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post #1 of 11 Old 06-23-2008, 07:35 PM Thread Starter
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Oil Profits

I was told this weekend by a field operations manager, that the profit per barrel of oil are basically the same as they were when oil was at 60-65 per barrel. He claims this is due to the increase in costs of rigs, equip, leases, etc.

Just something to chew on and discuss.

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post #2 of 11 Old 06-23-2008, 07:55 PM
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i find that hard to believe since they are all reporting record earnings. i guess that could be due to the fact the demand is so high though. all i know is im not makin any loot from the oil prices.
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post #3 of 11 Old 06-23-2008, 07:56 PM
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post #4 of 11 Old 06-24-2008, 02:40 AM
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so they were making these record profits way back then too huh. i dont think so.

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post #5 of 11 Old 06-24-2008, 03:42 AM
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Quote:
Originally Posted by valetcruiser View Post
i find that hard to believe since they are all reporting record earnings. i guess that could be due to the fact the demand is so high though. all i know is im not makin any loot from the oil prices.
I have no insight into the oil industry, and am not trying to nit pik, but
there is a difference between earnings and profits. To my simple mind,
profits are what's left after expenses are paid from earnings.

So, record earnings are not necessarily the same as record profits.
And I wouldn't trust the congress or the media to observe the
difference in their rhetoric.

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post #6 of 11 Old 06-24-2008, 06:01 AM
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DITTO, on the earnings versus profits. I do have a long oilfield history, both as a worker and royalty owner. There are still many drilling rigs "stacked out". The cost to drill has risen substantially due to fuel prices.

Any business person can show increased sales with very little or no increase in profits. Profit increases usually mean increased operating costs.

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post #7 of 11 Old 06-24-2008, 08:03 AM
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10% margins. at $60 a bl =$6. cost $54. Oil at $135, 10% margins, $13.50 = $121.50 cost.

Cost goes up and still record profits/earnings.

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post #8 of 11 Old 06-24-2008, 08:59 AM
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Quote:
Originally Posted by Snowman66 View Post
10% margins. at $60 a bl =$6. cost $54. Oil at $135, 10% margins, $13.50 = $121.50 cost.

Cost goes up and still record profits/earnings.
I'm not saying the oil companies aren't experiencing record profits.
I don't know where the truth lies.
I was just clarifying an earlier post concerning record earnings. Increased
earnings by themselves don't mean increased profits.
I'm just a poor mushroom, in the dark, paying more than I can afford for
gas and diesel.

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post #9 of 11 Old 06-25-2008, 02:07 AM
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I'm just so tired of everyone worrying about what another person makes. I work hard and don't need anyone telling me that I make too much. Once again, it's supply and demand.

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post #10 of 11 Old 06-25-2008, 08:27 AM
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Quote:
Originally Posted by valetcruiser View Post
i find that hard to believe since they are all reporting record earnings. i guess that could be due to the fact the demand is so high though. all i know is im not makin any loot from the oil prices.
The problem is though is that demand not high. It has taken the sharpest decline in the past 66years...since they actually started recording this stuff. Demand is down everywhere. OPEC has said they are going to increase production as well as Iraq. Iraq is finally back to prewar output and they will be increasing that. Fuel prices in my area have already dropped .10cents in the last week. China's demand is down as well. i think the "powers that be" have pushed the envelope as far as they can to see where it would fold and have now come to it. I believe fuel prices will be back down by the end of the year.....not of course where I want them, but back down and not rising every week.

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Last edited by drstephennix; 06-25-2008 at 10:16 AM.
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