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Thread: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

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  1. #1
    Maple SERP savafan's Avatar
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    No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    http://news.yahoo.com/s/nm/20051026/...ips_earns_dc_4



    By Deepa Babington 1 hour, 31 minutes ago

    NEW YORK (Reuters) - ConocoPhillips (NYSE:COP - news), the No. 3 U.S. oil company, on Wednesday reported quarterly profit surged 89 percent, surpassing Wall Street forecasts, driven by record oil prices and sharply higher refining margins.

    ConocoPhillips, like other major oil companies, has reaped a windfall from soaring crude oil prices -- which touched a record $70 a barrel in the quarter -- and better refining margins, as powerful hurricanes blew through the Gulf of Mexico, severely disrupting energy operations.

    The Houston company's net profit in the third quarter rose to $3.8 billion, or $2.68 a share, compared with $2.01 billion, or $1.43 a share, a year earlier.

    Shares of ConocoPhillips were up $2.56, or 4.1 percent, at $65 on the
    New York Stock Exchange.

    "A decent set of numbers from ConocoPhillips, but without the U.S. refining blowout which the market may have by now been anticipating," Credit Suisse First Boston analysts said in a research note.

    Profit at its refining and marketing operations rose to $1.39 billion from $708 million a year earlier, but were hit by outages at three Gulf Coast refineries.

    Marketing earnings also fell sharply, largely because domestic wholesale and retail prices did not increase as rapidly as gasoline and diesel spot prices.

    That was above the average profit forecast of $2.46 a share, according to analysts polled by Reuters Estimates. Total revenue also jumped to $49.7 billion in the quarter from $34.7 billion a year earlier.

    Oil and gas production averaged 1.79 million barrels of oil equivalent per day in the quarter, including the impact of its investment in Russian oil company LUKOIL.

    Excluding LUKOIL, production rose to 1.52 million barrels a day, boosted by fewer maintenance-related disruptions in Alaska and Norway, and greater output from Australia, Venezuela and Indonesia.

    The company said it expects production in the fourth quarter to increase and daily production for the year to average about the same as last year, excluding LUKOIL.

    The company said its Lake Charles refinery in Louisiana was expected to return to normal operations by next week, while its Alliance refinery will begin partial operation in December and return to full operation early next year.

    ConocoPhillips' shares have risen more than 21 percent in the third quarter, outperforming the broader Standard & Poor's integrated oil index, which rose 13.6 percent in the same period.
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  2. #2
    RZ Chamber of Commerce Unassisted's Avatar
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    Wish I owned more oil stock today.

  3. #3
    He has the Evil Eye! flyer85's Avatar
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    Quote Originally Posted by Unassisted
    Wish I owned more oil stock today.
    that was my thought exactly
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  4. #4
    Member smith288's Avatar
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    What kind of profits are BP and the likes making over in Euro land? They charge unGodly amounts per gallon (or is it per liter?)

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    Member dman's Avatar
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    I watched on one of the talking head shows that EXXON's CEO made a $33 Billion (yes billion with a "B") profit in just the third quarter alone. I couldn't even fathom that. $33 Billon in just a three month cycle.

  6. #6
    This one's for you Edd Heath's Avatar
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    Quote Originally Posted by dman
    I watched on one of the talking head shows that EXXON's CEO made a $33 Billion (yes billion with a "B") profit in just the third quarter alone. I couldn't even fathom that. $33 Billon in just a three month cycle.

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  7. #7
    CELEBRATION TIME RBA's Avatar
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    A lot of price of GAS in Europe has to do with Taxes.

  8. #8
    Member smith288's Avatar
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    Im cool with capitalist making the profit instead of a bunch of ill minded politicians who never could make it themselves in the private sector but gladly spending public money while giving themselves raises every year...

  9. #9
    "So Fla Red"
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    Re: No. 3 U.S. oil company reports 89% rise in profit for 3rd quarter

    I think that was $33B for the last year (Not Q3), but I believe that's still on track to be a corporate record for a fiscal year.

    BP posted $6.4B net income in Q3.

    XOM is down more than 15% from it's 52-week high and only up about 20% in the last five years... Can't beat 'em, then might as well own 'em. It's a pretty darn nice value play right now in the market.

    I still can't believe the Exxon/Mobil merger went through back in the late 90s. I'm even more surprised that it occurred given the admin in charge at the time....


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