re: Editorial: What Biden Is Getting Wrong About Big Oil’s Profits

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I love the report of "losses" thing these companies do. that's some magic accounting there. Hey last quarter we projected we would make 5 billion. Well we only made 4.8 billion so we had a loss of 200 mil. I swear we are struggling.

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Congratulations, you are a retard.

When companies report an earnings "miss" that is when their profits falls below targets. When they report a "loss" its because THEY ACTUALLY frickING EARNED LESS MONEY THAN THEY SPENT. Every domestic O&G company reported actual losses, some as high as $20 billion in 2021 and during COVID. You are now only 1% less retarded than you were when you made that post.

You're welcome.

It's always funny when our resident proggies try to flex and fall flat on their faces.

Magilda this morning, now mindbreaker.

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THEY ACTUALLY frickING EARNED LESS MONEY THAN THEY SPENT. Every domestic O&G company reported actual losses, some as high as $20 billion in 2021

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Oh really

A big chunk of the company’s losses came from $19.3 billion in write-downs in the last three months of the year as the company marked down the value of U.S. natural gas fields acquired when gas prices were far higher before fracking flooded the market a decade ago.

LINK

Hey some of our property lost value. we had losses. we don't have to pay taxes now. Yay capitalism. You get a lay off you get a lay off and you get a lay off.

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Another point that gets lost in some of this, two other scenarios that have allowed oil & gas companies to make more:

1- Decisions by companies like BP and Shell to divest of more and more “dirty energy” assets…someone had to gobble that up.

2- Quite a few E&Ps folded or cashed out in 2020, so someone had to take that on.

Those still existing Permian shale operators like XTO (Exxon), Chevron, OXY, Pioneer, etc are making more because they now have more market share

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3 - possibly to a lesser extent, but still mention worthy:

the O&G corporations got hit hard in 2020/2021 during the pandemic. Most of the majors went through massive efforts to become more lean. Layoffs, selling assets, shutting down offices, canceling all travel, nixing recruiting and hiring completely, and pinching everywhere they could to decrease the cost of operations to maintain a profit once the market stabilized. And I assure you they haven’t exactly loosened to purse strings since nor are they now. So yeah, when you are forced overnight to become as lean as possible and WTI prices explode….your profits do look pretty good compared to years past.

That’s the point lsugradman made above, and it’s likely not a “lesser extent” than the points I made as well.

All that stuff the Biden Administration and media can’t comprehend.

Oh wait so you are now changing your view that a loss is an actual loss not an earnings miss? But write-downs are actual losses. The value of a commodity is substantially less to the point of non-recovery. So something you spent money on will not be able to provide revenue. Thats a loss no matter how you want to spin it.

And yes layoffs happened. Thousands of really strong employees lost their jobs, their companies loss billions. Yet you are your crew insist that those companies "control prices " and "price gouge"? Explain that to me numbnuts.

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Damn what upside down company you work for?

Zero layoffs and still got 97% of target bonus for 2020 over here

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then you are lying or don't work for an O&G major and your point is mute.

Well what do you consider major?

Mine is in the top 10 in the US.



Also it's moot.