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Lower prices to hit Big Oil's third-quarter profit

Houston Chronicle -- Big Oil's bottom line is expected to take a hit in third-quarter earnings reports because of sharply lower natural gas prices in North America and downtime at production and refining facilities due to hurricanes and seasonal maintenance.

ConocoPhillips reports Thursday followed by next week's blitz from BP, Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell.

Tudor, Pickering, Holt & Co. analyst Robert Kessler said that among the biggest unknowns is the extent to which shutdowns affected profits at the major oil and gas companies.

"Whether it be Alaska, or the Gulf of Mexico or the North Sea, all faced some asset downtime, which affected the companies depending on where their assets are," Kessler said.

Falling oil prices hit large crude producers like ConocoPhillips, which also ....

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Submitted Oct 25, 2012 By: BurntOrange

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drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Oct 28, 2012 1:59:25 PM Ignore drpepperTX Report Abuse Look up the definition of subsidies, oil and gas are not subsidized.
SoutheastdannyB All-Star Author Grand Rapids Posts:590 Points:581,880 Joined:Jul 2007	Message Posted: Oct 28, 2012 9:07:21 AM Ignore SoutheastdannyB Report Abuse and they'll still bet billions in subsidies.
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Oct 28, 2012 6:55:43 AM Ignore drpepperTX Report Abuse LOL, the simpleminded will cheer for lower company profits in a time when our economy is on the brink of failure. Isn't class envy a wonderful thing that Obama and the left have encouraged???
Ray_10589 Champion Author New York Posts:4,951 Points:1,183,960 Joined:May 2009	Message Posted: Oct 28, 2012 6:12:29 AM Ignore Ray_10589 Report Abuse bet they are still at the top of earnings ....
nb52 Champion Author Grand Rapids Posts:7,780 Points:1,546,850 Joined:Nov 2008	Message Posted: Oct 26, 2012 3:21:23 AM Ignore nb52 Report Abuse Not good for your 401K.
leeac Champion Author Ohio Posts:1,596 Points:433,905 Joined:Jan 2012	Message Posted: Oct 26, 2012 2:54:33 AM Ignore leeac Report Abuse The price trend is still up over the long term - inflation.
tomok Champion Author Portland Posts:33,025 Points:2,346,485 Joined:Aug 2006	Message Posted: Oct 26, 2012 1:15:55 AM Ignore tomok Report Abuse Lower prices to hit Big Oil's third-quarter profit, lower natural gas prices. They will still make a profit but not as much as before. Big Oil and Big Gas continues to sell fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. 'Coming out of the closet' Fred's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down! People will still drive and buy fuel no matter what but it sure helps to have a job too! The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal greedy benefit. The price at the pump needs to go down to $2/gallon, $3, $3.50/gallon or *$4.00 is Not the new low! Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high! XII/XXII/MMXII!
RogerB Champion Author Indianapolis Posts:18,066 Points:2,624,335 Joined:Dec 2005	Message Posted: Oct 25, 2012 11:38:16 PM Ignore RogerB Report Abuse "Right, drill more so we can export more to Asia. More supply doesn't lower prices. Are you that stupid? " bart_reed - it's disrespectful to call others stupid, especially when you are the one that is uninformed. Traders say supply, demand drive oil price It is very likely that the price of crude oil will continue to decline because for the first time in a decade, supply is exceeding demand. The marketplace forces of supply and demand determine the price of fuel. The price of crude oil may account for over half the price of a gallon of gasoline. [Edited by: RogerB at 10/26/2012 2:41:13 AM EST]
bston Champion Author Oklahoma City Posts:1,820 Points:642,275 Joined:Mar 2011	Message Posted: Oct 25, 2012 10:35:30 PM Ignore bston Report Abuse Another nail in the economy's coffin.
Focus2 Champion Author Illinois Posts:7,892 Points:1,919,340 Joined:Mar 2006	Message Posted: Oct 25, 2012 9:17:43 PM Ignore Focus2 Report Abuse Doesn't this bring tears to your eyes? After all their record breaking spikes anything less is a loss and will cut into their profits! We all suffered through hard times, loss of jobs, employment, high food prices from ethanol mandates and they stuck it to us and gloated over their record profits in a bad economy and extended recession. Talk about un American! They had us over a barrel and they knew it showing no remorse.
bart_reed Champion Author Los Angeles Posts:3,974 Points:786,505 Joined:Mar 2011	Message Posted: Oct 25, 2012 9:17:34 PM Ignore bart_reed Report Abuse Right, drill more so we can export more to Asia. More supply doesn't lower prices. Are you that stupid?
gaspumpin Champion Author Indiana Posts:1,670 Points:388,480 Joined:Apr 2012	Message Posted: Oct 25, 2012 9:09:51 PM Ignore gaspumpin Report Abuse We need to drill more!
1fulltank Champion Author Buffalo Posts:7,908 Points:1,545,285 Joined:Nov 2008	Message Posted: Oct 25, 2012 9:07:08 PM Ignore 1fulltank Report Abuse Old article.
Kawibiker Champion Author Illinois Posts:1,175 Points:205,575 Joined:May 2012	Message Posted: Oct 25, 2012 9:03:12 PM Ignore Kawibiker Report Abuse who cares.. they got enuf earlier
ManOfLeisureII Champion Author Philadelphia Posts:1,879 Points:455,125 Joined:Jan 2012	Message Posted: Oct 25, 2012 9:02:48 PM Ignore ManOfLeisureII Report Abuse Rerun
vrossi46 Champion Author San Jose Posts:2,677 Points:805,895 Joined:Oct 2008	Message Posted: Oct 25, 2012 9:01:02 PM Ignore vrossi46 Report Abuse yeah, right. they sure stuck it to us in gas prices
J4romeo All-Star Author Gary Posts:506 Points:1,214,925 Joined:Jan 2006	Message Posted: Oct 25, 2012 9:00:39 PM Ignore J4romeo Report Abuse So what...
Yankee829 Champion Author Dallas Posts:2,206 Points:559,590 Joined:Sep 2010	Message Posted: Oct 25, 2012 9:00:07 PM Ignore Yankee829 Report Abuse Ok
g747 Champion Author Mobile Posts:4,541 Points:933,670 Joined:Jul 2009	Message Posted: Oct 25, 2012 8:57:04 PM Ignore g747 Report Abuse Break-out the Violins!!!!!!!!!!.
jtfftj Champion Author New Hampshire Posts:2,180 Points:1,249,135 Joined:Sep 2005	Message Posted: Oct 25, 2012 8:54:33 PM Ignore jtfftj Report Abuse As long as year-over-year sales are up, they will get bonuses. And exactly who on this site feels any remorse for big oil.
OGW Champion Author London Posts:5,329 Points:1,532,975 Joined:Sep 2005	Message Posted: Oct 25, 2012 8:53:48 PM Ignore OGW Report Abuse Big oil always makes a profit which any business must do in order to exist but when that profit is so excessive and big then it is the result of being much too greedy.
Muskie78 Sophomore Author Ohio Posts:172 Points:39,500 Joined:Oct 2012	Message Posted: Oct 25, 2012 8:52:10 PM Ignore Muskie78 Report Abuse Whatevs
bonzoonfmb Champion Author Florida Posts:1,787 Points:645,260 Joined:Feb 2010	Message Posted: Oct 25, 2012 8:51:40 PM Ignore bonzoonfmb Report Abuse Big oil will never go bankrupt.
N4PIP All-Star Author Miami Posts:906 Points:419,525 Joined:Jan 2012	Message Posted: Oct 25, 2012 8:50:33 PM Ignore N4PIP Report Abuse Boo-frickin'-hoo.
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Oct 25, 2012 8:46:34 PM Ignore mstearno Report Abuse don't bet on that
RitaVespa Champion Author Oregon Posts:2,981 Points:792,260 Joined:Jan 2011	Message Posted: Oct 25, 2012 8:45:46 PM Ignore RitaVespa Report Abuse Nail em
DesertP90X Sophomore Author Riverside Posts:205 Points:45,875 Joined:Oct 2012	Message Posted: Oct 25, 2012 8:42:09 PM Ignore DesertP90X Report Abuse ah, poor babies. I guess the stockholders will be upset too , the Greedy *&$%
smiles4 Rookie Author Alabama Posts:97 Points:284,360 Joined:Oct 2011	Message Posted: Oct 25, 2012 8:40:28 PM Ignore smiles4 Report Abuse So
BREW9 All-Star Author Tampa Posts:886 Points:2,912,955 Joined:Jun 2004	Message Posted: Oct 25, 2012 8:37:56 PM Ignore BREW9 Report Abuse ok
gumbyrex Champion Author Fresno Posts:3,301 Points:759,290 Joined:Mar 2011	Message Posted: Oct 25, 2012 8:34:12 PM Ignore gumbyrex Report Abuse Don't feel sorry for them, one lousy quarter isn't going to hurt them.
fenster66 Champion Author Pittsburgh Posts:3,355 Points:675,065 Joined:May 2011	Message Posted: Oct 25, 2012 8:31:31 PM Ignore fenster66 Report Abuse Big Oil has plenty - we need lower prices at the pump....
Gas4Gore Champion Author Detroit Posts:2,421 Points:423,875 Joined:Jan 2010	Message Posted: Oct 25, 2012 8:29:24 PM Ignore Gas4Gore Report Abuse Lower profit from lower gas prices, where is the gougeing.
malfrog1 Champion Author South Bend Posts:2,201 Points:549,985 Joined:Feb 2011	Message Posted: Oct 25, 2012 8:28:03 PM Ignore malfrog1 Report Abuse I feel so sorry for them.
andy1024 Champion Author Allentown Posts:1,702 Points:448,150 Joined:Dec 2011	Message Posted: Oct 25, 2012 8:26:43 PM Ignore andy1024 Report Abuse The reporters should have write more headlines about how lower prices benefit most of the people.
lowspeed All-Star Author Akron Posts:721 Points:200,305 Joined:Aug 2008	Message Posted: Oct 25, 2012 8:24:21 PM Ignore lowspeed Report Abuse what a surprise
mabrams184 Champion Author Lexington Posts:2,104 Points:534,015 Joined:Aug 2011	Message Posted: Oct 25, 2012 8:21:07 PM Ignore mabrams184 Report Abuse They have had many record profit quarters in the last few years so a little dip will not break them.
cssco Champion Author Virginia Posts:7,326 Points:1,751,580 Joined:Feb 2006	Message Posted: Oct 25, 2012 8:14:49 PM Ignore cssco Report Abuse Big Pig Oil is long over due in assuming their fair sharing of pump pain.
PissedATthePump All-Star Author Pennsylvania Posts:507 Points:119,580 Joined:May 2012	Message Posted: Oct 25, 2012 8:13:53 PM Ignore PissedATthePump Report Abuse Boo Hoo for them. No RECORD profit this quarter!?! You can tell they just hate it when the money meter quits spinning when they have to shut down for maintenance (read SAFETY)
OOXXFF Champion Author Greensboro Posts:3,063 Points:1,079,405 Joined:Sep 2009	Message Posted: Oct 25, 2012 8:13:52 PM Ignore OOXXFF Report Abuse Are we feeling sorry for big oil?
TimTim All-Star Author Vancouver Posts:573 Points:1,445,725 Joined:Aug 2004	Message Posted: Oct 25, 2012 8:12:35 PM Ignore TimTim Report Abuse They have earned a lot of money in the past dexade. Time for them to give back. :)
s6sputnik Champion Author Austin Posts:6,222 Points:1,308,130 Joined:Jun 2007	Message Posted: Oct 25, 2012 8:11:21 PM Ignore s6sputnik Report Abuse Tough!
drobbbb Champion Author Maryland Posts:3,480 Points:812,460 Joined:Dec 2010	Message Posted: Oct 25, 2012 8:10:52 PM Ignore drobbbb Report Abuse good
wayoung56 Champion Author Alabama Posts:2,805 Points:819,310 Joined:Oct 2006	Message Posted: Oct 25, 2012 8:09:58 PM Ignore wayoung56 Report Abuse Poor big oil companies, taking a hit on their record profit margins...
jl1rp Champion Author New Hampshire Posts:1,818 Points:358,325 Joined:May 2012	Message Posted: Oct 25, 2012 8:09:23 PM Ignore jl1rp Report Abuse how with the high prices?
ot4kidz Champion Author Cleveland Posts:1,565 Points:783,780 Joined:Jan 2010	Message Posted: Oct 25, 2012 8:08:31 PM Ignore ot4kidz Report Abuse Don't feel sorry; especially since they were making record profits while the rest of the economy collapsed.
diesel8888 Champion Author Salt Lake City Posts:1,196 Points:359,515 Joined:Nov 2011	Message Posted: Oct 25, 2012 8:07:48 PM Ignore diesel8888 Report Abuse I'm sure this will make a big impact on their bonuses.....
KhelbenArunson Champion Author Michigan Posts:4,446 Points:717,865 Joined:Apr 2008	Message Posted: Oct 25, 2012 8:05:23 PM Ignore KhelbenArunson Report Abuse Poor babies...I would love to see them go out of business... after all the money they have stole it would serve them right.
bvrbill Champion Author Eugene Posts:3,223 Points:518,850 Joined:Jul 2011	Message Posted: Oct 25, 2012 8:04:44 PM Ignore bvrbill Report Abuse I'm sure they will make it up next quarter.
gsayeg1 All-Star Author Milwaukee Posts:787 Points:140,505 Joined:Jun 2008	Message Posted: Oct 25, 2012 8:03:09 PM Ignore gsayeg1 Report Abuse again - could not happen to a nicer bunch of guys
altima2008 Champion Author Philadelphia Posts:8,165 Points:1,737,990 Joined:Apr 2008	Message Posted: Oct 25, 2012 8:00:59 PM Ignore altima2008 Report Abuse boo hoo