Archive | July, 2007

Blog Post

Just Can’t Spend It All

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31. July 2007

Just Can’t Spend It All

07-31-07 by dugan   "With the world thirsty for more oil and cleaner fuels, Exxon Mobil and other oil firms have been spending billions to buy back their shares." A great sentence, but not my words. It’s a quote from the first popular-media piece I’ve seen on oil company stock buybacks, by Elizabeth Douglass of [...]

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Blog Post

What Ethanol Price Excuse?

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31. July 2007

What Ethanol Price Excuse?

07-31-07 by dugan   Last year during the big spring price spike for gasoline, a prominent excuse offered by the oil industry was the high price of ethanol, which is blended with gasoline for clean-air reasons. It’s not a great excuse, since ethanol at maximum is 10% of the clean-air formula, but there was a [...]

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News Clipping

Chevron’s profit soars in quarter

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28. July 2007

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Chevron’s profit soars in quarter

THE SAN FRANCISCO CHRONICLE (California) July 30, 2007 by David R. Baker, Chronicle Staff Writer Chevron’s profit soars in quarter This spring’s punishing oil and gasoline prices helped propel Chevron Corp. to the highest quarterly profit in its 128-year history – $5.38 billion — the San Ramon company reported Friday. That’s 24 percent more money [...]

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Chevron profit hits $5.4 billion

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28. July 2007

Chevron profit hits $5.4 billion

Los Angeles Times July 28, 2007 by Elizabeth Douglass, Times Staff Writer Chevron profit hits $5.4 billion Chevron Corp. said Friday that it rang up a record quarterly profit of $5.4 billion, primarily thanks to soaring gasoline prices and gains from an investment sale. The oil giant’s net income for the second quarter that ended [...]

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It Wasn’t the French

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27. July 2007

Oil companies’ refining profits come straight out of what we pay at the pump, so guess who paid for the across-the-board record refining profits that the major oil companies finished reporting today, with Chevron’s new records. It wasn’t the French. Refining profits in the US were several times times higher than in Europe in the [...]

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Press Release

Chevron Record Refinery Profit

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27. July 2007

Chevron Record Refinery Profit

NEWS RELEASE July 27, 2007 CONTACT: Judy Dugan, 310-392-0522, ext. 305, or cell: 213-280-0175, or John Simpson, ext. 317 Chevron Record Profit Driven by Refining Profits Up 41% in US, 30% Overall, On Record Gasoline Prices; Group Sees "Profit From Failure" in Oil Industry’s Refining Records Despite Lower Production Santa Monica, CA — Chevron Corp. [...]

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Blog Post

You’re Big Oil’s Piggy Bank

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26. July 2007

You’re Big Oil’s Piggy Bank

07-26-07 by dugan   Once Upon a Time, Big Oil made its big profits on drilling oil. Now the oil guys are pickpocketing motorists directly, racking up ever-larger profits on gasoline and diesel production. Exxon and Shell today joined Conoco Phillips and BP in reporting 2nd quarter refinery profits big enough, or almost big enough, [...]

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Press Release

Exxon’s Record Refining Profits

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26. July 2007

Exxon’s Record Refining Profits

NEWS RELEASE July 26, 2007 CONTACT: Judy Dugan, 310-392-0522, ext. 305, cell: 213-280-0175, or John Simpson, ext. 317 Record Pump Prices Give Exxon Record Refining Profits, More than $10 Billion Total Earnings; Group Calls for Refinery Investigations, Oversight to Control "Hurricane Prices" After Exxon, Shell Profit Reports Santa Monica, CA — ExxonMobil announced a new [...]

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Exxon 2nd Qtr Profit = $10 Billion

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26. July 2007

Exxon 2nd Qtr Profit = $10 Billion

CNNMoney.com July 26, 2007 by Steve Hargreaves, CNNMoney.com staff writer ExxonMobil makes $10 billion on record gas prices But profit falls from last year on lower natural gas sales and doesn’t top its previous record quarter. NEW YORK, NY — ExxonMobil reported over $10 billion in quarterly profit Thursday as higher gasoline prices helped offset [...]

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Blog Post

Sleazy Tax Deal Benefits Big Oil

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24. July 2007

Sleazy Tax Deal Benefits Big Oil

7/24/07 by Simpson  Chevron stands to be one of the big beneficiaries of a tax break estimated to cost California more than $850 million in revenue when fully implemented. Speaker Fabian Núñez rammed the bill, SB 98, through the assembly as it approved the state’s budget in an all night meeting.   The bill changes [...]

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Conoco: No Profit? No Problem

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24. July 2007

Conoco: No Profit? No Problem

07-25-07 by dugan   What’s up with Conoco Phillips reporting a 94% drop in it 2nd Quarter profit, to a measly $310 million, but analysts were drooling over its record refinery profits, not a $4.5 billion writeoff of Conoco’s oilfields in Venezuela. Conoco’s refinery profits were up 38% ($2.4 billion this year vs. 1.7 billion [...]

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Press Release

BP’s Refining Shores Up Profit

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24. July 2007

BP’s Refining Shores Up Profit

NEWS RELEASE July 24, 2007 CONTACT: Judy Dugan, 310-392-0522, ext. 305, or cell: 213-280-0175 BP’s 2nd Quarter Refining Windfall Shores Up Lower Profit Elsewhere; Rest of Big Oil Will Show Same Pattern Of More Money From Making Less Gasoline, Says Group Santa Monica, CA — British oil giant BP today reported a 29% increase in [...]

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Blog Post

Oil Refining: Slow-Motion Enron

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23. July 2007

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Oil Refining: Slow-Motion Enron

07-23-07 by dugan     When is the oil industry most like Enron? When it’s draining supplies of gasoline instead of building them, guaranteeing record pump prices that empty your wallet into their profits. That’s the plain-language bottom line of a report released today by OilWatchdog (The press release is below this post.) We called [...]

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