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Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy

Bloomberg -- Profits for the biggest U.S. energy producers including Exxon Mobil Corp. (XOM) are poised to decline the most since the financial meltdown of 2008-09 as the drilling technique known as fracking collapses natural gas prices.

Exxon and Chesapeake Energy Corp. (CHK), which today reports 2011 earnings, will see net income in 2012 slide 7 percent and 10 percent, respectively, according to the mean of analyst estimates compiled by Bloomberg. That would be the biggest drop since 2009 for the companies, the largest U.S. gas producers.

While higher global demand for transportation fuels drove up crude prices about 30 percent since 2009, the domestic gas glut is pinching earnings for producers even as it pushes the U.S. toward energy independence. Especially hurt are Chesapeake and ConocoPhilli

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Submitted Feb 21, 2012 By: Lighting10K

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nascar8806 Champion Author Oklahoma City Posts:2,378 Points:845,055 Joined:Aug 2010	Message Posted: Feb 21, 2012 5:08:16 PM Ignore nascar8806 Report Abuse This is a joke
noumi Rookie Author Toronto Posts:3 Points:2,360 Joined:Feb 2012	Message Posted: Feb 21, 2012 5:07:18 PM Ignore noumi Report Abuse we are filling coroprate belly
CheapDiesel All-Star Author Indianapolis Posts:796 Points:176,140 Joined:Nov 2005	Message Posted: Feb 21, 2012 5:07:03 PM Ignore CheapDiesel Report Abuse Natural gas is only cheap for the utility providers, the discount doesn't make it down to the consumer.
danreino Champion Author Twin Cities Posts:8,353 Points:1,540,730 Joined:Mar 2008	Message Posted: Feb 21, 2012 4:57:53 PM Ignore danreino Report Abuse Sure they are. I have some prime swampland in Northern Minnesota that I'd like to show you too ;/
duffee01 All-Star Author Mississippi Posts:776 Points:428,015 Joined:Sep 2011	Message Posted: Feb 21, 2012 4:55:00 PM Ignore duffee01 Report Abuse I do not shed tears for those that don't deserve them and this is not a tear shedding case.
Skyeja All-Star Author New Hampshire Posts:567 Points:490,085 Joined:Sep 2008	Message Posted: Feb 21, 2012 4:54:25 PM Ignore Skyeja Report Abuse As we all know, what crude is a barrel and what they're sticking it to us for /$ had never added up. Guess they need more vacation homes and party boats.
spmaudio Champion Author Chicago Posts:3,739 Points:724,140 Joined:Jan 2009	Message Posted: Feb 21, 2012 4:53:48 PM Ignore spmaudio Report Abuse They're talking about a percentage here...the actual dollar amount will be a very different story!
rf6480 Champion Author Miami Posts:1,534 Points:547,805 Joined:Mar 2011	Message Posted: Feb 21, 2012 4:49:03 PM Ignore rf6480 Report Abuse what's a few hundred million $$$ to the elite?
shea33 Champion Author Pensacola Posts:2,368 Points:542,940 Joined:Oct 2011	Message Posted: Feb 21, 2012 4:48:00 PM Ignore shea33 Report Abuse they'll make it up with their tax returns
ShutRBug Champion Author Ontario Posts:1,524 Points:653,365 Joined:Jun 2005	Message Posted: Feb 21, 2012 4:46:38 PM Ignore ShutRBug Report Abuse Dumb
grammamNV Champion Author Nevada Posts:2,335 Points:372,425 Joined:Mar 2011	Message Posted: Feb 21, 2012 4:43:35 PM Ignore grammamNV Report Abuse poor babies!! yeah right. they'll just stick it to us again.
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Feb 21, 2012 4:43:25 PM Ignore jessek Report Abuse I find this hard to believe.
paulydel Champion Author Delaware Posts:8,789 Points:847,900 Joined:Jan 2008	Message Posted: Feb 21, 2012 4:42:12 PM Ignore paulydel Report Abuse I have no sympathy for the oil companies. They have been gouging us for a long time now.
nvwarped All-Star Author Corpus Christi Posts:893 Points:454,500 Joined:Sep 2011	Message Posted: Feb 21, 2012 4:41:06 PM Ignore nvwarped Report Abuse ok
feistyfella All-Star Author Georgia Posts:881 Points:193,995 Joined:Jun 2010	Message Posted: Feb 21, 2012 4:40:37 PM Ignore feistyfella Report Abuse Join the club.
geoutpb Champion Author Midland Odessa Posts:4,628 Points:1,067,285 Joined:Dec 2006	Message Posted: Feb 21, 2012 4:40:35 PM Ignore geoutpb Report Abuse Cheap natural gas does one thing. The low prices will stop drilling for it.
GoneUpAgain Champion Author Atlanta Posts:7,612 Points:1,346,225 Joined:May 2004	Message Posted: Feb 21, 2012 4:39:23 PM Ignore GoneUpAgain Report Abuse Boo hoo hoo! I think gas prices should be raised to $5/gallon so Exxon's revenue and profits can get back to "normal". Those execs must be suffering so much. I don't think they can afford their Ferraris and ultra mega mansions any longer.
032946 Champion Author Twin Cities Posts:19,860 Points:4,044,045 Joined:Oct 2001	Message Posted: Feb 21, 2012 4:36:03 PM Ignore 032946 Report Abuse Who are they trying to fool? The oil companies have been shipping more distilled product to other countries at a permium price well over what they can make it on it here. They are liquifing natural gas and shipping that out of the country also because of over supply here and lack of demand the mild winter in the midwest. They are gouging us to death at the pump and killing the economy.
chuckwthompson Champion Author Charlotte Posts:3,755 Points:577,185 Joined:Sep 2011	Message Posted: Feb 21, 2012 4:35:21 PM Ignore chuckwthompson Report Abuse Oh, my heart goes out to them---NOT
C.Carpets All-Star Author Oakland Posts:543 Points:2,089,985 Joined:Feb 2005	Message Posted: Feb 21, 2012 4:35:10 PM Ignore C.Carpets Report Abuse Oh Boo Hoo
reidlej Veteran Author Columbus Posts:403 Points:606,475 Joined:Jul 2011	Message Posted: Feb 21, 2012 4:34:05 PM Ignore reidlej Report Abuse 7% lower profit -- against an annual $150 billion profit doesn't sound like they are hurting (source is http://finance.yahoo.com/q/ks?s=xom).
Romey08 Champion Author Virginia Posts:6,311 Points:1,436,490 Joined:Apr 2008	Message Posted: Feb 21, 2012 4:30:02 PM Ignore Romey08 Report Abuse making it up from higher oil prices
allstar3 Sophomore Author Baton Rouge Posts:136 Points:71,700 Joined:Dec 2011	Message Posted: Feb 21, 2012 4:25:57 PM Ignore allstar3 Report Abuse Falling? Doubtful.
koikaze Veteran Author Sacramento Posts:397 Points:110,300 Joined:Aug 2011	Message Posted: Feb 21, 2012 4:22:54 PM Ignore koikaze Report Abuse lies..
SpankyMI Champion Author Kalamazoo Posts:2,713 Points:760,255 Joined:Jan 2011	Message Posted: Feb 21, 2012 4:22:28 PM Ignore SpankyMI Report Abuse There is a difference between "sales" and "profits".
southrob Champion Author Tucson Posts:3,595 Points:687,200 Joined:Mar 2011	Message Posted: Feb 21, 2012 4:19:04 PM Ignore southrob Report Abuse well the record profits they made the last 2 years should help out when they are crying in their beer
eye-spy Champion Author Quebec Posts:4,588 Points:2,417,845 Joined:Feb 2005	Message Posted: Feb 21, 2012 4:18:43 PM Ignore eye-spy Report Abuse I also feel very sorry for them too!!
Gas Thirsty Champion Author Los Angeles Posts:4,877 Points:3,228,570 Joined:Mar 2003	Message Posted: Feb 21, 2012 4:18:21 PM Ignore Gas Thirsty Report Abuse Don't believe it. The oil companies are laughing their way to the bank.
mediccoy Champion Author North Carolina Posts:11,914 Points:2,312,080 Joined:May 2006	Message Posted: Feb 21, 2012 4:16:34 PM Ignore mediccoy Report Abuse I'm really crying for those poor Energy Companies... Trust me!
Gas Thirsty Champion Author Los Angeles Posts:4,877 Points:3,228,570 Joined:Mar 2003	Message Posted: Feb 21, 2012 4:15:56 PM Ignore Gas Thirsty Report Abuse I find this hard to believe.
ezone Champion Author Florida Posts:2,421 Points:947,110 Joined:Oct 2008	Message Posted: Feb 21, 2012 4:11:45 PM Ignore ezone Report Abuse Should make a lot of environmentalist whackos and other far lefters very happy.
chyguy3 Champion Author Wyoming Posts:2,855 Points:859,540 Joined:Sep 2006	Message Posted: Feb 21, 2012 4:11:20 PM Ignore chyguy3 Report Abuse oh well, there go all our 401k and profit sharing plans, again.
LadyBugNIL Champion Author Illinois Posts:3,773 Points:639,345 Joined:Sep 2010	Message Posted: Feb 21, 2012 4:09:47 PM Ignore LadyBugNIL Report Abuse oh oh
Topshopper2011 Champion Author New Jersey Posts:1,008 Points:276,365 Joined:Aug 2011	Message Posted: Feb 21, 2012 4:06:19 PM Ignore Topshopper2011 Report Abuse More lies! Greedy oil barons!
CarolinaDragon Champion Author South Carolina Posts:6,510 Points:737,710 Joined:Oct 2009	Message Posted: Feb 21, 2012 4:06:17 PM Ignore CarolinaDragon Report Abuse Oil profits have increased sharply thanks to higher gas prices.
fedupMN Champion Author Twin Cities Posts:2,954 Points:573,455 Joined:Mar 2011	Message Posted: Feb 21, 2012 4:04:52 PM Ignore fedupMN Report Abuse OK
MadTraveler Champion Author Idaho Posts:2,082 Points:572,100 Joined:Nov 2009	Message Posted: Feb 21, 2012 4:04:27 PM Ignore MadTraveler Report Abuse So how much of the price increases are a DIRECT
BobbyVA Champion Author Virginia Beach Posts:5,508 Points:1,176,525 Joined:Jul 2009	Message Posted: Feb 21, 2012 4:03:31 PM Ignore BobbyVA Report Abuse Let the T. Boone Pickens' natural gas theory rise, rise, rise so prices will go down, down, down. His theory was correct even before fracking became mainline.
HawaiianGuy Champion Author Idaho Posts:9,528 Points:3,079,700 Joined:May 2003	Message Posted: Feb 21, 2012 3:58:18 PM Ignore HawaiianGuy Report Abuse Awwww. We aren't posting record profits quarter after quarter? Time for prices to plummet back to earth where they rightfully belong.
armey Champion Author Oregon Posts:1,296 Points:310,255 Joined:Aug 2008	Message Posted: Feb 21, 2012 3:58:16 PM Ignore armey Report Abuse I hope all gas prices fall!
carefrey Champion Author Orlando Posts:5,535 Points:1,159,485 Joined:Sep 2009	Message Posted: Feb 21, 2012 3:58:14 PM Ignore carefrey Report Abuse I don't know how when the prices keep rising!
HEBster Champion Author Kentucky Posts:8,788 Points:2,374,025 Joined:May 2006	Message Posted: Feb 21, 2012 3:56:33 PM Ignore HEBster Report Abuse They'll figure out a way to make it up!
gasaholicMO Champion Author Missouri Posts:2,621 Points:510,940 Joined:Apr 2010	Message Posted: Feb 21, 2012 3:52:38 PM Ignore gasaholicMO Report Abuse Like "really". Who do they think they are kidding.
eaglev Champion Author Oklahoma City Posts:4,001 Points:937,155 Joined:Jul 2005	Message Posted: Feb 21, 2012 3:52:26 PM Ignore eaglev Report Abuse And people think the oil companies are the bad guys.
Toppers Champion Author Atlanta Posts:9,012 Points:2,470,695 Joined:Mar 2005	Message Posted: Feb 21, 2012 3:50:30 PM Ignore Toppers Report Abuse Aww-think they'll be okay.
dynamouse Champion Author Michigan Posts:4,509 Points:1,750,825 Joined:Dec 2006	Message Posted: Feb 21, 2012 3:41:54 PM Ignore dynamouse Report Abuse this is BS they are exporting great lets drill drill the high cost of fuel that clown obama made sure this would happen he wants all of us in the little green clown cars tell him to stick it and still sticking it to us
rick_evans Champion Author Boston Posts:3,725 Points:1,033,730 Joined:Aug 2005	Message Posted: Feb 21, 2012 3:41:10 PM Ignore rick_evans Report Abuse "Oil Profits Falling ..." -ROFLMAO
preacherjohn Champion Author Modesto Posts:3,990 Points:1,919,760 Joined:May 2006	Message Posted: Feb 21, 2012 3:41:01 PM Ignore preacherjohn Report Abuse That doesn't help us out here in CA.
sjl08203 Champion Author New Jersey Posts:6,092 Points:1,374,815 Joined:Aug 2005	Message Posted: Feb 21, 2012 3:38:55 PM Ignore sjl08203 Report Abuse Boo Hoo
4TIGERDOG Sophomore Author Phoenix Posts:238 Points:319,685 Joined:Feb 2011	Message Posted: Feb 21, 2012 3:38:34 PM Ignore 4TIGERDOG Report Abuse OK
blazerbob91 Champion Author Milwaukee Posts:6,145 Points:1,883,670 Joined:Aug 2005	Message Posted: Feb 21, 2012 3:33:43 PM Ignore blazerbob91 Report Abuse Maybe they won't make record profits this year.