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Author	Topic: Oil Majors Profits Slump Amid Warnings on Oil Price	Post a Reply Back to Topics

brbaritone Champion Author Virginia Posts:2,141 Points:1,723,145 Joined:Jan 2007	Message Posted: Jul 26, 2012 7:43:04 AM Ignore brbaritone Report Abuse Shell and Statoil kicked off what looks set to be a weak 2nd-quarter reporting season for oil and gas majors Thursday - and both companies warned of further negative risks to the oil price. Exxon Mobil, the biggest oil company in the world by market value, is expected to reinforce the gloomy picture when it reports in the United States later on Thursday. Peter Voser, chief executive of Royal Dutch Shell, the second biggest of the oil majors, told CNBC's "Squawk Box Europe": "Short term, we are looking towards a macroeconomic environment which will drive a softer oil price over the next six to twelve months, strengthening when the economy comes back, driven by emerging markets. "We are investing throughout the cycle and our long-term view is that demand will grow, particularly for gas... Visit CNBC via Yahoo! Finance for full article

brbaritone

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Message Posted: Jul 26, 2012 7:43:04 AM

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Shell and Statoil kicked off what looks set to be a weak 2nd-quarter reporting season for oil and gas majors Thursday - and both companies warned of further negative risks to the oil price.

Exxon Mobil, the biggest oil company in the world by market value, is expected to reinforce the gloomy picture when it reports in the United States later on Thursday.

Peter Voser, chief executive of Royal Dutch Shell, the second biggest of the oil majors, told CNBC's "Squawk Box Europe": "Short term, we are looking towards a macroeconomic environment which will drive a softer oil price over the next six to twelve months, strengthening when the economy comes back, driven by emerging markets.

"We are investing throughout the cycle and our long-term view is that demand will grow, particularly for gas...
Visit CNBC via Yahoo! Finance for full article

REPLIES (newest first)Ignore Short Messages

PDQBlues Champion Author San Diego Posts:7,209 Points:1,475,050 Joined:Jan 2009	Message Posted: Jul 26, 2012 10:30:45 PM Ignore PDQBlues Report Abuse Oh, what a shame. I'm sure they will more then make up for it next quarter, those bastards.
Mystikal1 Sophomore Author Akron Posts:233 Points:627,335 Joined:May 2011	Message Posted: Jul 26, 2012 10:00:11 PM Ignore Mystikal1 Report Abuse So the oil majors want to paint a gloomy picture? I'll trade my earnings for theirs! Rising oil prices are a negative risk to our gas prices! Now dry those tears!
md11capt Champion Author Denver Posts:3,558 Points:729,180 Joined:Mar 2011	Message Posted: Jul 26, 2012 11:44:23 AM Ignore md11capt Report Abuse How much did they slump once the government subsidies are subtracted?
Evilmaddog Champion Author British Columbia Posts:3,461 Points:984,275 Joined:Aug 2010	Message Posted: Jul 26, 2012 8:58:49 AM Ignore Evilmaddog Report Abuse no profit slump around here...$4.898 to $5.01 US gal
bkplenge Champion Author Tallahassee Posts:1,634 Points:124,545 Joined:Sep 2005	Message Posted: Jul 26, 2012 8:52:18 AM Ignore bkplenge Report Abuse The only negative about oil prices is from the consumers' point of view. Oil prices are going up now. And billions of dollars profit do not seem very weak to me.
sabre75 Champion Author Florida Posts:1,663 Points:340,795 Joined:May 2012	Message Posted: Jul 26, 2012 8:41:34 AM Ignore sabre75 Report Abuse Billions in profitis a gloomy picture????? Bull!
WalRus49 Champion Author Boston Posts:4,210 Points:895,590 Joined:Nov 2010	Message Posted: Jul 26, 2012 8:33:16 AM Ignore WalRus49 Report Abuse Bunk!
grandpadon28110 Champion Author Charlotte Posts:4,851 Points:1,169,035 Joined:Sep 2008	Message Posted: Jul 26, 2012 8:28:45 AM Ignore grandpadon28110 Report Abuse Good.
csblesson Champion Author Texas Posts:1,926 Points:378,725 Joined:May 2012	Message Posted: Jul 26, 2012 8:23:05 AM Ignore csblesson Report Abuse Good
dm9667_23 Champion Author Pennsylvania Posts:1,287 Points:375,425 Joined:May 2008	Message Posted: Jul 26, 2012 8:22:44 AM Ignore dm9667_23 Report Abuse boo hoo
merlinCO Champion Author Colorado Posts:1,775 Points:368,120 Joined:Mar 2012	Message Posted: Jul 26, 2012 8:20:50 AM Ignore merlinCO Report Abuse Posted: More profits to come.
scu227 Champion Author New Haven Posts:4,303 Points:798,605 Joined:Feb 2011	Message Posted: Jul 26, 2012 8:16:56 AM Ignore scu227 Report Abuse I won't shed any tears for them, they are still making a lot of money.
cdrrod Champion Author Wisconsin Posts:4,286 Points:809,525 Joined:Feb 2006	Message Posted: Jul 26, 2012 8:16:51 AM Ignore cdrrod Report Abuse I am all in favor of oil profits slumping!
dorisntx Champion Author Fort Worth Posts:2,079 Points:665,005 Joined:Apr 2011	Message Posted: Jul 26, 2012 8:08:33 AM Ignore dorisntx Report Abuse whatever
gandalfthegrey1 Champion Author Houston Posts:1,184 Points:384,785 Joined:Feb 2011	Message Posted: Jul 26, 2012 7:58:41 AM Ignore gandalfthegrey1 Report Abuse In other words, predicting the price of crude/gas is about as accurate as predicting the weather.
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: Jul 26, 2012 7:51:19 AM Ignore GingoutMD Report Abuse Truly, I don't care that the oil companies are earning less profit.
humblepie Champion Author Toledo Posts:35,301 Points:2,398,095 Joined:Mar 2006	Message Posted: Jul 26, 2012 7:49:09 AM Ignore humblepie Report Abuse to be expected, dont expect any major layoffs either
brbaritone Champion Author Virginia Posts:2,141 Points:1,723,145 Joined:Jan 2007	Message Posted: Jul 26, 2012 7:44:42 AM Ignore brbaritone Report Abuse The article continues: ... and that will drive our profitability in the long-term," he added. Shell reported second-quarter adjusted earnings fell to around $5.7 billion, down from $6.6 billion at the same time in 2011 and lower than analysts' forecasts of close to $6.3 billion. Voser argued that the weakness was partly caused by maintenance costs. --- Helge Lund, chief executive of Statoil, told CNBC: "We believe it (the oil price) will hover around the current level for the remainder of the year but with significant downside risk related to the global macroeconomic situation." Statoil's second-quarter adjusted operating profit rose 5 percent to 45.8 billion crowns ($7.52 billion), below expectations for 47.56 billion crowns in a Reuters poll of analysts. The state-controlled company's results were hit by production problems after a strike by some offshore workers, as well as falling prices and rising production costs. It has recently ramped up production in anticipation of growing demand in the long-term.
MImusicman Champion Author Michigan Posts:2,008 Points:434,400 Joined:Mar 2012	Message Posted: Jul 26, 2012 7:44:27 AM Ignore MImusicman Report Abuse ok...tell me something important. [Edited by: MImusicman at 7/26/2012 7:46:17 AM EST]