the thread opposite of "poor"

[clambake]

ConocoPhillips Profit Surges
As Revenue Climbs 51%
By SHIRLEEN DORMAN
July 23, 2008 9:18 a.m.

ConocoPhillips's second-quarter net income surged amid sharply higher revenue as profits in its exploration and production and Lukoil busineses tempered declines in refining.

Conoco reported net income of $5.44 billion, or $3.50 a share, compared with $301 million, or 18 cents a share, a year earlier. The mean per-share earnings estimate of analysts polled by Thomson Reuters was $3.45. The year-ago quarter included a $4.81 billion write-down from the expropriation of Venezuelan oil projects. Excluding that, prior-year earnings were $2.90 a share.

Daily production averaged 1.75 million barrels of oil equivalent a day, down 8.4%. Conoco said two weeks ago that production levels would be down slightly due to planned maintenance.

Refining income slumped 72% amid significantly lower U.S. margins, and higher turnaround and utility costs. Conoco had said margins fell 49% from a year ago but rose 43% from the first quarter. Refiners haven't been able to fully push cost increases through to customers.

Its share of earnings from Russian oil company OAO Lukoil, which Conoco owns a 20% stake in, jumped 47%.

Conoco said Wednesday it expects third-quarter exploration and production to be similar to the second quarter. In refining, ConocoPhillips sees continued weakness amid crude-oil prices.

Helped by skyrocketing oil and gas prices, integrated oil companies such as ConocoPhillips, Exxon Mobil Corp. and Chevron Corp. were expected to report substantially higher second-quarter profits compared with a year ago. High earnings were expected to be offset once again by weak refining profits, as the price of gasoline failed to keep pace with crude prices.

Among oil majors, ConocoPhillips was expected to benefit the most from surging natural gas prices in the U.S. where it is one of the largest players. This was expected to help to offset pronounced exposure to weak refining margins.

Conoco, which currently garners a large percentage of its production from the U.S. compared with most of its peers, confirmed in early July an agreement to develop the $10 billion Shah natural gas project in Abu Dhabi. The agreement with Abu Dhabi National Oil Co. marks its most substantial effort so far to establish a bigger presence in the energy-rich Middle East. The project is expected to begin producing gas in mid-2012.

Write to Shirleen Dorman at [email protected]

:lol now they certainly will not reveal what they made in personal income.

[Oh, Gee!!]

but they're not rich compared to rich people in other countries.

[clambake]

but they're not rich compared to rich people in other countries.

geez, if you tell them it will only get worse.

[2centsworth]

we should definately be ashamed to be rich. Let's confiscate their money because they are too successful. This is an example why Obama marks the beginning of the end.

[Oh, Gee!!]

Facts are non-partisan in my book.

[clambake]

we should definately be ashamed to be rich.
we or oil we?

Let's confiscate their money because they are too successful.
agree, they're getting a ride on our tail, mate.

This is an example why Obama marks the beginning of the end.
drama

[2centsworth]

the fact that we're rich, wonderful.

[2centsworth]

agree, they're getting a ride on our tail, mate.



that's the end for me. You're advocating government confiscation of assets, very american.

[clambake]

that's the end for me. You're advocating government confiscation of assets, very american.

i don't like our kids dying to secure their financial future.

and it will be a waste. the monster under the iraqi sand will chase oil endeavors away.l

[johnsmith]

i don't like our kids dying to secure their financial future.


You mean like we did when we broke away from the Brits?











Sorry, I had to throw it in there.

[johnsmith]

drama


That's what this forum is for...........just ask the regular thread starters in this very forum.

[clambake]

You mean like we did when we broke away from the Brits?
i did it for real.

Sorry, I had to throw it in there.
me too.:toast

[Wild Cobra]

So they had a bad year last year and did OK this year.

$3.50 per share when the share price is $81.79. That's only a 4.3% profit from the share price. Their P/E is 10.64. The worse among the other major oil companies.

Eni SpA (http://finance.yahoo.com/q?s=E)
P/E: 2.95 (33.9%)
EPS: $23.16

Repsol YPF SA (http://finance.yahoo.com/q?s=REP)
P/E: 7.50 (13.3%)
EPS: $4.54

Total SA (http://finance.yahoo.com/q?s=TOT)
P/E: 7.83 (12.8%)
EPS: $9.56

BP (http://finance.yahoo.com/q?s=BP)
P/E: 8.25 (12.1%)
EPS: $7.38

Cheveron (http://finance.yahoo.com/q?s=CVX)
P/E: 9.05 (11.0%)
EPS: $9.06

Exxon (http://finance.yahoo.com/q?s=XOM)
P/E: 10.50 (9.52%)
EPS: $7.69

Conoco Phillips (http://finance.yahoo.com/q?s=COP)
P/E: 10.64 (9.40%)
EPS: $7.79

P/E = Price to earnings ratio
EPS = Earnings per share

You Liberal Lemmings really annoy me. I cannot believe you eat up that anti-American propaganda. Oil company profits are not excessive for most of them. Profits around 10% are good and normal. The federal government gets more money from gasoline than the share holders of oil companies do when you take the taxes paid and add the 18.4 cent per gallon tax together.

Remember. The owners of oil companies are stock holders. They are not a single entity that has all this money hidden someplace. I don't know about you libtards, but I like having stocks in my 401K that will generate future income for my retirement days.