Not Logged In Log In   Sign Up   Points Leaders
Follow Us    7:30 PM

GasBuddy News Article

72
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
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
PoohMcGoo
Champion Author Alabama

Posts:3,772
Points:1,339,060
Joined:Dec 2010
Message Posted: Feb 21, 2012 10:53:22 PM

I doubt their profit will be hurt much..
Profile Pic
kcboy
Champion Author Utah

Posts:5,948
Points:1,985,715
Joined:Jun 2005
Message Posted: Feb 21, 2012 10:50:35 PM

Interesting
Profile Pic
naiiawah
Champion Author Boise

Posts:4,861
Points:1,316,855
Joined:Mar 2011
Message Posted: Feb 21, 2012 10:48:51 PM

Let me guess... now we'll have "bail out" the oil industry too.
Profile Pic
skyking19
Champion Author Little Rock

Posts:2,733
Points:2,204,735
Joined:Jan 2007
Message Posted: Feb 21, 2012 10:47:38 PM

What goes up must come down.
Profile Pic
LCSTEELERBOB
Champion Author Gary

Posts:3,537
Points:886,655
Joined:Oct 2008
Message Posted: Feb 21, 2012 10:47:16 PM

poor babies i feel so bad for them,, but don't worry they will find a way to raise profits yet
Profile Pic
goodbuy
Champion Author Michigan

Posts:10,237
Points:2,029,045
Joined:May 2005
Message Posted: Feb 21, 2012 10:43:20 PM

WHAT!! How are they going to live on only about $25 billion a year.
Profile Pic
abcdMA
Champion Author Worcester

Posts:10,627
Points:2,211,315
Joined:Nov 2008
Message Posted: Feb 21, 2012 10:42:53 PM

interesting how things change
Profile Pic
TelsaOR
Champion Author Oregon

Posts:3,596
Points:740,215
Joined:Jan 2011
Message Posted: Feb 21, 2012 10:42:46 PM

Guess we better change over to CNG to help keep them in business.
Profile Pic
Gas4Gore
Champion Author Detroit

Posts:3,370
Points:600,885
Joined:Jan 2010
Message Posted: Feb 21, 2012 10:42:14 PM

Huh?
Profile Pic
DJRIO
Champion Author Miami

Posts:11,042
Points:2,076,385
Joined:Jan 2008
Message Posted: Feb 21, 2012 10:40:58 PM

Interesting
Profile Pic
LegoVasavouchi
Champion Author Oklahoma

Posts:1,659
Points:114,390
Joined:Apr 2011
Message Posted: Feb 21, 2012 10:37:06 PM

Fascinating.
Profile Pic
mstearno
Champion Author Dayton

Posts:9,545
Points:2,264,550
Joined:Jan 2008
Message Posted: Feb 21, 2012 10:36:44 PM

ouch
less profits less jobs
Profile Pic
lyons_coop
Veteran Author Kansas

Posts:411
Points:214,585
Joined:Jan 2012
Message Posted: Feb 21, 2012 10:32:22 PM

If true it breaks my heart... not.
Profile Pic
dirt girl
Champion Author Twin Cities

Posts:39,092
Points:3,680,600
Joined:Oct 2004
Message Posted: Feb 21, 2012 10:30:58 PM

Anyone want a shovel?

Not even 2 months into 2012 and it's piling up fast.
Profile Pic
HDFXR1991
All-Star Author Wisconsin

Posts:504
Points:318,355
Joined:Sep 2008
Message Posted: Feb 21, 2012 10:25:41 PM

What a lie!!!!!!!
Profile Pic
AcuraTSX
Champion Author Ohio

Posts:6,504
Points:2,786,340
Joined:Dec 2005
Message Posted: Feb 21, 2012 10:24:54 PM

Cynical public having forgot what accounting, if any, they had will find this report hard to believe.
Profile Pic
Kmankeith
All-Star Author Rhode Island

Posts:810
Points:869,800
Joined:Sep 2011
Message Posted: Feb 21, 2012 10:24:29 PM

Profits falling my ass
Profile Pic
Asbury09
Champion Author Iowa

Posts:9,968
Points:2,181,430
Joined:Jan 2009
Message Posted: Feb 21, 2012 10:23:36 PM

then what is happening to all the money from increased pump prices
Profile Pic
mcmonsta
Champion Author Honolulu

Posts:5,722
Points:1,457,885
Joined:Sep 2009
Message Posted: Feb 21, 2012 10:22:40 PM

yep 8-10 % OF 8B...THEY ARE REALLY HURTING. jes like we are?
Profile Pic
inkedbiker74
Veteran Author Akron

Posts:250
Points:371,080
Joined:Apr 2011
Message Posted: Feb 21, 2012 10:22:21 PM

yeah... right
Profile Pic
ericbcire
Champion Author Nevada

Posts:7,253
Points:1,914,585
Joined:Aug 2009
Message Posted: Feb 21, 2012 10:20:31 PM

Oil prices are too high due to unwarranted speculation.
Profile Pic
AKmailman
Champion Author Alaska

Posts:8,425
Points:2,204,320
Joined:Jul 2004
Message Posted: Feb 21, 2012 10:18:01 PM

we can now refer to them as the "fracking oil companies"
Profile Pic
bettersight
Champion Author Oakland

Posts:1,116
Points:255,885
Joined:May 2011
Message Posted: Feb 21, 2012 10:16:06 PM

ok
Profile Pic
Bruno44
Champion Author Texas

Posts:9,751
Points:2,399,980
Joined:Sep 2007
Message Posted: Feb 21, 2012 10:12:53 PM

Although I don't like greed etc, don't forget that they pay a tremendous amount in taxes.
Profile Pic
hank1326
Champion Author Los Angeles

Posts:10,972
Points:2,333,960
Joined:Jun 2008
Message Posted: Feb 21, 2012 10:12:25 PM

Meanwhile the pump prices are climbing at an alarming rate here.
Profile Pic
jb107
Champion Author New Jersey

Posts:12,283
Points:3,268,475
Joined:Sep 2005
Message Posted: Feb 21, 2012 10:11:11 PM

What a shame.
Profile Pic
EricSorenW
Rookie Author Florida

Posts:80
Points:28,230
Joined:Jan 2012
Message Posted: Feb 21, 2012 10:11:02 PM

Lots of profits I'm not getting!
Profile Pic
BigBob12345
Champion Author Gasbuddy

Posts:1,521
Points:304,730
Joined:Aug 2011
Message Posted: Feb 21, 2012 10:09:17 PM

You mean instead of 3 billion per quarter, it might be 2.99 bil?
Profile Pic
sch5v2
All-Star Author Colorado

Posts:506
Points:1,499,495
Joined:Apr 2008
Message Posted: Feb 21, 2012 10:03:03 PM

Their profits are falling? They are not going to be the biggest ever this year? That's a shame!!
Profile Pic
jdc17327
Champion Author Pennsylvania

Posts:2,648
Points:204,255
Joined:May 2009
Message Posted: Feb 21, 2012 10:02:16 PM

whatever
Profile Pic
deputydog082
Champion Author Detroit

Posts:3,888
Points:1,236,245
Joined:Apr 2011
Message Posted: Feb 21, 2012 10:01:39 PM

maybe the government could bail them out!
Profile Pic
my2002m
Champion Author Tulsa

Posts:8,713
Points:2,313,065
Joined:Jul 2008
Message Posted: Feb 21, 2012 10:01:33 PM

They won't stay low for long. Eventually they will go up as well.
Profile Pic
nightworker998
Champion Author Maryland

Posts:2,760
Points:978,715
Joined:Mar 2009
Message Posted: Feb 21, 2012 10:00:49 PM

If there is a glut of gas why has the price of it risen from 10 to 15% in the last 4 weeks??????????
Profile Pic
toadNY
Champion Author Albany

Posts:9,845
Points:2,163,425
Joined:Apr 2008
Message Posted: Feb 21, 2012 10:00:21 PM

You said it ChuckGVT! Wait till November when unemployment is below 5%. So obama will get re-elected.
Profile Pic
DEG
Champion Author Las Vegas

Posts:20,257
Points:4,117,705
Joined:Jul 2003
Message Posted: Feb 21, 2012 9:56:17 PM

I believe that the oil profits are actually rising with the rising prices.
Profile Pic
ChuckGVT
Champion Author Vermont

Posts:9,436
Points:2,343,280
Joined:Apr 2008
Message Posted: Feb 21, 2012 9:52:22 PM

I'd rather talk about the 1.2 million Americans that stopped looking for work last month and caused the unemployment rate to drop. Too bad they don't mention that when they release the reports.
Profile Pic
livedream
Champion Author Michigan

Posts:6,629
Points:1,402,370
Joined:Mar 2011
Message Posted: Feb 21, 2012 9:50:40 PM

Might this be why we are being charged so much for gasoline at the pumps instead?
Prices are much too high for mid-February -- $3.49 a gallon.....
Profile Pic
DABEE1073
Champion Author San Diego

Posts:11,175
Points:2,222,400
Joined:Jun 2008
Message Posted: Feb 21, 2012 9:49:56 PM

IF THIS IS A ARTICLE FROM A ULTRA LIBERAL NEWSPAPER, I PERSONALLY TAKE IT WITH A GRAIN OF SALT.
Profile Pic
GasFreeLeaf
Champion Author Orange County

Posts:1,476
Points:577,605
Joined:Oct 2010
Message Posted: Feb 21, 2012 9:49:25 PM

Oh well
Profile Pic
raj_fl
Champion Author Trenton

Posts:4,299
Points:1,235,405
Joined:Oct 2010
Message Posted: Feb 21, 2012 9:49:17 PM

mmmm
Profile Pic
raj_fl
Champion Author Trenton

Posts:4,299
Points:1,235,405
Joined:Oct 2010
Message Posted: Feb 21, 2012 9:48:27 PM

what a shame that big oil will loose fat
Profile Pic
skybiker
Champion Author South Carolina

Posts:9,230
Points:2,164,270
Joined:Jul 2008
Message Posted: Feb 21, 2012 9:47:38 PM

OK, So Exxon only makes $7.8 billion instead of $8 billion....Cry me a river!!!
Profile Pic
Pumpz
Sophomore Author Boston

Posts:202
Points:892,525
Joined:Apr 2004
Message Posted: Feb 21, 2012 9:47:05 PM

Sunoco is getting ready to sell or close several Penna. refineries if they can't find a buyer.
Profile Pic
wamster
Champion Author Houston

Posts:7,185
Points:1,202,470
Joined:May 2007
Message Posted: Feb 21, 2012 9:45:13 PM

Oh boo hoo. I have no doubt they're still making money.
Profile Pic
RitaVespa
Champion Author Oregon

Posts:4,089
Points:1,360,705
Joined:Jan 2011
Message Posted: Feb 21, 2012 9:44:49 PM

Ah.... But pump prices just keep climbing
Profile Pic
hcivic
Champion Author Virginia

Posts:6,587
Points:2,910,880
Joined:Aug 2005
Message Posted: Feb 21, 2012 9:42:21 PM

oh no, I have Chesapeake stock
Profile Pic
bridgerunner
Champion Author Virginia

Posts:9,928
Points:1,656,010
Joined:Jul 2009
Message Posted: Feb 21, 2012 9:40:57 PM

Just remember folks, the government makes several times the profit per gallon of gas than oil companies. Keep your eye on the ball.
Profile Pic
silverghost2000
Sophomore Author Victoria

Posts:145
Points:825,180
Joined:Jul 2011
Message Posted: Feb 21, 2012 9:38:46 PM

Sure, wait for the financial reports.
Profile Pic
Quick68
Champion Author Columbus

Posts:12,025
Points:1,876,925
Joined:Dec 2009
Message Posted: Feb 21, 2012 9:30:07 PM

Tell by wallet that. It doesn't believe reports either.
Profile Pic
Lugi1967
Champion Author Ohio

Posts:7,214
Points:1,629,625
Joined:Jun 2010
Message Posted: Feb 21, 2012 9:28:40 PM

I will believe that when I see the quaterly profit reports
Profile Pic
bevmill
Champion Author Georgia

Posts:5,162
Points:1,240,175
Joined:Apr 2006
Message Posted: Feb 21, 2012 9:28:17 PM

Note, they will still make a profit, just not as much.
Profile Pic
Blackice
Champion Author Twin Cities

Posts:4,628
Points:1,352,420
Joined:Oct 2003
Message Posted: Feb 21, 2012 9:28:15 PM

Give me a break! After making outrageous profit for the past 4 years. You can't expect to make it 5 years in a roll.
Post a reply Back to Topics