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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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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.
walkingtall Champion Author Toronto Posts:4,135 Points:1,149,250 Joined:Nov 2004	Message Posted: Feb 21, 2012 6:26:52 PM Ignore walkingtall Report Abuse Oil profits falling fastest since Lehman from Exxon to Chesapeake and with oil prices going up,oil companies will make a huge profit.
nomad228 Champion Author Columbus Posts:3,143 Points:580,215 Joined:Feb 2011	Message Posted: Feb 21, 2012 6:26:13 PM Ignore nomad228 Report Abuse if i were a thinking american ,i would have suspicions of big earl setting fire to ther own oil wells, in middle eastern countries to drive up record profits here in the states.
outlaw329 Champion Author Austin Posts:7,739 Points:1,399,890 Joined:Aug 2008	Message Posted: Feb 21, 2012 6:25:47 PM Ignore outlaw329 Report Abuse Also all the below comments are good.
the_otg Veteran Author Pittsburgh Posts:391 Points:132,925 Joined:Jul 2008	Message Posted: Feb 21, 2012 6:22:43 PM Ignore the_otg Report Abuse All of the below
mrbee Champion Author Little Rock Posts:3,894 Points:2,493,530 Joined:Oct 2005	Message Posted: Feb 21, 2012 6:20:33 PM Ignore mrbee Report Abuse Drill more.
bif65 Champion Author Virginia Posts:1,024 Points:200,525 Joined:Jan 2011	Message Posted: Feb 21, 2012 6:19:27 PM Ignore bif65 Report Abuse ok
knot2swift Champion Author Calgary Posts:4,511 Points:718,710 Joined:Nov 2009	Message Posted: Feb 21, 2012 6:19:07 PM Ignore knot2swift Report Abuse I see many oil companies mired in debt from the last down turn in prices. They will be eaten by those that survived quite well. Can anyone spell "Takeovers" or "Acquisitions".
billy44bo Champion Author Mobile Posts:7,338 Points:1,517,465 Joined:Feb 2008	Message Posted: Feb 21, 2012 6:16:56 PM Ignore billy44bo Report Abuse Exxon will make its billions and we will have to take it in the shorts
Travel1st Champion Author Las Vegas Posts:3,068 Points:496,635 Joined:Aug 2011	Message Posted: Feb 21, 2012 6:16:32 PM Ignore Travel1st Report Abuse Agree with others comments.
theschmuck Champion Author Michigan Posts:3,035 Points:1,533,785 Joined:Mar 2007	Message Posted: Feb 21, 2012 6:14:45 PM Ignore theschmuck Report Abuse No sense in repeating what has already been said. Agree with a bunch of the replies.
swrestler Champion Author Grand Rapids Posts:6,274 Points:1,598,755 Joined:Oct 2008	Message Posted: Feb 21, 2012 6:13:04 PM Ignore swrestler Report Abuse Big Oil Is Making Profits, From The Consumer......
bababooey2 Champion Author Hartford Posts:6,492 Points:1,330,540 Joined:Sep 2009	Message Posted: Feb 21, 2012 6:12:16 PM Ignore bababooey2 Report Abuse I can smell the BS from here.
silverbullet90 All-Star Author Florida Posts:834 Points:315,305 Joined:Apr 2011	Message Posted: Feb 21, 2012 6:11:06 PM Ignore silverbullet90 Report Abuse Ok
ladyeagle57 Champion Author Maine Posts:9,178 Points:1,423,710 Joined:Aug 2008	Message Posted: Feb 21, 2012 6:09:05 PM Ignore ladyeagle57 Report Abuse So lets go back to $2 a gallon, because I do not want to pay $5 a gallon so they make a profit.
JOE1744MO Rookie Author Missouri Posts:29 Points:29,430 Joined:Feb 2012	Message Posted: Feb 21, 2012 6:09:04 PM Ignore JOE1744MO Report Abuse Bloomberg is as big a liar as big oil, drill baby drill and nuke Iran should be our motto
ShabbyPA Champion Author Pennsylvania Posts:2,825 Points:682,640 Joined:Nov 2007	Message Posted: Feb 21, 2012 6:03:33 PM Ignore ShabbyPA Report Abuse bla bla blue
TDIdave Champion Author California Posts:5,188 Points:1,251,240 Joined:May 2006	Message Posted: Feb 21, 2012 5:59:11 PM Ignore TDIdave Report Abuse hmmm.
cimilluca1 Sophomore Author New York Posts:193 Points:234,425 Joined:Aug 2011	Message Posted: Feb 21, 2012 5:58:37 PM Ignore cimilluca1 Report Abuse Somebody will pick up the slack.....Start the drilling in NY baby!!
skb69sa Champion Author San Antonio Posts:3,623 Points:738,850 Joined:Mar 2011	Message Posted: Feb 21, 2012 5:55:54 PM Ignore skb69sa Report Abuse Bloomberg - Source of all speculations
heysailor Champion Author Pittsburgh Posts:9,722 Points:2,361,120 Joined:Mar 2006	Message Posted: Feb 21, 2012 5:50:13 PM Ignore heysailor Report Abuse Boo hoo for the losiers in vulture capitalism.
mecforyou Champion Author Iowa Posts:2,966 Points:1,275,735 Joined:Jul 2007	Message Posted: Feb 21, 2012 5:47:21 PM Ignore mecforyou Report Abuse That was yesterday today it's back up 25%
nels1jac Veteran Author Minnesota Posts:493 Points:559,530 Joined:May 2011	Message Posted: Feb 21, 2012 5:45:39 PM Ignore nels1jac Report Abuse Oh no, those poor people, we should help them...
sjambok Champion Author Nashville Posts:10,401 Points:2,138,795 Joined:Apr 2006	Message Posted: Feb 21, 2012 5:43:47 PM Ignore sjambok Report Abuse There'll be more to reckon with than falling natural gas prices. The earth beneath our feet will be the next to go!
dinomen Champion Author Arkansas Posts:1,882 Points:718,785 Joined:May 2010	Message Posted: Feb 21, 2012 5:42:35 PM Ignore dinomen Report Abuse Ok.
ratones1 Champion Author Los Angeles Posts:2,987 Points:756,755 Joined:Mar 2011	Message Posted: Feb 21, 2012 5:41:35 PM Ignore ratones1 Report Abuse MORE AND MORE LIES!!!
spiderjay Champion Author Little Rock Posts:4,773 Points:1,283,935 Joined:Oct 2005	Message Posted: Feb 21, 2012 5:41:30 PM Ignore spiderjay Report Abuse FALLING COW COOKIES!!!!!!!!
dollarwatcher Champion Author Wisconsin Posts:8,080 Points:1,562,695 Joined:Mar 2007	Message Posted: Feb 21, 2012 5:41:10 PM Ignore dollarwatcher Report Abuse Hey author, you don't expect us to believe this story do you.
ramshot412 Champion Author Riverside Posts:20,279 Points:2,491,565 Joined:Apr 2004	Message Posted: Feb 21, 2012 5:39:52 PM Ignore ramshot412 Report Abuse They don't have to worry, boehner "The Boner" and his congress will save them.
spunky4443 Champion Author Washington Posts:5,311 Points:1,335,945 Joined:May 2005	Message Posted: Feb 21, 2012 5:39:44 PM Ignore spunky4443 Report Abuse With the prices of fuel going up, Oil Companies are making all kinds of Profit.
race2IT Champion Author Fort Worth Posts:1,790 Points:739,150 Joined:Oct 2008	Message Posted: Feb 21, 2012 5:38:10 PM Ignore race2IT Report Abuse Lies.
Old Timer Champion Author Akron Posts:3,879 Points:1,290,490 Joined:Sep 2003	Message Posted: Feb 21, 2012 5:37:35 PM Ignore Old Timer Report Abuse Oil profits dropping? ha ha ha ha Good one!
575Racing Sophomore Author Akron Posts:177 Points:133,845 Joined:Jan 2011	Message Posted: Feb 21, 2012 5:36:22 PM Ignore 575Racing Report Abuse hmmmmm? supply is up, and demand is slightly down due to natural gas options. So........why do prices keep going up?
cutter1330 Champion Author Oklahoma Posts:8,143 Points:1,720,425 Joined:Jul 2005	Message Posted: Feb 21, 2012 5:36:04 PM Ignore cutter1330 Report Abuse An energy sector where supply & demand works..
rpr77 Champion Author Philadelphia Posts:4,049 Points:795,960 Joined:Mar 2011	Message Posted: Feb 21, 2012 5:33:53 PM Ignore rpr77 Report Abuse ok
baconnie Champion Author Dallas Posts:2,797 Points:563,210 Joined:Jun 2008	Message Posted: Feb 21, 2012 5:32:42 PM Ignore baconnie Report Abuse Ok
warlord1 Champion Author Georgia Posts:5,375 Points:1,062,000 Joined:May 2010	Message Posted: Feb 21, 2012 5:31:47 PM Ignore warlord1 Report Abuse ok
Dremwolf Veteran Author Jacksonville Posts:476 Points:94,370 Joined:May 2008	Message Posted: Feb 21, 2012 5:29:37 PM Ignore Dremwolf Report Abuse Hard to see profits slide when prices keep rising.
Alaydown Champion Author Los Angeles Posts:5,259 Points:847,815 Joined:May 2007	Message Posted: Feb 21, 2012 5:28:40 PM Ignore Alaydown Report Abuse You voted for higher prices when you elected Obama. He promised that energy prices would skyrocket under his energy plan. Also, both he and his Energy Secretary, Dr. Chu, want gas prices at "European levels" ($8-10 per gallon) to "encourage" conservation and make "alternative" energy more competitive. If Obama changed direction and increased domestic production of oil, then "speculators" would drop the price of oil. Investors only speculate the price up or down depending on what the world supply and demand will be. People LOVE to blame "speculators," but if we had a president who believed in INCREASING the oil supply INSTEAD OF CUTTING it, then the price would drop. If you want to see the price plummet, then vote Obama out of office in 2012.
gassy4u Champion Author Mobile Posts:3,763 Points:1,326,360 Joined:Sep 2005	Message Posted: Feb 21, 2012 5:27:09 PM Ignore gassy4u Report Abuse SkyWarnTX=spammer
ekidokai Champion Author Maine Posts:8,581 Points:1,402,065 Joined:Nov 2006	Message Posted: Feb 21, 2012 5:21:51 PM Ignore ekidokai Report Abuse Lower profits. Too bad.
jwduke1 Champion Author Iowa Posts:15,604 Points:3,068,265 Joined:Apr 2004	Message Posted: Feb 21, 2012 5:21:42 PM Ignore jwduke1 Report Abuse Right, and gold is a buck a pound!
mjpalm Sophomore Author Sioux Falls Posts:184 Points:65,660 Joined:Feb 2011	Message Posted: Feb 21, 2012 5:20:50 PM Ignore mjpalm Report Abuse Propaganda to allow oil prices to go hire
DieselCash Champion Author Texas Posts:1,320 Points:193,180 Joined:Sep 2009	Message Posted: Feb 21, 2012 5:20:18 PM Ignore DieselCash Report Abuse I find this hard to believe
darkknight1 Champion Author Winston-Salem Posts:4,475 Points:923,535 Joined:Nov 2010	Message Posted: Feb 21, 2012 5:17:57 PM Ignore darkknight1 Report Abuse I'm sure they'll make up for it somewhere
gasokie Champion Author Oklahoma Posts:3,487 Points:1,347,530 Joined:May 2007	Message Posted: Feb 21, 2012 5:15:15 PM Ignore gasokie Report Abuse 3 more small stations closed down around where I drive. I like to trade with these independent owners when I can. When prices go up, percentages fall and profits decrease. This is very tough on little guys.
GigHarborHound Champion Author Tacoma Posts:2,674 Points:515,215 Joined:Sep 2011	Message Posted: Feb 21, 2012 5:11:11 PM Ignore GigHarborHound Report Abuse Natural gas!!
bullfrog69 Champion Author Texas Posts:2,304 Points:850,760 Joined:Nov 2009	Message Posted: Feb 21, 2012 5:10:35 PM Ignore bullfrog69 Report Abuse you believe this, then I got sum swamp land in the Mojave desert I wanna sell ya!
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,886,455 Joined:Jun 2006	Message Posted: Feb 21, 2012 5:08:25 PM Ignore PizzaMon Report Abuse Time for them to suffer some too.
nascar8806 Champion Author Oklahoma City Posts:2,518 Points:872,755 Joined:Aug 2010	Message Posted: Feb 21, 2012 5:08:16 PM Ignore nascar8806 Report Abuse This is a joke
noumi Rookie Author Toronto Posts:3 Points:2,360 Joined:Feb 2012	Message Posted: Feb 21, 2012 5:07:18 PM Ignore noumi Report Abuse we are filling coroprate belly