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NorthTiger
LSU Fan
Upper 40
Member since Jan 2004
3725 posts

What am I missing on my thinking about oil companies

Second quarter profits

Exxon Mobil: $17.9 billion
Shell: $10 billion
Chevron: $11.6 billion
Conoco: $5.1 billion

I support capitalism
I believe businesses can charge what the market will pay
I shop around for the least expensive gasoline but all of the big boys are making huge profits so it’s not like I can boycott oil companies
I don’t blame anyone for the cost of gasoline. I’ve seen high gasoline prices no matter which political party is the majority party so I don’t blame politicians.
I don’t cut back on my driving when prices are high. I cut back in other areas.
I suppose I could blame the oil companies but I don’t blame them either.

I pay the best price I can and choose some other battle to fight, or not.


LSU Grad Alabama Fan
Atlanta Braves Fan
Dallas, TX
Member since Nov 2019
5654 posts

re: What am I missing on my thinking about oil companies
quote:

I’ve seen high gasoline prices no matter which political party is the majority party so I don’t blame politicians.


But when have you seen the lowest gasoline prices?
This post was edited on 10/27 at 4:23 pm


AUHighPlainsDrifter
Auburn Fan
South Carolina
Member since Sep 2017
2314 posts

re: What am I missing on my thinking about oil companies
How much did they lose during the plandemic?
How do these numbers compare to pre-plandemic profits?
How much money did they invest to realize these profits?
How much profit do you feel they should earn each quarter?
This post was edited on 10/27 at 4:27 pm


FredBear
USA Fan
Member since Aug 2017
13342 posts

re: What am I missing on my thinking about oil companies
quote:

Second quarter profits

Exxon Mobil: $17.9 billion
Shell: $10 billion
Chevron: $11.6 billion
Conoco: $5.1 billion



Now compare their profit margins to other companies and think about it


NorthTiger
LSU Fan
Upper 40
Member since Jan 2004
3725 posts

re: What am I missing on my thinking about oil companies
quote:

I’ve seen high gasoline prices no matter which political party is the majority party so I don’t blame politicians. But when have you seen the lowest gasoline prices?



I’m going to play devil’s advocate here. What if I had a family member working in the oil industry and his/her pay check and/or bonuses were higher the more money the company earned. Wouldn’t I want high gas prices?


LSU Grad Alabama Fan
Atlanta Braves Fan
Dallas, TX
Member since Nov 2019
5654 posts

re: What am I missing on my thinking about oil companies
So you're not going to answer my question?


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80
NorthTiger
LSU Fan
Upper 40
Member since Jan 2004
3725 posts

re: What am I missing on my thinking about oil companies
quote:

How much did they lose during the plandemic? How do these numbers compare to pre-plandemic profits? How much money did they invest to realize these profits? How much profit do you feel they should earn each quarter?



I’ve already answered the basic question you asked (#4). Whatever the market will allow. Isn’t that free enterprise?


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14
GumboPot
Georgetown Fan
Member since Mar 2009
105501 posts

re: What am I missing on my thinking about oil companies
How do you feel about big tech company profits:

Apple: $99.61 billion
Microsoft: $72.75 billion
Google: $72.01 billion

???


NorthTiger
LSU Fan
Upper 40
Member since Jan 2004
3725 posts

re: What am I missing on my thinking about oil companies
quote:

profits: Apple: $99.61 billion Microsoft: $72.75 billion Google: $72.01 billion ???


Same way because the very first thing I wrote is I believe in capitalism. But if I say that I’m not going to blame anyone for those profits.


Tchefuncte Tiger
LSU Fan
Bat'n Rudge
Member since Oct 2004
53863 posts

re: What am I missing on my thinking about oil companies
quote:

How do you feel about big tech company profits:

Apple: $99.61 billion
Microsoft: $72.75 billion
Google: $72.01 billion


What about Wal Mart and Amazon? I'm sure they really cleaned up during the pLandemic.


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111
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KiwiHead
LSU Fan
Auckland, NZ
Member since Jul 2014
22409 posts

re: What am I missing on my thinking about oil companies
Dude, stop taking up for them. They KNOW they have us by the short and curlies. Democrat policy....shit, Republican policy , at times offer them an excuse.

They, like the government and insurance companies are not your friends. They'll frick us because they can right now and blame government policy and make a huge profit at greater margins.


AUHighPlainsDrifter
Auburn Fan
South Carolina
Member since Sep 2017
2314 posts

re: What am I missing on my thinking about oil companies
quote:

Dude, stop taking up for them. They KNOW they have us by the short and curlies. Democrat policy....shit, Republican policy , at times offer them an excuse.

They, like the government and insurance companies are not your friends. They'll frick us because they can right now and blame government policy and make a huge profit at greater margins.


Baw, I'm taking up for capitalism, not oil companies. Why? Because'Murica is built on it.


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10
Mariner
LSU Fan
Mandeville, LA
Member since Jul 2009
1449 posts

re: What am I missing on my thinking about oil companies
Oil is cyclical, when its booming they make big profits.

When it tanks, they get hit hard, like really hard. Operating costs are large and it is difficult to cut when you have to balance performance, safety, adhering to regulations, etc. You also have a ton of big expensive equipment to maintain.

I was in oil and saw the glory days and then the toilet days. When oil is down it is scary out there.

Let them enjoy the profits while they can, because when it tanks again they are going to need the money to manage the situation.
This post was edited on 10/27 at 4:43 pm


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80
NorthTiger
LSU Fan
Upper 40
Member since Jan 2004
3725 posts

re: What am I missing on my thinking about oil companies
quote:

Marner & KiwiHead


Makes sense to me.
This post was edited on 10/27 at 4:46 pm


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00
Errerrerrwere
USA Fan
Member since Aug 2015
34998 posts

re: What am I missing on my thinking about oil companies
What was your opinion on Amazon during COVID? OR IS IT ONLY ONE INDUSTRY THAT IS BIG AND BAD BOOGIE MAN?


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81
Heyes
LSU Fan
Baton. Rouge
Member since Jul 2013
409 posts

re: What am I missing on my thinking about oil companies
They are making decent profits but part of that comes from them not taking any of their profits and investing it in new oil wells , refineries etc.
if I was in charge of an oil company I would hold a press conference to say “ we ain’t sticking another pipe in the ground until we get a policy long term that doesn’t put us out of business . You don’t want us , let’s see how you like having none of our products . “


Y.A. Tittle
LSU Fan
Member since Sep 2003
95427 posts

re: What am I missing on my thinking about oil companies
All are publicly traded. If you think their profits are somehow "obscene," it's easy as pie to jump onboard.


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50
Errerrerrwere
USA Fan
Member since Aug 2015
34998 posts

re: What am I missing on my thinking about oil companies
quote:

You don’t want us , let’s see how you like having none of our products . “


Absolutely.

Then OP'S next thread will be "went to Academy to buy my son a basketball. Can you believe Spalding is charging $400 for a ball? Err big bad Spalding..."


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30
Turbeauxdog
LSU Fan
Member since Aug 2004
21930 posts
 Online 

re: What am I missing on my thinking about oil companies
Climate religion makes the long term value of refining investments poor.
1 million bbls plus of refining capacity has been shuttered.
Economic development continues to raise the demand for diesel.

That's a supply demand balance that leads to outsized margins.


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10
cwill
Member since Jan 2005
51659 posts
 Online 

re: What am I missing on my thinking about oil companies
quote:

How much did they lose during the plandemic?
How do these numbers compare to pre-plandemic profits?
How much money did they invest to realize these profits?
How much profit do you feel they should earn each quarter?


You should re-read the OP.


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