Well, this is what the climate nutters wanted, isn’t it?
I’ve stated this several times, and in many different ways, but, it never seems to sink in with the climate nutters ….. mostly because they’re severely handicapped in mental capacity.
AP tries to hide this, as best as they can, but, still utterly fail ……. mostly because leftarded media types are severely handicapped in mental capacity.
NEW YORK (AP) — Exxon Mobil’s net income rose 28 percent in the second quarter on a sale of Asian assets and higher oil prices, but oil and gas production slipped a disappointing 6 percent.
Exxon reported net income of $8.78 billion in for the second quarter Thursday, on revenue of $111.65 billion. Last year during the same period, the company earned $6.86 billion on sales of $106.67 billion.
On a per-share basis, Exxon earned $2.05, up from $1.55 last year. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.91 per share, but that estimate does not include the benefit from the Asian asset sale.
Exxon, based in Irving, Texas, does not provide a breakdown of its adjusted results excluding one-time events such as asset sales. Exxon’s sale of power and utility assets in Hong Kong helped increase its earnings by $1.2 billion.
Exxon also benefited from higher oil prices in the quarter, both in the U.S. and abroad. In the U.S., Exxon sold oil for an average of $98.55 per barrel, up from $93.18 per barrel in last year’s second quarter. Outside of the U.S., oil sold for $103.72, up from $101.54 last year.
But the asset sale and higher oil prices masked a continuing decline in oil and gas production at Exxon. Production fell to 3.84 million barrels of oil and gas per day from 4.15 million barrels last year. …..
I know the regular readers here do not need me to show this, but, for the occasional climate lunatic who may wander by …….
Let’s exclude the sale AP referred to. Exxon reported a quarterly income of $8.78 billion, but, that number includes a one-time sale which earned them $1.2 billion. So, let’s remove the sale. …. that’s $7.58 billion after producing 3.84 million barrels of oil. This time last year, Exxon made $6.86 billion in profit after producing 4.15 million barrels of oil.
This is what the climate nutters want. They want to pay Exxon more money for doing less. Which is nice for Exxon. They want paid more for doing less, as well.
I don’t know how else to explain this to the lunatics …… every time an oil field is shut down, or plans for a refinery is scuttled, or a transport avenue thwarted, such as the proposed one from Canada to the US, this makes oil, and the byproducts in less supply. This, in turn, increases the demand for the oil and byproducts, which causes the prices to increase. This enables Exxon to profit more by doing less.
And, while this is a nice gift the climate lunatics give the likes of Exxon, it also harms the rest of us because it costs more to do things which improve our economies.
Just so I’m perfectly clear to the lunatics ….
Oil and Gas companies love the climate lunatics! They’re funding you climate lunatics! Climate lunatics are simply too stupid to understand they’re the ones getting the “big oil” checks! ….. Of course, they’re greenwashed, first.