Oil Profits for August

[NashVegas]

http://biz.yahoo.com/e/040806/xom10-q.html

REVIEW OF SECOND QUARTER AND FIRST SIX MONTHS 2004 RESULTS

Exxon Mobil Corporation estimated second quarter 2004 net income of $5,790 million ($0.88 per share), an increase of $1,620 million, or 39 percent from the second quarter of 2003. Revenues and other income for the second quarter of 2004 totaled $70,693 million compared with $57,165 million in 2003 reflecting significantly higher prices.

Record net income of $11,230 million ($1.71 per share) for the first half of 2004 increased $20 million from the first half of 2003. Net income for the first half 2003 included a $550 million positive impact for the required adoption of FAS 143 relating to accounting for asset retirement obligations and a one-time gain of $1,700 million from the transfer of shares in Ruhrgas AG.
Revenues and other income for the first half of 2004 totaled $138,295 million compared with $120,945 million in 2003 reflecting higher prices.


http://biz.yahoo.com/e/040804/cvx10-q.html

Chevron Texaco

First-half 2004 net income was $6.7 billion ($6.28 per share - diluted). Besides the second quarter items mentioned above, the first half included a special-item charge of $55 million ($0.05 per share - diluted) for an adverse litigation ruling. Income from discontinued operations was $81 million ($0.08 per share diluted) for the first half of 2004.

...

For the first six months of 2003, net income was $3.5 billion ($3.31 per share - diluted). Besides the second quarter items, results also included a charge of $196 million ($0.18 per share - diluted) for the cumulative effect of changes in accounting principles, and a charge of $39 million ($0.04 per share - diluted) for the company's share of losses from asset sales by an equity affiliate. Income from discontinued operations was $41 million for the first half of 2003 ($0.04 per share - diluted).


http://biz.yahoo.com/e/040805/cop10-q.html

Conoco Phillips

Income Statement Analysis

Sales and other operating revenues and purchase costs each increased 24 percent in the second quarter of 2004, and increased 17 and 18 percent, respectively, in the first six months. These increases mainly were due to:

• Higher petroleum product prices;
• Higher prices for crude oil;

more

http://biz.yahoo.com/p/oilintconameu.html

[napi21]

1. Poor babies. It's sooo expensive to drill for oil.

I only wish more of this would hit the major media! Where do you think all that $2.00+gal gasoline money went???

Oooooo, (to quote Mike Malloy) have I told you how much I hate these people?

[NashVegas]

4. Have You Noticed?

maybe I just haven't been paying attention, but thought it kind of odd that oil profits haven't been reported on this year. Last year, there was a business headline, in one quarter, where profits were up something like 50-60%. I suspect the industry hasn't been going out of its way to publicize any recent rises.

[whistle]

2. Wow, is this going to be announced at the convention opening....

...speech. "Ladiesssssss and gentlemen. Oil company revenues up 23% in the last three months and profits have soared 39%. George Bush's Mission accomplished! Yeheeeeee (crowd goes into a 12 minute frenzy and delegates collapse into rapture)

[Deja Q]

3. Clearly, they raised prices more than what the cost-per-barrel demanded

Greedy Oil Pigs... x( x(

Gas is between $1.69 and $1.86 in my area: $1.69 in border towns, $1.75 in booming towns, and $1.86 in deep urban areas (St Paul).