Monday, February 2, 2009

Oil Companies Benefit From Lower Prices

They got you coming and going -- literally!!!

"A collapse in petroleum prices.... reduced the cost of making gasoline"

And THEREFORE!

"Refining profits fuel Exxon Mobil, Chevron

HOUSTON - Exxon Mobil Corp. and Chevron Corp., the biggest US oil companies, exceeded analyst earnings estimates as increased fourth-quarter refining profits blunted the impact of a record drop in crude prices.

Net income at Exxon Mobil fell 33 percent to $7.82 billion....

In ONE QUARTER, folks!!

Chevron, based in San Ramon, Calif., said its profit rose less than 1 percent to $4.9 billion.... Chevron's refining earnings jumped tenfold to $2.08 billion.

Exxon Mobil had a gain of more than 6 percent to $2.41 billion as profit margins in overseas markets widened. A collapse in petroleum prices, which cut profits from oil and natural-gas wells, reduced the cost of making gasoline, diesel and other fuels....

--more--"