from the AP on CNN…
“HOUSTON (AP) — Lifted by record crude prices, Chevron Corp. said Friday its second-quarter profit rose 11% from a year ago, capping another round of massive earnings for the major oil companies.
But results for the second-largest U.S. oil company missed Wall Street forecasts and shares dipped in premarket trading.
The San Ramon, Calif.-based company said it made $5.98 billion, or $2.90 per share, during the three months ended June 30, versus income of $5.38 billion, or $2.52 per share, a year earlier.
Revenue rose significantly to $82.9 billion from $56.1 billion a year ago.”
You know something shady is going on when you go make $26.8 billion in profit compared to a year ago and your stock value drops.
Check out this little except from Mr Chairman/CEO Dave O’Reilly:
“The higher cost of crude oil used in the refining process was not fully recovered in the price of gasoline and other refined products,” said Chairman and CEO Dave O’Reilly. “As a result, our downstream operations incurred a loss in the second quarter, with most of the loss taking place in the United States.”
Or maybe it’s because gas consuption is down? I don’t like to speculate on this, but it doesn’t take a rocket scientist to see that Big Oil is giving us the shaft. In an economy that is this depressed, they are making BILLIONS in profits…that’s a lot of zeroes.