Chevron profits not enough (largest profit ever of $4B)

[Robbien]

SAN RAMON, Calif. -- Chevron Corp. said Friday its second-quarter earnings soared to a new high, but that wasn't enough to satisfy investors whose expectations have been raised by the oil industry's recent run of eye-popping profits.


The San Ramon-based company earned $4.35 billion, or $1.97 per share, for the three months ended in June. That represented an 18 percent increase from net income of $3.68 billion, or $1.76 per share, at the same time last year. It marks the largest three-month profit in Chevron's 127-year history, eclipsing earnings of $4.14 billion registered in last year's final quarter after energy prices spiked in the aftermath of hurricanes Katrina and Rita.

As mammoth as it might appear to drivers weary of $3-per-gallon gas prices, Chevron's profit let down Wall Street. The average earnings estimate among analysts surveyed by Thomson Financial had been $2.21 per share.

"It was still like they were printing money. They just weren't printing as much as everybody thought," said analyst Fadel Gheit of Oppenheimer & Co.

http://timesunion.com/AspStories/story.asp?storyID=503754&category=BUSINESS&newsdate=7/29/2006

[Why Syzygy]

1. Cry me a freaking river

:cry: Do these people have no shame?
Maybe NOW someone will say the economy is down?

[ixion]

2. I am a capitalist. I believe in an open market. However

this is not an open market scenario. This is a market that has been intentionally rigged and is gouging the public. Why consumer groups are not more vocal about this obvious gouging is beyond me. :crazy:

[NashVegas]

3. Currently Trading at $66.05 Per Share

with $1.97 return

So for an outlay of $6,607.00 you get 100 shares and make $197, or a 3% return (almost). 12% if it holds up over a year. That's plenty.