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Posted: 1/30/2006 4:52:07 PM EDT
[#1]
From the article you linked: 10.7 billion profit was for the last quarter dumbass. Revenue for the quarter was $99.7 % Profit for the quarter = 10.7/99.7 = 10.7% |
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Posted: 1/30/2006 4:55:19 PM EDT
[#2]
I see you flunked grade school reading as well ...  Now you wanted someone to admit they are wrong… get to it. 
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Posted: 1/30/2006 4:56:16 PM EDT
[#3]
Don't disrupt the idiocy with reality. Does anyone here have the remotest clue how much it costs to drill a single profitable well? That so many assholes went out and bought 10mpg vehicles and now cry about it over their Hello Kitty figurines is not Exxon's fault. Perhaps we should hand Exxon over to the govt via a windfall tax?  . After all, the government is doing such a good job of spending your taxes elsewhere.Can we have a Nanny State forum please? Can we stick it next to the religion forum? |
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Posted: 1/30/2006 4:59:54 PM EDT
[#4]
No how much? Not that I really care. |
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Posted: 1/30/2006 5:03:21 PM EDT
[#5]
So basically you have no idea what it costs to produce the oil but you're pissed off that the company's profit is a really big number? |
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Posted: 1/30/2006 5:06:36 PM EDT
[#6]
Does DU have a reimbursement program for their members that agree to go "under cover" on gun sites, etc? This thread is really starting to smell of one of those monsters that hides under bridges to eat little children...what are they called again?
Hmmmmm |
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Posted: 1/30/2006 5:09:33 PM EDT
[#7]
After seismology, testing, regulatory, and other expenses upwards of $40 million for direct costs. A decent production well can run $200 million with all those factors combined. Very few drillings turn out to be production wells. Not that you care? Why start the thread? You think Mao provides oil for us all free of cost? Agh! I been trolled!  Night night everyone.
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Posted: 1/30/2006 5:13:50 PM EDT
[#8]
Case in point. Platform I worked on. 150K barrels per day (note, we consume 23 million BPD) cost 2Billion for the platform alone. This does not count the cost of the pipeline to bring in on shore. Again, if someone has proof that the US Producers are holding back production to jack up prices, I would love to hear about it. I can guarantee they are pumping every gallon they can. Yet we can't get ANWR opened up. Love liberal reasoning. |
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Posted: 1/30/2006 5:14:18 PM EDT
[#9]
What does Mao have to do with any of this? |
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Posted: 1/30/2006 5:16:21 PM EDT
[#10]
We do need to open ANWR. Do the Libs believe that US producers are not running at capacity, so prices will be higher thus screwing the average american? |
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Posted: 1/30/2006 5:33:36 PM EDT
[#11]
Well I'm all for capitalism, but price fixing is pretty rampant in this industry... what happens when you allow three companies to essentially control the trade of refined petroleum. Their (Exxons) profits last year exceeded the budgets of 125 of the worlds 180 something nations. Not their overall sales, their profits!
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Posted: 1/30/2006 5:46:07 PM EDT
[#12]
Proof?? Or are you just accusing them of commiting a Federal crime with nothing to back it up except "Their (Exxons) profits last year exceeded the budgets of 125 of the worlds 180 something nations. Not their overall sales, their profits!". Do you feel the oil companies should "pay" for charging you too much? |
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Posted: 1/30/2006 5:46:23 PM EDT
[#13]
I would like to see you back that up with even a hint, even the smallest bit, of credible evidence. PLEASE. |
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Posted: 1/30/2006 5:48:50 PM EDT
[#14]
If they are price fixing and only making around 10% profit, they really are stupid.
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Posted: 1/30/2006 5:50:10 PM EDT
[#15]
I would as well. So is Exxon in with the OPEC cartel to artificially inflate prices? |
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Posted: 1/30/2006 5:51:47 PM EDT
[#16]
I'm not sure what it cost for a well from planting the stake, to putting the well on line.
But, I have seen the cost of drilling have expenses of $100,000 (I got $30,000 of it) just for cleaning the rig. The same rig over the same hole used $1 million dollars worth of drilling mud. I believe the total cost of the drilling company was $20 million. There are a lot more cost involved than just punching the hole. OTOH, I have seen wells drilled for $150,000. (just what the drilling company charged) |
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Posted: 1/30/2006 5:58:15 PM EDT
[#17]
I think I just got trolled twice in the same thread.  
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Posted: 1/30/2006 5:58:45 PM EDT
[#18]
I will go out on a limb and say no. Hell OPEC can't even do what some of the people here think. EVERYONE who knows anything about the industry knows that not one single member of OPEC will stick to their self imposed quotas. They all cheat and produce more than they say they will because they are greedy. Reality check time. Would you sell 1 million somethings for $50 each or sell 500,000 for $60? Every single person here would pick the million, so do they. |
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Posted: 1/30/2006 6:01:57 PM EDT
[#19]
I am always amazed at the number of socialists who infest this site.
Fuck off you pikers, go hang out at DU. You will fit in quite nicely with your collectivist ideals. |
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Posted: 1/30/2006 6:04:24 PM EDT
[#20]
Very Good Points. So are we just going to have to live with high oil prices until ANWR is opened? |
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Posted: 1/30/2006 6:05:11 PM EDT
[#21]
most excellent news.
i'm sure the numbers will be looking even better by the time i graduate and look for a job in the industry. 
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Posted: 1/30/2006 6:06:46 PM EDT
[#22]
This is absurd childish bullshit… a 10.7% profit is nothing special. Microsoft had a 30% profit margin in the same quarter. I have no problems with what Exxon is making… I do not like OPEC countries getting $68 a barrel because we are to stupid to do what we need to do. |
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Posted: 1/30/2006 6:08:32 PM EDT
[#23]
Well shit if you don't like Exxon making so much money go to a different gas station. Just don't be surprised when they are charging as much or maybe more.
It's all business. Their profit margins are in line with other companies, they are just much bigger. Consumption is at an all-time high. The dying American car companies peddling huge trucks and SUVs that get abysmal gas mileage share more blame than Exxon. |
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Posted: 1/30/2006 6:11:28 PM EDT
[#24]
What will happen is what ALWAYS happens. The oil companies will gear up drill like hell, pump up production to make every possible dime they can until production outpaces demand, and the price drops. IT ALWAYS HAPPENS JUST LIKE THIS, IT IS NOT NEW. It is the oilfield, fuckin up and down like a fucking yoyo. 
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Posted: 1/30/2006 6:12:12 PM EDT
[#25]
Funny... as soon as Congress started threatening an investigation... prices immediately backed off. Now they are inching up, first the blame was on the need to make more home heating oil for the Northeast... we have an unseasonably warm winter and are not consuming anywhere near the volume anticipated. Regulations were eased on boutique gasolines to eliminate strain on the refineries so they could focus on fewer blends and keep costs down. We have greater oil reserves on hand to ensure there is no major interruption of flow. There has been no interruption in supply, although Iran WANTS to reduce production by 1 million barrels a day to raise prices, but nothing has happened. They are turning the greatest profits in their history, and yet prices continue to climb.
In NYS one company controls the majority of gasoline distribution, sells it via a zone pricing structure to other oil companies and independents to maintain a price floor. They then sell to their retailers for around 5 cents less a gallon and if anybody charges them with profiteering they point to their competitors (who they supplied) and show they are charging more. Any guess who that company might be? Why doesn't the government intervene? They know damn well that will only make the problem worse, that doesn't mean they are not aware of what is going on. In essence the government has allowed the functional equivalent of regional monopolies via mergers. The companies have a hand shake agreement to maintain dominance over certain regions while operating in all regions to a degree. Thus you can't say there is a monopoly because there is competition, but trace the source of where the minority players in a market are getting their supply and you'll see what is going on and how prices are rising in unison and what happens when no effective competition exists to moderate increases. |
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Posted: 1/30/2006 6:12:27 PM EDT
[#26]
My last car got 30mpg. My car now gets 20mpg. My next will get at least 40mpg. If I can get a hybrid I'll charge the batteries with solar cells. Nothing screams independence more than cutting yourself free from the chains that bind you. |
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Posted: 1/30/2006 6:14:41 PM EDT
[#27]
Mega-dupe
Instead of whining about it, take an Economics class so you know what you are talking about and then go out and buy ExxonMobil stock like I did. If I have to buy gas, and I do, I might as well spend my gas money buying from a company I own stock in. |
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Posted: 1/30/2006 6:14:57 PM EDT
[#28]
WTF is wrong with you? You want some sort of government intervention like price control? Fucking communist! If you don't like capitalism then leave and go to Russia. |
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Posted: 1/30/2006 6:16:10 PM EDT
[#29]
nothing screams liberal enviroweenie more than driving a hybrid or having solar panels. give up your vile ways now, and be a good sheeple. buy a SUV and continue contributing to the record profits of Exxon et al. 
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Posted: 1/30/2006 6:17:13 PM EDT
[#30]
I think you misunderstood me. I meant if companies are going to price fix, they better make a lot more than 10%. Meaning that saying oil companies are price fixing is really fucking stupid. |
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Posted: 1/30/2006 6:17:55 PM EDT
[#31]
Ok I am a communist. Just call me Boris. |
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Posted: 1/30/2006 6:18:47 PM EDT
[#32]
btw..... i disagree with buying stock in exxon. just because it's the biggest doesn't mean it has the most potential for growth. look for some of the smaller companies who are takeover candidates. or, if you really want to stick with the major players, i personally like ConocoPhillips. but if you really get off on owning stock in the evvviiiiilll exxon mobil, more power to you
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Posted: 1/30/2006 6:24:04 PM EDT
[#33]
You need your head examined. THERE IS NO BLAME. THERE IS NOTHING WRONG. THE SYSTEM IS WORKING JUST FINE. Quit buying it if you dont like the price! |
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Posted: 1/30/2006 6:29:19 PM EDT
[#34]
I'll have to for a while, no money for new cars on a whim
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Posted: 1/30/2006 6:31:05 PM EDT
[#35]
The price will remain the same even if ANWR is opened. Get used to it. There is no cheap oil anymore. |
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Posted: 1/30/2006 6:32:38 PM EDT
[#36]
Actually you are right. My XOM portfolio is up 60%. I'd buy more but my dollar cost average is currently sitting at about $39 a share and buying more now would kick that average way up. I'll look for other bargains. |
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Posted: 1/30/2006 6:33:41 PM EDT
[#37]
I was agreeing with you. |
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Posted: 1/30/2006 6:35:42 PM EDT
[#38]
Unfortunately the option isn't just don't buy... Gasoline prices impact so many other parts of society from energy bills, to groceries to clothing, etc... Our entire economy is built on the back of petroleum, so when gas pries increase so does just about everything else. So yes, I can choose to drive less and I do. I can't however choose to eliminate all other expenses which are petroleum dependent.
I do not believe in government price controls. I would however like to see more transparency so te public understood how these regional monopolies are functioning. The public outrage would lead to decreased consumption, and prices would follow. However, most people don't know about the regional distribution structures, the zone pricing that determines how much people will pay down to a given neighborhood and prices are set accordingly... has nothing to do with the actual price of the underlying product, it has everything to do with what the market will bear. This in an of itself is not bad, the market should set the price. However that theory is predicated on the ability for competitors to enter the market to provide a superior or cheaper product. The mergers of the past couple years preclude that. Without competition price fixing will be rampant. |
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Posted: 1/30/2006 6:37:41 PM EDT
[#39]
Yes there will be… 1-2 years and prices will be way down... been here before and we hear the same shit every time... There is no cheap oil anymore. Was not true then ain't true now. |
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Posted: 1/30/2006 6:38:02 PM EDT
[#40]
Eventually with high oil prices WWB .223 ammo at walmart will be $10/box of 40.
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Posted: 1/30/2006 6:38:12 PM EDT
[#41]
One way to save oil is to switch from plastic back to paper bags.
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Posted: 1/30/2006 6:40:14 PM EDT
[#42]
drilling ANWR won't make much difference. i do think that we should drill it, because we need to exploit every resource we have available, but it just won't make that big of an impact.
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Posted: 1/30/2006 6:40:59 PM EDT
[#43]
VT, that is an excellent point, but I think a lot of the pastic bags are made from recycled plastic.
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Posted: 1/30/2006 6:41:54 PM EDT
[#44]
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Posted: 1/30/2006 6:47:30 PM EDT
[#45]
I'm just waiting for my dividend check. 
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Posted: 1/30/2006 6:47:57 PM EDT
[#46]
I still fail to see the issue. I worked in Germany for 8 months and didn't ride in a car more than twice... to go to the airport via the highway. The rest of the time I biked. 10 miles each way. Ate a lot of kartoffeln to make up for it. Cheaper than paying the al-Sauds for the same fuel. The bike trails were not an enormous high speed interchange, but a simple blacktop 2' wide path. I could bike faster to work than what I drive now. |
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Posted: 1/30/2006 6:50:09 PM EDT
[#47]
ANWR would cut out ME imports by over 50% Marginal increases can make a huge difference in price. P95 is 5billion barrels. P50 is over 10 We already have the pipeline infrastructure. Not drilling ANWR is just fucking stupid. |
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Posted: 1/30/2006 6:50:42 PM EDT
[#48]
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Posted: 1/30/2006 6:55:38 PM EDT
[#49]
No doubt Europe has been much more thoughtful in their public transportation as well as making transportation like biking and even walking more palatable. In many US cities bike riding on public streets is just way too dangerous, there are no bike paths and riding on sidewalks is against the law.
I try to keep my driving to a minimum. Unless I'm going out of town to see friends, I can somethines get 3 weeks out of a tank of gas... if the weather is good, a month. Like I said, I don't want the government meddling in price fixing or setting limits on profits. I would like to see them break up the effective monopolies that do exist which prevent competition by controlling refining and distribution by region. Look at telecom. Break the monopolies, allow competition, encourages innovation and enhanced services and lower prices... And the companies still manage to make a profit. |
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Posted: 1/30/2006 6:57:47 PM EDT
[#50]
Don't interject LOGIC into this arguement. You'll confuse the morons. |
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