Mood:
loudNow Playing: Profits that will send "you" to the cleaners
Topic: CORPORATE CRAP
Cheveron Record Profits
Chevron's record profit's amazingly couldn’t satisfy Wall Street’s expectation’s as their just reported $4.35 billion second quarter earnings sent shares tumbling. I suppose profits 18% higher than last quarter which capped off the most profitable three-month period in Chevron’s 127 year history just doesn’t cut it in this hyper-active greed cycle energy investors are in. Revenues for this period were $53.5 billion.
"It was still like they were printing money. They just weren’t printing as much as everybody thought,” said industry analyst Fadel Gheit of Oppenheimer and Company".
I doubt Chevron CEO David J. O'Reilly care’s very much about the temporary drop in Chevron’s shares, since he made $8.8 million last year bringing his six-year compensation total to $37.39. I’m sure he thinks the future is bright indeed as he oversees Chevron’s insatiable thirst for massive amounts of profits no matter what the cost, including their involvement in the exploitation of oil in Iraq.
"Chevron and the other major oil companies profited greatly from failure. Long outages at refineries, aging equipment and lack of new capacity," said Judy Dugan, research director of OilWatchdog.org and FTCR".
"Chevron's refinery production in the first six months of this year was at the lowest level since Hurricane Katrina, yet it boosted profit to a new record as consumers paid outrageous prices at the pump."
Also, in March of 2007, the Iraqi parliament prodded by U.S. Ambassador to Iraq, Zalmay Khalilzad, passed a law that privatized Iraq’s oil. Chevron stands to make huge profits from this law. Before the war, U.S. oil companies were excluded from profiting from Iraqi oil. With the passage of this new law and after the war, they will be in charge of it.
