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Third quarter results include the impacts from hurricanes Katrina and Rita, two of the most significant U.S. natural disasters in recent history. Our response has been rapid and innovative, demonstrating the resilience of the global energy marketplace. Following the hurricanes, Exxon Mobil maximized gasoline production from all of our refineries which were operating in the U.S., and increased imports from overseas affiliates to meet U.S. demand.
We acted responsibly in pricing at our company operated service stations, and we also encouraged our independent retailers and distributors to do the same.
Third quarter 2005 results were adversely impacted by the hurricanes, with U.S. production volumes down 50 thousand oil-equivalent barrels per day and additional costs of approximately $45 million before tax. Our earnings in the third quarter reflect the impact of the relatively volatile industry environment on commodity prices and industry margins.
Reduced volumes and higher costs will also impact the fourth quarter.
legality is such a pathetic concept these days.
when the lawmakers are puppets, the masters can pull whichever strings
they like to accomplish their goals.
That includes nullifying old laws that
don't fit the agenda, creating new laws that do fit, and the next step in their
conquest...creating a new supreme court that will override any laws that
they cannot work around.
In simpler terms, if it isn't legal, they will make it legal.
If all these options are out of the question, they'll do it anyway,
and pick someone to feed to the wolves, while the rest make their getaway.
I think the purpose of this thread is to determine the real reasons for
the dramatic increase in gas prices, rather than the lies we've been fed.
We have been told that there were shortages after Katrina hit, we've been
told that the war is putting strain on the oil industry, and this is why we
have been draining our pockets to get to work every day.
What we have not been told, is that these are lies, and they're raking in
record profits based on these bulls**t lines they feed us.
Originally posted by makeitso
Yup, they took in a chunk of change all right. The net income for the third quarter is listed as $9.92 billion all right.
"People who are freaking out about Exxon's record profit are the same people who were freaking out about AOL Time Warner's record losses" of $98.2 billion in 2002, he said. "One quarter's net income or loss doesn't mean anything."
For instance, in 2004 Exxon Mobil earned more money -- $25.33 billion -- than any other company on the Fortune 500 list of largest corporations. But by another measure of profitability, gross profit margin, it ranked No. 127.
Oil Industry Seeks to Cast Huge Profits as No Big Deal
Originally posted by Seekerof
In short, yes, indeed, lets have an investigation, but in having that investigation, lets go beyond oil company profit margins, lets investigate the bankruptcy of the U.S. ENERGY POLICY, past and present, that has seriously handicapped all of us living in the U.S. that continues to force all of us to rely on inherently unstable sources of crude oil and gasoline to meet our energy needs!
Originally posted by Nygdan
The oil industry is making tons of money because oil is scare, and demand is high.
Everyone knew the Federal Reserve would have to increase interest rates sooner or later. But the surge in oil prices seems to have come as a bolt out of the blue: No one predicted it. Even as oil prices rose from under $30 per barrel, where they were just one year ago, to $40, then $50, Wall Street analysts saw the rise as a spot phenomenon, nothing really to worry about.
But today crude is selling for $55 per barrel on the New York Mercantile Exchange. The price rise has just started to hit consumers in the form of higher gas prices. On Friday, Greenspan added his voice to the chorus, noting oil prices adjusted for inflation were still not as high as they were in the early 1980s and that, no, the world is not "running out of oil."
The chairman concluded: "So far this year, the rise in the value of imported oil--essentially a tax on U.S. residents--has amounted to about three-quarters of one percent of gross domestic product. The effects were far larger in the crises of the 1970s. But, obviously, the risk of more serious negative consequences would intensify if oil prices were to move materially higher."