Saturday, May 03, 2008

Chevron announces over 5 billion dollar profit.

Chevron's 1Q profit of $5.17B marks Big Oil's latest gusher. And they just explain away. Give me a break. I have just become a cynic. Exxon Mobil Profit Sets Record Again But they have great excuses how they just so happened on this money.

17 comments:

Anonymous said...

Why such a cynic? If you would learn more about the oil and gas business you would know that much of the 5 billion is reinvested to find more oil and gas for our country. If you want to give more control to OPEC (Chevron produces less than 2% of the world oil) just support a windfall profits takes that will ultimately lower the amount of production by companies like Chevron. As middle-east countries contol more supplies you will be wishing for $4.00 gasoline.

Anonymous said...

How much did each shareholder receive in dividends? I read one company paid over $7 per share. Guess they didn't spend it all to find more oil and gas.

Gas in Weaverville on Saturday was $3.94 - Costco same day $3.97.

Anonymous said...

What are Lee & Mann's (or whatever your company is called) profits doing these days? The air in Eureka smells like they are making lots of money.

Anonymous said...

Shareholders do receive dividends; that how publically held companies work. Many working class folks, teacher pension funds and middle class investors own Chevron stock out right or through mutual funds and benefit financially from Chevron's success. Why not mitigate to some degree the cost of gasoline by owning chevron stock. The $2.60 a year dividend and stock appreciation will offset your cost of gasoline. I have tripled my money in the last 5 years which more than pays for the gasoline increase.

Also, keep in mind that Chevron only made 4 million for the 1st quarter in the US on the sale of gasoline, which is nothing for the scale of the investment involved. I believe that last quarter Chevron lost money in the gasoline selling business. The downstream part of the business is not making much money. Anyone who tells you differently is ignorant about the business or is purposely lying to advance a political agenda. Believe me, you want Chevron working to meet your energy needs rather than Venezula or Saudi Arabia who frankly could care less about what you pay for energy.

Carson Park Ranger said...

Oil companies generally make higher profits when the price of oil goes up. What would you have them do, drop prices while demand is at a peak?

Demand will probably continue to go up. This drives up the price at the pump. Why would this make you feel "cynical"?

Be prepared for increasing prices through the summer. It happens every year as demand increases.

We can't blame oil companies for not meeting our expectations.

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Please erase the irresponsible (and frankly, chickenshit) comment above.

samoasoftball said...

Stop the anonymous wiener stuff!

samoasoftball said...

Already!

Anonymous said...

Really, folks. Instead of complaining about the price of gas and about oil company profits, invest in oil company stocks. In time, increasing gasoline prices may bring a smile to your face.

Anonymous said...

9:21, most of us "middle class working folks just trying to make a living in Humboldt County" can't afford to buy any stocks. We're just trying to pay our bills and make it from paycheck to paycheck. Do you think buying Chevron stock is possible if you make $10/hour?

samoasoftball said...

Am I paranoid? Are some of these anonymous people "PAID" by oil companies to surf blogs to shut down anti corporate talk?

berto said...

OK. I love this construction Industry. Someday the construction maybe handled by robots. Thats what im thinking 100 years after. But for now we must live with selling this equipment. With the Komatsu and Caterpillar brand have made greate construction. Some of this Equipment is sold in komatpillar.com

Anonymous said...

berto sounds like an idiot

Fred said...

"This post has been removed by the blog administrator.".

I see you're getting the Jerry Droz spam now. Did he just start, or has this been going on for a while? He's been spamming me for a couple weeks now. Sometimes 3 or 4 comments a day.

Fred said...

Ooops. That was supposed to go in the overtime thread.

Anonymous said...

Yes, someone making $10.00 can buy Chevron stock a little at a time or through an energy mutual fund. Even setting aside $25 - 30 a month will add up over time. I have friends making 10.00 an hour or less who have put a little aside every month for 20 years in an energy mutual fund and have done well, especially the last couple of years. Instead of complaining they are profiting. It is a beautiful thing isn't it?

You had better get used to the idea that cheap energy is a thing of the past. In England they are paying $7.00 - $8.00 a gallon and think, rightly so, we are incredibly spoiled to be paying under $4.00.

And nooo, corporate people are not paid to surf the internet and pitch a point of view. Open your mind up to the possibility that the left leaning media is not giving you all the information you need to make an informed judgement on the truth of this country's energy situation and the role that oil companies play. The issue is complex and global in nature.

If a "wind-fall" profits tax is passed that will really be a disaster. It will just make the price go higher....