Just to remind you folks, who's reeling in the big fat bucks ... straight out of your pocket


Record oil boosts profits for BP, Royal Dutch Shell

By JANE WARDELL

The Associated Press




Europe’s two biggest oil producers, BP and Royal Dutch Shell, posted combined profits of $17 billion for the first quarter as oil prices surged to a record. Britain’s prime minister said some of those profits should be reinvested.


LONDON | BP PLC and Royal Dutch Shell PLC, Europe’s two biggest oil producers, posted forecast-busting first-quarter earnings on Tuesday, thanks to record crude oil prices.
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 percent surge in first-quarter net profit to $7.6 billion (4.9 billion euros), while Shell reported a 25 percent rise, to a record $9.08 billion (5.81 billion euros).
Revenue at BP jumped 44 percent to $89.2 billion (57.1 billion euros), while sales at Shell soared 55 percent to $114 billion (72.95 billion euros).
Last week, ConocoPhillips reported a 16 percent 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, Exxon Mobil Corp. and Chevron Corp., when they report first-quarter earnings later this week.
But because crude prices grew more quickly than prices for gasoline and other refined products, first-quarter profits tumbled 77 percent at Valero Energy Corp., North America’s largest refiner.
The San Antonio-based company said it earned $261 million, or 48 cents per share, in the quarter ended March 31, compared with $1.14 billion, or $1.86 per share, for the same quarter in 2007. Last year’s first-quarter profit was a record for the company.
Revenue rose to $27.9 billion in the recent quarter from $18.7 billion a year ago.
Major oil companies such as ConocoPhillips, Royal Dutch Shell and BP also have struggled with refining margins, but they were able to reap massive profits from their exploration and production arms — which Valero doesn’t have.
Valero chairman and chief executive Bill Klesse said the fundamentals for gasoline are improving, including demand.
“We still expect a good summer driving season,” Klesse said.

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OPEC (and traders) establishes the price of crude.

What Exxon, BP and the other Western companies pump is a drop in the bucket. They do benefit of course; they also suffer, such as when oil was at $10-$15 a barrel for most of the 80's until the mid 90's.

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Terry Allison
N. Calif. & Boca Chica, Panama

09' E320 Bluetec 77k (USA)
09' Hyundai Santa Fe Diesel 48k (S.A.)

Doesn't oil company profits reflect that consumer demand remains strong?

Here we go again.

At least they were nice enough to combine profits so we can be outraged at something. Does someone want to do the calculation of how much they spent, combined of course and what their combined percentage profit is?

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01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow

Why, that would put some context and meaning to the number. Would'nt want to do that

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I'm sick of .sig files

We should shut all big busines down. All they do is take our money. Crooks. They don't provide anything for anybody, just take our money. The owners of those big businesses, especially oil, are making way too much money. And oil makes lots more than, say, Microsoft.

blah, blah, blah

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Thank You!
Fred
2009 ML350
2004 SL600
2004 SL500
1996 SL600
2002 SLK32
2005 CLK320 cabrio
2003 ML350
1997 C280 Sport

I think would should take from companies according to their ability to pay and give to people in need.

I get to decide who pays and who needs.

I need more.

You have too much.

Bot

The basis of all liberal thought.

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I'm sick of .sig files

Primarily, it reflects the consumers willingness to pay the price demanded.
For as long as that's the case, it will keep rising.

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Very apologetic ...

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Better than no thought @ all ...

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Why don't you do the calculation?

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I'm sorry, I forgot how much they suffered ...

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The oil companies make less profit per dollar of revenue than Microsoft does. They make less profit per unit of oil than Coca Cola does per unit of soft drinks. Should a windfall profit tax be imposed on them?

In certain parts of the country, housing prices have gone up over 100% since 2000. Should those people be taxed on those obscene profits?

Gasoline prices:

Rank Price/gallon
1-Sierra Leone 18.42
2-Aruba 12.03
...
10-Belgium 8.22
111- U.S. 3.45

Looks like we have it pretty good.

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MB-less

You were the one that posted that article, why don't you tell us? Afraid the percentages won't support your claim?

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01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow