AP: Oil Co. Profits Seen Higher As Prices Trump Storms

[Hissyspit]

Oil Companies' Profit Seen Higher as Prices Trump Storms
By David Bogoslaw The Associated Press

Published: Oct 11, 2005

http://ap.tbo.com/ap/breaking/MGBEFADMOEE.html

NEW YORK (Dow Jones/AP) - Integrated oil producers, oil service and drilling companies will post gains in third-quarter earnings, driven once again by higher crude oil and natural gas prices.

Third-quarter financial results for the major oil producers will climb, on average, by more than 50 percent from a year ago and by 15 percent from the second quarter, said Bruce Lanni, an analyst at A.G. Edwards & Sons.

Earnings in the exploration and production business will be up, while companies in the refining and marketing business will have more mixed results because of different levels of damage from the hurricanes, he said.

The effect of extended downtime at plants and damage to equipment in the Gulf region from Hurricanes Katrina and Rita is hard to gauge, as many companies say they are still assessing financial losses from the disruptions.

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[NorCalDem]

1. But I thought

the rise in gas prices was due to supply being down?

How did they end up making even MORE profits when they had no oil to sell? Hmm, sounds fishy to me... :sarcasm:

[Bluzmann57]

2. GASP! I'm shocked!

To think that these benevolent and wonderfully generous oil companies would lie to us just to drive up prices. Nah, that has to be a false report perpetuated by that big mean liberal media. :sarcasm:

[Missy M]

3. Natural gas prices will be up anywhere from 20 to 74% this winter....

and I would like to know why. Many people will not be able to afford these increases this heating season. In my area they are expected to rise 40%. We are all being robbed in my opinion.

[TomClash]

4. "The Storms" are a blip on the Peak Oil screen nt