3 Jan 2023 5:22 am
Hey DIAPERboy, oil companies have absolutely ZERO control over oil prices. ABSOLUTELY zero. Which ALSO means they have NEAR ZERO control over profits AND LOSSES.supraTruth4 » 03 Jan 2023, 4:05 am » wrote: ↑ https://oilprice.com/Energy/Energy-Gene ... -2022.html
Remember those highprices for the 1st half of the year?
Exxon And Chevron Set For Record $100 Billion In Profits In 2022
Exxon And Chevron Set For Record $100 Billion In Profits In 2022
By Tsvetana Paraskova - Jan 02, 2023, 6:00 PM CST
The surge in oil and gas prices will translate into record-high 2022 earnings for the two U.S. supermajors, Exxon and Chevron, with their combined yearly profits hitting nearly $100 billion, analysts say. The two oil and gas giants benefited from the soaring price of oil and gas following the Russian invasion of Ukraine. Although oil prices traded below $90 per barrel in the last weeks of 2022 and prices increased on an annual basis by only around 10% last year compared to 2021, extreme volatility and the frequent surges above $100 per barrel helped all oil firms, including the biggest American integrated companies, generate record or near-record quarterly profits and cash flows. Profits for 2022 would be at record highs. Chevron posted its highest-ever quarterly profits for the second quarter, thanks to high oil and gas prices and tight fuel markets driving multi-year high refining margins. For Q3, Chevron recorded its second-highest quarterly profit ever on the back of increased oil and gas demand and increased U.S. production. Exxon booked a record $19.66 billion profit for the third quarter, beating the previous record of $17.9 billion it booked for the previous quarter.
prices for the 1st half of the year?So do their LOSSES in 2020 get OFFSET by "record profits"???
Consider that in the past 10 years, major oil and gas companies suffered tremendous losses in 2014, 2015, and 2020. In fact, in 2020 the five integrated supermajors (i.e., “Big Oil”) – ExxonMobil, BP, Shell, Chevron, and Total – lost $76 billion. Oil prices plunged into negative territory in 2020. Were the oil companies feeling especially generous then?
Liberals are spoiled children, miserable, unsatisfied, demanding, ill-disciplined, despotic & useless. Liberalism is a philosophy of sniveling brats ~O'Rourke
The Democratic Party seems intransigent on their position of keeping the party ‘woke,’ detached, exclusionary, and totally insane.
The Democratic Party seems intransigent on their position of keeping the party ‘woke,’ detached, exclusionary, and totally insane.