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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
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil Profits Falling Fastest Since Lehman From Exxon to Chesapeake: Energy Back to Topics
REPLIES (newest first) Post a Reply
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PoohMcGoo
Champion Author Alabama

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Message Posted: Feb 21, 2012 9:53:22 PM

I doubt their profit will be hurt much..
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kcboy
Champion Author Utah

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Message Posted: Feb 21, 2012 9:50:35 PM

Interesting
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naiiawah
Champion Author Boise

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Message Posted: Feb 21, 2012 9:48:51 PM

Let me guess... now we'll have "bail out" the oil industry too.
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skyking19
Champion Author Little Rock

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Message Posted: Feb 21, 2012 9:47:38 PM

What goes up must come down.
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LCSTEELERBOB
Champion Author Gary

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Message Posted: Feb 21, 2012 9:47:16 PM

poor babies i feel so bad for them,, but don't worry they will find a way to raise profits yet
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goodbuy
Champion Author Michigan

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Message Posted: Feb 21, 2012 9:43:20 PM

WHAT!! How are they going to live on only about $25 billion a year.
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abcdMA
Champion Author Worcester

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Message Posted: Feb 21, 2012 9:42:53 PM

interesting how things change
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TelsaOR
Champion Author Oregon

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Message Posted: Feb 21, 2012 9:42:46 PM

Guess we better change over to CNG to help keep them in business.
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Gas4Gore
Champion Author Detroit

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Message Posted: Feb 21, 2012 9:42:14 PM

Huh?
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DJRIO
Champion Author Miami

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Message Posted: Feb 21, 2012 9:40:58 PM

Interesting
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LegoVasavouchi
Champion Author Oklahoma

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Message Posted: Feb 21, 2012 9:37:06 PM

Fascinating.
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mstearno
Champion Author Dayton

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Message Posted: Feb 21, 2012 9:36:44 PM

ouch
less profits less jobs
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lyons_coop
Veteran Author Kansas

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Message Posted: Feb 21, 2012 9:32:22 PM

If true it breaks my heart... not.
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dirt girl
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 9:30:58 PM

Anyone want a shovel?

Not even 2 months into 2012 and it's piling up fast.
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HDFXR1991
All-Star Author Wisconsin

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Message Posted: Feb 21, 2012 9:25:41 PM

What a lie!!!!!!!
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AcuraTSX
Champion Author Ohio

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Message Posted: Feb 21, 2012 9:24:54 PM

Cynical public having forgot what accounting, if any, they had will find this report hard to believe.
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Kmankeith
All-Star Author Rhode Island

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Message Posted: Feb 21, 2012 9:24:29 PM

Profits falling my ass
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Asbury09
Champion Author Iowa

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Message Posted: Feb 21, 2012 9:23:36 PM

then what is happening to all the money from increased pump prices
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mcmonsta
Champion Author Honolulu

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Message Posted: Feb 21, 2012 9:22:40 PM

yep 8-10 % OF 8B...THEY ARE REALLY HURTING. jes like we are?
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inkedbiker74
Veteran Author Akron

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Message Posted: Feb 21, 2012 9:22:21 PM

yeah... right
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ericbcire
Champion Author Nevada

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Message Posted: Feb 21, 2012 9:20:31 PM

Oil prices are too high due to unwarranted speculation.
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AKmailman
Champion Author Alaska

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Message Posted: Feb 21, 2012 9:18:01 PM

we can now refer to them as the "fracking oil companies"
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bettersight
Champion Author Oakland

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Message Posted: Feb 21, 2012 9:16:06 PM

ok
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Bruno44
Champion Author Texas

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Message Posted: Feb 21, 2012 9:12:53 PM

Although I don't like greed etc, don't forget that they pay a tremendous amount in taxes.
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hank1326
Champion Author Los Angeles

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Message Posted: Feb 21, 2012 9:12:25 PM

Meanwhile the pump prices are climbing at an alarming rate here.
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jb107
Champion Author New Jersey

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Message Posted: Feb 21, 2012 9:11:11 PM

What a shame.
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EricSorenW
Rookie Author Florida

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Message Posted: Feb 21, 2012 9:11:02 PM

Lots of profits I'm not getting!
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BigBob12345
Champion Author Gasbuddy

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Message Posted: Feb 21, 2012 9:09:17 PM

You mean instead of 3 billion per quarter, it might be 2.99 bil?
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sch5v2
Veteran Author Colorado

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Message Posted: Feb 21, 2012 9:03:03 PM

Their profits are falling? They are not going to be the biggest ever this year? That's a shame!!
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jdc17327
Champion Author Pennsylvania

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Message Posted: Feb 21, 2012 9:02:16 PM

whatever
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deputydog082
Champion Author Detroit

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Message Posted: Feb 21, 2012 9:01:39 PM

maybe the government could bail them out!
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my2002m
Champion Author Tulsa

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Message Posted: Feb 21, 2012 9:01:33 PM

They won't stay low for long. Eventually they will go up as well.
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nightworker998
Champion Author Maryland

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Message Posted: Feb 21, 2012 9:00:49 PM

If there is a glut of gas why has the price of it risen from 10 to 15% in the last 4 weeks??????????
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toadNY
Champion Author Albany

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Message Posted: Feb 21, 2012 9:00:21 PM

You said it ChuckGVT! Wait till November when unemployment is below 5%. So obama will get re-elected.
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DEG
Champion Author Las Vegas

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Message Posted: Feb 21, 2012 8:56:17 PM

I believe that the oil profits are actually rising with the rising prices.
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ChuckGVT
Champion Author Vermont

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Message Posted: Feb 21, 2012 8:52:22 PM

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.
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livedream
Champion Author Michigan

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Message Posted: Feb 21, 2012 8:50:40 PM

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.....
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DABEE1073
Champion Author San Diego

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Message Posted: Feb 21, 2012 8:49:56 PM

IF THIS IS A ARTICLE FROM A ULTRA LIBERAL NEWSPAPER, I PERSONALLY TAKE IT WITH A GRAIN OF SALT.
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GasFreeLeaf
Champion Author Orange County

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Message Posted: Feb 21, 2012 8:49:25 PM

Oh well
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raj_fl
Champion Author Trenton

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Message Posted: Feb 21, 2012 8:49:17 PM

mmmm
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raj_fl
Champion Author Trenton

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Message Posted: Feb 21, 2012 8:48:27 PM

what a shame that big oil will loose fat
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skybiker
Champion Author South Carolina

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Message Posted: Feb 21, 2012 8:47:38 PM

OK, So Exxon only makes $7.8 billion instead of $8 billion....Cry me a river!!!
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Pumpz
Sophomore Author Boston

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Message Posted: Feb 21, 2012 8:47:05 PM

Sunoco is getting ready to sell or close several Penna. refineries if they can't find a buyer.
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wamster
Champion Author Houston

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Message Posted: Feb 21, 2012 8:45:13 PM

Oh boo hoo. I have no doubt they're still making money.
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RitaVespa
Champion Author Oregon

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Message Posted: Feb 21, 2012 8:44:49 PM

Ah.... But pump prices just keep climbing
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hcivic
Champion Author Virginia

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Message Posted: Feb 21, 2012 8:42:21 PM

oh no, I have Chesapeake stock
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bridgerunner
Champion Author Virginia

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Message Posted: Feb 21, 2012 8:40:57 PM

Just remember folks, the government makes several times the profit per gallon of gas than oil companies. Keep your eye on the ball.
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silverghost2000
Sophomore Author Victoria

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Message Posted: Feb 21, 2012 8:38:46 PM

Sure, wait for the financial reports.
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Quick68
Champion Author Columbus

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Message Posted: Feb 21, 2012 8:30:07 PM

Tell by wallet that. It doesn't believe reports either.
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Lugi1967
Champion Author Ohio

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Message Posted: Feb 21, 2012 8:28:40 PM

I will believe that when I see the quaterly profit reports
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bevmill
Champion Author Georgia

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Message Posted: Feb 21, 2012 8:28:17 PM

Note, they will still make a profit, just not as much.
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Blackice
Champion Author Twin Cities

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Message Posted: Feb 21, 2012 8:28:15 PM

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.
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