Shell and Exxon to smash transatlantic profit records

[varkam]

January 29, 2006
The Sunday Times
Tracey Boles
http://www.timesonline.co.uk/article/0,,2095-2014300,00.html

OIL companies on both sides of the Atlantic will gush record profits this week, with America’s Exxon Mobil posting the world’s biggest-ever profit, and Shell setting a new record for British companies.
Exxon is tomorrow expected to unveil a profit of about $32 billion (£18 billion) for 2005, according to Thomson Financial. It will be the largest single profit in the history of corporate America.



It shatters last year’s previous record for a company of $25 billion, set by Texas-based Exxon, the world’s largest listed oil company, and easily trumps the benchmark $22.1 billion made by Ford in 1998.

On Thursday Shell will top record-setting results with an estimated profit of $23 billion for 2005. This is up nearly a third from 2004, when its profits were $17.6 billion, at the time the biggest by a British company.

[Erika]

1. W, the oil president, has never been happier

He's seen to it that there will be only two classes in America, the rich and the poor.

He should be all smiles at the SOTU address.

[Binka]

2. Robber Barons

I loathe these fuckers with every ounce of my being!

[caledesi]

3. If oil companies are making so much money, why is gas so

expensive?

Hmmmmmmmmm

[varkam]

4. Is this one of those...

rhetorical questions?

[Lochloosa]

9. Welcome to DU varkam

:toast:

[William Seger]

15. Gotta laugh at the Freepers...

"If the war in Iraq was about oil, how come gas is more expensive now?" As if cheap gas at the pump for Hugh Moran was the objective ...

[leesa]

18. Well, these good Christians thought stealing Iraqi oil was a good reason

for war. What happened? We was supposed to steal the oil and it was supposed to pay for our Crusade and fill our SUV tanks too.

[Virginia Dare]

37. One of those vile creatures lives near me

He has a bumper sticker on his Navigator that says "My SUV "hearts" Iraq Oil".

[Historic NY]

49. Tell him we haven't even gotten one drip of it...........

in fact since * invaded Iraq production is down. So much for financing the war.

[VP505]

26. It's not about oil

TODAY, today it's about establishing a permanent presence in the Middle East,IE, bases, once established it will then be about controlling that oil. :think:

[arcane1]

36. exactly!!!

those idiots think this is all about gettnig cheap oil to the US masses

it's ain't about access, it's about CONTROL

those record-breaking profits are the reason we're in this damned war

freepers, failing again to see the big picture. Their picture is no larger than a postage stamp

[bvar22]

38. Not JUST the oil....EVERYTHING....

Iraq has been set up by bush* as an unregulated, International Corporatist eutopia!

The Democratic Party is a BIG TENT, but there is NO ROOM for those
who advance the agenda of THE RICH (Corporate Owners) at the EXPENSE of LABOR and the POOR.

[zonmoy]

45. you mean that anybody didn't think that the oil companies

wouldn't price gouge at the earliest and every opportunity.

[ClintonTyree]

5. Yet folks are freezing in their own homes.............

because they can't afford to turn the thermostat up. bushamerika. I'm genuinely ashamed to call myself an American. That's what "Mr. Uniter, not a divider" has done for me. :grr: Worst president ever.

[Nothing Without Hope]

6. Halliburton having its best year ever too - what a coincidence!:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2068345
thread title (1-26-06 LBN): Halliburton swings to $1.1 billion profit, cites 2005 as company's best

Gold-plated cronies with never-sated greed.

[pdurod1]

7. Everything is going according to the plan (cheney energy task force)

[aquart]

8. These corporations are insufficiently taxed.

[0007]

10. This blatant highway robbery must to come to a screeching halt

The Oil Companies, Halliburton, The Carlyle Group and folks like Jack Abramoff have robbed the chicken-hearted America and gave us nothing but chicken-wire for protection. The Duct tape and plastic days are over.

Democracy in Iraqi is blood money.

American lives were given for this?

[wordpix2]

24. young Americans risk their lives to keep the robber oil baron profits high

[zippy890]

32. Yes, time for windfall profits tax!

retroactive!

[fasttense]

11. Our tax dollars at work. e/s

e/s = enough said.

[spun_in_montana]

12. I put gas in my VW bus yesterday....

for the first time in five months. Now, it will be another five months before I can do it again....:hippie:
Everything is turning out as predicted, isnt it?
The Oil President. Yeah....
Happy Sunday Morning!


(edited for spelling cuz its too early here...)

[Hyernel]

13. Bet they're not paying much tax on that...

...probably getting a refund from King George the Weak.

[0007]

14. bttft

[efhmc]

16. This is just wrong in EVERY way but it is helping to accomplish one

thing and that is the desire for marketable alternative energy.

[Straight Shooter]

17. Surprise, surprise!

:sarcasm:

[Jose Diablo]

19. Well, at least we know where the California Enron 'energy traders' went

[NVMojo]

20. our wallets at work

[thefool_wa]

21. Its easy to set record profits

When you steal your product and inflate its price.

I hate to say it, but we may need to be force-fed a solution to the fossil fuel problem. Mass transit, free bicycles, or something. No one will be able to reign in gas prices, ever. The government has no interest in helping us on either side of the fence. And, eventually, there will be none left.

The problem is no one has the cajones to stand up to the oil companies. The closest these guys have ever been to "on the spot" was when Maria Cantwell (from my state) demanded that the execs be sworn in before testifying. And she was shouted down by that c*cks*cker Ted Stevens from Alaska. We should let him build his stupid bridge up there under the condition he jumps off it when they are done.

We have to end our dependency on oil. Cars are like crack, easy to get hooked on and impossible to live without once you are, but we either need to give them up or find another fuel. I make my own excuses; I have to drive to work too, I live in Washington so the rain makes a bicycle impractical and even dangerous this time of year, we have no efficient mass transit in my city. It has got to be up to someone to change the way we operate and stop digging the hole we will all be buried in.

Hell, I would settle with them just using the weather machine we hear so much about to stop the rain for more than a day so I could ride a bike to work. j/k

[pauldp]

22. anyone still think this administration is incompetent?

They know exactly what they are doing. They have known since before 911 what they were doing. Their base could not be more pleased.

Evil yes. Incompetent no.

[ClintonTyree]

47. You mean........

like the price of gas dipping just before Xmas so Americans could afford to "go shopping" (bush's answer to any American crisis)? Now the prices have returned to pre-Xmas levels and the American public can once again feed the greed machine of the oil companies. How convenient!

[IronLionZion]

23. All the more reason to not buy ExxonMobil or Shell oil

I usually stick with Citgo, and I walk a lot. I should get a bike.

Oil execs swore under oath that the profits were not from fuel (gas, diesel, heating oil). They said it was from petrochemicals and products made from them: (rayon, nylon, plastic, etc.). I guess that's why they block ethanol and alternative fuel research. :eyes:

I don't know about you, but I always trust wealthy oil executives to safeguard my interests...:sarcasm:

How many of you fill up with Ethanol85? Flex fuel cars use less gasoline than any hybrid...and they supposedly support corn farmers.

[frankly_fedup2]

39. They didn't swear under oath. Don't you remember. The Republican

chairman refused to let them take the oath. The Dems on the subcomittee kept insisting but the chairman said no one had to swear in. That way, no lying under oath . . . just more lying.

[dweller]

41. and remember the price fell slightly just about the time

they were supposedly testifying (read lieing).

then, went right back up again.
dp

[jseankil]

25. Bet Bush Doesn't Bring This Up in the State of the Union (DEMS Should!)

Make this a talking point. These are disgusting profits at a time when so many are hurting esp. at the pump.

[Strelnikov_]

27. Peak Oil = Peak Profits

You've kept most people hooked, and the panic is starting. Time to raise the price for a 'fix'.

[adriennui]

28. this is what is meant by the loathesome

"booming economy" mantra. CEOs of energy companies are robbing us blind.

[Strelnikov_]

29. I Feel The Gathering Storm Is An Example Of How The Market System

is dysfunctional when it comes to infrastructure planning. In this case, the energy and transport infrastructure. Because of the lead times required to transform the energy and transport infrastructure once the ‘market’ signals a problem, through high prices/shortages, massive economic distress is now unavoidable, as concluded in the following report prepared for the DOE.

Realistic efficiency standards and development of alternative energy sources should have begun long ago.

This is different from the 70‘s in that supply will never rebound. The 70’s were short term shocks, efficiency and additional production eventually led to lower prices. This promises to be slow strangulation, concluding with a massive shock that will bring our economic system to it’s knees. With supply chronically outstripping supply, we are one Gulf of Mexico hurricane or one revolution away.

Peaking of World Oil Production: Impacts, Mitigation and Risk Management.
Hirsch, Bezdek, Wendling, February 2005

www.projectcensored.org/newsflash/The_Hirsch_Report_Proj_Cens.pdf

. . .

Because conventional oil production decline will start at the time of peaking, crash program mitigation inherently cannot avert massive shortages unless it is initiated well in advance of peaking.

Specifically,
* Waiting until world conventional oil production peaks before initiating crash program mitigation leaves the world with a significant liquid fuel deficit for two decades or longer.
* Initiating a crash program 10 years before world oil peaking would help considerably but would still result in a worldwide liquid fuels shortfall, starting roughly a decade after the time that oil would have otherwise peaked.
* Initiating crash program mitigation 20 years before peaking offers the possibility of avoiding a world liquid fuels shortfall for the forecast period.

Without timely mitigation, world supply/demand balance will be achieved through massive demand destruction (shortages), accompanied by huge oil price increases, both of which would create a long period of significant economic hardship worldwide.

[Maestro]

30. Disgusting!

When will people wake up. Gee I hope they invest the profits into researching alternative fuels.

[entanglement]

31. from the article

"Exxon has long been a focal point for criticism, not least because the $34 billion in its coffers could pay for the construction of more than a dozen refineries..."

[lovuian]

33. The Oil companies know their day has come this is it

but technology will find ways of getting around this ... but we need time to catch up which Europe is ahead of us and we are so behind

Mass transit is the wave of America... and fuel efficient cars which are good for the earth is coming fuel efficient airconditioners washing machines and dryers luckily those industries are working on this

But we have all been kept in the dark so that Cheney & Bush can position themselves financially to the best positions... Ya were screwed...

[phylny]

55. Exxon's not going to build more refineries n/t

[chemp]

34. raise your hand if your buying more gas and oil than last year...

Profits soar as sales reduce.
reverse supply and demand.

[BadgerKid]

35. from Americans' sweat to tycoons' pockets

Mission accomplished! :sarcasm:

[scab_picker]

42. Condi Rice was on the Chevron board for years I do believe.

With all of her old contacts she may be looking good for a prime retirement position with Chevron or what ever it's called now.

[graywarrior]

40. Approx. $1500 of it is mine. Bastards.

[Placebo]

43. What do they do with all that money?

Who does it go to? Where does it go?

[GrimReefa]

44. Sometimes, I hope there IS a Hell...

So fuckers like these could burn for eternity...

[0kamisama]

46. Money, money everywhere...

...and all the drops for crooks to profit on.

[Taliesihne]

48. No surprise

Maybe the mob will finally start to put 2 and 2 together.

Funny enough, did anyone catch shrub telling american auto workers to make something "relevant"?

[yostsghost]

50. Good For Them!!

And somewhere..out there.. a grandmother is choosing between heating her home, paying her rent or buying food. I would say buying medicine but medicare is so screwed up, she can't buy her pills anyway. I hope these bastards know they will burn in hell.

[texanshatingbush]

51. Playing on the ignorance of the American public

In 2005 the Oil and Gas industry earned 8.2 cents on every dollar in sales. Banks earned 18 cents on every dollar. Why aren't they going after the banking industry? What matters is earnings per dollar invested, not total earnings which is a reflection of the size of the industry not necessarily profitability.

[yostsghost]

52. Apples and Oranges

I have no problem with banking industry, because of the way they make their profits. Oil companies are using misinformation and preying off the misfortunes of others to justify their profits. I am sure if you brought Banking leaders before congress, they would not be allowed to testify without being placed under oath. The whole situation stinks, but what do expect when you have an oil industry "leg humper" for president.

[texanshatingbush]

53. Wait a minute

Regarding the ethics of the financial business world, What's different with financial institutions lobbying congress to get Bankruptcy laws toughened while initiating the practice of raising credit card interest rates to 20+% on anyone with a late payment or determined to be a credit risk.

Specifically how are the oil companies "preying on the misfortune of others".

[Taliesihne]

56. Since you asked

"Specifically how are the oil companies "preying on the misfortune of others".

Take a look at what is happening in Nigeria for answers to your question.

[texanshatingbush]

59. Well

what is specifically unethical that is Exxon doing in Nigeria?

[yostsghost]

58. Using Katrina Victims To Justify Increase $ per Barrel.

Katrina, like 9/11 was a virtual windfall for this administration and his handlers.

[texanshatingbush]

60. Help me here

Exxon lost a major portion of their offshore rigs to Katrina. I assume the reduced supply resulted in price increases because consumer energy consumption continues unabated. I don't understand how justification is related to Katrina victims.

[phylny]

61. I don't doubt what you're saying at all.

I know from personal knowledge that the flow of product has been hampered this winter.

[Kablooie]

54. When American companies do so well doesn't it make you proud?

Yes!

We are AMERIKA and we are the greatest, richest, and most benevolent country in the world!

Foreigners should all bow down to the mightyness of us.

--- now if only the US citizens could have a decent life we'd have all the bases covered.

[Tight_rope]

57. HOW DARE THESE CROOKS BOAST ABOUT HOW THEY HAVE STOLEN FROM THE POOR!

I swear it's people like me who will never forget what they did to us in 2005. I wish them all a happy life in HELL when they die!:puke:

[GetTheRightVote]

62. while * lets them rob us blind, impeach him now !!!!

:kick:

[Deja Q]

63. Won't be for much longer.

When "demand" sharply drops thanks to offpeopling and offshoring, *KABOOM*. Profits plummet so they will have to drop costs to get peoples' interest in it again - which was the problem in the first place. Oops.

Unless it's peak oil, in which case the cost to pump the liquified dino crap :D makes pumping it economically pointless... and last I recall, it is expensive TO pump the stuff.

[ckramer]

64. Exxon profit tops $10 billion, capping record year

Exxon Mobil Corp. the world's largest publicly traded oil company, on Monday reported a quarterly profit of more than $10 billion, capping a record year dominated by a surge oil and gas prices.

The results pushed up Exxon's profit for the year to a staggering $36.13 billion -- bigger than the economies of 125 of the 184 countries ranked by the World Bank. Profit was up 42 percent from the record results of 2004.

The record earnings are expected to spur calls from politicians and consumer groups for special taxes on Big Oil, as U.S. drivers fume over high gasoline prices.

link

[occuserpens]

65. Catch-22 of energy speculation

2006-01-29 Catch-22 of energy speculation