Oil company profits

rumble_lion

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Aug 7, 2011
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I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
 
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jjw165

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Jan 18, 2005
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Irregardless if oil company prices are high or low Putin is still the reason for it.
 

MaconNitt

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Oct 18, 2016
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well I guess that explains why they have so much money to dump into the Liv Tour
 

LioninHouston

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Dec 12, 2005
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I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
Good for them. There are plenty of leftist morons trying to kill their industry.
 

BW Lion

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Apr 9, 2020
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I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
Oil company profits are beautiful

Your tears of misery are enjoyable to behold.
 

rumble_lion

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Aug 7, 2011
23,143
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It takes more fossil fuel to produce EVs than ICE vehicles.
Then oil companies should be doing everything possible to increase the adoption of electric vehicles as they will sell more oil than if people purchased gasoline powered cars. But we know that is not true.

It might take a tiny bit more fossil fuel to produce an EV but that EV will use far, far less fossil fuel over it's lifespan compared to a gasoline powered car. In fact wide adoption of electric cars will pretty much lay waste to oil companies. That's why they do everything possible to slow down EV adoption.
 

ao5884

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Oct 1, 2019
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I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
The net average profit margin for oil and gas production was 4.7% in 2021. Not exactly what you would call excessive. In any event it's their property why shouldn't they be able to sell it for what ever they want?
 

pawrestlersintn

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Jan 26, 2013
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Then oil companies should be doing everything possible to increase the adoption of electric vehicles as they will sell more oil than if people purchased gasoline powered cars. But we know that is not true.

It might take a tiny bit more fossil fuel to produce an EV but that EV will use far, far less fossil fuel over it's lifespan compared to a gasoline powered car. In fact wide adoption of electric cars will pretty much lay waste to oil companies. That's why they do everything possible to slow down EV adoption.

They also bought 60% of Lucid. Buying an EV manufacture sure is a strange investment for an oil driven country.....
Umm.
 

psuted

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Nov 26, 2010
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I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
So what?

Good for them.
 

bdgan

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May 29, 2008
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I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
You're such a liar. I haven't seen anybody claim that oil companies are barely scraping by. I've seen claims that profits as a percent of sales are not out of line with many other private sector industries. I've also seen people point out that these companies lost a lot of money during Covid. I haven't heard anybody say they were barely scraping by.
 

LioninHouston

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Dec 12, 2005
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Then oil companies should be doing everything possible to increase the adoption of electric vehicles as they will sell more oil than if people purchased gasoline powered cars. But we know that is not true.

It might take a tiny bit more fossil fuel to produce an EV but that EV will use far, far less fossil fuel over it's lifespan compared to a gasoline powered car. In fact wide adoption of electric cars will pretty much lay waste to oil companies. That's why they do everything possible to slow down EV adoption.
EVs are no better for the environment than their ICE counterparts, but they do give leftists warm feelings on the inside. I am sure that shifting more power to China is worth it, just so you get those “feels.”
 

WPTLION

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Jan 7, 2002
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Then oil companies should be doing everything possible to increase the adoption of electric vehicles as they will sell more oil than if people purchased gasoline powered cars. But we know that is not true.

It might take a tiny bit more fossil fuel to produce an EV but that EV will use far, far less fossil fuel over it's lifespan compared to a gasoline powered car. In fact wide adoption of electric cars will pretty much lay waste to oil companies. That's why they do everything possible to slow down EV adoption.
Where's the power coming from MORON? Oh that's right FOSSIL FUELS....you leftys really are FUKCING CLUELESS!
 

m.knox

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Aug 20, 2003
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Where's the power coming from MORON? Oh that's right FOSSIL FUELS....you leftys really are FUKCING CLUELESS!

Where is the paint coming from? Where are the tires coming from? Where is the dash coming from? Where is the fabric coming from? Where is the foam coming from? How are the minerals getting mined?
 
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bdgan

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EVs are no better for the environment than their ICE counterparts, but they do give leftists warm feelings on the inside. I am sure that shifting more power to China is worth it, just so you get those “feels.”
At a minimum EVs should help minimize smog in big cities.
 
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rumble_lion

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Aug 7, 2011
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The net average profit margin for oil and gas production was 4.7% in 2021. Not exactly what you would call excessive. In any event it's their property why shouldn't they be able to sell it for what ever they want?

What was the net average margin for Saudi Aramaco in the 2nd quarter of this year?
 

bdgan

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May 29, 2008
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Maybe, but what about the smog it creates in China? We have to strip mine somewhere.
I'm not arguing about the environmental impact of strip mining. I'm merely talking about the horrible smog in big cities like LA.

Big cities in China have horrible smog problems. The government has moved to a lottery system to get a license plate. Consumers might have to wait several years but they don't have to wait as long if they want a green license plate.
 

rumble_lion

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Aug 7, 2011
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I'm not arguing about the environmental impact of strip mining. I'm merely talking about the horrible smog in big cities like LA.

Big cities in China have horrible smog problems. The government has moved to a lottery system to get a license plate. Consumers might have to wait several years but they don't have to wait as long if they want a green license plate.

China could be BEV based in a few years. Last year China alone accounted for more than half the electric car market.

Plugin vehicles continue to be all the rage in the Chinese auto market. Plugins got back into the fast lane, growing 132% year over year (YoY). They scored over 565,000 registrations in June, a new record. Plugin hybrids (PHEVs) surged 179% year over year (YoY). They reached a record 124,000 registrations in June. Their growth even beat the growth of BEVs, which was a paltry 121%….​
Share-wise, with June showing a record performance, plugin vehicles hit “only” 28% market share since the overall passenger car market surged 41%. That surge was thanks to the start of the tax cut on most fossil fuel models (cars with an engine size lower than 2000 cc and priced below 300,000 CNY, or $44,000, got their registration tax reduced to half). Full electrics (BEVs) alone accounted for 22% of the country’s auto sales! This pulled the 2022 share to 26% (20% BEV).​
If electrification continues at this pace, this market will be BEV-based by 2025! Imagine that: the largest automotive market in the world being BEV-based in three years time!​
 

bdgan

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May 29, 2008
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China could be BEV based in a few years. Last year China alone accounted for more than half the electric car market.

Plugin vehicles continue to be all the rage in the Chinese auto market. Plugins got back into the fast lane, growing 132% year over year (YoY). They scored over 565,000 registrations in June, a new record. Plugin hybrids (PHEVs) surged 179% year over year (YoY). They reached a record 124,000 registrations in June. Their growth even beat the growth of BEVs, which was a paltry 121%….​
Share-wise, with June showing a record performance, plugin vehicles hit “only” 28% market share since the overall passenger car market surged 41%. That surge was thanks to the start of the tax cut on most fossil fuel models (cars with an engine size lower than 2000 cc and priced below 300,000 CNY, or $44,000, got their registration tax reduced to half). Full electrics (BEVs) alone accounted for 22% of the country’s auto sales! This pulled the 2022 share to 26% (20% BEV).​
If electrification continues at this pace, this market will be BEV-based by 2025! Imagine that: the largest automotive market in the world being BEV-based in three years time!​
China achieved this with heavy subsidies and regulation. Not because EVs were more economical.
 
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rumble_lion

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Aug 7, 2011
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China achieved this with heavy subsidies and regulation. Not because EVs were more economical.

It's more economical for China to import fossil fuel vehicles or have Chinese companies build EV's?

China has about 450 EV manufacturer companies registered in the country.
 

LioninHouston

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Dec 12, 2005
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I'm not arguing about the environmental impact of strip mining. I'm merely talking about the horrible smog in big cities like LA.

Big cities in China have horrible smog problems. The government has moved to a lottery system to get a license plate. Consumers might have to wait several years but they don't have to wait as long if they want a green license plate.
I hate smog too, but we are just trading one problem for a host of others. Mainly because it gives leftists really good “feels.” Meanwhile, those dictating the transition contemplate it on their private jets and yachts.
 

The Spin Meister

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Nov 27, 2012
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An altered state
I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
Ummmmm......Saudi Aramco is a Saudi company that produces oil in Saudi Arabia. A little different than drilling in the US.
 

junior1

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May 29, 2001
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Then oil companies should be doing everything possible to increase the adoption of electric vehicles as they will sell more oil than if people purchased gasoline powered cars. But we know that is not true.

It might take a tiny bit more fossil fuel to produce an EV but that EV will use far, far less fossil fuel over it's lifespan compared to a gasoline powered car. In fact wide adoption of electric cars will pretty much lay waste to oil companies. That's why they do everything possible to slow down EV adoption.
Rumble, doesn't the cost to run our EV depend upon the cost of the energy to generate the power to charge teh car? The jury is still out on how much it's going to cost for power generated by renewables.

Next, the XOM is slowing done EV adoption by buying a 60% stake in an EV company??
 

ao5884

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Oct 1, 2019
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What was the net average margin for Saudi Aramaco in the 2nd quarter of this year?
I could care less. Your first statement. "I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much"

the average profit margin is 4.7% again u should have fact checked.
 

ao5884

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Oct 1, 2019
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Rumble, doesn't the cost to run our EV depend upon the cost of the energy to generate the power to charge teh car? The jury is still out on how much it's going to cost for power generated by renewables.

Next, the XOM is slowing done EV adoption by buying a 60% stake in an EV company??
not to mention it takes years for an owner to see any actual savings.
 

junior1

Well-Known Member
May 29, 2001
6,733
7,424
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I've been told by people on this board that oil companies are just barely scraping by as the cost of extracting oil has gone up so much. Then I saw the latest financial report from Saudi Aramco.

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production.​
Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on Sunday. Its free cash flow rose by 53% from a year earlier to $34.6 billion.​
Energy companies boomed in the first half of this year. Russia’s invasion of Ukraine roiled markets, sending oil prices above $100 a barrel and causing refining margins to soar, while Aramco is benefiting from both high production and sales prices. Firms such as Exxon Mobil Corp. and Shell Plc made record earnings in the second quarter.​
Aramco also reduced gearing, a measure of debt to equity, to 7.9% from 14.2% at the end of 2021. Revenue climbed 80% to $150 billion and free cash flow, which had dropped below the level needed to fund its dividend payments in 2020, rose 53% from a year earlier to $34.6 billion. Profit beat a company compiled analyst estimate of $46.2 billion.​
as a board, we've been round and round about the high cost of oil/gas, whose fault, high profits etc etc.
It seems as if the oil company profits were highest when the price of oil was highest and, as president biden so aptly pointed out, the profits were high because oil companies were not producing enough. So at least at that point he recognised that there is a supply and demand function to the cost of oil/gas. So, now, the cost of oil has gone down, and oil companies are still making record profits. Now I don't know what baseline/date your using for companies in general, but I also read the story about Saudi.
So, let's figure a way to get oil profits down to something more like normal. Well, we know supply and demand plays here from Biden's comments and from secretary of energy's recent interview where she claimed that lower gas prices were a direct result of President Biden's release of oil from the strategic reserve - he increased supply. We also know that oil company profits are highest when supply is low (from Biden's comment) and would therefore be lower when there is great or oversupply. Seems to make sense.
So, we could make everybody happy, well almost everybody, if we would adopt policies that would encourage oil companies to produce more...similar to tax credits for solar and wind power. That way we'd have more supply, prices would come down and oil companies would make lower profits.
I should be President!!!
 

bdgan

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May 29, 2008
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It's more economical for China to import fossil fuel vehicles or have Chinese companies build EV's?

China has about 450 EV manufacturer companies registered in the country.
It's amazing how you sidestep every factual statement.

FACT: China has heavily subsidized EVs

FACT: China makes it more difficult to get a license for an ICE

Furthermore, lots of companies have built ICEs in China like Toyota, Volkswagen, and GM. These are all joint ventures. Also, if you've ever driven in places like Beijing or Shanghai you'll see a lot ICEs made by BYD.

Yes, EVs are growing rapidly. The problem is you think this is because consumers saw that they were a much more economical option. That's FALSE, otherwise you wouldn't need the subsidies and regulations.
 

bdgan

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May 29, 2008
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I hate smog too, but we are just trading one problem for a host of others. Mainly because it gives leftists really good “feels.” Meanwhile, those dictating the transition contemplate it on their private jets and yachts.
I agree that green promoters are hypocrites. That said, I think there is a place for EVs. It's just that they aren't going be the cure all that some people claim.
 

rumble_lion

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Aug 7, 2011
23,143
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Rumble, doesn't the cost to run our EV depend upon the cost of the energy to generate the power to charge teh car? The jury is still out on how much it's going to cost for power generated by renewables.

Next, the XOM is slowing done EV adoption by buying a 60% stake in an EV company??

Rumble, doesn't the cost to run our EV depend upon the cost of the energy to generate the power to charge teh car? The jury is still out on how much it's going to cost for power generated by renewables.

Sure it does but I don't believe we will ever be in a situation where a price fixing cartel run by Saudi Arabia will set the price for electricity in the US.

Electric companies have a restraint in how high they can jack up prices. If they charge too much people will just buy solar panels and generate their own electricity.

If you depend on getting to work in car that uses gasoline you are hostage to whatever price the oil companies want to charge. If you wake up tomorrow and gas prices are 8 bucks a gallon what are you going to do? Walk to work?

For me personally I do everything I can to make sure I'm affected a little as possible by the antics of the fossil fuel industry.

Next, the XOM is slowing done EV adoption by buying a 60% stake in an EV company??

Or the XOM is worried that cash cow might not produce so much in the future.

As far as Lucid goes I do think being controlled by Saudi Arabia is certainly going to slow them down. The Saudis want was is best for them not necessarily what is best for Lucid.
 

ao5884

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Oct 1, 2019
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as a board, we've been round and round about the high cost of oil/gas, whose fault, high profits etc etc.
It seems as if the oil company profits were highest when the price of oil was highest and, as president biden so aptly pointed out, the profits were high because oil companies were not producing enough. So at least at that point he recognised that there is a supply and demand function to the cost of oil/gas. So, now, the cost of oil has gone down, and oil companies are still making record profits. Now I don't know what baseline/date your using for companies in general, but I also read the story about Saudi.
So, let's figure a way to get oil profits down to something more like normal. Well, we know supply and demand plays here from Biden's comments and from secretary of energy's recent interview where she claimed that lower gas prices were a direct result of President Biden's release of oil from the strategic reserve - he increased supply. We also know that oil company profits are highest when supply is low (from Biden's comment) and would therefore be lower when there is great or oversupply. Seems to make sense.
So, we could make everybody happy, well almost everybody, if we would adopt policies that would encourage oil companies to produce more...similar to tax credits for solar and wind power. That way we'd have more supply, prices would come down and oil companies would make lower profits.
I should be President!!!

Except the actual profit margin (4.7%) is not exactly high. But it's their oil they can charge what they want