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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
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
noumi
Rookie Author Toronto

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Message Posted: Feb 21, 2012 9:07:18 PM

we are filling coroprate belly
CheapDiesel
Champion Author Indianapolis

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Points:259,465
Joined:Nov 2005
Message Posted: Feb 21, 2012 9:07:03 PM

Natural gas is only cheap for the utility providers, the discount doesn't make it down to the consumer.
danreino
Champion Author Twin Cities

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Points:1,838,480
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Message Posted: Feb 21, 2012 8:57:53 PM

Sure they are. I have some prime swampland in Northern Minnesota that I'd like to show you too ;/
duffee01
Champion Author Mississippi

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Points:1,037,465
Joined:Sep 2011
Message Posted: Feb 21, 2012 8:55:00 PM

I do not shed tears for those that don't deserve them and this is not a tear shedding case.
Skyeja
All-Star Author New Hampshire

Posts:567
Points:490,685
Joined:Sep 2008
Message Posted: Feb 21, 2012 8:54:25 PM

As we all know, what crude is a barrel and what they're sticking it to us for /$ had never added up. Guess they need more vacation homes and party boats.
spmaudio
Champion Author Chicago

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Message Posted: Feb 21, 2012 8:53:48 PM

They're talking about a percentage here...the actual dollar amount will be a very different story!
rf6480
Champion Author Miami

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Message Posted: Feb 21, 2012 8:49:03 PM

what's a few hundred million $$$ to the elite?
shea33
Champion Author Pensacola

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Message Posted: Feb 21, 2012 8:48:00 PM

they'll make it up with their tax returns
ShutRBug
Champion Author Ontario

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Message Posted: Feb 21, 2012 8:46:38 PM

Dumb
grammamNV
Champion Author Nevada

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Message Posted: Feb 21, 2012 8:43:35 PM

poor babies!! yeah right. they'll just stick it to us again.
jessek
Champion Author Detroit

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Message Posted: Feb 21, 2012 8:43:25 PM

I find this hard to believe.
paulydel
Champion Author Delaware

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Message Posted: Feb 21, 2012 8:42:12 PM

I have no sympathy for the oil companies. They have been gouging us for a long time now.
nvwarped
Champion Author Corpus Christi

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Message Posted: Feb 21, 2012 8:41:06 PM

ok
feistyfella
All-Star Author Detroit

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Message Posted: Feb 21, 2012 8:40:37 PM

Join the club.
geoutpb
Champion Author Midland Odessa

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Message Posted: Feb 21, 2012 8:40:35 PM

Cheap natural gas does one thing. The low prices will stop drilling for it.
GoneUpAgain
Champion Author Atlanta

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Message Posted: Feb 21, 2012 8:39:23 PM

Boo hoo hoo! I think gas prices should be raised to $5/gallon so Exxon's revenue and profits can get back to "normal". Those execs must be suffering so much. I don't think they can afford their Ferraris and ultra mega mansions any longer.
032946
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 8:36:03 PM

Who are they trying to fool? The oil companies have been shipping more distilled product to other countries at a permium price well over what they can make it on it here. They are liquifing natural gas and shipping that out of the country also because of over supply here and lack of demand the mild winter in the midwest. They are gouging us to death at the pump and killing the economy.
chuckwthompson
Champion Author Charlotte

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Message Posted: Feb 21, 2012 8:35:21 PM

Oh, my heart goes out to them---NOT
C.Carpets
Champion Author Oakland

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Message Posted: Feb 21, 2012 8:35:10 PM

Oh Boo Hoo
reidlej
Champion Author Columbus

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Message Posted: Feb 21, 2012 8:34:05 PM

7% lower profit -- against an annual $150 billion profit doesn't sound like they are hurting (source is http://finance.yahoo.com/q/ks?s=xom).
Romey08
Champion Author Virginia

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Message Posted: Feb 21, 2012 8:30:02 PM

making it up from higher oil prices
allstar3
Sophomore Author Baton Rouge

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Joined:Dec 2011
Message Posted: Feb 21, 2012 8:25:57 PM

Falling? Doubtful.
koikaze
Veteran Author Sacramento

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Message Posted: Feb 21, 2012 8:22:54 PM

lies..
SpankyMI
Champion Author Kalamazoo

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Message Posted: Feb 21, 2012 8:22:28 PM

There is a difference between "sales" and "profits".
southrob
Champion Author Tucson

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Message Posted: Feb 21, 2012 8:19:04 PM

well the record profits they made the last 2 years should help out when they are crying in their beer
eye-spy
Champion Author Quebec

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Message Posted: Feb 21, 2012 8:18:43 PM

I also feel very sorry for them too!!
Gas Thirsty
Champion Author Los Angeles

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Message Posted: Feb 21, 2012 8:18:21 PM

Don't believe it. The oil companies are laughing their way to the bank.
mediccoy
Champion Author North Carolina

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Message Posted: Feb 21, 2012 8:16:34 PM

I'm really crying for those poor Energy Companies... Trust me!
Gas Thirsty
Champion Author Los Angeles

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Message Posted: Feb 21, 2012 8:15:56 PM

I find this hard to believe.
ezone
Champion Author Florida

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Message Posted: Feb 21, 2012 8:11:45 PM

Should make a lot of environmentalist whackos and other far lefters very happy.
chyguy3
Champion Author Wyoming

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Message Posted: Feb 21, 2012 8:11:20 PM

oh well, there go all our 401k and profit sharing plans, again.
LadyBugNIL
Champion Author Illinois

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Message Posted: Feb 21, 2012 8:09:47 PM

oh oh
Topshopper2011
Champion Author New Jersey

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Message Posted: Feb 21, 2012 8:06:19 PM

More lies! Greedy oil barons!
CarolinaDragon
Champion Author South Carolina

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Message Posted: Feb 21, 2012 8:06:17 PM

Oil profits have increased sharply thanks to higher gas prices.
fedupMN
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 8:04:52 PM

OK
MadTraveler
Champion Author Idaho

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Message Posted: Feb 21, 2012 8:04:27 PM

So how much of the price increases are a DIRECT
BobbyVA
Champion Author Virginia Beach

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Message Posted: Feb 21, 2012 8:03:31 PM

Let the T. Boone Pickens' natural gas theory rise, rise, rise so prices will go down, down, down. His theory was correct even before fracking became mainline.
HawaiianGuy
Champion Author Idaho

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Message Posted: Feb 21, 2012 7:58:18 PM

Awwww. We aren't posting record profits quarter after quarter? Time for prices to plummet back to earth where they rightfully belong.
armey
Champion Author Oregon

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Message Posted: Feb 21, 2012 7:58:16 PM

I hope all gas prices fall!
carefrey
Champion Author Orlando

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Message Posted: Feb 21, 2012 7:58:14 PM

I don't know how when the prices keep rising!
HEBster
Champion Author Kentucky

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Message Posted: Feb 21, 2012 7:56:33 PM

They'll figure out a way to make it up!
gasaholicMO
Champion Author Missouri

Posts:2,621
Points:510,940
Joined:Apr 2010
Message Posted: Feb 21, 2012 7:52:38 PM

Like "really". Who do they think they are kidding.
eaglev
Champion Author Oklahoma City

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Joined:Jul 2005
Message Posted: Feb 21, 2012 7:52:26 PM

And people think the oil companies are the bad guys.
Toppers
Champion Author Atlanta

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Message Posted: Feb 21, 2012 7:50:30 PM

Aww-think they'll be okay.
dynamouse
Champion Author Michigan

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Message Posted: Feb 21, 2012 7:41:54 PM

this is BS they are exporting great lets drill drill the high cost of fuel that clown obama made sure this would happen he wants all of us in the little green clown cars tell him to stick it and still sticking it to us
rick_evans
Champion Author Boston

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Message Posted: Feb 21, 2012 7:41:10 PM

"Oil Profits Falling ..." -ROFLMAO
PrettyLittleLady
Champion Author Modesto

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Message Posted: Feb 21, 2012 7:41:01 PM

That doesn't help us out here in CA.
sjl08203
Champion Author New Jersey

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Message Posted: Feb 21, 2012 7:38:55 PM

Boo Hoo
4TIGERDOG
Sophomore Author Phoenix

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Message Posted: Feb 21, 2012 7:38:34 PM

OK
blazerbob91
Champion Author Milwaukee

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Message Posted: Feb 21, 2012 7:33:43 PM

Maybe they won't make record profits this year.
autohio
Champion Author Ohio

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Joined:Jan 2011
Message Posted: Feb 21, 2012 7:32:28 PM

Oh, I'm sure it's hard times for the oil companies
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