BP, the British oil company, on Tuesday reported a $4.3 billion fourth-quarter profit and said its production had outpaced expectations in 2009. The profit in the October-December period compares favorably with a year earlier, when the oil price collapsed at the height of the financial crisis, leaving BP with a $3.3 billion loss. But the [...] [...more]
Exxon Mobil Corp., the largest U.S. company, posted a smaller decline in fourth-quarter profit than analysts estimated as gains in oil prices and output cushioned the impact of slumping demand for diesel and gasoline. Net income fell 23% to US$6.05-billion, or US$1.27 a share, from US$7.82-billion, or US$1.54, a year earlier, Irving, Texas-based Exxon said [...] [...more]
The results are in and they are unanimous…weak margins have reduced profitability for refiners. For most, the results were 80-90% less than 3Q2008. Several actually lost money. Margins have been reduced from the giddy levels of 2005-2008. In those years, it was not unusual to see $30/bbl margins. Today, they are below $10/bbl and negative [...] [...more]
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