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Chevron 2Q income triples on higher energy prices

Associated Press -- Chris Kahn, AP Energy Writer, On Friday July 30, 2010, 4:16 pm EDT
NEW YORK (AP) -- Chevron's second-quarter earnings tripled on better refining margins and higher prices for oil and natural gas, the company said Friday.

The results easily beat most Wall Street expectations. The San Ramon, Calif., company is the latest oil major to report big gains in the second quarter as demand for oil and gasoline has pushed prices higher. Exxon Mobil Corp. posted income of $7.56 billion in the quarter, its best result since the last three months of 2008. Royal Dutch Shell Group boosted second-quarter earnings 15 percent, and ConocoPhillips said profits nearly tripled in the April-June period.

Chevron Corp. reported net income of $5.4 billion, or $2.70 per share, for the three months ended June

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Submitted Jul 30, 2010 By: suportoffroad30

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kelsielee Champion Author Atlanta Posts:3,389 Points:672,025 Joined:Sep 2008	Message Posted: Aug 1, 2010 10:57:00 PM Ignore kelsielee Report Abuse Not a surprise to gas buyers that oil companies would show higher profits in 2Q (since we have been seeing rising prices).
JimTee Champion Author Tampa Posts:2,322 Points:1,189,725 Joined:Apr 2006	Message Posted: Jul 31, 2010 4:47:02 PM Ignore JimTee Report Abuse You could see this coming a mile away. Thanks for nothing, you greedy, money hungry oil companies, from all us poor little guys.
remay Champion Author Houston Posts:4,696 Points:1,654,720 Joined:May 2006	Message Posted: Jul 31, 2010 10:08:23 AM Ignore remay Report Abuse Someone is doing things "right" ...
BMW2014 Champion Author Toronto Posts:1,794 Points:364,300 Joined:Jun 2010	Message Posted: Jul 31, 2010 8:01:57 AM Ignore BMW2014 Report Abuse Good! now Chevron can afford to upgrade under ground gas tanks and junky pumps at the gas stations not to mention to give more commission to gas stations' operators.
comprof Champion Author Houston Posts:4,373 Points:895,100 Joined:Jul 2009	Message Posted: Jul 31, 2010 12:14:25 AM Ignore comprof Report Abuse Chevron in North Houston is generally several cents cheaper than Shell.
prius4driver Rookie Author Salem Posts:4 Points:3,155 Joined:Jun 2010	Message Posted: Jul 30, 2010 9:10:00 PM Ignore prius4driver Report Abuse So great to hear news like this when gas prices are going up! Glad I have a Prius!
Sneakers55 Champion Author Houston Posts:43,319 Points:1,711,030 Joined:Nov 2005	Message Posted: Jul 30, 2010 9:04:57 PM Ignore Sneakers55 Report Abuse Jeff4U wrote: >In other words, Chevron and other Big Oil names are >ripping us off Big Time! There are companies that are worse than Big Oil as far as profit margin. Big Oil is so big they have to have big profits just to make being in business worthwhile. We don't want all companies to be like Government Motors. >The price of crude ended at near $79 per barrel. ENERGY >costs are a primary reason why the recession can't gain >any ground and is stuck in a rut. There are a lot of people that aren't working. There are even more that are working but they aren't spending. They're wondering if they are going to be among the unemployed and they're saving their money. >Has Obama done anything to help? Hell no! Gasoline was over $4 a gallon with Bush-43. I can buy gasoline now from a Top Tier brand for under $2.50 a gallon. What's there to whine about? Prices aren't keeping pace with inflation, it'd need to be about $3.30 for that to happen.
Sneakers55 Champion Author Houston Posts:43,319 Points:1,711,030 Joined:Nov 2005	Message Posted: Jul 30, 2010 8:55:01 PM Ignore Sneakers55 Report Abuse playtimeCLE wrote: >Chevron 2Q income triples on the gain of BP costomers. BP's marketing area and Chevron's marketing area don't overlap much. Especially after Chevron completes its announced withdrawal from the Eastern US. However, ARCO (aka "BP West Coast Products") competes with Chevron (long ago "Standard Oil of California") on the West Coast. On the Houston to Kansas City route (I-45 and I-35), Chevron cuts out at the northern edge of Texas and BP doesn't go that far West beyond metro Kansas City.
Jeff4U Champion Author Atlanta Posts:5,960 Points:1,385,345 Joined:Nov 2004	Message Posted: Jul 30, 2010 6:55:26 PM Ignore Jeff4U Report Abuse In other words, Chevron and other Big Oil names are ripping us off Big Time! The price of crude ended at near $79 per barrel. ENERGY costs are a primary reason why the recession can't gain any ground and is stuck in a rut. Has Obama done anything to help? Hell no! ... end of my bitching, for now. [Edited by: Jeff4U at 7/30/2010 7:56:06 PM EST]
NekoSJG Champion Author San Jose Posts:3,225 Points:569,730 Joined:Jun 2010	Message Posted: Jul 30, 2010 6:46:48 PM Ignore NekoSJG Report Abuse I smell -- windfall taxes...
playtimeCLE Champion Author Cleveland Posts:5,900 Points:1,091,400 Joined:Nov 2008	Message Posted: Jul 30, 2010 5:32:49 PM Ignore playtimeCLE Report Abuse Chevron 2Q income triples on the gain of BP costomers.
suportoffroad00 All-Star Author Wisconsin Posts:767 Points:908,750 Joined:Aug 2007	Message Posted: Jul 30, 2010 4:31:10 PM Ignore suportoffroad00 Report Abuse Sure do wish my earnings would triple