Quote:
Originally Posted by Slick
If these fucking compaies are profiting so much, why the fuck is gas sooo fucking expensive ?!?! Then again, I guess with those kinds of profits, that's why. You figure that was for the 4th quarter of last year. I can imagine what kind of profits they'll be turning in for the first quarter of this year.
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Exxon Mobil actually LOST over $1 billion on their refining margins because gas prices were low compared to the price of oil. They made their huge profit on E and P (sales of the oil itself). Refining margins have slipped quite a bit since last year. On the east US coast the "3-2-1 crack spread" (a measure of refining profits) has dropped from $11.37 to $6.66.
Sure, no one is crying over Exxon's refining losses but they are making money selling the barrels of oil, not refining it and selling you gas.
A good example is Valero Energy; a refiner; whose first quarter profits were down 77%.