Chevron Profit Slips 26% as Costs Increase

[133724]

Chevron, the second-largest U.S. oil company by stock-market value, said profit fell 26% in the quarter as it was unable to recover its higher refining costs at the gasoline pump.

"Earnings declined due mainly to weak refining and marketing conditions in the United States," said Chairman and Chief Executive Dave O'Reilly. "Margins were squeezed as escalating costs for crude-oil feedstocks could not be fully recovered in a U.S. marketplace that was well-supplied with gasoline and other refined products."

Surging oil prices, which have hit a series of records since early August, haven't been enough to compensate for plummeting refining margins -- the profit from processing crude oil into petroleum products and selling it on -- as the price of products such as gasoline has lagged behind the price of crude. The benchmark crude-oil futures price rose to a record $95.93 on Friday on the New York Mercantile Exchange.

http://online.wsj.com/article/SB119400793002880425.html?mod=DEN

[gatorboy]

1. Poor babies. Only 74% profit.

[133724]

2. I know it make me want to cry ***NOT***

[A-Schwarzenegger]

3. Only made $3.7 billion net income in three months.

http://www.latimes.com/business/la-fi-chevron3nov03,1,3452753.story

Chevron fails to cash in on high oil prices

Third-quarter profit takes a 26% hit. The firm blames sharply lower profit margins on the West Coast.

By Elizabeth Douglass, Los Angeles Times Staff Writer
November 3, 2007

Anyone who filled a gas tank this summer might be surprised by what Chevron Corp. reported Friday: For the first time in years, Chevron lost money making and selling fuel in the U.S.

A decline in pump prices was partly to blame for the company's 26% drop in third-quarter profit, which was bigger than Wall Street had expected. Still, the average price in California was above $3 for a gallon of self-serve regular gasoline during nearly half of the quarter.

The San Ramon, Calif.-based oil giant posted net income of $3.7 billion, or $1.75 a share, for the three months ended Sept. 30, down from $5 billion, or $2.29 a share, a year earlier....

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[lonestarnot]

5. Guess that means they are crying in their soup. Poor things.

:banghead:

[Bluebear]

4. From the company that had the oil tanker named "The Condoleezza Rice"

http://www.aztlan.net/oiltanker.htm

[krispos42]

6. Awww.... only $12,000,000,000 a year in profits?

I imagine the top executives might only be getting a 10% pay increase this year instead of 12%. And their bonuses might not increase from last year!

Oh, the horror!

Well, if they stopped giving pay raises, ridiculous retirement packages, and bonuses to those executives, they might make a few extra billion per year!

[wtmusic]

7. Isn't there something we can do to help?

:rofl:

[Doctor Cynic]

8. Poor sobs.

They're only making $465.48 profit per second!! Think of all the caviar that wasn't purchased!!