Big Oil's biggest quarter ever: $51.5B in all

[Omaha Steve]

http://apnews.excite.com/article/20080801/D929NPKG2.html

Aug 1, 5:11 PM (ET)

By JOHN PORRETTO

HOUSTON (AP) - Oil giants Chevron Corp. (CVX) (CVX) and Total SA (TOT) wrapped up a string of gargantuan, record-breaking earnings reports Friday, a stretch in which six of the major international oil companies topped $50 billion in combined profit for the first time.

While the profits of unparalleled size have brought withering criticism from Washington and disgust from consumers across the country, very few were surprised. Crude prices during the second quarter were nearly double what they were a year ago.

Chevron said Friday its second-quarter profit rose 11 percent to a record $5.98 billion.

Revenue rose significantly to $82.9 billion from $56.1 billion a year ago.


In this July 26, 2005 file photo, smoke billows from a ChevronTexaco refinery in Richmond, Calif. Lifted by record crude prices, Chevron Corp. says its second-quarter profit rose 11 percent from a year ago, capping another round of massive earnings for the major oil companies. (AP Photo/Noah Berger, File)


But results for the second-largest U.S. oil company missed Wall Street forecasts and shares fell.

Like its competitors, Chevron made the bulk of its money at its exploration and production arm, also known as the upstream, where income nearly doubled from a year ago to $7.25 billion.


Charts show quarterly net income of Exxon Mobil and monthly regular unleaded gas prices since 1998; 1c x 5 inches; 46.5 mm x 127 mm


Chevron said the average sales price for crude and natural gas liquids was $109 a barrel in the quarter, up from $57 a barrel in the year-earlier period.

FULL story at link.

[Saphire]

1. Sing along with me everybody...."Ohhh, Happy Happy, Joy Joy....

Happy Happy Joy" :sarcasm: