what are you implying?
oil company's profits fluctuate with the price of oil, it's not their fault that in America we all live in suburbs and guzzle gasWhat were the gross revenues and net profits of the big oil companies before 9/11 and today?
Much more than ENRON !!! OR ARE THEY ??
I happen to work in a strategic financial position for a one of the largest Oil extraction companies in the world (so I know a little about this question).
I am not going to tell you the gross profits/net profits of ours (it would definately give away where I work), but you are correct - these financial targets have gone up considerably! Not just for my company, but for the entire industry!!!
Part of it is the fact that these O/G companies have been sitting on oil reserves that cost them $5-$10 to extract, and now the price of oil is now trading at $71+ - that's at least a 7 time. Net of residual costs, you are looking at over a 1300% increase for just ONE barrel of oil. Now multiply that 100 million barrels, and yes, they are doing actually better than you would believe.
So, it not just about Net Profits, you have look deeper into their financial reserves, and see what exactly they are sitting on. It's mind-blowing how much this industry makes (that does't get reported because the assets are tied up as deratives/financial instruments (i.e. ';off balance sheet'; items!!) Yes, their profits did go up sustantially (our company has a financial matrix, and this matrix increased over 38% since 9/11)
Now yes, we do make a LOT of money. Unfortunately, that means a LOT of taxes. Our company paid the US Tax jurisdictions over $1 billion in taxes last year - and that doesn't include the taxes paid to the foreign goverments (that's just the USA - federal/state/local).
(Now of course, becase they are so big, they can afford to shift the money into tax deferrals, foreign tax shelters, foreign investments, and other legal tax miniminzation tools).
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