Not Logged In Log In   Sign Up   Points Leaders
Follow Us    11:14 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:3,632
Points:1,165,860
Joined:Dec 2010
Message Posted: Feb 21, 2012 7:53:22 PM

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

Posts:5,654
Points:1,867,705
Joined:Jun 2005
Message Posted: Feb 21, 2012 7:50:35 PM

Interesting
Profile Pic
naiiawah
Champion Author Boise

Posts:4,291
Points:1,126,755
Joined:Mar 2011
Message Posted: Feb 21, 2012 7:48:51 PM

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

Posts:2,726
Points:2,068,620
Joined:Jan 2007
Message Posted: Feb 21, 2012 7:47:38 PM

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

Posts:3,314
Points:810,770
Joined:Oct 2008
Message Posted: Feb 21, 2012 7:47:16 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:9,735
Points:1,865,565
Joined:May 2005
Message Posted: Feb 21, 2012 7:43:20 PM

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

Posts:10,038
Points:2,021,090
Joined:Nov 2008
Message Posted: Feb 21, 2012 7:42:53 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 7:42:46 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 7:42:14 PM

Huh?
Profile Pic
DJRIO
Champion Author Miami

Posts:10,417
Points:1,880,010
Joined:Jan 2008
Message Posted: Feb 21, 2012 7:40:58 PM

Interesting
Profile Pic
LegoVasavouchi
Champion Author Oklahoma

Posts:1,659
Points:114,390
Joined:Apr 2011
Message Posted: Feb 21, 2012 7:37:06 PM

Fascinating.
Profile Pic
mstearno
Champion Author Dayton

Posts:9,412
Points:2,117,090
Joined:Jan 2008
Message Posted: Feb 21, 2012 7:36:44 PM

ouch
less profits less jobs
Profile Pic
lyons_coop
Veteran Author Kansas

Posts:411
Points:213,585
Joined:Jan 2012
Message Posted: Feb 21, 2012 7:32:22 PM

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

Posts:38,355
Points:3,487,685
Joined:Oct 2004
Message Posted: Feb 21, 2012 7:30:58 PM

Anyone want a shovel?

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

Posts:484
Points:195,155
Joined:Sep 2008
Message Posted: Feb 21, 2012 7:25:41 PM

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

Posts:6,495
Points:2,604,905
Joined:Dec 2005
Message Posted: Feb 21, 2012 7:24:54 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:690
Points:699,200
Joined:Sep 2011
Message Posted: Feb 21, 2012 7:24:29 PM

Profits falling my ass
Profile Pic
Asbury09
Champion Author Iowa

Posts:9,368
Points:1,984,730
Joined:Jan 2009
Message Posted: Feb 21, 2012 7:23:36 PM

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

Posts:5,176
Points:1,263,430
Joined:Sep 2009
Message Posted: Feb 21, 2012 7:22:40 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 7:22:21 PM

yeah... right
Profile Pic
ericbcire
Champion Author Nevada

Posts:6,661
Points:1,719,190
Joined:Aug 2009
Message Posted: Feb 21, 2012 7:20:31 PM

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

Posts:7,803
Points:2,007,645
Joined:Jul 2004
Message Posted: Feb 21, 2012 7:18:01 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 7:16:06 PM

ok
Profile Pic
Bruno44
Champion Author Texas

Posts:9,154
Points:2,206,975
Joined:Sep 2007
Message Posted: Feb 21, 2012 7:12:53 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:10,572
Points:2,157,115
Joined:Jun 2008
Message Posted: Feb 21, 2012 7:12:25 PM

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

Posts:11,683
Points:3,071,775
Joined:Sep 2005
Message Posted: Feb 21, 2012 7:11:11 PM

What a shame.
Profile Pic
EricSorenW
Rookie Author Florida

Posts:80
Points:28,230
Joined:Jan 2012
Message Posted: Feb 21, 2012 7:11:02 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 7:09:17 PM

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

Posts:451
Points:1,317,920
Joined:Apr 2008
Message Posted: Feb 21, 2012 7:03:03 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:204,030
Joined:May 2009
Message Posted: Feb 21, 2012 7:02:16 PM

whatever
Profile Pic
deputydog082
Champion Author Detroit

Posts:3,538
Points:1,057,790
Joined:Apr 2011
Message Posted: Feb 21, 2012 7:01:39 PM

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

Posts:8,148
Points:2,119,940
Joined:Jul 2008
Message Posted: Feb 21, 2012 7:01:33 PM

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

Posts:2,666
Points:898,335
Joined:Mar 2009
Message Posted: Feb 21, 2012 7:00:49 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:9,252
Points:1,968,550
Joined:Apr 2008
Message Posted: Feb 21, 2012 7:00:21 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:19,691
Points:3,932,580
Joined:Jul 2003
Message Posted: Feb 21, 2012 6:56:17 PM

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

Posts:8,840
Points:2,146,805
Joined:Apr 2008
Message Posted: Feb 21, 2012 6:52:22 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:6,000
Points:1,206,690
Joined:Mar 2011
Message Posted: Feb 21, 2012 6:50:40 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:10,535
Points:2,025,800
Joined:Jun 2008
Message Posted: Feb 21, 2012 6:49:56 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:1,463
Points:574,045
Joined:Oct 2010
Message Posted: Feb 21, 2012 6:49:25 PM

Oh well
Profile Pic
raj_fl
Champion Author Trenton

Posts:4,287
Points:1,121,655
Joined:Oct 2010
Message Posted: Feb 21, 2012 6:49:17 PM

mmmm
Profile Pic
raj_fl
Champion Author Trenton

Posts:4,287
Points:1,121,655
Joined:Oct 2010
Message Posted: Feb 21, 2012 6:48:27 PM

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

Posts:8,798
Points:1,977,405
Joined:Jul 2008
Message Posted: Feb 21, 2012 6:47:38 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:892,425
Joined:Apr 2004
Message Posted: Feb 21, 2012 6:47:05 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:6,514
Points:1,016,040
Joined:May 2007
Message Posted: Feb 21, 2012 6:45:13 PM

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

Posts:4,089
Points:1,212,380
Joined:Jan 2011
Message Posted: Feb 21, 2012 6:44:49 PM

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

Posts:5,997
Points:2,716,405
Joined:Aug 2005
Message Posted: Feb 21, 2012 6:42:21 PM

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

Posts:8,508
Points:1,459,310
Joined:Jul 2009
Message Posted: Feb 21, 2012 6:40:57 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:144
Points:679,360
Joined:Jul 2011
Message Posted: Feb 21, 2012 6:38:46 PM

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

Posts:11,233
Points:1,681,450
Joined:Dec 2009
Message Posted: Feb 21, 2012 6:30:07 PM

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

Posts:6,714
Points:1,439,670
Joined:Jun 2010
Message Posted: Feb 21, 2012 6:28:40 PM

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

Posts:4,630
Points:1,048,610
Joined:Apr 2006
Message Posted: Feb 21, 2012 6:28:17 PM

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

Posts:4,601
Points:1,322,855
Joined:Oct 2003
Message Posted: Feb 21, 2012 6:28:15 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