GasBuddy Blog

GasBuddy News Article

votes

Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy

Bloomberg -- Profits for the biggest U.S. energy producers including Exxon Mobil Corp. (XOM) are poised to decline the most since the financial meltdown of 2008-09 as the drilling technique known as fracking collapses natural gas prices.

Exxon and Chesapeake Energy Corp. (CHK), which today reports 2011 earnings, will see net income in 2012 slide 7 percent and 10 percent, respectively, according to the mean of analyst estimates compiled by Bloomberg. That would be the biggest drop since 2009 for the companies, the largest U.S. gas producers.

While higher global demand for transportation fuels drove up crude prices about 30 percent since 2009, the domestic gas glut is pinching earnings for producers even as it pushes the U.S. toward energy independence. Especially hurt are Chesapeake and ConocoPhilli

Read the Full Article

Submitted Feb 21, 2012 By: Lighting10K

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

honda0105 Champion Author Tallahassee Posts:18,623 Points:1,609,520 Joined:Nov 2008	Message Posted: Feb 25, 2012 6:15:31 AM Ignore honda0105 Report Abuse I am sooooooo distraught over the loss of a few MILLION in their BILLION dollar profits. A few million will send Pig Oil to the poor house, right? (sarcasm and cynicism off)
tomok Champion Author Portland Posts:33,014 Points:2,345,510 Joined:Aug 2006	Message Posted: Feb 22, 2012 1:11:23 AM Ignore tomok Report Abuse Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake and oil companies are refining oil into fuel and exporting it to other countries for additional profits. Fuel prices at the pump will be at its all time high. Canadian pipeline oil will be refined into fuel and will also be exported, no price relief at the pump for the US. Oil companies are complaining, when their profits have been the most ever. If there is such as over supply of natural gas, make it available for more vehicles, just like it is for trucks and buses. Will that take away from the oil needed for gasoline and diesel fuel? Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using ‘other’ forms of transportation to help lower your cost. The price of fuel at the pump is too high! 12/22/2012!
RBob Champion Author Portland Posts:3,374 Points:2,347,875 Joined:May 2004	Message Posted: Feb 21, 2012 10:15:03 PM Ignore RBob Report Abuse Oh sure. And coming from Bloomberg too, what's to believe?
ssect8 Champion Author Hartford Posts:7,994 Points:2,094,270 Joined:Jun 2006	Message Posted: Feb 21, 2012 10:04:00 PM Ignore ssect8 Report Abuse Isn't that just too bad?
JesseJack52 All-Star Author Virginia Beach Posts:628 Points:127,835 Joined:Sep 2011	Message Posted: Feb 21, 2012 9:57:09 PM Ignore JesseJack52 Report Abuse well, well
jimbo1867 Champion Author Arizona Posts:5,372 Points:2,054,550 Joined:Apr 2005	Message Posted: Feb 21, 2012 9:56:21 PM Ignore jimbo1867 Report Abuse okay
PnnyPnchr Champion Author Toronto Posts:16,570 Points:2,588,845 Joined:Dec 2002	Message Posted: Feb 21, 2012 9:54:41 PM Ignore PnnyPnchr Report Abuse Should start using more CNG as auto fuel.
wwardyota Champion Author Honolulu Posts:1,451 Points:795,210 Joined:May 2008	Message Posted: Feb 21, 2012 9:52:14 PM Ignore wwardyota Report Abuse so they say... when would oil even admit to falling profits?
monieet All-Star Author California Posts:964 Points:530,080 Joined:Mar 2011	Message Posted: Feb 21, 2012 9:51:26 PM Ignore monieet Report Abuse Ok
Thomtec Champion Author Nashville Posts:2,464 Points:608,145 Joined:May 2011	Message Posted: Feb 21, 2012 9:49:45 PM Ignore Thomtec Report Abuse This is a good thing for consumers. Dont feel sorry for the producers because the will make plenty of profits. Ebb and flow
NHLiveFree Champion Author New Hampshire Posts:11,092 Points:1,622,370 Joined:Jun 2008	Message Posted: Feb 21, 2012 9:48:14 PM Ignore NHLiveFree Report Abuse "Well aid" must be a new tax break for oil companies in Texas!
NHLiveFree Champion Author New Hampshire Posts:11,092 Points:1,622,370 Joined:Jun 2008	Message Posted: Feb 21, 2012 9:46:00 PM Ignore NHLiveFree Report Abuse Don't we all feel so sorry for Big Oil. How many tax write offs will be taken for the refineries that are being closed to raise retail prices?
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Feb 21, 2012 9:45:49 PM Ignore fuelsaverMN Report Abuse THE OIL COMPANIES NEED TO COME DOWN TO OUR LEVEL AND HELP THE POOR WORKING PEOPLE.
gd83goldwinger Champion Author South Bend Posts:1,428 Points:504,230 Joined:May 2011	Message Posted: Feb 21, 2012 9:45:32 PM Ignore gd83goldwinger Report Abuse alllllllllll.
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Feb 21, 2012 9:44:53 PM Ignore fuelsaverMN Report Abuse "THAT'S GOOD FOR US AMERICANS"....NOW WILL THE PRICE COME DOWN AMIDS'T ALL THE PROBLEMS IN OUR WORLD.
regout Champion Author Quebec Posts:2,955 Points:832,705 Joined:May 2010	Message Posted: Feb 21, 2012 9:44:21 PM Ignore regout Report Abuse No fracking.
TKDBlackBelt Champion Author Dayton Posts:3,254 Points:1,141,900 Joined:Mar 2007	Message Posted: Feb 21, 2012 9:44:02 PM Ignore TKDBlackBelt Report Abuse Hey carman11, don't forget the specuTRAITORS who drove the prices up in the first place!
KY_Homeboy Veteran Author Kentucky Posts:303 Points:362,230 Joined:Oct 2008	Message Posted: Feb 21, 2012 9:43:47 PM Ignore KY_Homeboy Report Abuse Maybe for the common man working the rigs -
clermont40miles Champion Author Cincinnati Posts:10,569 Points:1,771,920 Joined:Apr 2008	Message Posted: Feb 21, 2012 9:43:39 PM Ignore clermont40miles Report Abuse My car does not burn natural gas. We have propane trucked in. The boom will not help us unless the infrastructure is there. It will probably come since the resource is so plentiful. Hurry up! Pray BHO & Co. don't shoot down domestic production. They are inclined to destroy, not create.
confetti Veteran Author Tampa Posts:354 Points:362,290 Joined:Jan 2006	Message Posted: Feb 21, 2012 9:43:16 PM Ignore confetti Report Abuse carman11 has it right: "THE GOVERNMENT IS THE ONE THAT MAKES THE PROFIT ON ENERGY BY WAY OF TAXES!!!" Articles have been posted here on gasbuddy setting out the facts about how the government rakes in 50 - 73% of the cash from oil leases. Please don't ignore the facts and make businesses into the scapegoats! Instead, demand lower taxes!
carman11 Champion Author North Carolina Posts:3,337 Points:691,725 Joined:Jun 2011	Message Posted: Feb 21, 2012 9:38:04 PM Ignore carman11 Report Abuse THE GOVERNMENT IS THE ONE THAT MAKES THE PROFIT ON ENERGY BY WAY OF TAXES!!!
bonzoonfmb Champion Author Florida Posts:1,782 Points:644,585 Joined:Feb 2010	Message Posted: Feb 21, 2012 9:34:43 PM Ignore bonzoonfmb Report Abuse Please, everyone, buy more Exxon Mobil products.
craigsfrank Champion Author Arkansas Posts:2,198 Points:840,430 Joined:Jun 2010	Message Posted: Feb 21, 2012 9:34:40 PM Ignore craigsfrank Report Abuse I feel sorry for my credit card bill every month when I fill up a few times. Someone is making $$.
chrisg55 Rookie Author Indiana Posts:46 Points:10,770 Joined:Feb 2012	Message Posted: Feb 21, 2012 9:33:31 PM Ignore chrisg55 Report Abuse Poor oil companies, maybe they need more tax breaks..Bush
goalie1950 Champion Author Phoenix Posts:6,410 Points:1,296,420 Joined:Oct 2009	Message Posted: Feb 21, 2012 9:27:42 PM Ignore goalie1950 Report Abuse Are we suppose to feel sorry for these energy companies? I think not.
min_fuel Champion Author Philadelphia Posts:1,956 Points:722,545 Joined:Jan 2008	Message Posted: Feb 21, 2012 9:27:29 PM Ignore min_fuel Report Abuse Gas prices are low because demand is low due to the unusually warm Winter. But as the economy gets going after Obama is kicked out of office, the demand for Natural Gas will skyrocket.
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Feb 21, 2012 9:27:04 PM Ignore drpepperTX Report Abuse Well aid humblepie.
DustyHorse Champion Author Virginia Posts:6,085 Points:1,391,805 Joined:Oct 2008	Message Posted: Feb 21, 2012 9:26:13 PM Ignore DustyHorse Report Abuse I am finding it very hard to feel sorry for Exxon.
cheap59 Champion Author Michigan Posts:4,240 Points:962,270 Joined:May 2010	Message Posted: Feb 21, 2012 9:25:02 PM Ignore cheap59 Report Abuse Now if gas prices will fall too.
kmaesad Rookie Author Charleston Posts:74 Points:21,520 Joined:Nov 2011	Message Posted: Feb 21, 2012 9:25:01 PM Ignore kmaesad Report Abuse AAhhhhh..
Paw5X Champion Author Gary Posts:9,903 Points:2,267,530 Joined:May 2005	Message Posted: Feb 21, 2012 9:23:28 PM Ignore Paw5X Report Abuse Hey Senrac I though that was in Arizona! LOL
NorthglennBill Champion Author Denver Posts:7,422 Points:1,471,945 Joined:Oct 2008	Message Posted: Feb 21, 2012 9:23:18 PM Ignore NorthglennBill Report Abuse Finally, a good thing about fracking.
Senrac Champion Author Lincoln Posts:1,594 Points:305,635 Joined:Mar 2010	Message Posted: Feb 21, 2012 9:19:59 PM Ignore Senrac Report Abuse and if you believe that I got ocean front property in Nebraska to sell ya cheap
woburnspotter2 Veteran Author Boston Posts:480 Points:172,405 Joined:Apr 2007	Message Posted: Feb 21, 2012 9:19:12 PM Ignore woburnspotter2 Report Abuse Suppy and demand - with more natural gas being found, prices come down. . . Which is why It upsets me to see the government throw roadblocks up to recovering oil. . . Blocking companies from recovering oil just means prices will be higher than they should be.
pgerassi Champion Author Milwaukee Posts:10,896 Points:2,132,355 Joined:Apr 2007	Message Posted: Feb 21, 2012 9:18:46 PM Ignore pgerassi Report Abuse Because storage is a problem for NG, CIFs haven't pushed the prices through the roof. Ban CIFs and most oil product prices would be the same as NG.
REKEY Champion Author South Carolina Posts:8,579 Points:1,699,415 Joined:May 2008	Message Posted: Feb 21, 2012 9:18:11 PM Ignore REKEY Report Abuse I just heard that company profits were up. But even a 7% slide is not a lot since they made BILLIONS off the consumers of the US!
HYEgasCA Champion Author Fresno Posts:2,111 Points:910,750 Joined:Dec 2008	Message Posted: Feb 21, 2012 9:16:38 PM Ignore HYEgasCA Report Abuse Exxon isn't even around in CA.
FlyNFool Champion Author South Carolina Posts:8,244 Points:1,685,200 Joined:Aug 2008	Message Posted: Feb 21, 2012 9:11:56 PM Ignore FlyNFool Report Abuse Really?
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Feb 21, 2012 9:07:19 PM Ignore Agarre Report Abuse Exxon is cheap ???
humblepie Champion Author Toledo Posts:34,221 Points:2,371,370 Joined:Mar 2006	Message Posted: Feb 21, 2012 9:05:27 PM Ignore humblepie Report Abuse they employ so many americans i hope this is only temporary. obama's job creation plans are woeful at best and we certainly need all the jobs we can get..
ScottTee Champion Author Detroit Posts:4,386 Points:1,062,620 Joined:Mar 2010	Message Posted: Feb 21, 2012 9:05:07 PM Ignore ScottTee Report Abuse so let's get the Natural Gas Act passed, what are we waiting for?
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Feb 21, 2012 9:04:39 PM Ignore tippybuddy Report Abuse poor investors but we're still losing at the pumps with higher prices
mikaye Champion Author Cleveland Posts:3,829 Points:864,435 Joined:Jun 2010	Message Posted: Feb 21, 2012 9:00:58 PM Ignore mikaye Report Abuse suuure profits are falling. just slanting statistics to increase prices without too much stink
bl626 All-Star Author Toledo Posts:824 Points:242,355 Joined:Feb 2011	Message Posted: Feb 21, 2012 9:00:31 PM Ignore bl626 Report Abuse oh.. poor investors... profit in decline, but our price at the pump rising!
Blue48 Champion Author Illinois Posts:7,305 Points:1,637,945 Joined:Feb 2007	Message Posted: Feb 21, 2012 8:59:14 PM Ignore Blue48 Report Abuse BAD NEWS FOR SOME!
mazda03 Veteran Author Quebec City Posts:275 Points:1,278,710 Joined:Nov 2006	Message Posted: Feb 21, 2012 8:57:06 PM Ignore mazda03 Report Abuse bs
Stooker Sophomore Author Ontario Posts:158 Points:70,320 Joined:Dec 2011	Message Posted: Feb 21, 2012 8:56:39 PM Ignore Stooker Report Abuse whatever
singlemom27 Champion Author Ventura Posts:3,113 Points:640,185 Joined:Apr 2011	Message Posted: Feb 21, 2012 8:55:25 PM Ignore singlemom27 Report Abuse BS
PoohMcGoo Champion Author Alabama Posts:3,067 Points:800,585 Joined:Dec 2010	Message Posted: Feb 21, 2012 8:53:22 PM Ignore PoohMcGoo Report Abuse I doubt their profit will be hurt much..
kcboy Champion Author Utah Posts:3,968 Points:1,507,800 Joined:Jun 2005	Message Posted: Feb 21, 2012 8:50:35 PM Ignore kcboy Report Abuse Interesting