ChevronTexaco profit more than doubles

[UpInArms]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/07/31/BUG1C80JGT1.DTL

ChevronTexaco Corp., benefiting from the continuing surge in oil and gas prices around the globe and some one-time gains, posted a huge jump in earnings in the second quarter.

<snip>

"This was an absolute blowout quarter," said George Gaspar, an analyst for Robert W. Baird & Co., who owns no shares of ChevronTexaco. "I don't think there's any other way to describe it."

The company's bottom line was boosted in part by a $585 million gain from the sale of some Canadian assets and a $255 million benefit from income-tax law changes in connection with some of its international properties.

<snip>

The company benefited from an increase in the average price for U.S. crude oil and natural gas liquids, which shot up nearly 30 percent from a year ago, to $32.68 per barrel in the second quarter. The average price in international markets jumped 35 percent to $32.48 per barrel.

<snip>

Chairman and Chief Executive Officer Dave O'Reilly said he is pleased with ChevronTexaco's results, which have topped analysts' expectations for six straight quarters. "This performance has significantly improved our company's financial strength," he said in a statement.

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http://aztlan.net/oiltanker.htm

Condoleezza Rice was a Chevron Director from 1991 until January 15, 2001 when she was transferred by President George Bush Jr. to National Security Adviser. Previously she was Senior Director, Soviet Affairs, National Security Council, and Special Assistant to President George Bush Sr. from 1989 to 1991.

Another Chevron Corporation giant in the Bush administration is Vice President Dick Cheney. Vice President Cheney was Chairman and Chief Executive of Dallas based Halliburton Corporation, the world’s largest oil field services company with multi-billion dollar contracts with oil corporations including Chevron. Lawrence Eagleburger, a seasoned Bush counselor who held top State Department posts under George Bush Sr., is a director of Halliburton Corporation.

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[Pab Sungenis]

1. Argh!

Time to bring back the Windfall Profits Tax!

[Veggie Meathead]

2. Watch it! GDubya thinks we are poor because we are all lazy.

[yardwork]

3. Oh, I'm so happy for them!

How nice for them!

[mbperrin]

4. Thank Gawd! I couldn't sleep last night worrying over whether

corporate profits were high enough!

[TahitiNut]

5. $127,379 Net Income per Employee ... 61,533 employees

Now, that's net operating income, folks. That means it's after the expense of employee compensation (including the executives). If we assume that the average employee's total compensation was $40,000 (a high-end guess), that means they compensated workers for less than 20% of the value of their labor. The rest went to "compensate" the owners (in one way or another) and taxes.

How much "compensation" did the senior executives pull in? Well, the top five executives -- O'Reilly, David J. ($7,822,700), Kirkland, George L. ($2,286,995), Watson, John S. ($3,080,575), Woertz, Patricia A. ($3,170,125), and Robertson, Peter J. ($3,996,425) -- pulled in a total of more than $20 million in 2003! (That doesn't include over $10 million in stock options they were given.)

[lumpy]

6. Oh yeah

business as usual.

[mark wayne]

7. Shocking!

An oil company showing a profit! At over $1.80 a frickin gallon any dumb ass could run an oil company and make a profit. Unles your name is Dubya!

[Yavin4]

8. This Is Bush's Real Political Base: The Have It Alls

When do these profits start trickling down on us?