Exxon Mobil, Shell Profits Soar as Energy Prices Rise

[sabra]

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http://www.bloomberg.com/apps/news?pid=10000103&sid=aWzMJwSD8k0k&refer=us

Exxon Mobil, Shell Profits Soar as Energy Prices Rise (Update3)

April 28 (Bloomberg) -- Exxon Mobil Corp., the world's largest publicly traded oil company, posted a 44 percent profit gain and Royal Dutch/Shell Group had a 28 percent increase as unprecedented demand lifted energy and chemicals prices.

First-quarter net income at Exxon Mobil jumped to $7.86 billion, or $1.22 a share, from $5.44 billion, or 83 cents, a year earlier, the Irving, Texas-based company said today in a statement. Shell said its profit excluding gains in the value of oil in storage rose to $5.55 billion from $4.33 billion.

Oil companies are reaping record profits as economic growth in Asia and North America causes energy consumption to increase faster than supplies. Crude-oil and gasoline futures touched all- time highs this month in New York.

``There's been a huge increase in demand, especially if you look at China and India, where the economies are expanding so rapidly,'' said John Leiviska, who helps oversee $17 billion, including Exxon Mobil debt, at Advantus Capital Management Inc. in St. Paul, Minnesota. ``Demand is rising in places where they're trying to enjoy a lifestyle like we have in the West.''

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[Zerex71]

1. What a shocker! I TOTALLY didnt see that coming.

Bu$hCo.

[Ganja Ninja]

2. OK So tell me again why we have to give government land ...

to these companies for their new refineries.

[struggle4progress]

13. Because they know the President personally -- and we don't. eom

[RobertSeattle]

3. Anyone catch the "less profits" story floated a week or two ago?

I recall a TV news report saying that the oil companies were going to make LESS PROFIT (!!!) because when gas prices go up, some consumers shift from buying premium gas to regular gas. Since Premium has a higher profit margin, ergo less profit.

I can't help but think that they knew they were getting record profits in the 1st quarter and their PR people came up with this spin.

[Festivito]

5. And, tonight I bet we'll hear about Bush thwarting gouging.

In spite of reality, of course.

[struggle4progress]

14. They've been making record profits for a while. This was ..

.. on Reid's website a year ago:

My Speech on Gas Prices on the Senate Floor
May 19, 2004


<snip> Big oil companies and refiners are getting rich … and middle class families are getting gouged.

I’m not making this up.

It’s clearly documented that refiner margins have doubled and tripled. The oil companies weren’t content to make 25 cents on every gallon of gasoline. They now make 50 to 75 cents for every gallon of gasoline. <snip>

BP – up 165%
Chevron-Texaco - up 294%
Conoco-Phillips - up 44%
ExxonMobil - up 125%
<snip>

http://reid.senate.gov/gasprices0504.cfm

[Oreo]

4. Call me stupid but....

Unless they're overinflating the prices at the pump, their profits shouldn't rise at all. How difficult is this to understand?

We're not being gouged by OPEC... we're being hung out to dry by Shrub and his oil cronies

:wtf: Could there really be that much more demand?

[Double T]

6. Probably former Enron oil futures traders working with .........

...."Dick" The Cave Man VP to develop the "Screw All The Americans" Energy Policy in conjunction with the most bloated, corrupt company of them all, ExxonMobil.

[0007]

7. That I do believe...

[Roland99]

8. Are they making most of their profits overseas or selling to overseas?

[gizmo1979]

9. so it's not price gouging,put their profits are up 44%

That means gas could have been 20% cheaper and they still would have made a profit of 24%,how is this not gouging.Someone please explain this process to me.

[struggle4progress]

15. The Ownership Society doesn't explain stuff like this to people like us.

[hector459]

10. You mean someone is finally talking about oil company PROFITS!!!!????

I have been screaming about them for over a year. There is nothing that says "profits" have to soar. Why won't Bush even jaw-bone the oil companies. If they had the good of the American public in mind profits should remain constant (since they were already at record highs for the last 7 years) and the consumer would not be paying these high prices. There is nothing behind this gouging except greed. They really can't blame it on OPEC and right now every oil expert says there is a surplus.

[MasonJar]

11. It's simple; we need to boycott their gas. I'll walk before I by

Exxon gas. We need to spread the word. Also let's take a page from the EU and walk or ride mass transit when we can.

[ailsagirl]

12. What a bunch of crooks, liars, thieves... giant LEECHES

Feeding off us. It's revolting. (pun intended) :grr: