11:56 PM

Really?
Agarre
Champion Author Richmond

Posts:2,000
Points:429,390
Joined:Feb 2012
Message Posted: Feb 21, 2012 9:07:19 PM

Exxon is cheap ???
humblepie
Champion Author Toledo

Posts:63,791
Points:3,151,145
Joined:Mar 2006
Message Posted: Feb 21, 2012 9:05:27 PM

they employ so many americans
i hope this is only temporary.
obama's job creation plans are
woeful at best and we certainly
need all the jobs we can get..
ScottTee
Champion Author Detroit

Posts:7,594
Points:1,830,775
Joined:Mar 2010
Message Posted: Feb 21, 2012 9:05:07 PM

so let's get the Natural Gas Act passed, what are we waiting for?
tippybuddy
Champion Author Ontario

Posts:1,523
Points:207,740
Joined:Feb 2011
Message Posted: Feb 21, 2012 9:04:39 PM

poor investors but we're still losing at the pumps with higher prices
mikaye
Champion Author Cleveland

Posts:5,525
Points:1,299,625
Joined:Jun 2010
Message Posted: Feb 21, 2012 9:00:58 PM

suuure profits are falling. just slanting statistics to increase prices without too much stink
bl626
All-Star Author Toledo

Posts:824
Points:242,355
Joined:Feb 2011
Message Posted: Feb 21, 2012 9:00:31 PM

oh.. poor investors... profit in decline, but our price at the pump rising!
Blue48
Champion Author Illinois

Posts:10,566
Points:2,415,970
Joined:Feb 2007
Message Posted: Feb 21, 2012 8:59:14 PM

BAD NEWS FOR SOME!
mazda03
Veteran Author Quebec City

Posts:351
Points:1,737,055
Joined:Nov 2006
Message Posted: Feb 21, 2012 8:57:06 PM

bs
Stooker
Sophomore Author Ontario

Posts:158
Points:73,420
Joined:Dec 2011
Message Posted: Feb 21, 2012 8:56:39 PM

whatever
singlemom27
Champion Author Ventura

Posts:6,251
Points:1,400,745
Joined:Apr 2011
Message Posted: Feb 21, 2012 8:55:25 PM

BS
PoohMcGoo
Champion Author Alabama

Posts:3,880
Points:1,444,070
Joined:Dec 2010
Message Posted: Feb 21, 2012 8:53:22 PM

I doubt their profit will be hurt much..
kcboy
Champion Author Utah

Posts:6,269
Points:2,064,070
Joined:Jun 2005
Message Posted: Feb 21, 2012 8:50:35 PM

Interesting
naiiawah
Champion Author Boise

Posts:5,271
Points:1,438,080
Joined:Mar 2011
Message Posted: Feb 21, 2012 8:48:51 PM

Let me guess... now we'll have "bail out" the oil industry too.
Post a reply Back to Topics