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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

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Submitted Feb 21, 2012 By: Lighting10K

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PoohMcGoo Champion Author Alabama Posts:3,127 Points:823,185 Joined:Dec 2010	Message Posted: Feb 21, 2012 7:53:22 PM Ignore PoohMcGoo Report Abuse I doubt their profit will be hurt much..
kcboy Champion Author Utah Posts:4,089 Points:1,533,170 Joined:Jun 2005	Message Posted: Feb 21, 2012 7:50:35 PM Ignore kcboy Report Abuse Interesting
naiiawah Champion Author Boise Posts:2,525 Points:716,700 Joined:Mar 2011	Message Posted: Feb 21, 2012 7:48:51 PM Ignore naiiawah Report Abuse Let me guess... now we'll have "bail out" the oil industry too.
skyking19 Champion Author Little Rock Posts:2,021 Points:1,722,740 Joined:Jan 2007	Message Posted: Feb 21, 2012 7:47:38 PM Ignore skyking19 Report Abuse What goes up must come down.
LCSTEELERBOB Champion Author Gary Posts:2,961 Points:720,580 Joined:Oct 2008	Message Posted: Feb 21, 2012 7:47:16 PM Ignore LCSTEELERBOB Report Abuse poor babies i feel so bad for them,, but don't worry they will find a way to raise profits yet
goodbuy Champion Author Michigan Posts:7,811 Points:1,449,430 Joined:May 2005	Message Posted: Feb 21, 2012 7:43:20 PM Ignore goodbuy Report Abuse WHAT!! How are they going to live on only about $25 billion a year.
abcdMA Champion Author Worcester Posts:8,052 Points:1,600,730 Joined:Nov 2008	Message Posted: Feb 21, 2012 7:42:53 PM Ignore abcdMA Report Abuse interesting how things change
TelsaOR Champion Author Oregon Posts:3,596 Points:740,215 Joined:Jan 2011	Message Posted: Feb 21, 2012 7:42:46 PM Ignore TelsaOR Report Abuse Guess we better change over to CNG to help keep them in business.
Gas4Gore Champion Author Detroit Posts:2,524 Points:444,225 Joined:Jan 2010	Message Posted: Feb 21, 2012 7:42:14 PM Ignore Gas4Gore Report Abuse Huh?
DJRIO Champion Author Miami Posts:8,186 Points:1,453,285 Joined:Jan 2008	Message Posted: Feb 21, 2012 7:40:58 PM Ignore DJRIO Report Abuse Interesting
LegoVasavouchi Champion Author Oklahoma Posts:1,659 Points:114,390 Joined:Apr 2011	Message Posted: Feb 21, 2012 7:37:06 PM Ignore LegoVasavouchi Report Abuse Fascinating.
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Feb 21, 2012 7:36:44 PM Ignore mstearno Report Abuse ouch less profits less jobs
lyons_coop Veteran Author Kansas Posts:411 Points:169,235 Joined:Jan 2012	Message Posted: Feb 21, 2012 7:32:22 PM Ignore lyons_coop Report Abuse If true it breaks my heart... not.
dirt girl Champion Author Twin Cities Posts:36,088 Points:3,099,010 Joined:Oct 2004	Message Posted: Feb 21, 2012 7:30:58 PM Ignore dirt girl Report Abuse Anyone want a shovel? Not even 2 months into 2012 and it's piling up fast.
HDFXR1991 Veteran Author Wisconsin Posts:469 Points:146,180 Joined:Sep 2008	Message Posted: Feb 21, 2012 7:25:41 PM Ignore HDFXR1991 Report Abuse What a lie!!!!!!!
AcuraTSX Champion Author Ohio Posts:5,626 Points:2,207,880 Joined:Dec 2005	Message Posted: Feb 21, 2012 7:24:54 PM Ignore AcuraTSX Report Abuse Cynical public having forgot what accounting, if any, they had will find this report hard to believe.
Kmankeith Veteran Author Rhode Island Posts:459 Points:383,230 Joined:Sep 2011	Message Posted: Feb 21, 2012 7:24:29 PM Ignore Kmankeith Report Abuse Profits falling my ass
Asbury09 Champion Author Iowa Posts:7,353 Points:1,558,005 Joined:Jan 2009	Message Posted: Feb 21, 2012 7:23:36 PM Ignore Asbury09 Report Abuse then what is happening to all the money from increased pump prices
mcmonsta Champion Author Honolulu Posts:3,347 Points:845,470 Joined:Sep 2009	Message Posted: Feb 21, 2012 7:22:40 PM Ignore mcmonsta Report Abuse yep 8-10 % OF 8B...THEY ARE REALLY HURTING. jes like we are?
inkedbiker74 Veteran Author Akron Posts:250 Points:371,080 Joined:Apr 2011	Message Posted: Feb 21, 2012 7:22:21 PM Ignore inkedbiker74 Report Abuse yeah... right
ericbcire Champion Author Nevada Posts:4,660 Points:1,295,035 Joined:Aug 2009	Message Posted: Feb 21, 2012 7:20:31 PM Ignore ericbcire Report Abuse Oil prices are too high due to unwarranted speculation.
AKmailman Champion Author Alaska Posts:5,763 Points:1,584,815 Joined:Jul 2004	Message Posted: Feb 21, 2012 7:18:01 PM Ignore AKmailman Report Abuse we can now refer to them as the "fracking oil companies"
bettersight Champion Author Oakland Posts:1,116 Points:255,885 Joined:May 2011	Message Posted: Feb 21, 2012 7:16:06 PM Ignore bettersight Report Abuse ok
Bruno44 Champion Author Texas Posts:7,217 Points:1,795,895 Joined:Sep 2007	Message Posted: Feb 21, 2012 7:12:53 PM Ignore Bruno44 Report Abuse Although I don't like greed etc, don't forget that they pay a tremendous amount in taxes.
hank1326 Champion Author Los Angeles Posts:9,045 Points:1,761,020 Joined:Jun 2008	Message Posted: Feb 21, 2012 7:12:25 PM Ignore hank1326 Report Abuse Meanwhile the pump prices are climbing at an alarming rate here.
jb107 Champion Author New Jersey Posts:9,690 Points:2,649,600 Joined:Sep 2005	Message Posted: Feb 21, 2012 7:11:11 PM Ignore jb107 Report Abuse What a shame.
EricSorenW Rookie Author Florida Posts:80 Points:28,230 Joined:Jan 2012	Message Posted: Feb 21, 2012 7:11:02 PM Ignore EricSorenW Report Abuse Lots of profits I'm not getting!
BigBob12345 Champion Author Gasbuddy Posts:1,521 Points:304,730 Joined:Aug 2011	Message Posted: Feb 21, 2012 7:09:17 PM Ignore BigBob12345 Report Abuse You mean instead of 3 billion per quarter, it might be 2.99 bil?
sch5v2 Veteran Author Colorado Posts:339 Points:946,155 Joined:Apr 2008	Message Posted: Feb 21, 2012 7:03:03 PM Ignore sch5v2 Report Abuse Their profits are falling? They are not going to be the biggest ever this year? That's a shame!!
jdc17327 Champion Author Pennsylvania Posts:2,582 Points:199,730 Joined:May 2009	Message Posted: Feb 21, 2012 7:02:16 PM Ignore jdc17327 Report Abuse whatever
deputydog082 Champion Author Detroit Posts:1,905 Points:685,830 Joined:Apr 2011	Message Posted: Feb 21, 2012 7:01:39 PM Ignore deputydog082 Report Abuse maybe the government could bail them out!
my2002m Champion Author Tulsa Posts:6,213 Points:1,697,980 Joined:Jul 2008	Message Posted: Feb 21, 2012 7:01:33 PM Ignore my2002m Report Abuse They won't stay low for long. Eventually they will go up as well.
nightworker998 Champion Author Maryland Posts:1,907 Points:688,915 Joined:Mar 2009	Message Posted: Feb 21, 2012 7:00:49 PM Ignore nightworker998 Report Abuse If there is a glut of gas why has the price of it risen from 10 to 15% in the last 4 weeks??????????
toadNY Champion Author Albany Posts:7,188 Points:1,540,850 Joined:Apr 2008	Message Posted: Feb 21, 2012 7:00:21 PM Ignore toadNY Report Abuse You said it ChuckGVT! Wait till November when unemployment is below 5%. So obama will get re-elected.
DEG Champion Author Las Vegas Posts:17,745 Points:3,519,480 Joined:Jul 2003	Message Posted: Feb 21, 2012 6:56:17 PM Ignore DEG Report Abuse I believe that the oil profits are actually rising with the rising prices.
ChuckGVT Champion Author Vermont Posts:6,828 Points:1,720,450 Joined:Apr 2008	Message Posted: Feb 21, 2012 6:52:22 PM Ignore ChuckGVT Report Abuse 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.
livedream Champion Author Michigan Posts:3,845 Points:782,010 Joined:Mar 2011	Message Posted: Feb 21, 2012 6:50:40 PM Ignore livedream Report Abuse 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.....
DABEE1073 Champion Author San Diego Posts:8,350 Points:1,599,810 Joined:Jun 2008	Message Posted: Feb 21, 2012 6:49:56 PM Ignore DABEE1073 Report Abuse IF THIS IS A ARTICLE FROM A ULTRA LIBERAL NEWSPAPER, I PERSONALLY TAKE IT WITH A GRAIN OF SALT.
GasFreeLeaf Champion Author Orange County Posts:1,262 Points:484,575 Joined:Oct 2010	Message Posted: Feb 21, 2012 6:49:25 PM Ignore GasFreeLeaf Report Abuse Oh well
raj_fl Champion Author Trenton Posts:3,319 Points:753,610 Joined:Oct 2010	Message Posted: Feb 21, 2012 6:49:17 PM Ignore raj_fl Report Abuse mmmm
raj_fl Champion Author Trenton Posts:3,319 Points:753,610 Joined:Oct 2010	Message Posted: Feb 21, 2012 6:48:27 PM Ignore raj_fl Report Abuse what a shame that big oil will loose fat
skybiker Champion Author South Carolina Posts:7,408 Points:1,586,615 Joined:Jul 2008	Message Posted: Feb 21, 2012 6:47:38 PM Ignore skybiker Report Abuse OK, So Exxon only makes $7.8 billion instead of $8 billion....Cry me a river!!!
Pumpz Sophomore Author Boston Posts:197 Points:887,125 Joined:Apr 2004	Message Posted: Feb 21, 2012 6:47:05 PM Ignore Pumpz Report Abuse Sunoco is getting ready to sell or close several Penna. refineries if they can't find a buyer.
wamster Champion Author Houston Posts:4,417 Points:719,590 Joined:May 2007	Message Posted: Feb 21, 2012 6:45:13 PM Ignore wamster Report Abuse Oh boo hoo. I have no doubt they're still making money.
RitaVespa Champion Author Oregon Posts:3,109 Points:819,820 Joined:Jan 2011	Message Posted: Feb 21, 2012 6:44:49 PM Ignore RitaVespa Report Abuse Ah.... But pump prices just keep climbing
hcivic Champion Author Virginia Posts:3,989 Points:2,292,440 Joined:Aug 2005	Message Posted: Feb 21, 2012 6:42:21 PM Ignore hcivic Report Abuse oh no, I have Chesapeake stock
bridgerunner Champion Author Virginia Posts:4,927 Points:1,034,535 Joined:Jul 2009	Message Posted: Feb 21, 2012 6:40:57 PM Ignore bridgerunner Report Abuse Just remember folks, the government makes several times the profit per gallon of gas than oil companies. Keep your eye on the ball.
silverghost2000 Sophomore Author Victoria Posts:141 Points:401,775 Joined:Jul 2011	Message Posted: Feb 21, 2012 6:38:46 PM Ignore silverghost2000 Report Abuse Sure, wait for the financial reports.
Quick68 Champion Author Columbus Posts:8,448 Points:1,253,500 Joined:Dec 2009	Message Posted: Feb 21, 2012 6:30:07 PM Ignore Quick68 Report Abuse Tell by wallet that. It doesn't believe reports either.
Lugi1967 Champion Author Ohio Posts:4,916 Points:1,029,460 Joined:Jun 2010	Message Posted: Feb 21, 2012 6:28:40 PM Ignore Lugi1967 Report Abuse I will believe that when I see the quaterly profit reports
bevmill Champion Author Georgia Posts:2,716 Points:628,000 Joined:Apr 2006	Message Posted: Feb 21, 2012 6:28:17 PM Ignore bevmill Report Abuse Note, they will still make a profit, just not as much.
Blackice Champion Author Twin Cities Posts:4,458 Points:1,222,845 Joined:Oct 2003	Message Posted: Feb 21, 2012 6:28:15 PM Ignore Blackice Report Abuse 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.