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Israel's Oil Refineries swings to Q4 net profit

Reuters -- JERUSALEM, March 21 - Israel's Oil Refineries said on Sunday it swung to a net profit in the fourth quarter, boosted by a one-time gain.

Oil Refineries, Israel's biggest refinery, posted quarterly net profit of $182 million, compared with a net loss of $182 million in the fourth quarter of 2008.

The company said its results were influenced by $214 million of other income due to the revaluation of its holdings in Carmel Olefins and Haifa Basic Oils of $77 million and negative goodwill of $137 million created in the 50 percent acquisition of the two firms.

It added that financing expenses dropped to $26 million from $56 million, while higher crude oil prices also contributed.

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Submitted Mar 21, 2010 By: Mudsprings

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Blue48 Champion Author Illinois Posts:4,960 Points:1,172,120 Joined:Feb 2007	Message Posted: Mar 22, 2010 9:00:03 PM Ignore Blue48 Report Abuse WHATEVER!
CruisinLinda Champion Author Tallahassee Posts:7,947 Points:1,621,420 Joined:Sep 2005	Message Posted: Mar 22, 2010 11:34:03 AM Ignore CruisinLinda Report Abuse Israel has a long history of solar panels on roofs for water heating. Now they are perfecting electric cars, PVs and more. Oil is a temporary inconvenience for them, not a passion as in the US.
murushi Champion Author Ontario Posts:5,786 Points:1,078,275 Joined:Jul 2008	Message Posted: Mar 22, 2010 10:51:15 AM Ignore murushi Report Abuse It's refreshing to get some calm and even sometimes supporting comments here, as opposed to all the Israel-bashing and generally Jew-hating rhetoric on Yahoo! boards. Hooray for all the sane Gas Buddies!
caddilac Champion Author Ontario Posts:13,786 Points:1,672,805 Joined:Apr 2007	Message Posted: Mar 21, 2010 6:48:54 PM Ignore caddilac Report Abuse Making a profit from oil sales is hardly news.
BEngr Champion Author Illinois Posts:4,268 Points:1,116,205 Joined:May 2008	Message Posted: Mar 21, 2010 6:21:47 PM Ignore BEngr Report Abuse It's easier to make a profit when the price of crude oil goes up, ask Exon Mobile.
MidNJ Champion Author New Jersey Posts:4,628 Points:739,595 Joined:Sep 2009	Message Posted: Mar 21, 2010 6:08:39 PM Ignore MidNJ Report Abuse Seems $182 million loss results in a big "0" when compared with a $182 million profit. [Edited by: MidNJ at 3/21/2010 5:09:34 PM EST]
bluebird1 Champion Author Toronto Posts:13,421 Points:2,654,040 Joined:May 2004	Message Posted: Mar 21, 2010 6:00:23 PM Ignore bluebird1 Report Abuse If they can swing a profit & they have to get Oil out sworn enemies of theirs...then what's our refiners complaining about.
uptherefiners Champion Author Chicago Posts:3,318 Points:683,120 Joined:Jun 2006	Message Posted: Mar 21, 2010 5:56:10 PM Ignore uptherefiners Report Abuse I'd like to hear the US refineries stop crying poormouth
E-Squirrel Champion Author Orange County Posts:2,405 Points:640,880 Joined:Feb 2005	Message Posted: Mar 21, 2010 5:53:07 PM Ignore E-Squirrel Report Abuse VTROCK asks: "Who does Israel get their oil from? I can't imagine all those Arab countrys are anxious to sell to them." Oil is sold in a worldwide, international market. After entering this system, there is no real origin anymore. Thats why oil is called a "fungible" commodity.
Homerclub Champion Author Idaho Posts:5,443 Points:780,825 Joined:Apr 2009	Message Posted: Mar 21, 2010 5:42:53 PM Ignore Homerclub Report Abuse they probably get their oil from jordan which comes from iraq at aqaba, next to eilat , israel [Edited by: Homerclub at 3/21/2010 4:46:56 PM EST]
esquared Champion Author Oklahoma City Posts:6,082 Points:1,573,875 Joined:Jan 2006	Message Posted: Mar 21, 2010 5:40:51 PM Ignore esquared Report Abuse I thought Reuters was above reprinting press releases without some journalistic background reporting to put the figures into context. I was wrong.
Zeke33 Champion Author New Hampshire Posts:3,867 Points:1,277,835 Joined:Sep 2005	Message Posted: Mar 21, 2010 5:36:34 PM Ignore Zeke33 Report Abuse Is Israel buying crude from its adversaries the arabs?
SeerLV Champion Author Las Vegas Posts:3,930 Points:807,825 Joined:Jun 2008	Message Posted: Mar 21, 2010 5:35:30 PM Ignore SeerLV Report Abuse Good for Israel but does nothing for us.
VTROCK Champion Author Detroit Posts:2,582 Points:644,455 Joined:Sep 2008	Message Posted: Mar 21, 2010 5:32:38 PM Ignore VTROCK Report Abuse Who does Israel get their oil from? I can't imagine all those Arab countrys are anxious to sell to them.
virginia52 Champion Author Alaska Posts:5,737 Points:1,129,665 Joined:May 2007	Message Posted: Mar 21, 2010 5:29:48 PM Ignore virginia52 Report Abuse I'm glad Israel's oil is making a profit as they are going to need funds to keep up their military if they are going to survive nut jobs like Iran's president.
snofog All-Star Author Seattle Posts:623 Points:92,655 Joined:Jan 2010	Message Posted: Mar 21, 2010 5:26:06 PM Ignore snofog Report Abuse hmmm
ops3 Champion Author Cincinnati Posts:1,229 Points:737,025 Joined:Dec 2007	Message Posted: Mar 21, 2010 5:23:48 PM Ignore ops3 Report Abuse Yeah; but, what is the price of gasoline?
AC-302 Champion Author Los Angeles Posts:21,263 Points:2,451,790 Joined:Aug 2004	Message Posted: Mar 21, 2010 5:23:32 PM Ignore AC-302 Report Abuse Bully for Israel's refining industry. I'm not sure what that "negative goodwill" is? So-called "goodwill" is money that is paid for a name or trademark. So did these firms GIVE Oil Refineries Co. money to assume a trademark that is a BAD trademark??
ssect8 Champion Author Hartford Posts:5,614 Points:1,663,705 Joined:Jun 2006	Message Posted: Mar 21, 2010 5:23:08 PM Ignore ssect8 Report Abuse It's too bad the oil reserves weren't in Israel.
clermont40miles Champion Author Cincinnati Posts:7,573 Points:1,308,505 Joined:Apr 2008	Message Posted: Mar 21, 2010 5:22:05 PM Ignore clermont40miles Report Abuse Israel or any country's refineries can make a profit as possible -- we don't pay the price as it doesn't come into the USA. Any business must make a profit or they cease to exist. Your paycheck is your profit. Is that a bad thing?
suzyq2007 Champion Author Dallas Posts:5,025 Points:1,221,050 Joined:Oct 2007	Message Posted: Mar 21, 2010 5:20:56 PM Ignore suzyq2007 Report Abuse and the price of oil keeps going up
niceguytx Champion Author Houston Posts:11,412 Points:2,251,145 Joined:Sep 2005	Message Posted: Mar 21, 2010 5:20:23 PM Ignore niceguytx Report Abuse Crude prices are up sharply this year, meaning gains for many.
jorobins538 Champion Author Chicago Posts:3,300 Points:356,340 Joined:Sep 2009	Message Posted: Mar 21, 2010 5:11:27 PM Ignore jorobins538 Report Abuse an oil refinery makes a profit - well, THAT'S news!
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Mar 21, 2010 5:07:02 PM Ignore mmene Report Abuse Refineries in the US are losing money due to reduced gas demand and that trend will just continue. The economy is not going to recover anytime soon.
milespergallon Champion Author Illinois Posts:7,493 Points:1,479,290 Joined:Feb 2007	Message Posted: Mar 21, 2010 5:01:12 PM Ignore milespergallon Report Abuse But here in the USA the refineries are running at less than 80% and still making profits. Even after they hide as much as they can
RocketmanC99 Champion Author Missouri Posts:1,341 Points:668,315 Joined:Jan 2007	Message Posted: Mar 21, 2010 4:58:05 PM Ignore RocketmanC99 Report Abuse Is it just me or does it seem odd that they gained exactly what they lost last year? Is there something funny going on with their books??
Tnerbeel Champion Author Houston Posts:6,355 Points:1,284,960 Joined:Mar 2007	Message Posted: Mar 21, 2010 4:57:03 PM Ignore Tnerbeel Report Abuse They are going to need that money, and oil, when they finally do what needs to be done with Iran-and probably with no help from Obama. He'll hang 'em out to dry.
tc316 Champion Author Twin Cities Posts:7,743 Points:1,271,980 Joined:Apr 2007	Message Posted: Mar 21, 2010 4:56:37 PM Ignore tc316 Report Abuse How much do we get from Israel?
traindude Champion Author Virginia Beach Posts:5,614 Points:1,245,430 Joined:Jun 2007	Message Posted: Mar 21, 2010 4:56:17 PM Ignore traindude Report Abuse same in the US
Greg6901 All-Star Author Oakland Posts:616 Points:662,035 Joined:Jan 2010	Message Posted: Mar 21, 2010 4:49:10 PM Ignore Greg6901 Report Abuse Sounds like a lot of book keeping to me.
Bud122CA Champion Author California Posts:5,218 Points:1,146,935 Joined:Jul 2008	Message Posted: Mar 21, 2010 4:47:21 PM Ignore Bud122CA Report Abuse All Refineries are doing well. That's why they "close" for cleaning and maintenance (which also boosts prices).
jwduke1 Champion Author Iowa Posts:13,855 Points:2,723,765 Joined:Apr 2004	Message Posted: Mar 21, 2010 4:46:29 PM Ignore jwduke1 Report Abuse They are trying to build one at Elk Point, SD.
goodbuy Champion Author Michigan Posts:5,509 Points:991,935 Joined:May 2005	Message Posted: Mar 21, 2010 4:43:34 PM Ignore goodbuy Report Abuse Good for them. We need some refineries.
LPman Veteran Author Arkansas Posts:383 Points:1,096,300 Joined:Aug 2006	Message Posted: Mar 21, 2010 4:39:36 PM Ignore LPman Report Abuse more of our money in foreign pockets
Romey08 Champion Author Virginia Posts:4,233 Points:1,025,195 Joined:Apr 2008	Message Posted: Mar 21, 2010 4:36:55 PM Ignore Romey08 Report Abuse not sure this story matters in the US
badbonita Champion Author Syracuse Posts:3,836 Points:885,855 Joined:Jul 2008	Message Posted: Mar 21, 2010 4:35:12 PM Ignore badbonita Report Abuse Now if only the drop in prices would get reflected in gas prices in the U.S.
salog Champion Author Columbia Posts:5,786 Points:1,269,730 Joined:Oct 2006	Message Posted: Mar 21, 2010 4:32:02 PM Ignore salog Report Abuse now if it will last
joel27nc Champion Author Raleigh Posts:8,157 Points:1,392,445 Joined:Mar 2008	Message Posted: Mar 21, 2010 4:30:18 PM Ignore joel27nc Report Abuse Trying to stay away from Arab oil. Good for them!
Goatroper Champion Author Dallas Posts:4,678 Points:912,545 Joined:Apr 2004	Message Posted: Mar 21, 2010 4:29:36 PM Ignore Goatroper Report Abuse We import no energy from Israel. As a matter of fact, we export oil and gasoline on a large basis. I haven't figured out exactly why we do that though. Import oil and then turn around and export it?
popeye2009 Veteran Author Ottawa Posts:320 Points:280,545 Joined:Sep 2009	Message Posted: Mar 21, 2010 4:25:21 PM Ignore popeye2009 Report Abuse Sure, with the price of oil so high making lots of profit isn't a surprise.
dhnbBUG Champion Author Pennsylvania Posts:2,625 Points:1,096,260 Joined:Apr 2008	Message Posted: Mar 21, 2010 4:21:34 PM Ignore dhnbBUG Report Abuse How much oil does the U.S. get from Israel?
TheDix Champion Author Ontario Posts:2,000 Points:359,270 Joined:Dec 2009	Message Posted: Mar 21, 2010 4:17:04 PM Ignore TheDix Report Abuse Israel is a blessed nation and it will go well for other nations to be their friends and watch their back.
silvolvo Veteran Author Twin Cities Posts:258 Points:876,900 Joined:Apr 2008	Message Posted: Mar 21, 2010 4:16:51 PM Ignore silvolvo Report Abuse agree with pliskin!!!!!
julius1st4 Champion Author Ontario Posts:3,137 Points:1,026,070 Joined:Jul 2003	Message Posted: Mar 21, 2010 4:11:30 PM Ignore julius1st4 Report Abuse So; what does this have to do with the OIL & GAS situation in "North America"????
LanguageMan1 Champion Author Tampa Posts:9,140 Points:1,197,260 Joined:Apr 2008	Message Posted: Mar 21, 2010 4:11:11 PM Ignore LanguageMan1 Report Abuse Well, good for them. I'm glad to see anyone make a profit; even surprisingly, Exxon, Chevron, Shell, BP, etc. I just don't like to hear them say; "Well, we can't make a profit with price the way they are!" as they did when oil was below $70 a barrel. Let them reduce the execs compensation, reduce the bonuses and stock options, etc. Or, they could hire me to sit at the top of the corporations or some of the rest of you out there for $1 million or so a year. That would satisfy me. If I owned the company, that's still enough compensation. Even $5 million wouldn't be so bad at the top for limits, but I don't like the greed out there.
Buddy2264 Champion Author Tampa Posts:9,258 Points:1,893,540 Joined:Oct 2005	Message Posted: Mar 21, 2010 4:11:06 PM Ignore Buddy2264 Report Abuse We combined them all in the US and now there is not competition and to big to make a profit. Wrong move. Conservation keeps your money in your pocket.
soakmonkey All-Star Author Nevada Posts:707 Points:745,355 Joined:Feb 2007	Message Posted: Mar 21, 2010 4:10:16 PM Ignore soakmonkey Report Abuse hmmm
murphy50 Champion Author Colorado Posts:5,145 Points:2,105,195 Joined:May 2004	Message Posted: Mar 21, 2010 4:07:21 PM Ignore murphy50 Report Abuse I don't care what is happening in Israel.
lembs All-Star Author San Francisco Posts:905 Points:861,350 Joined:May 2005	Message Posted: Mar 21, 2010 4:06:12 PM Ignore lembs Report Abuse why are the refineries in the US complaining they're not making money?
k2kipp Champion Author Minnesota Posts:1,179 Points:746,860 Joined:Sep 2005	Message Posted: Mar 21, 2010 4:03:37 PM Ignore k2kipp Report Abuse interesting