Profits up 65 percent at oil giant: ConocoPhillips earnings top $5 billion

[Robbien]

HOUSTON - ConocoPhillips pumped more oil and gas and commanded sharply higher prices for its energy in the second quarter, boosting profits by nearly two-thirds to more than $5 billion.

Its acquisition of Burlington Resources in March appears to have paid off, too, accounting for more than a quarter of the earnings growth in its exploration and production business.

The nation's third-largest oil company earned $5.18 billion in the April-June quarter -- a 65 percent increase from the $3.14 billion profit during the same period a year earlier.

Revenue only rose 12.6 percent, to $47.1 billion, highlighting how staggeringly high profit margins for oil, gasoline and other fuels accounted for the bulk of ConocoPhillips' -- and, for that matter, the entire industry's -- second-quarter bonanza.

Analysts surveyed by Thomson Financial forecast profits of $36 billion for the world's six largest oil companies. But judging by the performances of ConocoPhillips and BP PLC, which reported a $7.3 billion profit on Tuesday, those estimates could be too low.

http://www.ohio.com/mld/ohio/business/15133533.htm

[Behind the Aegis]

1. Interesting.

[Greyhound]

2. How many quarters of record profits in the last 5 years?

But it's not about the oil.

[NashVegas]

7. What's 5 x 4?

..

[et in Arcadia ego]

3. umm..

HELLO? McFLY..?

:banghead:

[Sherman A1]

4. Well, there is a surprise!

I know I feel so much better that our oil companies are able to do so well for themselves..............

[Jackpine Radical]

5. I hope they get a decent bonus subsidy from the gubbmint

for doing all this hard work for us.

[w4rma]

6. At least the Republican economy is good for somebody.

:sarcasm:

[sutz12]

8. All right!

This should pan out to around $1 Billion in bonuses for the CEO and Board of directors.

And while we're at it, let's give the peons a 5 cent raise. :sarcasm:

[RangerSmith]

9. I think I'd wet my pants

if there were a candidate in the 08 race who would go on record as to being for removing crude form the commodities/manipulation market. It's nuts.

[progressivebydesign]

18. I'd be campaigning for that person sooo fast!

Oil should be removed from commodities, I absolutely agree.

[Vidar]

10. "And the money keeps rolling in, but don't ask how" - "Evita"

[smacky44]

11. This is beyond belief. How can "profits" increase that much while

consumers are paying for high gas prices that are based on NOTHING? Only the rich are benefited. They pay for the high gasoline with the profits from their oil stock while the poor are gouged throgh the nose.

[progressivebydesign]

20. I think most people would gladly impeach Bush over this...

.. if we could just figure out how. Find those internal memos showing his collusion in this price fixing/gouging. Get those damn Energy meeting minutes.

[spanone]

12. Mission Accomplished.

[ConcernedCanuk]

13. Over 36 billion in all - that's $6 for every living human being!

.
.
.

Imagine how healthy the world could be if they SHARED that wealth?

Dream on . . .

(sigh)

[Amonester]

14. I'll take it as a joke... 'cuz if you'd "seriously" want to discredit the

legitimate ideal of "wealth-sharing" I'd expect a much more credible "study" but hey, if you were serious, OTOH... then, thanks for the laughs! LOL

[Greyhound]

15. Here's a tidbit you might find interesting.

For ~10% of our annual military budget, we "could provide clean water, adequate diets, sanitation services, and basic education to every person on the planet" - Confessions of an Economic Hit Man - John Perkins

1998 UN Development Program estimates;
$9 Billion Clean water and sanitation planet-wide
$12 Billion reproductive health-care
$13 Billion adequate diet and general health-care
$6 Billion universal education

And how much is this costing us? 100's of billions? Trillions?

Of course, if we were to spend this money to provide these services, it would make much of our military useless, and therefore we might actually realize the enormous peace benefit which, in turn, would cause a drastic reduction in the incomes of those that rule.

We (all of the first-world nations) are just so inexcusably awful, is it any wonder they hate us enough to kill themselves, just to take some of us with them?

And all of this, just to make a few fabulously wealthy families even more $$$.

[w8liftinglady]

16. allow me to refer you to this sites Re:taxes paid

http://www.ctj.org/corpfed04an.pdf
I am still looking to finding a list of offshore accounts for these corporations...this is treason.

[gizmo1979]

17. I'll sleep better knowing

at least they can feed their families now.

[progressivebydesign]

19. Where the fuck is the BIG media on this?? Lou Dobbs?

Fox News? ANYONE???? This is obscene. People in Europe are so great about getting out for mass protests... When will the truckers start their rolling protests here about the gas prices? Fuck Bush and his oilmen.. (sorry, I'm a bit peeved today).

[Blue_Tires]

21. war and conflict are one of the great alltime moneymakers

especially for those shrewd, unscrupulous companies that know how to profit from both sides