It's Official: Boom Times for Oil Giants

Stinky · 04-29-2008, 02:39 PM

ABC News: Oil Giants Profit; You Pay More at Pump

Quote:

LONDON (Reuters) - Oil giants Royal Dutch Shell and BP beat forecasts to post big rises in first quarter profits on Tuesday, lifting shares across the sector, as investors bet oil prices above $100/barrel would be an even bigger bonanza than expected.

Quote:

Almost all BP and Shell's business units performed well, even divisions such as refining and fuel retailing which were expected to be squeezed by difficulties in passing higher crude prices onto consumers.

B00STED4V · 04-29-2008, 02:42 PM

what?

Stinky · 04-29-2008, 02:45 PM

We're gettin whored.

B00STED4V · 04-29-2008, 02:47 PM

wtf, im getting whored out and im not getting paid? where's my monies?

Stinky · 04-29-2008, 02:48 PM

The chews took it all.

B00STED4V · 04-29-2008, 02:49 PM

effin chews with their effin stingey ways and their hair

Stinky · 04-29-2008, 02:51 PM

Quote:

Originally Posted by OxMox

effin chews with their effin stingey ways and their hair

Prophet't

Stinky · 04-29-2008, 02:52 PM

Even more.

Oil prices slip Tuesday as retail gas hits another record - Apr. 29, 2008

B00STED4V · 04-29-2008, 03:01 PM

eff

nEighter · 04-30-2008, 12:22 AM

Gasoline price at record $3.60 as truckers stage protest

By Tom Doggett, Reuters

WASHINGTON — Drivers faced more pain at the pump as the average price for gasoline reached a record $3.60 a gallon Monday and truckers went to Capitol Hill to protest soaring diesel fuel costs.
The national price for regular, self-service gasoline skyrocketed 9.5 cents over the last week to a new high and is up 63 cents from a year ago, the federal Energy Information Administration said in its survey of service stations.

The pump price has jumped 21 cents a gallon in the last two weeks alone and is expected to keep climbing, due to high crude oil costs that Monday reached a record $119.93 a barrel at the New York Mercantile Exchange.

The White House said there was nothing the government could do to help lower gasoline prices this spring and summer.

"I think it would be disingenuous and unfortunate for American consumers for them to be led to believe that there is a short-term fix. There's not going to be one," White House press secretary Dana Perino told reporters Monday.
For the long term, Perino said the U.S. needed to increase its domestic oil production so there would be more petroleum supplies in the market.
There actually is some relief arriving in the mail this week as American began receiving their economic stimulus checks.
The Bush administration wants consumers to spend the money and give a kick to the sputtering U.S. economy.

Some economists say consumers may instead use their stimulus checks to help cover their rising gasoline costs.

The EIA's weekly survey of service stations showed gasoline was the most expensive on the West Coast at an average $3.79 a gallon, up 5.2 cents. San Francisco had the highest city price at $3.92, also up 5.2 cents.
The Rocky Mountain states had the lowest regional price at $3.48 a gallon, up 6.2 cents. Houston had the best bargain at the pump, up 8.1 cents at $3.47.
Separately, the average price paid for diesel fuel reached a record of $4.18 a gallon, up 3.4 cents in the last week and $1.37 higher than a year ago, the EIA said.
The central Atlantic states had the most expensive diesel at $4.38 a gallon, up 0.6 cent. The Gulf Coast region had the cheapest fuel at $4.11, up 3.6 cents, the EIA said.
Truckers on Monday drove their big rigs through downtown Washington, blowing their horns and holding a rally at the Capitol to protest high diesel prices. It costs about $1,200 to fuel up a tractor trailer.

"I can understand the frustration and concerns that they have, and obviously this eats into their bottom lines, and also into their pay," Perino said.

Rising fuel costs could increase the cost of goods transported by trucks, including food, retail and manufactured goods, further reducing the impact of the stimulus checks.

nEighter · 04-30-2008, 12:37 AM

Quote:

BP and Shell post big profits in era of record oil prices

By Jane Wardell, AP Business Writer
LONDON — BP (BP) and Royal Dutch Shell (RDSA), Europe's two biggest oil producers, posted forecast-busting first-quarter earnings on Tuesday thanks to record crude oil prices that are expected to bolster profits across the industry.
The combined profits of $17 billion reignited calls for a windfall tax on oil profits as consumers struggle to pay for food and fuel.
British Prime Minister Gordon Brown suggested that some of those profits should be reinvested in costly exploration for new oil reserves in the North Sea.
BP posted a 63% surge in first-quarter net profit to $7.6 billion, while Shell reported a 25% rise to a record $9.08 billion.
Revenue at BP jumped 44% to $89.2 billion, while sales at Shell soared 55% to $114 billion.

Last week ConocoPhillips (COP) reported a 16% rise in net income to $4.14 billion. Like BP and Shell, the third biggest U.S. producer far outpaced industry expectations. More big profits are expected from the biggest two U.S. companies, ExxonMobil (XOM)and Chevron (CVX), when they report first-quarter earnings later this week.

Crude oil hit $111.80 a barrel during the quarter, while gas jumped an average of 22%. Crude has pushed even higher since, reaching a record $119.93 a barrel this week.

The enormous profit reports from European companies coincided with the end of a two-day refinery strike in Britain that shut off 700,000 barrels of oil per day, brought from the North Sea to a BP plant.

Truck drivers staged a protest in London's Park Lane on Tuesday, blaring their horns to protest a 30% rise in the price of diesel over the past year. A similar protest took place in Washington, D.C. on Monday, and it wasn't the first.

"The price of fuel is becoming something many families are struggling with," said Sheila Ranger, a spokeswoman for the RAC Foundation, a commuter advocacy group. "This will be the last straw for some motorists."

Shell's Chief Financial Officer Peter Voser said oil companies are not to blame. <<<<

"We don't understand the oil price at this stage," he said. "The fundamentals will not justify an oil price as we see it at the moment."

Shell's earnings from oil production rose 52% to $5.14 billion, due almost entirely to the price increases. The company said combined production of gas and oil equivalents increased less than 1% to 3.4 million barrels per day, as a 9% rise in gas production outweighed a 6% fall in oil production.

Stripping out the impact of oil inventories that have risen in value, refining profits would have fallen 20%, Shell said.

"It seems that better marketing and trading were able to offset the weak refining environment," analyst Alexandre Weinberg of Petercam.

Shell has invested heavily to improve production after a string of setbacks, including an accounting scandal in 2004. More recently, it has faced attacks on its pipelines in Nigeria and a forced sale of part of its stake in a major project on Russia's Sakhalin Island to a state-run enterprise.

BP's profit follows an even rougher period for the company from production outages, U.S. environmental fines and fraud and the scandal-tinged departure of its chief executive.

Chief Executive Tony Hayward, who took over from John Browne a year ago, has focused on bringing new production and refining capacity on line to improve earnings.

"At last, it appears that BP is beginning to improve its operational performance and this looks set to drive a stronger financial performance in the second half," said Tony Shephard, analyst at Charles Stanley & Co.
BP's closely watched replacement cost profit rose 48% to $6.59 billion, compared with $4.44 billion in the first quarter of 2007. The replacement cost figure is viewed by many analysts as the best measure of an oil company's underlying performance because it excludes changes in the value of crude inventories, measuring the amount it would cost to replace assets at current prices.

The company said refining availability improved for the sixth successive quarter.

"BP is still not firing on all cylinders but its operational turnaround looks to be on track with a strong second half recovery in prospect," said Charles Stanley & Co. analyst Tony Shephard.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

I am so Effin happy for these smucks, I am going to

nEighter · 04-30-2008, 12:54 AM

Quote:

Oil falls $3 to $115.63 a barrel as demand falls sharply

By John Wilen, AP Business Writer

NEW YORK — Oil prices fell more than $3 a barrel Tuesday as the market absorbed data showing that demand is falling even as supplies are rising.

Meanwhile, gas prices inched higher at the pump, continuing their record-breaking press toward $4 a gallon. <<< see also last article where it says dude says he doesn't know why prices are what they are!

A monthly Energy Department report said demand for finished petroleum products dropped 8.5% in February from January, and demand for gasoline fell 6.2%. Though some of that drop can be attributed to February's being a shorter month, it still suggests high prices are cutting American's appetite for fuel.

"That's a dramatic drop," said Linda Rafield, senior oil analyst at Platts, the energy research arm of McGraw-Hill.

At the same time, a British refinery strike that raised concerns about supplies ended Tuesday, and analysts surveyed by Platts expect the Energy Department's weekly inventory report on Wednesday to show domestic crude supplies rose last week.
"The two combined (rising supplies and falling demand) do not bode well for $120 oil," Rafield said. :RIPS LAPTOP APART!!!: :pissed: :hysterical:!!!!!!

Light, sweet crude for June delivery fell $3.12 to settle at $115.63 a barrel on the New York Mercantile Exchange.

A stronger dollar gave investors another reason to sell crude Tuesday. Commodities such as oil are less effective hedges against inflation when the dollar is gaining ground, and a stronger greenback makes oil more expensive to investors overseas. Analysts believe oil's run from $65 a year ago to a record near $120 yesterday has been fueled in large part by the dollar's protracted decline.

Energy investors will be closely watching the Federal Reserve's decision on interest rates Wednesday; analysts believe a quarter percentage point rate cut is already factored into the oil market. A decision to hold rates steady could further strengthen the dollar, sending oil prices down. But because rate cuts tend to weaken the dollar, a larger than expected rate cut could send oil to records over $120.

The market will also be keeping a close eye on Nigeria, a major U.S. supplier of oil, where a work slowdown and militant attacks have cut production.

"Nigeria's always a factor in oil prices, it's always had an ongoing issue with oil outages, but we're seeing a bit of an increased activity in militant attacks," said Mark Pervan, a senior commodity strategist at the ANZ Bank in Melbourne, Australia. "They'll keep a high floor on the price." <<<< SINCE FUCKING WHEN?!!?!?!!!

At the pump, the national average price of a gallon of unleaded gas rose 0.4 cents Tuesday to a record $3.607 a gallon Tuesday, according to a survey of stations by AAA and the Oil Price Information Service. Diesel prices rose 0.1 cents to a record national average of $4.244 a gallon.
Many analysts expect gas prices to peak within the next month, and some say they could rise as high as $4 nationally. Many parts of the country, particularly in California and Hawaii, are already paying more than $4. << WILL NEVER FUCKING HAPPEN!!! I can haz prayrz for no hurricanes? PWEASE!!!

Gas prices have been following oil prices higher, but they have also responded to gasoline supply concerns. Platts' survey shows analysts predict the Energy Department report will show gasoline supplies fell last week.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

nEighter · 04-30-2008, 01:01 AM

Okay so our "stimulus" checks are nothing more than money bush has cut out of the budget to give to the oil companies. THAT is what it all boils down too. AND we will actually be paying MORE cause of inflation and shit to pay that money back.. babes, dudes, and fuzzy kittens.. yes we have to pay that money back. It just seems so unreal to me. THAT AND!!! The fucking head of the FED keeps cutting rates!

WTF FOR!!??? It is just making everything go up in price.

what a fucktard seriously. I am soo pissed man. SO the oil guys say there is no reason for our price the way it is now. It was 65$ a barrel last year @ this time right? WELL... we were only paying $.65 less than now! WTF? THOSE #'s don't even pan out. It must be nice is all I can say.. to be able to pick your price like that, to have a closed market like they do.. and to play off camels poo'n on the wrong side of the dune to justify price increases. Regawddamndiculous I tell ya!

/soapbox

nEighter · 04-30-2008, 01:08 AM

Costs about 17 cents to pump 1 barrel of oil out of the ground.

There are 42 gallons / barrel of crude oil. The conversion to gasoline
depends upon several factors -- refining efficiency, product mix desired by
the refiner, quality of the crude to name a few.

On average however, it costs about 50 cents (USD) to produce 1 gallon of regular grade gas (see webs listed below), from your average grade lite sweet crude. This includes refinement, and transportation costs (average bulk trucking rates).

The following sites provide additional info.

EIA
Oil to Gasoline

Product Percent of Total
Finished Motor Gasoline 51.4%
Distillate Fuel Oil 15.3%
Jet Fuel 12.3%
Still Gas 5.4%
Marketable Coke 5.0%
Residual Fuel Oil 3.3%
Liquefied Refinery Gas 2.8%
Asphalt and Road Oil 1.7%
Other Refined Products1.5%
Lubricants 0.9%

ryanrule · 04-30-2008, 03:07 AM

let's just shoot everyone that voted republican

pinski · 04-30-2008, 05:31 AM

If the Fed controls inflation today by not cutting the Federal Funds Rate (again) we'll see the price of crude fall.

nEighter · 04-30-2008, 07:57 AM

right, that fucker needs to keep his gawddamn hands off the interest rate cut button

tx3nc · 04-30-2008, 08:54 AM

"We don't understand the oil price at this stage," he said. "The fundamentals will not justify an oil price as we see it at the moment"

This means that the price has been driven up by speculators in the futures market. Not by the market forces of supply and demand. What will happen is that there will be a futures market crash and some of these speculators will lose their ass.

nEighter · 04-30-2008, 09:10 AM

AWESOME!!! Hope they loose it uber bad crash and burn road rash hit a wall @150 style!! FUCK THEM!

tx3nc · 04-30-2008, 09:13 AM

Agreed.

But you do realize it will be spun into another "SKY IS FALLING" recession is imminent story. Don't you?

nEighter · 04-30-2008, 09:20 AM

probably, who the hell cares about those maggot puss wads.

FreeBird · 04-30-2008, 09:23 AM

04-30-2008, 12:22 AM	#10 (permalink)
nEighter i <3 whalepenis Join Date: Feb 2006 Location: TwiLight zOne!! Posts: 11,311 Blog Entries: 1	Gasoline price at record $3.60 as truckers stage protest By Tom Doggett, Reuters WASHINGTON — Drivers faced more pain at the pump as the average price for gasoline reached a record $3.60 a gallon Monday and truckers went to Capitol Hill to protest soaring diesel fuel costs. The national price for regular, self-service gasoline skyrocketed 9.5 cents over the last week to a new high and is up 63 cents from a year ago, the federal Energy Information Administration said in its survey of service stations. The pump price has jumped 21 cents a gallon in the last two weeks alone and is expected to keep climbing, due to high crude oil costs that Monday reached a record $119.93 a barrel at the New York Mercantile Exchange. The White House said there was nothing the government could do to help lower gasoline prices this spring and summer. "I think it would be disingenuous and unfortunate for American consumers for them to be led to believe that there is a short-term fix. There's not going to be one," White House press secretary Dana Perino told reporters Monday. For the long term, Perino said the U.S. needed to increase its domestic oil production so there would be more petroleum supplies in the market. There actually is some relief arriving in the mail this week as American began receiving their economic stimulus checks. The Bush administration wants consumers to spend the money and give a kick to the sputtering U.S. economy. Some economists say consumers may instead use their stimulus checks to help cover their rising gasoline costs. The EIA's weekly survey of service stations showed gasoline was the most expensive on the West Coast at an average $3.79 a gallon, up 5.2 cents. San Francisco had the highest city price at $3.92, also up 5.2 cents. The Rocky Mountain states had the lowest regional price at $3.48 a gallon, up 6.2 cents. Houston had the best bargain at the pump, up 8.1 cents at $3.47. Separately, the average price paid for diesel fuel reached a record of $4.18 a gallon, up 3.4 cents in the last week and $1.37 higher than a year ago, the EIA said. The central Atlantic states had the most expensive diesel at $4.38 a gallon, up 0.6 cent. The Gulf Coast region had the cheapest fuel at $4.11, up 3.6 cents, the EIA said. Truckers on Monday drove their big rigs through downtown Washington, blowing their horns and holding a rally at the Capitol to protest high diesel prices. It costs about $1,200 to fuel up a tractor trailer. "I can understand the frustration and concerns that they have, and obviously this eats into their bottom lines, and also into their pay," Perino said. Rising fuel costs could increase the cost of goods transported by trucks, including food, retail and manufactured goods, further reducing the impact of the stimulus checks. Copyright 2008 Reuters Limited. __________________

04-30-2008, 01:01 AM	#13 (permalink)
nEighter i <3 whalepenis Join Date: Feb 2006 Location: TwiLight zOne!! Posts: 11,311 Blog Entries: 1	Okay so our "stimulus" checks are nothing more than money bush has cut out of the budget to give to the oil companies. THAT is what it all boils down too. AND we will actually be paying MORE cause of inflation and shit to pay that money back.. babes, dudes, and fuzzy kittens.. yes we have to pay that money back. It just seems so unreal to me. THAT AND!!! The fucking head of the FED keeps cutting rates! WTF FOR!!??? It is just making everything go up in price. what a fucktard seriously. I am soo pissed man. SO the oil guys say there is no reason for our price the way it is now. It was 65$ a barrel last year @ this time right? WELL... we were only paying $.65 less than now! WTF? THOSE #'s don't even pan out. It must be nice is all I can say.. to be able to pick your price like that, to have a closed market like they do.. and to play off camels poo'n on the wrong side of the dune to justify price increases. Regawddamndiculous I tell ya! /soapbox __________________

04-30-2008, 01:08 AM	#14 (permalink)
nEighter i <3 whalepenis Join Date: Feb 2006 Location: TwiLight zOne!! Posts: 11,311 Blog Entries: 1	Costs about 17 cents to pump 1 barrel of oil out of the ground. There are 42 gallons / barrel of crude oil. The conversion to gasoline depends upon several factors -- refining efficiency, product mix desired by the refiner, quality of the crude to name a few. On average however, it costs about 50 cents (USD) to produce 1 gallon of regular grade gas (see webs listed below), from your average grade lite sweet crude. This includes refinement, and transportation costs (average bulk trucking rates). The following sites provide additional info. EIA Oil to Gasoline Product Percent of Total Finished Motor Gasoline 51.4% Distillate Fuel Oil 15.3% Jet Fuel 12.3% Still Gas 5.4% Marketable Coke 5.0% Residual Fuel Oil 3.3% Liquefied Refinery Gas 2.8% Asphalt and Road Oil 1.7% Other Refined Products1.5% Lubricants 0.9% Last edited by nEighter; 04-30-2008 at 01:26 AM.

04-30-2008, 03:07 AM	#15 (permalink)
ryanrule change my ct Join Date: Sep 2004 Location: Madison. Go boobies. Posts: 5,286	let's just shoot everyone that voted republican __________________

04-30-2008, 05:31 AM	#16 (permalink)
pinski Me and my friends have been been too busy sunbathing off the southern coast of St. Bart's with spider monkeys for the past two weeks, tripping on acid. Changed our whole perspective on shit...so you can Dere-lick my balls cap-i-tan Join Date: Mar 2004 Location: North Carolina Posts: 2,216	If the Fed controls inflation today by not cutting the Federal Funds Rate (again) we'll see the price of crude fall. __________________

04-29-2008, 02:45 PM	#3 (permalink)
Stinky searching for teh OxMox like mine Join Date: Aug 2005 Location: Loo-kenk for des Oxy. Posts: 13,995	We're gettin whored.

04-29-2008, 02:48 PM	#5 (permalink)
Stinky searching for teh OxMox like mine Join Date: Aug 2005 Location: Loo-kenk for des Oxy. Posts: 13,995	The chews took it all.

04-29-2008, 02:52 PM	#8 (permalink)
Stinky searching for teh OxMox like mine Join Date: Aug 2005 Location: Loo-kenk for des Oxy. Posts: 13,995	Even more. Oil prices slip Tuesday as retail gas hits another record - Apr. 29, 2008

04-30-2008, 07:57 AM	#17 (permalink)
nEighter i <3 whalepenis Join Date: Feb 2006 Location: TwiLight zOne!! Posts: 11,311 Blog Entries: 1	right, that fucker needs to keep his gawddamn hands off the interest rate cut button __________________

04-30-2008, 08:54 AM	#18 (permalink)
tx3nc big or little, the size of the hole doesn't much matter Join Date: Jan 2006 Posts: 6,732	"We don't understand the oil price at this stage," he said. "The fundamentals will not justify an oil price as we see it at the moment" This means that the price has been driven up by speculators in the futures market. Not by the market forces of supply and demand. What will happen is that there will be a futures market crash and some of these speculators will lose their ass.

04-30-2008, 09:10 AM	#19 (permalink)
nEighter i <3 whalepenis Join Date: Feb 2006 Location: TwiLight zOne!! Posts: 11,311 Blog Entries: 1	AWESOME!!! Hope they loose it uber bad crash and burn road rash hit a wall @150 style!! FUCK THEM! __________________

04-30-2008, 09:13 AM	#20 (permalink)
tx3nc big or little, the size of the hole doesn't much matter Join Date: Jan 2006 Posts: 6,732	Agreed. But you do realize it will be spun into another "SKY IS FALLING" recession is imminent story. Don't you?

04-30-2008, 09:20 AM	#21 (permalink)
nEighter i <3 whalepenis Join Date: Feb 2006 Location: TwiLight zOne!! Posts: 11,311 Blog Entries: 1	probably, who the hell cares about those maggot puss wads. __________________

04-30-2008, 09:23 AM	#22 (permalink)
FreeBird Red Bull gives you wiiiiings!!! Join Date: Aug 2006 Location: Margaritaville Posts: 14,468	__________________