Exxon and Chevron rack up giant quarterly profits.

[Toro]

Just remember when Fox News tells you that high prices are all Biden's fault, that companies like Exxon and Chevron are merely protecting themselves from him by passing on higher costs to you. It's really Biden's fault.



Exxon Mobil and Chevron, the largest U.S. oil companies, reported on Friday a fourth consecutive quarter of robust profits on the back of high oil and natural gas prices and strong chemical and refining earnings.

But the companies remain cautious as they face uncertain future prices because of a weakening global economy and international conflict.

Exxon’s profit of $19.7 billion from operations topped the previous quarter’s $17.9 billion. The oil giant’s latest quarterly profit was nearly triple what it made in the same period last year. It cited oil and natural gas output as major contributors, along with cost cutting.

The company said its production in the Permian Basin of Texas and New Mexico was its highest ever, as was the volume of its North American refining. “The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers,” Darren Woods, the chief executive, said in a statement.

The company said it was continuing a policy of disciplined investing, not budging from budget plans set before oil prices spiked following the Russian invasion of Ukraine. Mr. Woods said the company was committed to “rigorous cost control.”

What We Learned About the Economy This Week (Published 2022)

Fresh data on inflation and growth, and actions by policymakers , created a complex picture of the global economy.

www.nytimes.com

That’s awesome.

The higher the profits, the better.

We need more oil companies drilling.

 

[tahuyaman]

The oil companies only earn a few cents profit on each gallon of fuel sold. The biggest profiteer is government and they have nothing to do with finding it, getting it out of the ground, refining it and getting it to the people.

 

[georgephillip]

The oil companies only earn a few cents profit on each gallon of fuel sold. The biggest profiteer is government and they have nothing to do with finding it, getting it out of the ground, refining it and getting it to the people.

The government creates the money, corporations, and markets that make capitalism possible:

NOVEMBER 11, 2022

California Oil Refiners Post Record Profits​

BY DAN BACHER

"'The four big oil refiners who reported their West Coast profits — Marathon, PBF, Valero and Phillips 66 – together posted an average 73 cents per gallon profit in the 3rd quarter in the West,' according to Consumer Watchdog’s calculation.

"'California oil refiners have only exceeded the 50 cent per gallon mark three times in the last twenty years. Capping windfall profits at 50 cents, the four refiners would owe Californians a rebate of $1.8 billion for their windfall profits this year.'"

 

[Polishprince]

The government creates the money, corporations, and markets that make capitalism possible:

NOVEMBER 11, 2022

California Oil Refiners Post Record Profits​

BY DAN BACHER

"'The four big oil refiners who reported their West Coast profits — Marathon, PBF, Valero and Phillips 66 – together posted an average 73 cents per gallon profit in the 3rd quarter in the West,' according to Consumer Watchdog’s calculation.

"'California oil refiners have only exceeded the 50 cent per gallon mark three times in the last twenty years. Capping windfall profits at 50 cents, the four refiners would owe Californians a rebate of $1.8 billion for their windfall profits this year.'"

Since Sleepy Joe's regulatory moves have caused the oil industry to cancel expensive exploration, pipeline and refinery projects, why would this be surprising?

Biden did them a favor as far as their short term bottom line. Sending men and equipment into the ANWR or on a big pipeline project are heavy duty expenses that go against the bottom line.

 

[Leo123]

During Trump, big oil gave us the lowest gas prices......Hmmmmm.

 

[Jarlaxle]

I hope Exxon-Mobil makes a pile of money. (I have their stock in my retirement accounts.)

 

[georgephillip]

Since Sleepy Joe's regulatory moves have caused the oil industry to cancel expensive exploration, pipeline and refinery projects, why would this be surprising?

Biden did them a favor as far as their short term bottom line. Sending men and equipment into the ANWR or on a big pipeline project are heavy duty expenses that go against the bottom line.

You think increasing the world's greenhouse gas emissions for another 20 years is something Biden should endorse?

Oil Giants, With Billions in Profits, Face Criticism and an Uncertain Outlook.

"But Mr. Biden, who has repeatedly accused oil companies of keeping gasoline prices artificially high for U.S. drivers while reaping windfall profits from high global crude prices, renewed his criticism as the latest results began to roll in.

"At a speech promoting his administration’s economic agenda in Syracuse, N.Y., on Thursday, he said the average price of gasoline would be 40 cents lower per gallon across the country if oil companies were enjoying their typical profit margins over the last 20 years."

 

[Polishprince]

You think increasing the world's greenhouse gas emissions for another 20 years is something Biden should endorse?

Oil Giants, With Billions in Profits, Face Criticism and an Uncertain Outlook.

"But Mr. Biden, who has repeatedly accused oil companies of keeping gasoline prices artificially high for U.S. drivers while reaping windfall profits from high global crude prices, renewed his criticism as the latest results began to roll in.

"At a speech promoting his administration’s economic agenda in Syracuse, N.Y., on Thursday, he said the average price of gasoline would be 40 cents lower per gallon across the country if oil companies were enjoying their typical profit margins over the last 20 years."

I'm not "endorsing " anything here. Just pointing how that Biden's policies are what is causing higher profits for oil companies.

So he shouldn't be complaining about it.

 

[georgephillip]

I'm not "endorsing " anything here. Just pointing how that Biden's policies are what is causing higher profits for oil companies.

So he shouldn't be complaining about it.

He's complaining about the record profits going to shareholders instead of lowering prices at the pump.

Oil Giants, With Billions in Profits, Face Criticism and an Uncertain Outlook.

"'Last quarter, the five largest oil companies made — in the last quarter — $70 billion in profit in 90 days,' Mr. Biden said. 'And Shell announced just this morning that it made $9.5 billion in profits in the third quarter: $9.5 billion. That’s more than twice what they made in the third quarter of last year. And they raised their dividends as well, so the profits are going back to their shareholders instead of going to the pump and lowering the prices.'"

Biden's energy policies were in effect last year as well as in 2022, yet Shell made twice the 3rd quarter profit in this year.

 

[Polishprince]

He's complaining about the record profits going to shareholders instead of lowering prices at the pump.

Oil Giants, With Billions in Profits, Face Criticism and an Uncertain Outlook.

"'Last quarter, the five largest oil companies made — in the last quarter — $70 billion in profit in 90 days,' Mr. Biden said. 'And Shell announced just this morning that it made $9.5 billion in profits in the third quarter: $9.5 billion. That’s more than twice what they made in the third quarter of last year. And they raised their dividends as well, so the profits are going back to their shareholders instead of going to the pump and lowering the prices.'"

Biden's energy policies were in effect last year as well as in 2022, yet Shell made twice the 3rd quarter profit in this year.

If the corporations reduced prices below what the market is bearing, then the problem would be gasoline shortages and Carter era type gas lines. Further, the restrictions on prices would make it impossible to bring any more product to market.

 

[georgephillip]

If the corporations reduced prices below what the market is bearing, then the problem would be gasoline shortages and Carter era type gas lines. Further, the restrictions on prices would make it impossible to bring any more product to market.

"Biden's energy policies were in effect last year as well as in 2022, yet Shell made twice the 3rd quarter profit in this year"

 

[tahuyaman]

The government creates the money, corporations, and markets that make capitalism possible:

NOVEMBER 11, 2022

California Oil Refiners Post Record Profits​

BY DAN BACHER

"'The four big oil refiners who reported their West Coast profits — Marathon, PBF, Valero and Phillips 66 – together posted an average 73 cents per gallon profit in the 3rd quarter in the West,' according to Consumer Watchdog’s calculation.

"'California oil refiners have only exceeded the 50 cent per gallon mark three times in the last twenty years. Capping windfall profits at 50 cents, the four refiners would owe Californians a rebate of $1.8 billion for their windfall profits this year.'"

No. Government has nothing to do with getting oil out of the ground and to the the people, but they do have something to do ith preventing it.

 

[tahuyaman]

You think increasing the world's greenhouse gas emissions for another 20 years is something Biden should endorse?

Oil Giants, With Billions in Profits, Face Criticism and an Uncertain Outlook.

"But Mr. Biden, who has repeatedly accused oil companies of keeping gasoline prices artificially high for U.S. drivers while reaping windfall profits from high global crude prices, renewed his criticism as the latest results began to roll in.

"At a speech promoting his administration’s economic agenda in Syracuse, N.Y., on Thursday, he said the average price of gasoline would be 40 cents lower per gallon across the country if oil companies were enjoying their typical profit margins over the last 20 years."

You drank the Kool Aid

 

[themirrorthief]

Exhibit A.

you need to get over your butthurt about republicans taking over congress...maybe Joe will go back and hide in his basement until his next election

 

[themirrorthief]

Just remember when Fox News tells you that high prices are all Biden's fault, that companies like Exxon and Chevron are merely protecting themselves from him by passing on higher costs to you. It's really Biden's fault.



Exxon Mobil and Chevron, the largest U.S. oil companies, reported on Friday a fourth consecutive quarter of robust profits on the back of high oil and natural gas prices and strong chemical and refining earnings.

But the companies remain cautious as they face uncertain future prices because of a weakening global economy and international conflict.

Exxon’s profit of $19.7 billion from operations topped the previous quarter’s $17.9 billion. The oil giant’s latest quarterly profit was nearly triple what it made in the same period last year. It cited oil and natural gas output as major contributors, along with cost cutting.

The company said its production in the Permian Basin of Texas and New Mexico was its highest ever, as was the volume of its North American refining. “The investments we’ve made, even through the pandemic, enabled us to increase production to address the needs of consumers,” Darren Woods, the chief executive, said in a statement.

The company said it was continuing a policy of disciplined investing, not budging from budget plans set before oil prices spiked following the Russian invasion of Ukraine. Mr. Woods said the company was committed to “rigorous cost control.”

What We Learned About the Economy This Week (Published 2022)

Fresh data on inflation and growth, and actions by policymakers , created a complex picture of the global economy.

www.nytimes.com

Biden wants electric cars in california where they dont even have enough power now to keep their beer cold

 

[Polishprince]

"Biden's energy policies were in effect last year as well as in 2022, yet Shell made twice the 3rd quarter profit in this year"

Prices have gone up because of inflation as well as people driving significantly more in 2022- due to the fading of the COVID Scare. (big increase in demand)

Ordinarily, such an increase in demand would motivate Exxon and other producers to incur the expense and increase production- but Biden's policies have made that impractical .

 

[georgephillip]

No. Government has nothing to do with getting oil out of the ground and to the the people, but they do have something to do ith preventing it.

Government creates money, markets,, and corporations not to mention public infrastructure like roads, bridges, and courts, so government has pretty much everything to do with "getting oil out of the ground and to the people."

US Subsidizes Fossil Fuels To The Tune Of $4.6, $27.4, Or $649 Billion Annually, Depending On Source

 

[georgephillip]

You drank the Kool Aid

Your brand?

 

[georgephillip]

Prices have gone up because of inflation as well as people driving significantly more in 2022- due to the fading of the COVID Scare. (big increase in demand)

Ordinarily, such an increase in demand would motivate Exxon and other producers to incur the expense and increase production- but Biden's policies have made that impractical .

How much has demand for gasoline increased in the US this year?

Demand Destruction Hits Gasoline (But Only a Little) as Prices Spike in Historic Leap Just for Summer Driving Season

 

[RoshawnMarkwees]

Prices have gone up because of inflation as well as people driving significantly more in 2022- due to the fading of the COVID Scare. (big increase in demand)

Ordinarily, such an increase in demand would motivate Exxon and other producers to incur the expense and increase production- but Biden's policies have made that impractical .

Prices are up due to Biden’s immediate stifling of fossil fuel extraction upon assuming office…Biden suspends oil and gas leasing in slew of executive actions on climate change
Inflation is from democrat money printing in order to pay people to not work beyond the pandemic. And that adds to gas price increases, too.