Chevron reports record 3rd quarter profit

[Amerigo Vespucci]

Source: MSNBC

HOUSTON - Chevron on Friday reported the largest quarterly profit in its 129-year corporate history, joining other oil companies reporting stunning third-quarter earnings gains.

Yet like its peers, Chevron also disclosed its crude production waned and said it will keep a close eye on capital spending. The entire industry is now bracing for the fallout of a global economic recession that has already sent oil prices sharply lower.

San Ramon, Calif.-based Chevron Corp. on Friday capped off a string of astounding quarterly profit reports from the world's major oil companies, including another U.S. corporate profit record for No. 1 Exxon Mobil Corp.

Chevron, Exxon Mobil and rivals BP PLC, Royal Dutch Shell PLC and ConocoPhillips posted combined earnings of $44.4 billion from July 1 to Sept. 30, up 58 percent from the same quarter a year earlier. That's thanks in large part to oil prices soaring to a record above $147 per barrel in July and remaining above $100 when the third quarter ended.

Read more: http://www.msnbc.msn.com/id/27477931/

[DemoTex]

1. They played Hurricane Ike for all it was worth.

Rapacious bastards.

[jimshoes]

2. How nice for them

:puke:

[gardenista]

3. Rapacious is the right word

So, with these record profits, they are trying to take back property taxes they've already paid to Contra Costa County in California, where they have not one, but two refineries. These funds will be taken directly out of the schools and police forces. It is an utter shame, and there seem to be no way to stop them, as our local officials for the most part seem either impotent—or worse.

[fascisthunter]

4. Oil Companies... sucking the Earth Dry

and everyone on it.

[aquart]

5. Nationalize the motherfuckers.

And I mean that sincerely.

[Piewhacket]

6. I'd vote for that in a heartbeat... but still realize

it wouldn't really work,
what you are really nationalizing is the oil, a commodity,
and most of what we use is located elsewhere.

Alas alas, or for damn sure that's what we would do,
plus arrest the top scum for war profiteering and
felonious mopery and other such crimes against humanity.

But no, what we need is serious energy policy that isn't
effectively screwing America for the benefit of big oil.

We need a serious green energy policy that is not
controlled by big oil. Alas, oil saw this comming
years ago and own all the infrastructure and solar
(companies/patents). Still, we might nationalize that!
Hey! We own the sun shining on America. And the ground
upon which nuclear plants must stand.

I have previously suggested here in DU that we
do something about limiting use(abuse) of the US
patent system regarding energy tech. That would
be useful to consider. Also break up conglomerate
oil with additional antitrust provisions. Get competition,
not monopoly.

Eventually we are dumping oil. That writing is on the wall.
If Chevron and others wants a future in the US they might need to
first convince a howling mob that they shouldn't be lynched first.
Then maybe we can talk about their unfair and obscene profits
garnered by corruption of the government.
Then maybe some accountability and atonement.
Then maybe we let them back into civil society and have a share in
a more modest feast.
First they must survive possible lynching. A challenge.
Take note of their recent ads (Chevron). They know what's coming.

Just some thoughts, for what they are worth. (Two inflatocents, more or less.)