| Topic: |
Politics > Politics-USA |
| User: |
"Tom Jefferson" |
| Date: |
29 Oct 2003 01:24:26 PM |
| Object: |
If you feel like you're getting gouged at the gas pump here's why. |
Oil Company Profits Soar on Energy Prices
NEW YORK (Reuters) - Higher oil and natural gas prices, and a rebound in
refining margins, fueled sharp increases in third-quarter earnings at three
of the biggest U.S. energy companies on Wednesday.
Houston-based ConocoPhillips (NYSE:COP - news), the No. 3 U.S. oil company,
New York's Amerada Hess Corp. (NYSE:AHC - news), and Kerr-McGee Corp.
(NYSE:KMG - news) of Oklahoma City all bounced back from losses from a year
ago to report profits and surging revenue.
Results were primarily driven by historically high energy prices. Oil prices
in the quarter rose 7 percent from last year, while gas prices jumped 54
percent. Both commodities sustained high price levels amid concerns about
supply disruptions in various parts of the world and tight inventories.
However, analysts say the market environment of the past six months may
represent a high point for the industry.
"If you average the second- and third-quarter results, you would see a
plateau and we're probably going south from here," said Gene Gillespie, a
senior energy analyst for Howard Weil in New Orleans. "The indications are
commodity prices are not sustainable at these levels."
ConocoPhillips earned $1.31 billion, or $1.90 a share, compared with a
year-earlier loss of $116 million, or 24 cents, reflecting one-time merger
costs. The most recent results trounced the average analyst estimate
compiled by Reuters Research of $1.60 a share.
Revenue surged 80 percent to $26.5 billion from last year on higher oil, gas
and refined product prices combined with year-over-year increases in
production. Meanwhile, the ConocoPhillips merger has generated better than
expected cost savings, analysts said.
Compared with the second quarter, upstream output fell by 4.8 percent to
1.56 million barrels per day, reflecting weather-related disruptions and
property sales. Since completing the merger, ConocoPhillips has sold $2.2
billion of assets and expects to shed $1.3 billion more by year-end.
Earnings from refining and marketing soared more than seven-fold to $485
million, as margins bounced from below average to above-normal during the
past year.
Conoco shares were down 26 cents to $56.62 in midday trade.
AMERADA HESS AND KERR-MCGEE
Amerada Hess, also an integrated oil company, posted a profit of $146
million, or $1.64 a share. Last year it had a loss of $136 million, or $1.54
a share, after taking large asset impairment charges related to a
disappointing acquisition.
Excluding a $30 million income tax benefit attributed to foreign exploration
expenses, analysts said Hess earnings were in line with the average analyst
forecast of $1.36 a share.
Quarterly sales and other revenues rose about 19 percent to $3.23 billion,
even as oil and gas production fell 23 percent to 339,000 bpd, reflecting
higher prices despite the drop in production and better refining results.
About half the production decline is attributable to property sales, as Hess
sheds higher-cost properties.
Looking ahead Amerada Chairman and Chief Executive John Hess said the
portfolio turn-around will lead to declining production through mid-2005.
Production is seen falling to 325,000 bpd next year from 369,000 bpd this
year.
Hess, a major fuel retailer in the Northeast, said downstream profit rose 27
percent to $89 million from a year-earlier, aided by a rebound in earnings
from its Hovensa refining venture with Venezuela national oil company PDVSA,
fatter margins and higher refinery output.
The company's shares are up 65 cents at $54.25.
Kerr-McGee, one of the nation's largest independent energy producers,
reported net income of $28.8 million, or 29 cents a share. Last year it
posted a loss of $86.4 million, or 86 cents, reflecting the impact of a U.K.
tax law change and the reduced value of some properties.
Excluding results from discontinued operations and other one-time items, the
company's adjusted earnings fell 2.6 percent to 76 cents a share. That was
in line with the consensus estimate of 74 cents.
Operating profit rose 24 percent to $225.9 million from last year, driven by
higher energy prices, lower impairments, asset sale gains. These gains were
offset by higher exploration expenses, lower output and higher chemical
operating costs.
The company, which has sold nearly $1 billion of assets to pay down debt and
streamline its operations, said quarterly sales rose to $1.01 billion from
$964.8 million.
However, oil and gas production has suffered in the near term. Output from
continuing operations fell to 141,000 barrels per day from 192,900 bpd last
year. Kerr-McGee's stock is down 13 cents to $42.73.
http://story.news.yahoo.com/news?tmpl=story&cid=580&ncid=580&e=3&u=/nm/20031
029/bs_nm/energy_earns_dc
--
A hard truth appears to have escaped the notice of the public and received
scant attention from the media: Bush is the first president in American
history to use deceptive propaganda as his main means of communications in
selling his policies. His pattern of deception continues unabated and in
direct conflict with the notion of the public's informed consent that is
central to American democracy.
http://www.miami.com/mld/miamiherald/news/opinion/6378746.htm
.
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| User: "BW" |
|
| Title: Re: If you feel like you're getting gouged at the gas pump here's NOT why. |
29 Oct 2003 02:13:50 PM |
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Your post doesn't support your assertion. In fact, it shows that oil
company profits "soared" this year compared to last because last year they
wrote off various losses on their tax return. Without those losses to write
off this year, OF COURSE their profits soar.
You tell us that oil prices increased a modest 7%, which of course CANNOT
explain going from a $116 million loss to a $1310 million profit. And one
of the reasons GAS prices rose was not the increase in oil price, but rather
increases in TAXES on gasoline. In fact, if the oppressive federal and
state TAXES on gasoline were struck down, you could see your gas prices DROP
by around 50 cents a gallon, or approximately 33%.
Your effort to "blame the Oil Company" is laughable, but it is something
that the Socialist/Marxist REPEATEDLY attempts to get away with.
"Tom Jefferson" <tom@returndemocracy.now> wrote in message
news:3fa013ff$0$91689$a32e20b9@news.nntpservers.com...
Oil Company Profits Soar on Energy Prices
NEW YORK (Reuters) - Higher oil and natural gas prices, and a rebound in
refining margins, fueled sharp increases in third-quarter earnings at
three
of the biggest U.S. energy companies on Wednesday.
Houston-based ConocoPhillips (NYSE:COP - news), the No. 3 U.S. oil
company,
New York's Amerada Hess Corp. (NYSE:AHC - news), and Kerr-McGee Corp.
(NYSE:KMG - news) of Oklahoma City all bounced back from losses from a
year
ago to report profits and surging revenue.
Results were primarily driven by historically high energy prices. Oil
prices
in the quarter rose 7 percent from last year, while gas prices jumped 54
percent. Both commodities sustained high price levels amid concerns about
supply disruptions in various parts of the world and tight inventories.
However, analysts say the market environment of the past six months may
represent a high point for the industry.
"If you average the second- and third-quarter results, you would see a
plateau and we're probably going south from here," said Gene Gillespie, a
senior energy analyst for Howard Weil in New Orleans. "The indications are
commodity prices are not sustainable at these levels."
ConocoPhillips earned $1.31 billion, or $1.90 a share, compared with a
year-earlier loss of $116 million, or 24 cents, reflecting one-time merger
costs. The most recent results trounced the average analyst estimate
compiled by Reuters Research of $1.60 a share.
Revenue surged 80 percent to $26.5 billion from last year on higher oil,
gas
and refined product prices combined with year-over-year increases in
production. Meanwhile, the ConocoPhillips merger has generated better than
expected cost savings, analysts said.
Compared with the second quarter, upstream output fell by 4.8 percent to
1.56 million barrels per day, reflecting weather-related disruptions and
property sales. Since completing the merger, ConocoPhillips has sold $2.2
billion of assets and expects to shed $1.3 billion more by year-end.
Earnings from refining and marketing soared more than seven-fold to $485
million, as margins bounced from below average to above-normal during the
past year.
Conoco shares were down 26 cents to $56.62 in midday trade.
AMERADA HESS AND KERR-MCGEE
Amerada Hess, also an integrated oil company, posted a profit of $146
million, or $1.64 a share. Last year it had a loss of $136 million, or
$1.54
a share, after taking large asset impairment charges related to a
disappointing acquisition.
.
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| User: "Rico" |
|
| Title: Re: If you feel like you're getting gouged at the gas pump here's NOT why. |
30 Oct 2003 09:17:08 AM |
|
|
In article <2cVnb.41031$mZ5.227593@attbi_s54>, "BW" <bw4@verizon.net> wrote:
Your post doesn't support your assertion. In fact, it shows that oil
company profits "soared" this year compared to last because last year they
wrote off various losses on their tax return. Without those losses to write
off this year, OF COURSE their profits soar.
You tell us that oil prices increased a modest 7%, which of course CANNOT
explain going from a $116 million loss to a $1310 million profit. And one
of the reasons GAS prices rose was not the increase in oil price, but rather
increases in TAXES on gasoline. In fact, if the oppressive federal and
state TAXES on gasoline were struck down, you could see your gas prices DROP
by around 50 cents a gallon, or approximately 33%.
Your effort to "blame the Oil Company" is laughable, but it is something
that the Socialist/Marxist REPEATEDLY attempts to get away with.
You did not read the whole post. Blame goes to bush. What was the price of
gasoline at the pump in Clinton's third year in office (adjust for
inflation) and what is it now? More or less in real adjusted dollars?
"Tom Jefferson" <tom@returndemocracy.now> wrote in message
news:3fa013ff$0$91689$a32e20b9@news.nntpservers.com...
Oil Company Profits Soar on Energy Prices
NEW YORK (Reuters) - Higher oil and natural gas prices, and a rebound in
refining margins, fueled sharp increases in third-quarter earnings at
three
of the biggest U.S. energy companies on Wednesday.
Houston-based ConocoPhillips (NYSE:COP - news), the No. 3 U.S. oil
company,
New York's Amerada Hess Corp. (NYSE:AHC - news), and Kerr-McGee Corp.
(NYSE:KMG - news) of Oklahoma City all bounced back from losses from a
year
ago to report profits and surging revenue.
Results were primarily driven by historically high energy prices. Oil
prices
in the quarter rose 7 percent from last year, while gas prices jumped 54
percent. Both commodities sustained high price levels amid concerns about
supply disruptions in various parts of the world and tight inventories.
However, analysts say the market environment of the past six months may
represent a high point for the industry.
"If you average the second- and third-quarter results, you would see a
plateau and we're probably going south from here," said Gene Gillespie, a
senior energy analyst for Howard Weil in New Orleans. "The indications are
commodity prices are not sustainable at these levels."
ConocoPhillips earned $1.31 billion, or $1.90 a share, compared with a
year-earlier loss of $116 million, or 24 cents, reflecting one-time merger
costs. The most recent results trounced the average analyst estimate
compiled by Reuters Research of $1.60 a share.
Revenue surged 80 percent to $26.5 billion from last year on higher oil,
gas
and refined product prices combined with year-over-year increases in
production. Meanwhile, the ConocoPhillips merger has generated better than
expected cost savings, analysts said.
Compared with the second quarter, upstream output fell by 4.8 percent to
1.56 million barrels per day, reflecting weather-related disruptions and
property sales. Since completing the merger, ConocoPhillips has sold $2.2
billion of assets and expects to shed $1.3 billion more by year-end.
Earnings from refining and marketing soared more than seven-fold to $485
million, as margins bounced from below average to above-normal during the
past year.
Conoco shares were down 26 cents to $56.62 in midday trade.
AMERADA HESS AND KERR-MCGEE
Amerada Hess, also an integrated oil company, posted a profit of $146
million, or $1.64 a share. Last year it had a loss of $136 million, or
$1.54
a share, after taking large asset impairment charges related to a
disappointing acquisition.
With talent on loan from Merck
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