Congratulations Exxon on their record setting $17,600,000,000 profit in Q2!

[Formerly Rockymtnole]

Lol - exactly the point. they are responding to Wall Street and investors in the short term rather than investing in exploration and expansion. The cries for additional drilling rights are being duped yet again.

Not here to defend Exxon but this is a broader question. Do boards and CEOs have any duties or obligations other than to maximize profits? Some say no, some say yes. I fall on the yes side and think companies have duties and obligations (or at least considerations) beyond profit maximization. Most of their shareholders would argue otherwise. I’m sure they think Exxon should grab every penny it can, when it can.

 

[Titus Andronicus]

Barriers to Entry are such a wonderful thing ... and the best ones of all are those provided by the government!

No more drilling, and no more pipelining! Courtesy of Joe Biden.

This makes it much harder for prospective competitors to bring new product to market. This in turn makes it easier to prevent prices from seeking a reasonable level!

Jozo the Bozo! Price gouger in chief!

 

[Colonoscopy]

$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices

ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter.

www.cnn.com

“New York (CNN Business)ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter.
Exxon's profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia's invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.”


Good thing they didnt gouge us all at the pump during a time of international crisis. 😉 😉

Since I love being devil's advocate: what would their earnings plotted over time look like? Were they uncharacteristically low right before the up that we're seeing now?

 

[Colonoscopy]

Yeah they were

Exxon Mobil reports a $20 billion loss, fourth-straight quarter in the red

Exxon chief Darren Woods said it's the "most challenging market conditions" the company has ever faced.

www.cnbc.com

 

[coloradonoles]

Some of you need to Google Exxon Quarterly profits for the last 10-15 years.

Hint: this is about the median for the last 12 years.

A bunch a liberal clowns sitting around in a circle and jerking themselves off is a pretty good representation of HROT.

Most of you are complete buffoons.

 

[DavidGraeberBullSheetJobs]

As I've said before, Capitalism is great. Unregulated Capitalism is a disaster for everyone but the big businesses and the rich.

And, not everything should be taken care of via Capitalism. There are things that need to be provided by government/public means.

Capitalism is not great.

and god is not great either.

Capitalism has depended on catastrophic exploitation of most people - including genocide of scores of entire cultures and untold millions of people - and likely irreversible destruction of most of the planet for the “growth” it “created”.

people and creativity are great though. They’ve succeeded in spite of capitalism.

 

[kcnole63]

Barriers to Entry are such a wonderful thing ... and the best ones of all are those provided by the government!

No more drilling, and no more pipelining! Courtesy of Joe Biden.

This makes it much harder for prospective competitors to bring new product to market. This in turn makes it easier to prevent prices from seeking a reasonable level!

Jozo the Bozo! Price gouger in chief!

If you want to defend the oil companies, go ahead. But you are dead wrong.

 

[RileyHawk]

Not here to defend Exxon but this is a broader question. Do boards and CEOs have any duties or obligations other than to maximize profits? Some say no, some say yes. I fall on the yes side and think companies have duties and obligations (or at least considerations) beyond profit maximization. Most of their shareholders would argue otherwise. I’m sure they think Exxon should grab every penny it can, when it can.

It can be argued either way but what can't be argued is that, in these cases, big oil is only trying to maximize short term profits. Likewise blaming the current administration for them not investing in more exploration and drilling is absurd.

 

[lucas80]

The existing leased permits available are mostly in areas that aren’t worth investing in. People need to grasp that but many don’t.

Also, oil companies lost their asses during the last push to reinvest and Wall Street has pretty much forced them into using $$ to pay down debt vs exploration and development. Let’s not forget much of the steel used for drilling comes from China and that’s also in short supply right now.

Is this where we are having the pity party for the oil companies? Nobody forced them into those business plans. Did the pay of CEOs get trimmed, or did they get axed for their mistakes? The industry is heavily subsidized, and given significant leeway when it comes to pumping toxins into the air/water/land. Plus, we fight wars and station troops overseas to keep their profits flowing.
Oh, I don't think anything changes, but let's not shed tears for the CEO of any of the major producers/refiners/pipeline companies for making due with less for 18 months.

 

[RNHawk]

I am very happy I added to positions in XOM and CVX in March 2020.

Exactly. The people in this thread who are crying aren’t returning any of the money they made in their retirement account

 

[Formerly Rockymtnole]

It can be argued either way but what can't be argued is that, in these cases, big oil is only trying to maximize short term profits. Likewise blaming the current administration for them not investing in more exploration and drilling is absurd.

Sure, that’s an affliction common to all publicly-traded companies, because that’s largely how execs get paid.

Im not defending Exxon’s profits, just pointing out that fiduciary responsibilities aren’t always aligned with the general public’s interest, and may be completely opposed. I’ve always thought that’s a problem.

I don’t really blame any administration for what goes on in the oil business or how that translates to fuel costs.

 

[noleclone2]

Some of you need to Google Exxon Quarterly profits for the last 10-15 years.

Hint: this is about the median for the last 12 years.

A bunch a liberal clowns sitting around in a circle and jerking themselves off is a pretty good representation of HROT.

Most of you are complete buffoons.

From literally the second paragraph of original linked article “Second-quarter profit was up 273% from the same period a year ago.”

I wonder how many Manchin’s they buying with the profit?

 

[eightno2002]

So since the prices are coming down they are gouging us less, not Bidens many maneuvers that he told me about. Or are the oil companies always price gouging? Exxons stock is up 4% per year for the last ten years and energy stocks make up a fraction of the stock market that they use to. When fracking was a plenty and gas prices were low no one was thanking these very companies for the low prices, the politicians took all the credit (trump). And if you want a rapid turn to alternate energy I would assume you would welcome high gas prices. Look around the world and the places where cheap gas exists, democracy does not.

 

[BGHAWK]

$2,245.62 a second: ExxonMobil scores enormous profit on record gas prices

ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter.

www.cnn.com

“New York (CNN Business)ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter.
Exxon's profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia's invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.”


Good thing they didnt gouge us all at the pump during a time of international crisis. 😉 😉

I hate to think how much it would have been if they had gouged the public.

 

[RileyHawk]

Sure, that’s an affliction common to all publicly-traded companies, because that’s largely how execs get paid.

Im not defending Exxon’s profits, just pointing out that fiduciary responsibilities aren’t always aligned with the general public’s interest, and may be completely opposed. I’ve always thought that’s a problem.

I don’t really blame any administration for what goes on in the oil business or how that translates to fuel costs.

My point is that those defending the oil companies are often blaming the Biden administration. And a lot of dullards lap it up. Our country is full of gullible rubes.

 

[Hawgk]

Lol - exactly the point. they are responding to Wall Street and investors in the short term rather than investing in exploration and expansion. The cries for additional drilling rights are being duped yet again.

You don't know what you're talking about. Even if you did, you don't have the writing skills to articulate. Stick to clicking the smiley's and listen up.

The majority of federal land is highly speculative. It's mostly what the oil patch refers to as goat pasture- low entry cost, low probability of success, a small chance of a big reward. Companies will purchase large leases (you don't get to circle up a small area you like, it's typically all or nothing) for a small price/acre, hold and evaluate, then make decisions whether or not to test concepts when the time is right, usually during a growth cycle. $100 oil sounds like the time to test and grow, right? Not so fast. Drilling, completion and new infrastructure costs have doubled alongside the price of oil. $100 oil is essentially the old $50 for new projects in new areas. Existing development projects, to a degree, have existing infrastructure with rig and materials contracts in place that allow for very low break evens in the short term, but those contracts will eventually roll off.

Then a minority of federal leases are in more proven areas that would carry a high chance of commercial success under ordinary circumstances. But you're still dealing with federal government and Joe Biden is the new sheriff in town. You have to get trucks and equipment to your drilling pads, so you need roads. You have to get electricity to your pads to run equipment. You can't flare gas, so you have to move it by pipeline. Everything is going to need a permit, from the federal government. You have to wait for approval of said permits. Then you have build the infrastructure. You're dealing with the same federal government that just upped their royalty interests by 50%, led by an administration that campaigned on ending fossil fuels and signed an executive order killing an in-progress project. Any permit offers the government an easy avenue to halt your activities and they likely will pull the rug out from under you, once inflation stabilizes and they can afford to go back to the "end fossil fuels" narrative. Still sound like a good place to commit your capital?

Anyways that is just federal leases. Wall Street and investors don't like the risk associated with committing capital to any long-term projects right now. And they'd be stupid if they did. Rising operating costs against falling price decks (see backwardated commodity strips) coupled with heavy legislative risks doesn't promote a healthy "growth" environment.

You see operating costs stabilize, contango futures, a more oil-friendly political environment and the fundamentals will once again promote a growth environment. But don't hold your breath.

 

[RileyHawk]

You don't know what you're talking about. Even if you did, you don't have the writing skills to articulate. Stick to clicking the smiley's and listen up.

The majority of federal land is highly speculative. It's mostly what the oil patch refers to as goat pasture- low entry cost, low probability of success, a small chance of a big reward. Companies will purchase large leases (you don't get to circle up a small area you like, it's typically all or nothing) for a small price/acre, hold and evaluate, then make decisions whether or not to test concepts when the time is right, usually during a growth cycle. $100 oil sounds like the time to test and grow, right? Not so fast. Drilling, completion and new infrastructure costs have doubled alongside the price of oil. $100 oil is essentially the old $50 for new projects in new areas. Existing development projects, to a degree, have existing infrastructure with rig and materials contracts in place that allow for very low break evens in the short term, but those contracts will eventually roll off.

Then a minority of federal leases are in more proven areas that would carry a high chance of commercial success under ordinary circumstances. But you're still dealing with federal government and Joe Biden is the new sheriff in town. You have to get trucks and equipment to your drilling pads, so you need roads. You have to get electricity to your pads to run equipment. You can't flare gas, so you have to move it by pipeline. Everything is going to need a permit, from the federal government. You have to wait for approval of said permits. Then you have build the infrastructure. You're dealing with the same federal government that just upped their royalty interests by 50%, led by an administration that campaigned on ending fossil fuels and signed an executive order killing an in-progress project. Any permit offers the government an easy avenue to halt your activities and they likely will pull the rug out from under you, once inflation stabilizes and they can afford to go back to the "end fossil fuels" narrative. Still sound like a good place to commit your capital?

Anyways that is just federal leases. Wall Street and investors don't like the risk associated with committing capital to any long-term projects right now. And they'd be stupid if they did. Rising operating costs against falling price decks (see backwardated commodity strips) coupled with heavy legislative risks doesn't promote a healthy "growth" environment.

You see operating costs stabilize, contango futures, a more oil-friendly political environment and the fundamentals will once again promote a growth environment. But don't hold your breath.

My writing skills? BWAAAAHAHAHA. Your ignorance is only surpassed by your rambling.

The oil companies are at or near all time market highs. It's pretty clear they are likely to go down. That doesn't negate their focus on profits and shareholder returns vs. investing in exploration and drilling. Nothing wrong with that. The issue is some, like you, want to blame the Biden administration for the lack of investment in exploration when it's really just corporate profiteering.

You're one of the duped gullibles I mentioned before.

 

[Hawgk]

My writing skills? BWAAAAHAHAHA. Your ignorance is only surpassed by your rambling.

The oil companies are at or near all time market highs. It's pretty clear they are likely to go down. That doesn't negate their focus on profits and shareholder returns vs. investing in exploration and drilling. Nothing wrong with that. The issue is some, like you, want to blame the Biden administration for the lack of investment in exploration when it's really just corporate profiteering.

You're one of the duped gullibles I mentioned before.

Legislative risks contribute to the lack of investment in exploration. I spelled that out in my "rambling".

If you weren't so enamored in pleasuring yourself to smiley emojis, you might comprehend.

 

[Mike Zierath]

The existing leased permits available are mostly in areas that aren’t worth investing in. People need to grasp that but many don’t.

Also, oil companies lost their asses during the last push to reinvest and Wall Street has pretty much forced them into using $$ to pay down debt vs exploration and development. Let’s not forget much of the steel used for drilling comes from China and that’s also in short supply right now.

Excuses..............

So, what you're saying is the permits the oil companies applied for, after they did the exploration and research, weren't worth investing in.

Explain to me how the oil companies lost their ass reinvesting in themselves.

I can't wait to see the second quarter balance sheets to see what expenses looked like, particular debt payoff.

Buy drilling pipe right here in Texas. I drive by it every single day!

Come on Sal.

 

[Mike Zierath]

Yeah they were

Exxon Mobil reports a $20 billion loss, fourth-straight quarter in the red

Exxon chief Darren Woods said it's the "most challenging market conditions" the company has ever faced.

www.cnbc.com

I think the first paragraph pretty much tells you why.

EVERYBODY struggled!

 

[Crafty Beaver]

Capitalism is not great.

and god is not great either.

Capitalism has depended on catastrophic exploitation of most people - including genocide of scores of entire cultures and untold millions of people - and likely irreversible destruction of most of the planet for the “growth” it “created”.

people and creativity are great though. They’ve succeeded in spite of capitalism.

Holy hell.

We’re surrounded by these people.

 

[RileyHawk]

Legislative risks contribute to the lack of investment in exploration. I spelled that out in my "rambling".

If you weren't so enamored in pleasuring yourself to smiley emojis, you might comprehend.

But they aren't THE reason as some of you have suggested. That's the point. Always has been.

Thanks for your brevity. Much less nonsense to read through.

 

[Hawgk]

But they aren't THE reason as some of you have suggested. That's the point. Always has been.

Thanks for your brevity. Much less nonsense to read through.

Legislative risks "THE" sole reason exploration is in a holding pattern? No. I mentioned the backwardated strip prices and increased opex as other reasons. I guess you missed that among my "nonsense" too.

 

[SalAunese]

Are you saying that oil companies bought worthless leases? Why would they do that? They don’t do anything that doesn’t increase the bottom line.

Once again you have no idea what you’re talking about.

 

[Tom Paris]

Not here to defend Exxon but this is a broader question. Do boards and CEOs have any duties or obligations other than to maximize profits? Some say no, some say yes. I fall on the yes side and think companies have duties and obligations (or at least considerations) beyond profit maximization. Most of their shareholders would argue otherwise. I’m sure they think Exxon should grab every penny it can, when it can.

I said this before but I watched Rex Tillerson say, when he was the CEO, that they don’t. He only was beholden to his shareholders. That’s when I learned Bush wasn’t responsible for high gas prices.

 

[BelemNole]

Once again you have no idea what you’re talking about.

Once again - you’ve not explained how I’m wrong.

 

[RileyHawk]

Legislative risks "THE" sole reason exploration is in a holding pattern? No. I mentioned the backwardated strip prices and increased opex as other reasons. I guess you missed that among my "nonsense" too.

Nope - saw it. You and the other dullards are pushing the narrative that the Biden administration is THE reason oil companies aren't investing in exploration. You and they are wrong.

 

[Hawgk]

Nope - saw it. You and the other dullards are pushing the narrative that the Biden administration is THE reason oil companies aren't investing in exploration. You and they are wrong.

Actually, I'm quite right. I've acknowledged, correctly, there are other factors at play. You've now acknowledged you've read the other factors I've mentioned, yet you insist I'm proclaiming Biden as "THE" reason oil companies are not investing in exploration. He alone, is not "THE" reason, but his policies are without question one of several factors that are affecting the amount of capital that is put towards exploration budgets. For some bizarre reason, you choose to turn a blind eye. Are you a little sweet on sleepy Joe?

I've got experience in publicly traded Oil and Gas M&A (small to large cap) and am currently an equity participant in two private exploration start-up projects. I understand investors risk tolerances and I know what makes them turn their noses away from projects. We had six projects circled up when we started, two of them were shelved due to legislative risks not long after Biden took office.

To put that in perspective, my going on 20 years of O&G experience is longer than your well documented love affair with the laugh emoji, although maybe not quite as long as your fantasies of a love affair with Joe Biden.

 

[ironside1]

Now show how much they made during Covid lockdowns

Oh the poor oil companies

 

[RileyHawk]

Actually, I'm quite right. I've acknowledged, correctly, there are other factors at play. You've now acknowledged you've read the other factors I've mentioned, yet you insist I'm proclaiming Biden as "THE" reason oil companies are not investing in exploration. He alone, is not "THE" reason, but his policies are without question one of several factors that are affecting the amount of capital that is put towards exploration budgets. For some bizarre reason, you choose to turn a blind eye. Are you a little sweet on sleepy Joe?

I've got experience in publicly traded Oil and Gas M&A (small to large cap) and am currently an equity participant in two private exploration start-up projects. I understand investors risk tolerances and I know what makes them turn their noses away from projects. We had six projects circled up when we started, two of them were shelved due to legislative risks not long after Biden took office.

To put that in perspective, my going on 20 years of O&G experience is longer than your well documented love affair with the laugh emoji, although maybe not quite as long as your fantasies of a love affair with Joe Biden.

Yawn.

 

[Hawgk]

Yawn.

I understand now. Reality bores you. You’d rather fantasize in “SmileyRiley’s Land of Make Believe”.

 

[coloradonoles]

Yawn.

You are getting your ass handed to you in this thread and you are bored or you resort to your nervous lol emoji.

The world is much too complicated for you to understand. I also work in O&G (Downstream) but I'm quite aware of the challenges to exploration.

While the Biden Administration may not be the ONLY factor... it is demonstrably the BIGGEST factor.

We have enough oil reserves in our own country for centuries... the government is/has been hopelessly curtailing our energy independence.

But your boy was just recently in SA begging them to help us out, while at the same time draining our strategic reserves to make his abysmal presidency seem less catastrophic.

 

[jamesvanderwulf]

It would take the profits of 5 Exxons just to cover what the taxpayers have donated to Ukraine so far…

 

[RileyHawk]

You are getting your ass handed to you in this thread and you are bored or you resort to your nervous lol emoji.

The world is much too complicated for you to understand. I also work in O&G (Downstream) but I'm quite aware of the challenges to exploration.

While the Biden Administration may not be the ONLY factor... it is demonstrably the BIGGEST factor.

We have enough oil reserves in our own country for centuries... the government is/has been hopelessly curtailing our energy independence.

But your boy was just recently in SA begging them to help us out, while at the same time draining our strategic reserves to make his abysmal presidency seem less catastrophic.

You're an idiot. That you disagree with me is another feather in my cap. Lol

 

[DavidGraeberBullSheetJobs]

You don't know what you're talking about. Even if you did, you don't have the writing skills to articulate. Stick to clicking the smiley's and listen up.

The majority of federal land is highly speculative. It's mostly what the oil patch refers to as goat pasture- low entry cost, low probability of success, a small chance of a big reward. Companies will purchase large leases (you don't get to circle up a small area you like, it's typically all or nothing) for a small price/acre, hold and evaluate, then make decisions whether or not to test concepts when the time is right, usually during a growth cycle. $100 oil sounds like the time to test and grow, right? Not so fast. Drilling, completion and new infrastructure costs have doubled alongside the price of oil. $100 oil is essentially the old $50 for new projects in new areas. Existing development projects, to a degree, have existing infrastructure with rig and materials contracts in place that allow for very low break evens in the short term, but those contracts will eventually roll off.

Then a minority of federal leases are in more proven areas that would carry a high chance of commercial success under ordinary circumstances. But you're still dealing with federal government and Joe Biden is the new sheriff in town. You have to get trucks and equipment to your drilling pads, so you need roads. You have to get electricity to your pads to run equipment. You can't flare gas, so you have to move it by pipeline. Everything is going to need a permit, from the federal government. You have to wait for approval of said permits. Then you have build the infrastructure. You're dealing with the same federal government that just upped their royalty interests by 50%, led by an administration that campaigned on ending fossil fuels and signed an executive order killing an in-progress project. Any permit offers the government an easy avenue to halt your activities and they likely will pull the rug out from under you, once inflation stabilizes and they can afford to go back to the "end fossil fuels" narrative. Still sound like a good place to commit your capital?

Anyways that is just federal leases. Wall Street and investors don't like the risk associated with committing capital to any long-term projects right now. And they'd be stupid if they did. Rising operating costs against falling price decks (see backwardated commodity strips) coupled with heavy legislative risks doesn't promote a healthy "growth" environment.

You see operating costs stabilize, contango futures, a more oil-friendly political environment and the fundamentals will once again promote a growth environment. But don't hold your breath.

Wow, Mr. Smartypants. Thank you for mansplaining. I can smell the stench of your Axe cologne and exhaust and smog and pollution even through my screen.

Your so-called "growth environment" is growing like metastatic cancer. Insane. Orwellian. Sick.

Are you so blind and deluded to believe that we all should be making fossil fuels more accessible?

Do you ignore science? Did God give you dominion over the earth to turn it into your own personal sauna? What about the rest of the billions of humans who will, for generations, pay the actual price for your 401k plan's growth riding the bloody, oily wave of your insane parasitic "growth"?

 

[Hawgk]

Are you so blind and deluded to believe that we all should be making fossil fuels more accessible?

Why don't you take that up with those who have complained about O&G returning money to shareholders rather than reinvesting capital into projects to increase output? Take Joe Biden for example.

But now that gasoline prices have slid a bit, maybe you're back to being on the same page.

Or maybe you can ask somebody from Germany, or anywhere else in Europe how their aggressive transition away from hydrocarbons has been going?

 

[DFSNOLE]

You are getting your ass handed to you in this thread.

While the Biden Administration may not be the ONLY factor... it is demonstrably the BIGGEST factor.

That is NOT what the expert "handing him his ass" said but you keep doing you.

 

[biggreydogs]

 

[Gonolz]

I think there are a lot of people in this thread who don't own any XOM stock.

 

[DooBii]

View embedded media

Hey @Chishawk1425 is linda t an idiot or not? You still haven't answered.