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.
Exxon profit surges, but production slips
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.
suyts space 
Yep, That’s the more with less meme we were under in the early 90s, You have to do more with less, you have to pay more and get less. I bet there are more oil companies than just Exxon seeing this in profits.
Yeh, Shell hit it big last quarter, as well.
Well I was mostly saying it was OPEC’s doing, but it appears they are all gaming everyone. And back in the early 90s, that more with less meme was about sustainible development, and you know where that came from…..
Yep, and the lunatics fell right into their trap.
THey love them for more than one reason. They are in to wind and solar! SO they get huge subsidies for those.
People need to remember that Exxon, et. al, are *energy* companies and chemical supply companies. They’ll buy into any profitable source of energy then can get their hands on if the price is right and doubly so if the government is forcing the sale, one way or another.
Remember Enron? That was an *energy* company that bet the company and the farm on ‘cap & trade’ and any other subsidized ‘green’ boondoggle it could snap up at fire-sale prices. Unfortunately for them, Congress did not stay bought and nixed Kyoto and the ‘cap & trade’ ‘market’ Enron was counting on. Then energy market realities plus some Soros backed fun in the commodities and currency markets put them ‘upside down’. Fancy accounting only delayed the inevitable. For all of GW Bush’s faults, one you can’t pin to him was Enron. His DOJ prosecuted the fraud there.
Liberal prodigy and template for new socialist man and woman, Chris Hayes, gutted by fate of coal miner who lost his job.
http://twitchy.com/2014/07/31/your-waroncoal-is-working-clueless-chris-hayes-laments-loss-of-coal-miners-job/
Ohhhh, looks like the poor libby, Hayes, is having a bad tweet day. He suffers from a bad case of no self awareness – typical of his ilk.
Maybe now Exxon will mail me that “Big Oil” check the believers say I’m supposed to be getting.
If you don’t get yours, I’ll give you half of mine.
Hank, you can have ALL of my check. In fact, I’ll double the amount.
(And that reminds me of A.K. Dewdney’s book: “200% of Nothing.”)
Jim
Naw, that’s okay, I’m already getting as much as you two are – nothing, LOL!
It’s a commom theme, we like the convience of oil, have to pay for it just like everything else, they (greentards) want us to pay more and calling CO2 a pollutant want us to pay yet again for using it. And the oil companies pay them (greentards) and charge us more when ever they feel they can justify it. Well the bottom line is we all need it and that isn’t going to change, so look foreward to more if this.
Agreed. They talk about us being in the pay of big oil. It’s all projection. Exxon and Shell both are major contributors to green groups that are pushing climate change alarmism. They stand to make huge profits in selling less for more. I think they rather grin when they hear accusation that they’re supporting skeptics. They have much to gain with that smokescreen.
Exactly.
And now you’ll see the greentards get all giddy, because we are calling them all out on this, but the then the Greenweenies get the both of both sides and get paid for it both the publc that they can sell their tear jerking story to and the oil industry because they the squeaky wheel crying for attention among other things they do.
Shell Oil:
Some days I don’t get my closing tags right. 😛
Is okay …. those are some great quotes from the oil companies.
Hmm, isn’t Shell the current name for the old Royal Dutch Shell Corp and is EU based?
Yup!
So-called “carbon sequestration” is another potential boon for the oil companies. One way of squeezing more oil from an old field is to inject pressurized gas down the well and use the pressure to force up some of the remaining crude. With carbon sequestration, not only do the oil companies not have to pay out of their own pockets to pressurize their wells, but they actually get a government check for performing the great public service of sending supposedly dangerous CO2 down into deep storage underground.
That got me to thinking. Supercritical carbon dioxide has some very interesting properties: http://en.wikipedia.org/wiki/Supercritical_carbon_dioxide.
Reblogged this on Climate Ponderings.