Thursday, October 27, 2005

Big Erl’s Getting Bigger

A few hurricanes temporarily shutting down your production apparently isn’t bad for business if you’re Big Erl.

Oil profits are exploding.

ConocoPhillips, up 89%.

Exxon Mobil, up 75%.

Shell, up 68%.

BP, up 34%.

Marathon Oil, net income more than tripled.

Chevron will release numbers tomorrow.

From the above linked article:

The world's five biggest publicly traded oil companies -- Exxon Mobil, BP, Shell, Chevron and France's Total SA -- are expected to combine for 2005 profit of $106.7 billion, based on average analyst estimates in surveys by Thomson Financial. That would mark a 26 percent increase from last year.

A lot of that oil is produced and refined in the Gulf coast, at the expense of the coast itself. A lot of canals were dug out through the wetlands to move oil products around, contributing to the wetlands loss that allowed Katrina’s storm surge to pound Plaquemines and St. Bernard Parish, and to break the levees that flooded the city of New Orleans.

Pony up, Big Erl. $106.7 billion is a lot of money. Some of that can go to fixing what you broke.

10/28/05 UPDATE: Chevron up only 12%. Boo hoo. Darn hurrickens.

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