Big Oil Making a Fortune

[22lcidw]

Exxon Mobil and Chevron report big jump in profits because of higher oil and gas prices. (Published 2022)

Despite pleas from the Biden administration for more supply, both companies said their global production fell in the first three months of the year.

www.nytimes.com

Exxon reported doubling quarterly earnings from a year earlier, even after a write-down of $3.4 billion from abandoning its operations in Russia.

Largely because of soaring oil prices, which rose in the quarter to well over $100 a barrel from $76, the company made $5.5 billion in the first three months of the year — an increase of more than $6 billion from the same quarter in 2021. The company made an $8.9 billion profit in the last three months of 2021.

And you thought the price of gas was high because of lower prodution?

It's higher PROFITS

Biden is the one who gave them those profits.

 

[Hang on Sloopy]

Why are gas prices up through the world?

Bidens fault? Because the US isn't energy independent, they're paying more for gas in England?

Gas was up to 3 plus before that stupid war. It went up a buck 50

 

[Hang on Sloopy]

Biden is the one who gave them those profits.

Why are the best posts always 10 words or less ?

 

[Darkwind]

Exxon Mobil and Chevron report big jump in profits because of higher oil and gas prices. (Published 2022)

Despite pleas from the Biden administration for more supply, both companies said their global production fell in the first three months of the year.

www.nytimes.com

Exxon reported doubling quarterly earnings from a year earlier, even after a write-down of $3.4 billion from abandoning its operations in Russia.

Largely because of soaring oil prices, which rose in the quarter to well over $100 a barrel from $76, the company made $5.5 billion in the first three months of the year — an increase of more than $6 billion from the same quarter in 2021. The company made an $8.9 billion profit in the last three months of 2021.

And you thought the price of gas was high because of lower prodution?

It's higher PROFITS

 

[meaner gene]

The industry was never flatlining it was just a simple matter of better policies the more expensive you make it to produce a product the more expensive that product is to purchase. If some still are unable to grasp this then there is really nothing that can be said or done to help them at this point.

The problem is that oil is a global market. It's price isn't based on the supply and demand of any single country (aka energy independence) it's based on global supply vs global demand.

If we had a surplus of oil, that surplus would be sold on the world market. Meanwhile domestic producers charge the world oil price, whether they sell it domestically or internationally.

 

[Delldude]

Gas was up to 3 plus before that stupid war. It went up a buck 50

During and through Trump's presidency and the pandemic, it hovered around the $2.50 mark until one tragic day in January 2021.

 

[meaner gene]

Gas was up to 3 plus before that stupid war. It went up a buck 50

People in England are seeing a 54% increase in their energy bills.

Bidens fault?

 

[meaner gene]

During and through Trump's presidency and the pandemic, it hovered around the $2.50 mark until one tragic day in January 2021.

Energy in England

By September 2020, wholesale electricity costs were £45.30 per MWh
Electricity is now more than £119 per MWh

Bidens fault?

 

[Lesh]

Biden is the one who gave them those profits.

Biden has ZERO to do with what oil companies charge for gas or what their profits are

That was just stupid

 

[Lesh]

Biden is the one who canceled their pipelines and leases, and is threatening to do every more with his "climate change" bullshit.

Can't blame the companies from trying to make money while they still can.

Yea...actually ya can.

Don't bitch about the price of gas if you don't mind them ripping you off

 

[meaner gene]

Biden has ZERO to do with what oil companies charge for gas or what their profits are

That was just stupid

He sounds like he wants the federal government to control what private companies can charge for their products and services.

If he thinks Biden is in control of prices, he would be O.K. with Biden being in charge of prices.

 

[johngaltshrugged]

Trump fucked that up long before Biden was sworn in.

Saudi Arabia And Russia Agree To Historic Oil Production ...​

https://www.forbes.com › sarahhansen › 2020/04/09 › s...



Apr 9, 2020 — According to the Wall Street Journal, Saudi Arabia has agreed to cut 3.3 million barrels a day from its current production levels of 12 million ...

Yep, DT f*d things up so bad that America became a net exporter.
The Saudis cut production at the same time the world was shutting down for a flu & because America was exporting more

CNBC reports:

U.S. oil producers sent a record 7 million barrels of crude out into the world market last week, at a time when OPEC members have cut back on their own output by nearly the same amount.

Breakthrough: US Becomes Major Oil Exporter Under Trump

The US has become a major exporter of oil since Trump took office, sending a record 7 billion barrels into the world market last week.

newspunch.com

 

[Delldude]

People in England are seeing a 54% increase in their energy bills.

Bidens fault?

Energy in England

By September 2020, wholesale electricity costs were £45.30 per MWh
Electricity is now more than £119 per MWh

Bidens fault?

Wasn't aware Biden is Queen.

Beyond that, I only deal with USA energy prices that Biden has effected.

 

[Delldude]

Biden has ZERO to do with what oil companies charge for gas or what their profits are

That was just stupid

He campaigns on ending dependency on fossil fuels, eliminating the oil industry, and he has zero to do with energy prices?

 

[meaner gene]

Wasn't aware Biden is Queen.

You also weren't aware the queen has no control over energy policy.

 

[meaner gene]

He campaigns on ending dependency on fossil fuels, eliminating the oil industry, and he has zero to do with energy prices?

Correct.

 

[struth]

Exxon Mobil and Chevron report big jump in profits because of higher oil and gas prices. (Published 2022)

Despite pleas from the Biden administration for more supply, both companies said their global production fell in the first three months of the year.

www.nytimes.com

Exxon reported doubling quarterly earnings from a year earlier, even after a write-down of $3.4 billion from abandoning its operations in Russia.

Largely because of soaring oil prices, which rose in the quarter to well over $100 a barrel from $76, the company made $5.5 billion in the first three months of the year — an increase of more than $6 billion from the same quarter in 2021. The company made an $8.9 billion profit in the last three months of 2021.

And you thought the price of gas was high because of lower prodution?

It's higher PROFITS

you’re link literally says they were higher prices due to less supply…

i need more info though…what’s the profit margins?

 

[Moonglow]

Yep, DT f*d things up so bad that America became a net exporter.
The Saudis cut production at the same time the world was shutting down for a flu & because America was exporting more

CNBC reports:

U.S. oil producers sent a record 7 million barrels of crude out into the world market last week, at a time when OPEC members have cut back on their own output by nearly the same amount.

Breakthrough: US Becomes Major Oil Exporter Under Trump

The US has become a major exporter of oil since Trump took office, sending a record 7 billion barrels into the world market last week.

newspunch.com

We are still a net exporter of oil and gas you dope.

 

[Delldude]

You also weren't aware the queen has no control over energy policy.

Biden now thinks he's the queen of England?

You are failing at trying to claim high energy prices in England are somehow due to global issues.

 

[meaner gene]

you’re link literally says they were higher prices due to less supply…

That wasn't about domestic supply.

U.S. oil firms slashed production in 2020 as the coronavirus pandemic destroyed demand and supply has not yet recovered to pre-Covid levels. In 2019, the U.S. produced 12.29 million barrels of crude oil per day, according to the U.S. Energy Information Administration.

That figure was 11.28 million in 2020 and is estimated to be 11.18 million in 2021 and 11.85 million in 2022.

United States Crude Oil Production

Crude Oil Production in the United States decreased to 12533 BBL/D/1K in January from 13315 BBL/D/1K in December of 2023. This page provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term...

tradingeconomics.com