Chevron posts $4 Billion in profit
San Ramon, Calif. - Chevron Corp.'s first-quarter profit soared 49 percent to $4 billion, joining the procession of U.S. oil companies to report colossal earnings as lawmakers consider ways to pacify motorists agitated about rising gas prices.
The San Ramon, Calif.-based company's net income, reported Friday, translated into $1.80 per share, two cents above the average estimate among analysts polled by Thomson Financial. It compared to a profit of $2.7 billion, or $1.28 per share, in the same January-March period last year.
Revenue totaled $54.6 billion, a 31 percent increase from $41.6 billion last year.
If not for continuing production problems caused by Hurricanes Katrina and Rita last summer, Chevron said it would have made an additional $300 million - an amount that would have generated the highest quarterly profit in the company's 127-year history.
As it was, the performance marked the fourth consecutive quarter that Chevron has earned at least $3.6 billion as the company continued to capitalize on oil prices that have climbed above $70 per barrel since the first quarter ended.
The run-up recently has pushed gasoline prices above $3 per gallon, much to the frustration of consumers and politicians looking to win votes in an election year.
Chevron released its results after two of its biggest rivals, ConocoPhillips and Exxon Mobil Corp., already provoked public outrage with similarly large first-quarter profits. Combined, the three oil companies earned $15.7 billion during the three months of the year.
and with that said here is your moment of liberal hatred fueled by idiocy (with a few facts mixed in)
Next time you hear some liberal moron whining about gasoline prices, here’s a reality check for them. Per gallon of gas, guess how much the oil company makes?
Thursday, Exxon Mobil announced it had earned $8 billion in profits in the first three months of this year. For outraged consumers, the staggering profit numbers boil down to this: Exxon earned 9.5 cents on every $1 of gasoline and oil sold, cashing in on skyrocketing prices at every stage of the process.
“The big money for Exxon Mobil,” says oil trader John Kilduff of Fimat USA, “is being made by taking crude oil out of the ground and refining it into gasoline and selling it on the street corner.
Okay, so Exxon makes about 10 cents a gallon. Not a huge profit margin, is it? Now, by way of comparison, the average per-gallon gasoline tax is 45.9 cents, according to the American Petroleum Institute (PDF file). In other words, on every gallon of gas sold, the state takes FIVE TIMES MORE MONEY than the greedy bloodsucking oil companies.
Where’s the outrage?
Update: A reader just emailed me to point out that the profit on oil per dollar is 9.5 cents, meaning that on a $3 gallon of gas the profit is roughly 30 cents. Fair enough, I read that wrong. But my point still stands. When gas was $2 a gallon the oil companies were making 20 cents per gallon and the gas tax was still 50 cents. So no matter how you cut it, the state is still far more responsible for the high cost of a gallon of gas than the oil companies.
Let me put it this way. When gas was $2 a gallon the average tax was 25% of the purchase price. The only reason this percentage has gone down is because the price of gasoline is dynamic, whereas the tax is static. Lefties are pissing and moaning that the oil companies are now making 10% profit now that gas is expensive, when the tax rate was 2.5 times the profit margin back when gas was cheap.
This whining over gas prices has far more to do with boilerplate liberal hatred of corporations and profit than it does anything based in reality.
Go see more of this idiocy here. I intend to post some comments to this "person" later today. I am willing to bet money this man still thinks that GWB is taking this country in the right direction AND that hes doing good by the people. Any takers?
The San Ramon, Calif.-based company's net income, reported Friday, translated into $1.80 per share, two cents above the average estimate among analysts polled by Thomson Financial. It compared to a profit of $2.7 billion, or $1.28 per share, in the same January-March period last year.
Revenue totaled $54.6 billion, a 31 percent increase from $41.6 billion last year.
If not for continuing production problems caused by Hurricanes Katrina and Rita last summer, Chevron said it would have made an additional $300 million - an amount that would have generated the highest quarterly profit in the company's 127-year history.
As it was, the performance marked the fourth consecutive quarter that Chevron has earned at least $3.6 billion as the company continued to capitalize on oil prices that have climbed above $70 per barrel since the first quarter ended.
The run-up recently has pushed gasoline prices above $3 per gallon, much to the frustration of consumers and politicians looking to win votes in an election year.
Chevron released its results after two of its biggest rivals, ConocoPhillips and Exxon Mobil Corp., already provoked public outrage with similarly large first-quarter profits. Combined, the three oil companies earned $15.7 billion during the three months of the year.
and with that said here is your moment of liberal hatred fueled by idiocy (with a few facts mixed in)
Next time you hear some liberal moron whining about gasoline prices, here’s a reality check for them. Per gallon of gas, guess how much the oil company makes?
Thursday, Exxon Mobil announced it had earned $8 billion in profits in the first three months of this year. For outraged consumers, the staggering profit numbers boil down to this: Exxon earned 9.5 cents on every $1 of gasoline and oil sold, cashing in on skyrocketing prices at every stage of the process.
“The big money for Exxon Mobil,” says oil trader John Kilduff of Fimat USA, “is being made by taking crude oil out of the ground and refining it into gasoline and selling it on the street corner.
Okay, so Exxon makes about 10 cents a gallon. Not a huge profit margin, is it? Now, by way of comparison, the average per-gallon gasoline tax is 45.9 cents, according to the American Petroleum Institute (PDF file). In other words, on every gallon of gas sold, the state takes FIVE TIMES MORE MONEY than the greedy bloodsucking oil companies.
Where’s the outrage?
Update: A reader just emailed me to point out that the profit on oil per dollar is 9.5 cents, meaning that on a $3 gallon of gas the profit is roughly 30 cents. Fair enough, I read that wrong. But my point still stands. When gas was $2 a gallon the oil companies were making 20 cents per gallon and the gas tax was still 50 cents. So no matter how you cut it, the state is still far more responsible for the high cost of a gallon of gas than the oil companies.
Let me put it this way. When gas was $2 a gallon the average tax was 25% of the purchase price. The only reason this percentage has gone down is because the price of gasoline is dynamic, whereas the tax is static. Lefties are pissing and moaning that the oil companies are now making 10% profit now that gas is expensive, when the tax rate was 2.5 times the profit margin back when gas was cheap.
This whining over gas prices has far more to do with boilerplate liberal hatred of corporations and profit than it does anything based in reality.
Go see more of this idiocy here. I intend to post some comments to this "person" later today. I am willing to bet money this man still thinks that GWB is taking this country in the right direction AND that hes doing good by the people. Any takers?
posted by Bludlust at 2:43 PM
1 Comments:
I paid for my last fillup with cash and regrets!
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