DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Gas prices up 67% since Obama took office as Chevron profits surge 72%

**AlissBart** · 03-14-2011, 03:51 AM

And THAT is why a bipartisan majority of Americans support state and federal funding to build high-speed rail. Dependence on oil for energy is bad policy, locally and nationally.

Business Weekly: http://www.businessweek.com/news/201...-update3-.html

Chevron Corp., the second-biggest U.S. energy company, reported its largest profit increase in at least a decade, exceeding analyst estimates, after recovering economies around the world spurred increases in fuel demand.

First-quarter net income more than doubled to $4.55 billion, or $2.27 a share, from $1.84 billion, or 92 cents, a year earlier, San Ramon, California-based Chevron said today in a statement. Excluding severance costs, per-share profit was about $2.38, 43 cents higher than the average of 14 analyst estimates compiled by Bloomberg.

Chevron Chief Executive Officer John Watson boosted oil and natural-gas output by 4.5 percent with new wells from the Gulf of Mexico to Australia. Watson is selling money-losing assets and shifting capital to oil and natural-gas fields Chevron has been working to bring online for years, said Edward Westlake, an analyst at Credit Suisse in New York.

“Production was above expectations so it’s very hard to shoot any holes in their story,” said Robbert Van Batenburg, head of research at Louis Capital Markets LP in New York. “As long as they continue to bring new projects on line, it’s blue skies ahead.” Poor Exxon Mobile saw their profits explode only 53%.

Guardian: http://www.guardian.co.uk/business/2...nd-output-rise
Profits at Exxon Mobil, the world's largest oil company, soared 53% in fourth quarter profits powered by rising oil prices and natural gas.

Exxon's profits were $9.25bn (£5.8bn) compared with $6.05bn for same the period a year ago. The profits were Exxon's largest for more than two years. Total revenue in the quarter was $105.2bn, up from $89.8bn in the quarter a year earlier. For the year Exxon made $30.46bn compared to $19.4 bn in 2009.

Demand for oil and gas rose last year and is expected to rise again this year. The company benefited from higher profits in its chemicals and refining units. Analysts said it also benefited from a lower tax rate in the fourth quarter of 38% compared with an expected 46%.

03-14-2011, 03:51 AM	#2
AlissBart Join Date Oct 2005 Posts 480 Senior Member	And THAT is why a bipartisan majority of Americans support state and federal funding to build high-speed rail. Dependence on oil for energy is bad policy, locally and nationally. Business Weekly: http://www.businessweek.com/news/201...-update3-.html Chevron Corp., the second-biggest U.S. energy company, reported its largest profit increase in at least a decade, exceeding analyst estimates, after recovering economies around the world spurred increases in fuel demand. First-quarter net income more than doubled to $4.55 billion, or $2.27 a share, from $1.84 billion, or 92 cents, a year earlier, San Ramon, California-based Chevron said today in a statement. Excluding severance costs, per-share profit was about $2.38, 43 cents higher than the average of 14 analyst estimates compiled by Bloomberg. Chevron Chief Executive Officer John Watson boosted oil and natural-gas output by 4.5 percent with new wells from the Gulf of Mexico to Australia. Watson is selling money-losing assets and shifting capital to oil and natural-gas fields Chevron has been working to bring online for years, said Edward Westlake, an analyst at Credit Suisse in New York. “Production was above expectations so it’s very hard to shoot any holes in their story,” said Robbert Van Batenburg, head of research at Louis Capital Markets LP in New York. “As long as they continue to bring new projects on line, it’s blue skies ahead.” Poor Exxon Mobile saw their profits explode only 53%. Guardian: http://www.guardian.co.uk/business/2...nd-output-rise Profits at Exxon Mobil, the world's largest oil company, soared 53% in fourth quarter profits powered by rising oil prices and natural gas. Exxon's profits were $9.25bn (£5.8bn) compared with $6.05bn for same the period a year ago. The profits were Exxon's largest for more than two years. Total revenue in the quarter was $105.2bn, up from $89.8bn in the quarter a year earlier. For the year Exxon made $30.46bn compared to $19.4 bn in 2009. Demand for oil and gas rose last year and is expected to rise again this year. The company benefited from higher profits in its chemicals and refining units. Analysts said it also benefited from a lower tax rate in the fourth quarter of 38% compared with an expected 46%.
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