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Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy

Bloomberg -- Profits for the biggest U.S. energy producers including Exxon Mobil Corp. (XOM) are poised to decline the most since the financial meltdown of 2008-09 as the drilling technique known as fracking collapses natural gas prices.

Exxon and Chesapeake Energy Corp. (CHK), which today reports 2011 earnings, will see net income in 2012 slide 7 percent and 10 percent, respectively, according to the mean of analyst estimates compiled by Bloomberg. That would be the biggest drop since 2009 for the companies, the largest U.S. gas producers.

While higher global demand for transportation fuels drove up crude prices about 30 percent since 2009, the domestic gas glut is pinching earnings for producers even as it pushes the U.S. toward energy independence. Especially hurt are Chesapeake and ConocoPhilli

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Submitted Feb 21, 2012 By: Lighting10K

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PoohMcGoo Champion Author Alabama Posts:3,072 Points:802,410 Joined:Dec 2010	Message Posted: Feb 21, 2012 8:53:22 PM Ignore PoohMcGoo Report Abuse I doubt their profit will be hurt much..
kcboy Champion Author Utah Posts:3,978 Points:1,509,750 Joined:Jun 2005	Message Posted: Feb 21, 2012 8:50:35 PM Ignore kcboy Report Abuse Interesting
naiiawah Champion Author Boise Posts:2,400 Points:691,800 Joined:Mar 2011	Message Posted: Feb 21, 2012 8:48:51 PM Ignore naiiawah Report Abuse Let me guess... now we'll have "bail out" the oil industry too.
skyking19 Champion Author Little Rock Posts:2,006 Points:1,700,790 Joined:Jan 2007	Message Posted: Feb 21, 2012 8:47:38 PM Ignore skyking19 Report Abuse What goes up must come down.
LCSTEELERBOB Champion Author Gary Posts:2,961 Points:720,130 Joined:Oct 2008	Message Posted: Feb 21, 2012 8:47:16 PM Ignore LCSTEELERBOB Report Abuse poor babies i feel so bad for them,, but don't worry they will find a way to raise profits yet
goodbuy Champion Author Michigan Posts:7,673 Points:1,423,555 Joined:May 2005	Message Posted: Feb 21, 2012 8:43:20 PM Ignore goodbuy Report Abuse WHAT!! How are they going to live on only about $25 billion a year.
abcdMA Champion Author Worcester Posts:7,932 Points:1,576,930 Joined:Nov 2008	Message Posted: Feb 21, 2012 8:42:53 PM Ignore abcdMA Report Abuse interesting how things change
TelsaOR Champion Author Oregon Posts:3,566 Points:733,965 Joined:Jan 2011	Message Posted: Feb 21, 2012 8:42:46 PM Ignore TelsaOR Report Abuse Guess we better change over to CNG to help keep them in business.
Gas4Gore Champion Author Detroit Posts:2,426 Points:424,850 Joined:Jan 2010	Message Posted: Feb 21, 2012 8:42:14 PM Ignore Gas4Gore Report Abuse Huh?
DJRIO Champion Author Miami Posts:8,051 Points:1,427,310 Joined:Jan 2008	Message Posted: Feb 21, 2012 8:40:58 PM Ignore DJRIO Report Abuse Interesting
LegoVasavouchi Champion Author Oklahoma Posts:1,659 Points:114,390 Joined:Apr 2011	Message Posted: Feb 21, 2012 8:37:06 PM Ignore LegoVasavouchi Report Abuse Fascinating.
mstearno Champion Author Dayton Posts:8,075 Points:1,733,165 Joined:Jan 2008	Message Posted: Feb 21, 2012 8:36:44 PM Ignore mstearno Report Abuse ouch less profits less jobs
lyons_coop Veteran Author Kansas Posts:411 Points:156,060 Joined:Jan 2012	Message Posted: Feb 21, 2012 8:32:22 PM Ignore lyons_coop Report Abuse If true it breaks my heart... not.
dirt girl Champion Author Twin Cities Posts:35,965 Points:3,073,955 Joined:Oct 2004	Message Posted: Feb 21, 2012 8:30:58 PM Ignore dirt girl Report Abuse Anyone want a shovel? Not even 2 months into 2012 and it's piling up fast.
HDFXR1991 Veteran Author Wisconsin Posts:469 Points:141,030 Joined:Sep 2008	Message Posted: Feb 21, 2012 8:25:41 PM Ignore HDFXR1991 Report Abuse What a lie!!!!!!!
AcuraTSX Champion Author Ohio Posts:5,504 Points:2,184,080 Joined:Dec 2005	Message Posted: Feb 21, 2012 8:24:54 PM Ignore AcuraTSX Report Abuse Cynical public having forgot what accounting, if any, they had will find this report hard to believe.
Kmankeith Veteran Author Rhode Island Posts:459 Points:366,655 Joined:Sep 2011	Message Posted: Feb 21, 2012 8:24:29 PM Ignore Kmankeith Report Abuse Profits falling my ass
Asbury09 Champion Author Iowa Posts:7,223 Points:1,532,255 Joined:Jan 2009	Message Posted: Feb 21, 2012 8:23:36 PM Ignore Asbury09 Report Abuse then what is happening to all the money from increased pump prices
mcmonsta Champion Author Honolulu Posts:3,232 Points:819,520 Joined:Sep 2009	Message Posted: Feb 21, 2012 8:22:40 PM Ignore mcmonsta Report Abuse yep 8-10 % OF 8B...THEY ARE REALLY HURTING. jes like we are?
inkedbiker74 Veteran Author Akron Posts:250 Points:371,080 Joined:Apr 2011	Message Posted: Feb 21, 2012 8:22:21 PM Ignore inkedbiker74 Report Abuse yeah... right
ericbcire Champion Author Nevada Posts:4,530 Points:1,269,285 Joined:Aug 2009	Message Posted: Feb 21, 2012 8:20:31 PM Ignore ericbcire Report Abuse Oil prices are too high due to unwarranted speculation.
AKmailman Champion Author Alaska Posts:5,643 Points:1,559,515 Joined:Jul 2004	Message Posted: Feb 21, 2012 8:18:01 PM Ignore AKmailman Report Abuse we can now refer to them as the "fracking oil companies"
bettersight Champion Author Oakland Posts:1,116 Points:255,885 Joined:May 2011	Message Posted: Feb 21, 2012 8:16:06 PM Ignore bettersight Report Abuse ok
Bruno44 Champion Author Texas Posts:7,085 Points:1,770,145 Joined:Sep 2007	Message Posted: Feb 21, 2012 8:12:53 PM Ignore Bruno44 Report Abuse Although I don't like greed etc, don't forget that they pay a tremendous amount in taxes.
hank1326 Champion Author Los Angeles Posts:8,919 Points:1,735,535 Joined:Jun 2008	Message Posted: Feb 21, 2012 8:12:25 PM Ignore hank1326 Report Abuse Meanwhile the pump prices are climbing at an alarming rate here.
jb107 Champion Author New Jersey Posts:9,559 Points:2,623,850 Joined:Sep 2005	Message Posted: Feb 21, 2012 8:11:11 PM Ignore jb107 Report Abuse What a shame.
EricSorenW Rookie Author Florida Posts:80 Points:28,230 Joined:Jan 2012	Message Posted: Feb 21, 2012 8:11:02 PM Ignore EricSorenW Report Abuse Lots of profits I'm not getting!
BigBob12345 Champion Author Gasbuddy Posts:1,521 Points:304,730 Joined:Aug 2011	Message Posted: Feb 21, 2012 8:09:17 PM Ignore BigBob12345 Report Abuse You mean instead of 3 billion per quarter, it might be 2.99 bil?
sch5v2 Veteran Author Colorado Posts:330 Points:922,825 Joined:Apr 2008	Message Posted: Feb 21, 2012 8:03:03 PM Ignore sch5v2 Report Abuse Their profits are falling? They are not going to be the biggest ever this year? That's a shame!!
jdc17327 Champion Author Pennsylvania Posts:2,560 Points:198,015 Joined:May 2009	Message Posted: Feb 21, 2012 8:02:16 PM Ignore jdc17327 Report Abuse whatever
deputydog082 Champion Author Detroit Posts:1,795 Points:662,270 Joined:Apr 2011	Message Posted: Feb 21, 2012 8:01:39 PM Ignore deputydog082 Report Abuse maybe the government could bail them out!
my2002m Champion Author Tulsa Posts:6,084 Points:1,671,500 Joined:Jul 2008	Message Posted: Feb 21, 2012 8:01:33 PM Ignore my2002m Report Abuse They won't stay low for long. Eventually they will go up as well.
nightworker998 Champion Author Maryland Posts:1,812 Points:667,590 Joined:Mar 2009	Message Posted: Feb 21, 2012 8:00:49 PM Ignore nightworker998 Report Abuse If there is a glut of gas why has the price of it risen from 10 to 15% in the last 4 weeks??????????
toadNY Champion Author Albany Posts:7,052 Points:1,515,100 Joined:Apr 2008	Message Posted: Feb 21, 2012 8:00:21 PM Ignore toadNY Report Abuse You said it ChuckGVT! Wait till November when unemployment is below 5%. So obama will get re-elected.
DEG Champion Author Las Vegas Posts:17,630 Points:3,496,655 Joined:Jul 2003	Message Posted: Feb 21, 2012 7:56:17 PM Ignore DEG Report Abuse I believe that the oil profits are actually rising with the rising prices.
ChuckGVT Champion Author Vermont Posts:6,703 Points:1,694,925 Joined:Apr 2008	Message Posted: Feb 21, 2012 7:52:22 PM Ignore ChuckGVT Report Abuse I'd rather talk about the 1.2 million Americans that stopped looking for work last month and caused the unemployment rate to drop. Too bad they don't mention that when they release the reports.
livedream Champion Author Michigan Posts:3,695 Points:757,010 Joined:Mar 2011	Message Posted: Feb 21, 2012 7:50:40 PM Ignore livedream Report Abuse Might this be why we are being charged so much for gasoline at the pumps instead? Prices are much too high for mid-February -- $3.49 a gallon.....
DABEE1073 Champion Author San Diego Posts:8,215 Points:1,574,285 Joined:Jun 2008	Message Posted: Feb 21, 2012 7:49:56 PM Ignore DABEE1073 Report Abuse IF THIS IS A ARTICLE FROM A ULTRA LIBERAL NEWSPAPER, I PERSONALLY TAKE IT WITH A GRAIN OF SALT.
GasFreeLeaf Champion Author Orange County Posts:1,250 Points:476,610 Joined:Oct 2010	Message Posted: Feb 21, 2012 7:49:25 PM Ignore GasFreeLeaf Report Abuse Oh well
raj_fl Champion Author Trenton Posts:3,214 Points:729,730 Joined:Oct 2010	Message Posted: Feb 21, 2012 7:49:17 PM Ignore raj_fl Report Abuse mmmm
raj_fl Champion Author Trenton Posts:3,214 Points:729,730 Joined:Oct 2010	Message Posted: Feb 21, 2012 7:48:27 PM Ignore raj_fl Report Abuse what a shame that big oil will loose fat
skybiker Champion Author South Carolina Posts:7,303 Points:1,561,240 Joined:Jul 2008	Message Posted: Feb 21, 2012 7:47:38 PM Ignore skybiker Report Abuse OK, So Exxon only makes $7.8 billion instead of $8 billion....Cry me a river!!!
Pumpz Sophomore Author Boston Posts:197 Points:887,125 Joined:Apr 2004	Message Posted: Feb 21, 2012 7:47:05 PM Ignore Pumpz Report Abuse Sunoco is getting ready to sell or close several Penna. refineries if they can't find a buyer.
wamster Champion Author Houston Posts:4,265 Points:696,035 Joined:May 2007	Message Posted: Feb 21, 2012 7:45:13 PM Ignore wamster Report Abuse Oh boo hoo. I have no doubt they're still making money.
RitaVespa Champion Author Oregon Posts:2,986 Points:793,235 Joined:Jan 2011	Message Posted: Feb 21, 2012 7:44:49 PM Ignore RitaVespa Report Abuse Ah.... But pump prices just keep climbing
hcivic Champion Author Virginia Posts:3,859 Points:2,266,690 Joined:Aug 2005	Message Posted: Feb 21, 2012 7:42:21 PM Ignore hcivic Report Abuse oh no, I have Chesapeake stock
bridgerunner Champion Author Virginia Posts:4,797 Points:1,008,785 Joined:Jul 2009	Message Posted: Feb 21, 2012 7:40:57 PM Ignore bridgerunner Report Abuse Just remember folks, the government makes several times the profit per gallon of gas than oil companies. Keep your eye on the ball.
silverghost2000 Sophomore Author Victoria Posts:134 Points:383,335 Joined:Jul 2011	Message Posted: Feb 21, 2012 7:38:46 PM Ignore silverghost2000 Report Abuse Sure, wait for the financial reports.
Quick68 Champion Author Columbus Posts:8,238 Points:1,227,750 Joined:Dec 2009	Message Posted: Feb 21, 2012 7:30:07 PM Ignore Quick68 Report Abuse Tell by wallet that. It doesn't believe reports either.
Lugi1967 Champion Author Ohio Posts:4,793 Points:1,003,220 Joined:Jun 2010	Message Posted: Feb 21, 2012 7:28:40 PM Ignore Lugi1967 Report Abuse I will believe that when I see the quaterly profit reports
bevmill Champion Author Georgia Posts:2,587 Points:602,270 Joined:Apr 2006	Message Posted: Feb 21, 2012 7:28:17 PM Ignore bevmill Report Abuse Note, they will still make a profit, just not as much.
Blackice Champion Author Twin Cities Posts:4,451 Points:1,213,755 Joined:Oct 2003	Message Posted: Feb 21, 2012 7:28:15 PM Ignore Blackice Report Abuse Give me a break! After making outrageous profit for the past 4 years. You can't expect to make it 5 years in a roll.